股票讲究进攻，需要敏锐捕捉产业趋势和企业价值；债券注重防守，需要对宏观利率和信用风险有深刻洞察。而李昱或是少数能够在这两个领 域都游刃有余的选手。 这种跨资产配置能力并非一朝一夕之功。李昱从医药行业研究起步，持续深耕近20年，并不断拓展能力半径，横跨消费、TMT、新能源、制 造等多个行业。全行业的研究经历使其逐渐具备股债混合资产配置的功底，而同时管理多种类型的产品更是顺理成章。公开资料显示，李昱先 后管理过偏股型、灵活配置型、混合型、二级债基、年金、养老金等多种类型产品。一路走来，李昱不断扩大行业、公司覆盖面，最终形成了 注重平衡、强调资产性价比的投资风格。 文 | 姚远 2026年开年，全球金融市场波动加剧，国内A股实现"开门红"，但结构性行情下风格切换显著，债市则仍然未走出逆风区，市场参与者面临不 小的挑战。 在这样的市场环境下，如何在股票与债券之间灵活切换，更加从容面对市场变化，成为一种稀缺能力。工银瑞信基金李昱，正是这样一位在股 债两端均展现出优秀能力的基金经理。 李昱管理的产品横跨灵活配置、偏股混合、债券型等多个品类，作为股债双栖选手，经历市场周期波动后仍创造了出众的收益。代表作工银灵 活配置A自其 ...

Core Viewpoint - The 2024 version of the non-collaborative fund portfolio underperformed the Wind Mixed Equity Fund Index, with a return of 4.46% compared to the index's 8.86% increase, highlighting the challenges faced by many funds in adapting to the market conditions post the "9.24" rally [2][3]. Fund Performance Summary - The top-performing funds include: - China Merchants Quantitative Selection A: 18.15% - Dongfanghong New Power A: 17.64% - Other funds showed significantly lower returns, with some even reporting negative performance, such as: - Jiashi Value Selection A: -0.45% - Guotou Ruili LOF: -2.69% [5]. 2025 Version Selection Criteria - The selection rules for the 2025 version of the non-collaborative portfolio have been slightly adjusted: - All quantitative funds were excluded to avoid data interference, meaning funds like China Merchants Quantitative Selection will not be included [6]. - A requirement was set that the top industry market capitalization should be below 15% to prevent over-concentration in specific sectors [6]. - Funds must have outperformed the Wind Mixed Equity Fund Index for three consecutive years from 2022 to 2024 [7]. Non-Collaborative Fund Definition - The definition of non-collaborative funds is based on the frequency of stock holdings across funds, with a median holding frequency of less than 105 being the threshold for inclusion [9]. Final Fund List - After applying the filtering criteria, only 10 funds remained eligible for the non-collaborative portfolio, showcasing a mix of familiar and new fund managers [10][13].