Core Viewpoint - The article discusses the shift in the stock market from high-end liquor and new energy to AI computing power and robotics, highlighting the challenges and opportunities in growth investing amidst high volatility and the presence of "pseudo-growth" stocks [1][2]. Group 1: Growth Investment Landscape - The current market has seen a doubling in the performance of active equity funds since 2025, with a focus on themes like humanoid robots, innovative pharmaceuticals, and computing power [3]. - Among these, three funds managed by Chen Peng from Anxin Fund have shown strong performance with maximum drawdowns of less than 17% this year, indicating a balanced approach to growth investing [3][6]. Group 2: Investment Strategy and Philosophy - Chen Peng emphasizes the importance of identifying "true growth" companies that resonate with major economic trends and maintain sustained earnings growth, contrasting with "pseudo-growth" strategies that mislead investors [6][12]. - The investment team at Anxin Fund focuses on sectors with strong growth potential, such as technology, consumption, and high-end manufacturing, while ensuring a rigorous value assessment to form their portfolios [7][12]. Group 3: Research and Team Dynamics - The success of growth investing relies heavily on a dynamic and capable research team, which is essential for understanding the fundamentals of companies and their growth potential [8][12]. - Anxin Fund has established a robust research team with over 20 dedicated researchers, ensuring comprehensive coverage of key growth sectors and fostering continuous learning [12]. Group 4: Risk Management and Investor Experience - Anxin Fund adopts a balanced approach in portfolio management, maintaining 3-5 favored sectors to mitigate volatility and enhance investor experience [14][15]. - The fund's strategy includes careful timing for buying and selling stocks, focusing on maintaining a favorable risk-reward ratio and ensuring that investors can "hold on" to their investments through market fluctuations [15][16]. Group 5: Market Conditions and Growth Strategies - Different market environments require distinct strategies for growth investing, with bull markets allowing for some tolerance of valuation bubbles, while bear markets necessitate a more cautious approach [16][17]. - Anxin Fund's research team continuously assesses market risks and adjusts strategies accordingly, aiming to enhance investor satisfaction and performance [16][17].

Core Viewpoint - The current market is experiencing a growth trend, shifting focus from high-end liquor and new energy to AI computing power and robotics, leading to mixed investor sentiment regarding growth stocks [1][2]. Group 1: Growth Investment Strategy - Value investment principles can address the uncertainties associated with growth investing, as demonstrated by a fund company that has restructured its growth investment framework using value investment strengths [1][2]. - The growth fund sector has seen significant performance, with 31 actively managed equity funds doubling in value since 2025, primarily in themes like humanoid robots and innovative pharmaceuticals [2]. Group 2: Performance of Specific Funds - Three funds managed by Chen Peng of Anxin Fund have shown strong performance, with year-to-date net value growth rates exceeding 107% and maximum drawdowns below 17% [3][4]. - Chen Peng's management of Anxin New Return achieved over 100% cumulative growth during the previous bull market by capitalizing on opportunities in new energy, consumption, and pharmaceuticals [3][4]. Group 3: Investment Philosophy - Chen Peng emphasizes that the primary source of stock investment returns is the earnings generated by listed companies, advocating for a clear distinction between genuine growth stocks and "pseudo-growth" strategies that mislead investors [4][6]. - The investment team at Anxin Fund focuses on identifying "true growth" companies that resonate with major economic trends and maintain sustainable earnings growth [4][6]. Group 4: Research and Team Dynamics - A robust research team is essential for the success of growth stock investment, enabling investors to trust the investment process [5][8]. - Anxin Fund has established a dynamic research team with over 20 dedicated researchers, ensuring comprehensive coverage of key growth sectors such as technology and healthcare [8]. Group 5: Risk Management and Investor Experience - Anxin Fund has developed strategies to enhance investor experience, focusing on balanced portfolio management that diversifies across 3-5 promising sectors to mitigate volatility [10][11]. - The fund's approach includes careful timing for buying and selling stocks, emphasizing the importance of maintaining a long-term perspective and avoiding short-term distractions [10][11].

Core Insights - The recent recovery in the equity market has allowed several veteran fund managers to overcome previous performance challenges, with some returning to the "Double Ten Fund Manager" status, indicating over ten years of managing the same fund with an annualized return exceeding 10% [1][2] Performance Recovery - Active equity funds have shown a significant performance rebound, with the mixed equity fund index yielding over 15% this year, and more than a thousand active equity funds achieving returns exceeding 20% [2] - Notable veteran fund managers, such as Wei Dong from Guolian An Fund and Guo Jun from Bosera Fund, have seen their funds recover from substantial drawdowns, with Guolian An's fund returning over 20% this year and Bosera's fund achieving a 27.54% return [2][3] Investment Strategy Evolution - Many veteran fund managers have shifted their investment focus towards high-quality growth sectors, adapting their strategies to align with the current macroeconomic transition towards technology-driven and high-quality development [4][6] - Fund managers like Wang Peng from Guotai Junan have successfully identified and invested in high-growth stocks, contributing significantly to their funds' performance recovery [4][5] Long-term Investment Philosophy - The performance recovery of veteran fund managers underscores the resilience of their investment philosophies, demonstrating their ability to adapt strategies across different market phases [6][7] - Fund managers emphasize the importance of identifying leading companies in China's manufacturing sector as key to future investment success, with a focus on sectors like semiconductors and military industries [6][7]

Core Viewpoint - The article highlights the recovery of active equity funds, particularly those managed by veteran fund managers, who are regaining strong performance after a period of underperformance, with many achieving significant returns in the current market environment [1][2]. Group 1: Performance Recovery of Veteran Fund Managers - Many veteran fund managers are emerging from a period of poor performance, with some achieving returns exceeding 20% this year [2]. - Notable examples include Wei Dong from Guolian An Fund, whose fund has seen over 20% returns this year, and Guo Jun from Bosera Fund, whose fund achieved a 27.54% return [2][3]. - Yang Gu from Nuon Fund has also seen a recovery, with his fund returning 18.89% this year after a challenging period [3]. Group 2: Investment Strategy Evolution - Veteran fund managers are adapting their investment strategies, shifting focus towards high-quality growth sectors in response to changing market dynamics [4][5]. - The macroeconomic transition towards technology-driven, high-quality development is creating new investment opportunities, prompting fund managers to actively adjust their portfolios [5]. - Specific stock selections, such as WuXi AppTec and Sunshine Power, have significantly contributed to the performance of funds managed by Wang Peng and Wei Dong, respectively [5][6]. Group 3: Long-term Investment Philosophy - The article emphasizes the importance of a robust investment philosophy that can withstand market fluctuations, with veteran managers demonstrating their ability to navigate risks and seize opportunities [7][8]. - Managers like Yang Gu and Wei Dong highlight the significance of identifying leading companies in China's manufacturing sector as key to future investment success [7][8]. - The article notes that while some fund managers have successfully recovered, many are still working to enhance their investment frameworks and capabilities [8].

吴琦/制表 图虫创意/供图 证券时报记者 吴琦 近期，伴随权益市场回暖，一批历经市场周期洗礼的基金老将，正逐渐摆脱前期的业绩低迷，部分 基金老将再度展露锋芒，不仅净值曲线重拾升势，更以持续稳健的表现重新跻身"双十基金经理"（管理 同一基金满十年且年化收益超10%）之列。 基金老将业绩修复 今年主动权益基金业绩逐渐回暖。Wind数据显示，偏股混合型基金指数年内收益超过15%，超千 只主动权益基金年内业绩超过20%。 尽管不少主动权益基金仍处于修复前期回撤的过程中，但是短期业绩显著回升，正持续助推着基金 长期业绩的稳健增长。 当下，宏观经济处于向科技创新驱动、高质量发展、产业结构变迁的转型期，优质成长赛道投资机 会不断涌现，基金经理通过持续迭代投资策略和积极调仓，拥抱新时代的投资机会。越来越多具备持续 高增长潜力的优质成长股被基金经理认可并挖掘出来，股价持续上升。 例如，王鹏秉持独立思考、概率思维和逆向勇气，寻找股价低于公司长期价值的标的，其管理的国 投瑞银新丝路基金今年二季度末的十大重仓股中新调入了药明康德、阳光电源和洁美科技等，药明康 德、洁美科技和阳光电源近三个月涨幅分别高达67%、39.63%和23.74 ...