Core Insights - The global financial market is experiencing increased volatility in early 2026, while the domestic A-share market has shown a "good start" despite significant style shifts in a structural market environment [2] - Li Yu, a fund manager at ICBC Credit Suisse Fund, demonstrates exceptional capabilities in both equity and bond markets, managing a diverse range of products [2][3] Group 1: Fund Performance - ICBC Flexible Allocation A, managed by Li Yu, has achieved a cumulative net value growth rate of 164.28% since its inception, surpassing its performance benchmark by 132.5% [4][8] - The fund ranks 16th out of 113 in its category (active mixed open-end funds) over the past seven years [8] - In 2025, the fund maintained a high equity position, reflecting a balanced allocation strategy based on industry trends and investment value [5] Group 2: Investment Strategy - Li Yu's investment approach emphasizes a balance between offensive stock selection and defensive bond strategies, leveraging insights from both sectors [3] - His extensive research background across various industries, including healthcare, consumer goods, TMT, and new energy, enhances his asset allocation capabilities [3] - The fund manager has successfully navigated market fluctuations by adjusting stock and bond ratios, demonstrating precise judgment in different market conditions [4] Group 3: Product Offerings - Li Yu manages a diverse product line, including ICBC Dual Benefit Bond Fund, which focuses on high-grade credit bonds while selectively investing in equities and convertible bonds to enhance returns [6] - For investors with a higher risk appetite, products like ICBC High-Quality Growth and ICBC Small Cap Growth offer more aggressive investment options, with the latter achieving a net value growth rate of 47.82% over the past year [6][10] - The investment strategy for ICBC Small Cap Growth includes a focus on sectors with high growth potential, such as AI hardware, military, semiconductors, and new energy [6]

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].