导语：买在分歧、卖在景气。 在股票市场中，多数人喜欢追逐热点、拥抱风口，而宏利基金研究部总经理兼基金经理孟杰认为，有时可能需要离市场共识远一些。 在孟杰看来，投资上，行业景气、公司优秀和低估值三者是不可兼得的，他只取后两者。"我不是做景气加速的，我喜欢买有分歧的行业，如果某 个行业人人都看好，我就会质疑，到底我要赚什么样的钱？" 穿越市场牛熊周期见真章，截至2025年9月30日，孟杰掌舵的首只基金——宏利睿智稳健混合，从2020年9月他任职以来，A类份额近五年收益率 为100.60%；而他管理的宏利睿智成长混合，2024年5月成立以来A类份额收益率为45.96%。 （ 备注：数据来源2025年基金三季报，截至2025年9月30日， 宏利睿智稳健混合近5年同期业绩比较基准收益为18.02%；宏利睿智成长混合成立以来同期业绩比较基准收益为30.75%。基金历史业绩不代表未来表现，基金管理人管理的其他基金业绩并不 构成本基金业绩表现的保证。基金有风险，投资需谨慎。完整业绩展示详见备注页。 ） 展望2026年，孟杰重点关注三条投资主线：一是科技，关注云侧算力、苹果引领的端侧硬件产业链、半导体设备产业链；二是"反内卷" ...

Core Viewpoint - Manulife Fund is facing significant challenges due to the departure of key investment personnel, leading to a decline in fund performance and investor confidence [1][3][5]. Group 1: Key Personnel Changes - Star fund manager Wang Peng left Manulife Fund in January 2025, resigning from six products, which has raised concerns about the company's investment research capabilities [3][5]. - Wang Peng's successor, Zhuang Tengfei, also left shortly after taking over, indicating instability within the management team [1][3]. - Former General Manager Gao Guixin transitioned to a new role within two years, further highlighting the turnover in leadership [3]. Group 2: Fund Performance - After Wang Peng's departure, the flagship product "Manulife Transformation Opportunity" managed by Meng Jie saw a net value drop of nearly 14%, with assets decreasing by 20% [1][6]. - Meng Jie, who took over on January 23, 2025, managed to increase the total assets under management from approximately 2 billion to over 5 billion, but the performance has been disappointing [6][7]. - The "Manulife Wise and Steady Mixed Fund" managed by Meng Jie has also reported continuous losses from 2022 to 2024, with poor rankings among peers [8][10]. Group 3: Historical Context - Manulife Fund, established in 2002, was one of the first joint venture fund management companies in China, transitioning to a wholly foreign-owned entity in 2022 [4][3]. - The shift in ownership structure reflects broader trends in the Chinese fund industry, where many joint ventures have moved to foreign ownership following the lifting of restrictions on foreign stakes [4].