Core Viewpoint - The A-share market is experiencing a significant style divergence, with technology and healthcare sectors facing adjustments while dividend assets like brokerage and banking ETFs are gaining traction [1][5][6] Market Performance - As of November 7, 41 funds have seen over 100% growth year-to-date, a decrease from 53 at the end of Q3, indicating a shift in the "doubling fund" landscape due to sector pullbacks [2] - The healthcare sector, particularly funds like Zhongyin Hong Kong Stock Connect Medical A, has seen a net value drop of 14.87% in Q4, with annual returns falling below 80% [2][3] - The technology sector has also faced volatility, with the AI index dropping 4.6% in Q4, and sub-sectors like optical modules experiencing a maximum drawdown of 14.12% [2][3] Fund Manager Strategies - Fund managers are adjusting their strategies, with some reducing positions in high-flying growth sectors due to high valuations and short-term risks [3][4] - There is a notable shift towards balancing portfolios by increasing exposure to sectors that are less correlated with technology, aiming to mitigate risks [3][4] Capital Flows - The dividend index has risen by 7.86% since Q4, outperforming the Shanghai Composite Index, which has seen less than 3% growth [5][6] - Significant capital inflows have been observed in brokerage and banking ETFs, with over 250 billion yuan flowing into these sectors, contrasting with over 5 billion yuan outflows from technology-focused ETFs [5][6] Market Sentiment and Future Outlook - The market is currently characterized by a cautious sentiment, with investors wary of high valuations in the technology sector and potential policy shifts impacting market dynamics [6][7] - Analysts suggest that the current style divergence may be a necessary phase of market rebalancing, with technology stocks expected to enter a range-bound trading phase [6][7]

Core Viewpoint - The article discusses the significant growth of public fund sizes in China, surpassing 36 trillion yuan, and the challenges of sustaining performance in a highly uncertain environment. It highlights the platformization strategy adopted by Ping An Fund as a solution to these challenges, emphasizing the importance of systematic support and cultural transformation within the organization [1][2]. Group 1: Platformization Strategy - Ping An Fund has transitioned from relying on individual fund managers to a systematic approach, termed "platformization," which has been in place for seven years. This transformation involves restructuring the organization and fostering a culture of long-term correctness [1][3]. - The platformization strategy has led to a significant increase in performance, with Ping An Fund's active equity funds achieving a return of 50.11% year-to-date as of September 30, 2025, with 26 out of 52 products exceeding 50% returns [2][4]. - The firm has established a framework that allows investment performance to be viewed as a science rather than an art, focusing on replicable and sustainable strategies [3][4]. Group 2: Internal Mechanisms and Culture - The internal mechanism of Ping An Fund is built on "Four True Mechanisms," which include true mechanisms, true teams, true talents, and speaking the truth. These mechanisms ensure transparency, efficiency, and continuous evolution within the investment research ecosystem [12][13]. - The culture within Ping An Fund encourages open communication and respect for individual perspectives, allowing junior researchers to challenge senior fund managers' views, fostering a collaborative environment [5][14]. - The firm emphasizes a dual-track approach of "internal cultivation + external introduction" to build a diverse investment research team, which currently consists of 23 fund managers and 27 researchers [6][7]. Group 3: Diverse Investment Strategies - Ping An Fund employs a "Three Many Strategies" approach, which includes multiple teams, styles, and strategies to create a robust investment research system that can adapt to market fluctuations [7][10]. - The fund's product matrix is categorized into four main series: full market selection, thematic tracks, index enhancement, and absolute returns, providing a comprehensive toolbox for investors [8][9]. - Specific funds have demonstrated exceptional performance, such as the Ping An Advanced Manufacturing Theme A fund, which achieved a return of 116.98% over the past year, showcasing the effectiveness of the platformization strategy [12][8]. Group 4: Long-term Vision and Market Adaptation - The article concludes that Ping An Fund's platformization approach offers a reliable and understandable investment experience, especially in volatile markets, by ensuring continuity and stability despite individual fund manager changes [17][18]. - The firm’s focus on long-term sustainability and a culture that tolerates failure allows fund managers to adhere to their investment philosophies without succumbing to short-term market pressures [15][16]. - This strategic shift from reliance on individual star fund managers to a systematic platform-based approach is seen as a potential direction for the asset management industry as a whole [18].

Core Viewpoint - Ping An Fund demonstrates its core investment research capabilities through successful identification of structural market opportunities and strong performance of its actively managed equity funds, with 60% of its funds achieving over 50% returns in the past year [1][2][3]. Group 1: Performance Highlights - In the past year, 32 out of 53 actively managed equity funds from Ping An Fund have achieved returns exceeding 50%, while 43 funds have surpassed 30% [1]. - Notable fund managers such as Zhou Sicong and Zhang Yinxian have capitalized on themes like innovative pharmaceuticals and robotics, leading to significant returns [2][3]. - The Ping An Advanced Manufacturing Theme A fund achieved a remarkable return of 146.26% in the past year, with a drawdown of less than 25% [3]. Group 2: Investment Strategies - Ping An Fund employs a "Four Truths" integrated research mechanism, focusing on genuine mechanisms, teams, talents, and communication to enhance performance [5][6]. - The fund's strategy includes deep industry research and a focus on high-certainty companies within the robotics supply chain [3][9]. - Fund managers are encouraged to share diverse investment styles and experiences, fostering a collaborative environment that enhances overall performance [9][10]. Group 3: Fund Manager Insights - Zhou Sicong emphasizes the potential of the innovative pharmaceutical sector, predicting significant growth opportunities by 2025 [3][10]. - Other fund managers, such as Ding Lin and Wang Hua, have also achieved impressive returns by strategically allocating assets across various sectors, including new consumption and military industries [4][9]. - The Ping An Strategy Pioneer fund, managed by Shen Aiqian, has shown a net value growth rate of 407.78% since its inception [41]. Group 4: Research Mechanism - The "Four Truths" mechanism promotes transparency and performance-based evaluations among fund managers and researchers [7][11]. - The integration of research and investment practices allows for real-time feedback and continuous improvement in investment strategies [8][9]. - Ping An Fund has established a diverse research team covering multiple investment styles and strategies, ensuring a robust investment approach [11]. Group 5: Future Outlook - Ping An Fund remains committed to long-term investment principles, prioritizing the interests of its investors and focusing on in-depth research to uncover quality investment opportunities [11]. - The fund's proactive approach aims to deliver sustainable returns regardless of market fluctuations [11].

Core Viewpoint - The article emphasizes the impressive performance of Ping An Fund's equity investment capabilities, highlighting their ability to capture structural market opportunities and achieve significant returns through a well-integrated research and investment mechanism known as the "Four Truths" [2][9]. Group 1: Performance Highlights - In the past year, 60% of Ping An Fund's actively managed equity funds (32 out of 53) achieved returns exceeding 50%, while 80% (43 funds) surpassed 30% [2]. - Notable fund managers like Zhou Sicong and Zhang Yinxian have successfully capitalized on themes such as innovative pharmaceuticals and robotics, with their funds achieving returns of 109.98%, 108.82%, and 146.26% respectively [5][6]. - The fund's performance in the AI sector also stands out, with returns of 88.61% and 66.14% from key products managed by fund managers Zhai Sen and Lin Qingyuan [6]. Group 2: Investment Strategy - Ping An Fund employs a dual strategy of "thematic tracks and full-market stock selection," allowing for diversified investment across various sectors [3]. - The fund managers focus on high-growth areas such as innovative pharmaceuticals, robotics, and AI, which have shown significant market potential [4][5][6]. - The "Four Truths" mechanism supports this strategy by ensuring that research outcomes are effectively translated into practical investment decisions [9]. Group 3: Research and Development Mechanism - The "Four Truths" mechanism consists of "True Mechanism, True Team, True Talent, and True Words," which collectively enhance the fund's investment performance [9][12]. - The internal culture promotes transparency and meritocracy, allowing fund managers and researchers to collaborate closely and share insights [10][11]. - The fund emphasizes continuous talent development through a dual approach of internal training and external recruitment, fostering a diverse and skilled investment team [13]. Group 4: Future Outlook - Looking ahead, Ping An Fund remains committed to long-term investment principles, prioritizing the interests of investors and focusing on in-depth research to uncover quality investment opportunities [14].