Core Viewpoint - The article emphasizes that 2025 will be a pivotal year for the high-quality development of public funds, focusing on prioritizing the interests of holders and addressing issues such as performance benchmarks, style drift, and the stability of excess returns [2][3]. Group 1: Investment Philosophy and Goals - Allianz Fund aims to create long-term, significant, and sustainable risk-adjusted returns for its holders, emphasizing a long-term perspective in its investment philosophy [3][4]. - The fund seeks sustainable excess returns through a systematic investment framework, ensuring that alpha sources are stable and not reliant on random factors [4]. - Active risk management is integrated into every stage of the investment process, allowing fund managers to understand their risk exposures and make informed decisions [4][5]. Group 2: Investment Process and Framework - Allianz Fund employs a four-part investment research system consisting of investment goals, philosophy, process, and performance review, ensuring alignment with the objective of creating long-term value for users [5][6]. - The fund differentiates performance assessment metrics based on product types, using information ratio for relative return products and Sharpe ratio for total return products, to accurately measure fund managers' abilities [6][21]. - The investment process includes systematic opportunity capture, risk budget models, proactive risk management, and ongoing performance review to ensure alignment with investment goals [22][23]. Group 3: Team and Culture - Allianz Fund embodies a German craftsmanship spirit, focusing on long-term operational excellence and a commitment to quality over quantity in product offerings [11][13]. - The team is composed primarily of local hires with international experience, ensuring a blend of global vision and local insight in investment decisions [11][12]. - The fund emphasizes a collaborative team culture, avoiding the "star manager" approach and instead focusing on collective success and shared investment philosophy [13][14]. Group 4: Market Positioning and Strategy - Allianz Fund aims to position itself as a boutique provider of active investment solutions in the Chinese market, prioritizing quality and user experience over the quantity of products [6][10]. - The fund's strategy includes a "core + satellite" product layout, focusing on active management strategies while also exploring quantitative models for specific themes [40][41]. - The company recognizes the increasing competition in the asset management industry, advocating for a focus on sustainable alpha generation and the establishment of a competitive edge through a robust investment framework [45][46].

21世纪经济报道记者 杨娜娜 上海报道 沈良本次的升任可谓水到渠成。 2021年加入安联投资后，他牵头负责安联基金的筹备与落地工作。2025年7月，在首任董事长吴家耀因个人原因离职后，又以总经理身份代行董事长职责逾 半年。安联基金表示，沈良此次升任，将凭借其国际化视野与丰富的机构运营经验，侧重于公司的长期治理、股东协同、战略及品牌建设。 沈良拥有横跨保险、投行与资管的复合背景，超过23年的金融从业经验遍布香港、上海、深圳，曾先后任职于普华永道、宏利金融、摩根士丹利等国际机 构，并担任过摩根士丹利华鑫基金副总经理等核心职务。 安联基金新任董事长 沈良 加入安联投资之前，他还曾担任美世（中国）有限公司中国区财富管理业务负责人，美世投资管理（上海）有限公司总经理，在跨境资产配置、养老金及 ESG投资领域方面积累了经验。 时隔半年后，外资公募机构安联基金再迎核心管理层的关键调整。 1月23日，安联基金正式公告，原总经理沈良正式升任公司董事长，而原副总经理、首席投资官郑宇尘则接棒总经理一职，并继续兼任首席投资官。 此次人事落定，标志着这家由安联投资全资控股的外商独资公募，在经历首任董事长离任后，完成了核心管理层的进一步 ...

| 新任高级管理人员职务 | 東東长 | | --- | --- | | 新任高级管理人员姓名 | 沈良 | | 任职日期 | 2026年1月23日 | | 过往从业经历 | 沈良先生,现任安联基金管理有限公司代 | | | 任董事长、董事、总经理、法定代表人, | | | 于 2021年1月加入安联投资。曾任中宏人 | | | 寿保险有限公司投资总监,摩根士丹利亚 | | | 洲有限公司首席行政官(亚太区),廖根士 | | | 丹利华鑫基金管理有限公司副总经理,摩 | | | 根士丹利亚洲有限公司亚太区运营部首席 | | | 运营官(COO),深圳市世纪点金投资咨询 | | | 管理有限公司执行董事、法定代表人,融 | | | 通国际资产管理有限公司副总裁,美世(中 | | | 国)有限公司中国区财富管理业务负责人, | | 新任高级管理人员职务 | 总经理 | | 新任高级管理人员姓名 | 郑字尘 | | 任职日期 | 2026年1月23日 | | 过往从业经历 | 郑宇尘先生,现任安联基金管理有限公司 | | | 董事、副总经理、首席投资官,同济大学 | | | 技术经济及管理专业硕士学位。于 2022 ...

瑞财经 王敏 1月23日晚，安联基金管理有限公司（以下简称"安联基金"）发布公告称，现任总经理沈良升任董事长，副总经理郑宇 尘接任总经理。 郑宇尘于2022年1月加入安联投资。曾任中德安联人寿保险有限责任公司研究员、组合经理、投资部总监，汇丰晋信基金管理有限公 司投资咨询总监、固定收益部总监、基金经理、保险机构资产管理部总监、投资总监，安联寰通资产管理（上海）有限公司（现更 名为安联寰通管理咨询（上海）有限公司）基金公司筹备组首席投资官，安联寰通海外投资基金管理（上海）有限公司基金公司筹 备组首席投资官。 | 基金管理人名称 | 安联基金管理有限公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管 | | | 理人员及从业人员监督管理办法》、《公开 | | | 募集证券投资基金信息披露管理办法》等 | | | 相关法律法规 | | 高管变更类型 | 新任基金管理公司董事长,离任基金管理 | | | 公司总经理:新任基金管理公司总经理, | | | 离任基金管理公司副总经理 | 沈良现任安联基金代任董事长、董事、总经理、法定代表人，他于2021年1月加入安联投资。 沈良曾 ...

Core Viewpoint - The article emphasizes the "return of active equity" since mid-2025, highlighting that active equity funds have significantly outperformed the broad market indices, with a return of 33.19% compared to the 17.66% of the CSI 300 index in the previous year. Active equity funds continue to outperform in 2026, raising questions about their ability to create value in a high-quality development phase of the asset management industry [1]. Group 1: Event Highlights - The event titled "Return of Active Equity" featured top fund managers and investment directors, focusing on practical insights rather than lengthy discussions [3]. - The agenda included discussions on building teams for excess returns, the significance of growth in the A-share market, and a special session with foreign fund managers discussing growth versus value [3][5]. Group 2: Insights from Fund Managers - Wang Qisen, Vice President and Chief Investment Officer of Huashan Fund, discussed the characteristics of successful fund managers, emphasizing internal training and the emergence of new talent over time [5]. - The article highlights the long-term performance of Cao Jin from Fortune Fund, who has consistently managed the small-cap fund since 2015, showcasing his ability to adapt to market trends and maintain low volatility [11][12]. Group 3: Foreign Fund Manager Perspectives - The roundtable featured managers from Allianz, Morgan Asset Management, and Schroders, discussing diverse investment opportunities and the effectiveness of active management in the Chinese market [16][17]. - Both Allianz and Schroders have recently launched active equity products that have shown over 50% performance growth in their first year, demonstrating the potential of foreign funds in A-shares [17][18].

Core Viewpoint - Allianz Group, a leading global insurance and asset management company, has successfully established its presence in the Chinese market through Allianz Fund, which has shown impressive performance since its inception in September 2024, particularly with the Allianz China Select fund achieving a 65.83% return in 2025, significantly outperforming its benchmark [3][4][5]. Group 1: Company Background - Allianz Group has over 130 years of history and is one of the top five life insurance and asset management companies globally [3]. - Allianz Investment, a subsidiary of Allianz Group, manages over 4 trillion RMB, making it a significant player in the asset management industry [3]. - Allianz Fund was approved to operate in China in 2024, marking a strategic expansion into the Chinese market [3]. Group 2: Fund Performance - Allianz China Select fund was launched at a market low and quickly capitalized on the subsequent market rebound, achieving a 65.83% return in 2025, compared to a benchmark increase of 12.78% [3][4]. - The fund's performance is attributed to a well-timed investment strategy that involved rapid deployment of capital during a market downturn [4][5]. Group 3: Investment Strategy - The fund manager, Cheng Yu, employed a "barbell strategy," balancing between stable dividend-paying stocks and high-growth technology stocks, which provided a favorable risk-reward ratio [5][6]. - The investment approach emphasizes rule-based active management, focusing on earnings per share (EPS) predictions, which are deemed explainable, predictable, and sustainable [6][34]. Group 4: Market Insights - Cheng Yu identified a turning point in corporate earnings and a shift in risk premiums, which facilitated a transition from de-rating to re-rating in the Chinese stock market [12][14]. - The fund's strategy is supported by a strong belief in the long-term growth potential of China's economy, particularly in technology and innovation sectors [13][32]. Group 5: Research and Team Structure - Allianz Fund's research team is characterized by a combination of global perspectives and local market expertise, with a focus on independent judgment and EPS analysis [34][27]. - The investment process is structured to ensure that stock selection is the primary source of excess returns, rather than top-down industry allocation [23][24].

Core Viewpoint - The A-share market has seen a significant rise, leading to a collective increase in the net value of actively managed equity funds, but few have achieved "doubling" status due to cautious positioning and heavy investment in underperforming dividend sectors [1][3]. Fund Performance - 49 funds were established around the market low point, with an average return of 35.94% since inception, benefiting from the market's recovery [2]. - Specific funds like Yongying Rong'an achieved a return of 89%, while others like Allianz China Select and Dongwu Technology Innovation exceeded 70% [2]. Cautious Positioning - Despite strong performance, many funds adopted a cautious investment strategy, focusing on dividend and value stocks, which limited their ability to capitalize on the market's rapid growth [3][4]. - Funds that maintained lower positions, such as Dongwu Technology Innovation, struggled to achieve significant returns due to their conservative approach [5]. Dividend Sector Outlook - The dividend sector has shown resilience, with expectations for increased dividend payouts as companies move past capital expenditure peaks [6]. - Analysts suggest a shift towards a "dividend+" era, where dividend stocks remain attractive due to their stable cash flows and defensive characteristics amid market volatility [7].

Core Viewpoint - Several foreign public funds have delivered impressive performance this year, with some products ranking among the best in their category, revealing hidden heavy holdings as half-year reports disclose their positions [1][2]. Group 1: Fund Performance - Fidelity Heritage 6-Month A achieved a significant return of 31.61% year-to-date, with hidden heavy holdings including Jiangsu Shentong, ZhongAn Online, Jinzheng Co., AVIC Xi'an Aircraft Industry, and Xingyun Co. [3] - Schroder China Power A also performed well, with a year-to-date return of 31.01%, featuring hidden heavy holdings such as XPeng Motors, Li Auto, NewEase, Leap Motor, and China Merchants Bank, indicating a focus on the optional consumption sector [3]. - Allianz China Select outperformed with a year-to-date return of 40.59%, with hidden heavy holdings including Zhuoyi Information, Junshi Biosciences, Zhaomin Technology, Fuda Co., and Fulai New Materials, reflecting a shift in focus towards optional consumption and healthcare [4]. Group 2: Investment Strategy - Foreign public funds maintain a balanced allocation strategy while emphasizing key sectors such as information technology and healthcare, which helps capture structural opportunities in a differentiated market environment [2][4]. - The investment managers of Schroder China Power anticipate that the divergence between weakening macroeconomic momentum and active structural market conditions will continue to drive structural opportunities, supported by favorable monetary policy and capital market confidence [5]. - Fidelity Heritage's managers emphasize a high allocation in information technology and industrial sectors, while reducing exposure to overvalued optional consumption stocks, focusing on companies with strong strategic capabilities and governance [6].

Group 1 - UBS Group announced that Wu Jiayao will officially take over as the head of UBS Asset Management for the Asia-Pacific region on October 1 [1][2] - Allianz Fund, a newly established foreign-owned public fund founded in August 2023, announced the departure of Wu Jiayao as chairman due to personal reasons [1] - Wu Jiayao has a significant background in the finance industry, having previously served as CEO of Invesco Greater China and held senior positions at JPMorgan Asset Management [1] Group 2 - Allianz Fund's first public offering product, Allianz China Select, was officially established in September 2024, followed by the launch of its first bond fund in March this year [1] - As of the end of Q2 this year, the total scale of Allianz Fund's two products was only 685 million yuan, showing a slight decline from 748 million yuan at the end of Q1 [1] - Wu Jiayao's next role at UBS will involve driving the strategic execution of asset management business in the Asia-Pacific region and expanding collaboration opportunities in the Chinese market [2]

Group 1 - Foreign-funded public funds have maintained a high position in equity products, with some increasing their allocation to Hong Kong stocks in Q1 2025 [3][4] - Notable funds with over 90% equity positions include BlackRock, Fidelity, Morgan Stanley, and Schroders, among others [3] - Schroders significantly increased its Hong Kong stock allocation from 15.08% in Q4 2024 to 32.31% in Q1 2025 [3] Group 2 - Funds are diversifying their investments across technology, energy, and consumer sectors, with a focus on TMT (Technology, Media, and Telecommunications) and high-dividend stocks [6][7] - BlackRock's Hong Kong Stock Connect fund increased its holdings in Alibaba and reduced its stake in Tencent by nearly 50% [6] - Fidelity's fund adjusted its bank stock allocations, increasing its position in Industrial and Commercial Bank of China while reducing its holdings in China Merchants Bank and China Construction Bank [7] Group 3 - Fund managers are optimistic about quality technology assets and sectors that are expected to benefit from domestic demand policies [8] - Key sectors of interest include TMT, machinery, automotive, and chemical industries, as well as new consumption and defense industries [8] - Morgan Stanley is focusing on investment opportunities in intelligent computing infrastructure and AI applications [8]