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].