Group 1 - The report suggests that A-shares have stabilized and risen since late December, indicating a preference for growth-oriented investment strategies while maintaining a balanced overall style [1][7] - The manufacturing PMI for December was reported at 50.1%, marking a 0.9 percentage point increase from November, indicating a return to expansion territory for the first time since April [9] - The report highlights structural investment opportunities in sectors such as defense, non-ferrous metals, and communication, with 18 out of 31 industries showing positive performance in December [7][12] Group 2 - The report emphasizes the importance of investing in technology and cyclical stocks, particularly in the context of AI and emerging market industrialization trends [15][16] - It recommends specific funds for investment, including growth-oriented funds like E Fund Environmental Theme and Manulife Smart Stable, as well as balanced funds like BOCOM Huatai Huatai Preferred and GF Multi-Factor [1][6] - The report notes that bond funds should focus on flexible duration rate bonds and high liquidity credit bonds, suggesting products like Bosera Fortune Pure Bond and Fuguo Tianli Growth Bond [1][17] Group 3 - The report indicates that the issuance of new funds in December reached a total of 1129.38 billion, the highest level since 2022, with a significant number of new equity funds being launched [63][66] - It highlights that the average return for growth-style funds in December was 7.65%, outperforming value and balanced style funds, which returned 2.28% and 1.92% respectively [56][60] - The report also mentions that the TMT and midstream manufacturing sectors have shown strong performance, while the consumer sector lagged behind [56][67]

2025年末，A股市场在风格轮动的"快速换挡"中步入新的阶段。复盘过去几年的市场，2022—2023年的 价值回归、2024年的杠铃策略、2025年的成长牛市……每一次剧烈的风格切换，对单一策略的投资者来 说，都是较大的挑战。 与此同时，国内公募基金行业正经历一场深刻的高质量发展改革。监管机构持续推动行业从规模导向转 向投资者利益导向，核心要求之一便是追求更具持续性的投资回报，让来之不易的超额收益更加可预 期、更稳定。 面对复杂多变的市场环境，深耕主动权益二十二载的广发基金，历时近四年，培育了以多策略为核心、 以量化赋能主动投资的全天候风格策略团队。现有团队成员6人，平均从业年限超10年，团队由证券从 业19年、投资管理超16年的广发基金总经理助理杨冬率领，从大类资产配置、中观行业比较、个股选 择、策略构建等各维度参与产品管理。 作为"主观+量化"的复合型团队，杨冬率领的这支团队不仅致力于提高组合收益，还希望解决一个核心 问题：如何才能在市场的风浪中，提供"风格策略的全天候"产品，实现超额收益的稳定性、持续性和系 统化？这也是他们对贯彻行业高质量发展要求的一种实践与思考。 01 老将进化：从个人勤奋到团队智慧 ...

2025年末，A股市场在风格轮动的"快速换挡"中步入新的阶段。复盘过去几年的市场，2022—2023年的价值回 归、2024年的杠铃策略、2025年的成长牛市……每一次剧烈的风格切换，对单一策略的投资者来说，都是较大的 挑战。 与此同时，国内公募基金行业正经历一场深刻的高质量发展改革。监管机构持续推动行业从规模导向转向投资者利 益导向，核心要求之一便是追求更具持续性的投资回报，让来之不易的超额收益更加可预期、更稳定。 面对复杂多变的市场环境，深耕主动权益二十二载的广发基金，历时近四年，培育了 以多策略为核心、以量化赋能 主动投资的全天候 风格策略 团队 。 现有团队成员 6人，平均从业年限超10年 ，团队由证券从业 19年、投资管 理超16年的 广发基金总经理助理 杨冬率领 ，从大类资产配置、中观行业比较、个股选择、策略构建等各维度参与 产品管理。 作为 "主观+量化"的复合型团队，杨冬率领的这支团队不仅致力于提高组合收益，还希望解决一个核心问题： 如 何才能在市场的风浪中，提供 "风格策略的全天候"产品，实现超额收益的稳定性、持续性和系统化？ 这也是他们 对贯彻行业高质量发展要求的一种实践与思考。 01 老 ...

2025 年 12 月 02 日 '发基金杨冬:团队赋能,"主观+量 化" 打造多策略产品矩阵 基金经理研究系列报告之八十七 证券分析师 白皓天 A0230525070001 haiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基金经理简介:杨冬，金融学硕士，毕业于中国人民银行研究生部（清华大学五道口金融 学院前身），19年证券从业经历，16年投资管理经验。2006年９月至今在广发基金管 理有限公司工作,现任广发基金总经理助理、基金经理、专户投资决策委员会成员,兼任 资产管理计划投资经理,在管广发多因子在内的共计 8 只公募基金,在管规模合计 250.65 亿元。 "主观+量化"下的多策略投资：在"主动+量化"这个近年来全球资管行业的热点领域 ● 里,杨冬较早带领团队对主观研究和量化投资相 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Yang Dong's fundamental quantitative team provides a product matrix with diverse strategies and low correlations, and the excess returns come from the comprehensive support of the team and the platform [115][116][117] - Yang Dong's team's products mainly fall into two categories: bottom - position funds aiming to beat mainstream indices and style - enhancing funds for enhanced performance [115] Group 3: Summary According to the Table of Contents 1. Guangfa Fund Yang Dong: Combining Subjective Research and Quantitative Investment to Build a Product Matrix with High Strategy Uniqueness and Wide Coverage - **Fund Manager Introduction**: Yang Dong, with a master's degree in finance, has 19 years of securities experience and 16 years of investment management experience. He has worked at Guangfa Fund since 2006 and currently holds multiple positions. His team uses a framework combining "subjective long - only + quantitative investment" to pursue excess returns [11] - **Managed Product Situation**: Yang Dong manages 8 public funds with a total scale of 25.065 billion yuan. The products can be divided into subjective long - only products and "subjective + quantitative" products, each with different investment scopes, strategies, and characteristics [13] - **Product Line with Different Positions and Unique Strategies**: From the perspective of user needs, the products are divided into bottom - position funds and style - enhancing funds. Most products have "subjective + quantitative" features, with differences in position ratios. The products pursue strategy differentiation, and most have low correlations [17][19][24] 2. Subjective Long - Only Products: The Choice for Bottom - Position, Balancing Equilibrium, Value, and Growth Styles - **Guangfa Multi - Factor**: An equilibrium - style fund that has outperformed three major indices for 8 consecutive years. It has a "close - to - benchmark + outstanding - excess - return" bottom - position fund attribute, with balanced industry style and moderate rotation, and strong stock - selection ability [26][34][45] - **Guangfa Value Pilot**: A product with value - growth attributes and outstanding performance elasticity. It focuses on PB and ROE, has a unique industry structure, and its performance comes from stock - selection and industry contributions, with an emphasis on Hong Kong stocks [53][57][60] - **Guangfa Balanced Growth**: An actively - selected product with high rolling win - rates and many days of reaching new highs within the year. It has low - valuation characteristics among growth funds, with balanced industry allocation and a focus on growth, and the ability to select stocks to contribute excess returns [64][68][79] 3. "Subjective + Quantitative" Products: Style Enhancement, Differentiated Smart Beta + Focus on Sectors - **Guangfa Steady Strategy**: A dividend - style enhanced product that has achieved outstanding absolute and excess returns since Yang Dong took office. It balances income elasticity and drawdown control, combines high dividends and growth, and actively allocates Hong Kong stocks [86][89][96] - **Guangfa Growth Smart Selection**: Positioned as a growth - style enhanced product, it shows relatively stable excess returns compared to the benchmark. It emphasizes high - growth sectors, has the ability to rotate industries, and focuses on A - share growth opportunities [99][102] - **Guangfa Smart Selection Series**: The three "Smart Selection" products use a composite strategy of "subjective long - only + active quantification + AI enhancement". Taking Guangfa Manufacturing Smart Selection and Guangfa Technology Smart Selection as examples, they have high industry concentration, a "quantitative - led + active - enhanced" stock - selection feature, and have achieved excess returns compared to the relevant index [105][109][112] 4. Summary - Yang Dong's team's products meet the two solutions provided by public funds: bottom - position funds and style - enhancing funds. The team provides a diverse product matrix with low correlations, and the excess returns come from the comprehensive support of the team and the platform, which is in line with the requirements of the "Action Plan for Promoting the High - Quality Development of Public Funds" [115][116][118]

Core Viewpoint - The report from Guotai Junan Securities indicates that the external geopolitical situation has become complex, leading to a temporary pullback in the A-share market. It suggests that future fund allocations should maintain a balanced style while slightly favoring growth, with a focus on technology sector funds and consideration of cyclical and financial assets [1][2]. Equity Mixed Funds - In November, the manufacturing PMI rose to 49.2%, an increase of 0.2 percentage points from the previous month, supported by improved foreign trade conditions due to recent US-China economic negotiations [2]. - The Chinese stock market experienced a rapid decline in the penultimate week of November, followed by a recovery in the last week, indicating potential for stabilization and upward movement as a good opportunity for increasing holdings [2]. - The report emphasizes a focus on technology growth and low-position investment opportunities in large financial and consumer sectors, suggesting a structural investment opportunity in both value and growth styles for 2024 [2]. Bond Funds - Following a significant drop, the bond market may enter a phase of corrective rebound, although the extent of recovery may not exceed that of October. The macro environment provides support for bond pricing, allowing for participation in the rebound of certain underpriced bonds [3]. - The report recommends maintaining a "quick in and out" strategy to capitalize on structural opportunities, with a focus on flexible duration interest rate bonds and high liquidity credit bonds [3]. QDII and Commodity Funds - The report highlights that global sovereign credit differentiation and the weakening of the US dollar are prompting central banks to diversify reserves, enhancing the position of gold relative to the dollar and US Treasuries. It suggests a suitable allocation to gold ETFs for long-term and hedging investments [4]. - With the anticipated expansion of capital expenditure in the AI industry and technology companies, the report expects upward revisions in earnings forecasts for US stocks by 2026, recommending an overweight position while being cautious of short-term volatility risks [4]. Fund Recommendations - Recommended equity mixed funds include: Southern Quality Preferred, E Fund Environmental Protection Theme, Boda Huatai Preferred, GF Multi-Factor, Guotai Consumption Preferred, Huatai Baoxing Growth Preferred, and others [5]. - Recommended open-end bond funds include: Bank of China Pure Bond, Fortune Tianli Growth Bond, and China Europe Prosperity [6]. - Recommended QDII and commodity funds include: E Fund Gold ETF, Huaan Yifu Gold ETF, GF Nasdaq 100 ETF, and Invesco Great Wall Nasdaq Technology ETF [6].

Core Viewpoint - The investment style of public funds is shifting from "full market stock selection" to "thematic investment," driven by economic transformation and the emergence of high-growth stocks [1][3]. Group 1: Shift in Investment Strategies - Public funds previously favored "core assets" like large-cap stocks, but this strategy is losing traction as thematic investments gain popularity [2][3]. - Thematic investments allow for a more comprehensive layout of high-growth stocks and can enhance competitive rankings among funds [1][2]. - The shift is attributed to changes in the investment environment, including slower economic growth and the emergence of new industries, which have made traditional core assets less attractive [3][5]. Group 2: Characteristics of Thematic Investment - Thematic funds have been performing well, often ranking at the top in annual performance due to their focus on high-growth sectors like AI and innovative pharmaceuticals [4][5]. - The concentration on specific themes allows for greater potential returns, but also increases volatility and risk [5][11]. - Thematic investments help investors engage with long-term trends and direct capital towards state-supported sectors, fostering a positive cycle between capital markets and technological innovation [6][11]. Group 3: Challenges of Thematic Investment - Thematic investment requires deeper industry understanding and foresight, as it involves answering long-term questions about market dynamics and competition [7][8]. - The need for rigorous valuation discipline and risk management is heightened, as concentrated portfolios are more susceptible to individual stock performance and policy changes [8][9]. - The complexity of managing risks increases with thematic investments, necessitating precise control over concentration and liquidity [8][9]. Group 4: Future of Full Market Stock Selection - Despite the rise of thematic investments, "full market stock selection" is not expected to disappear, as it offers unique advantages in capturing structural opportunities across various sectors [10][11]. - The ability to conduct fundamental comparisons across industries will remain relevant, especially in a market characterized by frequent sector rotations [10][11]. - The long-term viability of "full market stock selection" will depend on its adaptation to new macroeconomic and industry conditions [10].

Core Viewpoint - The investment style of public funds has shifted from core assets to high-growth stocks amid economic transformation, moving from "full market stock selection" to "thematic investment" strategies [1][3]. Group 1: Shift in Investment Strategies - Public funds previously favored large-cap stocks like Sany Heavy Industry and Kweichow Moutai, achieving significant returns through a diversified stock selection approach [2]. - The "full market stock selection" strategy has become less prominent, with thematic products dominating annual performance rankings [2][3]. - Changes in the investment environment, including economic deceleration and shifts in consumer behavior, have led to decreased profitability and valuation of traditional core assets [3]. Group 2: Rise of Thematic Investment - Thematic funds have gained popularity due to structural opportunities concentrated in high-growth sectors, outperforming traditional industries [5]. - The volatility of thematic products can lead to substantial excess returns, encouraging funds to increase style purity and concentration [5]. - Thematic investments help investors engage with long-term trends and direct capital towards government-supported sectors, fostering a positive cycle of capital market support for national strategies [6]. Group 3: Challenges of Thematic Investment - Thematic investment requires deeper industry understanding and foresight, raising the bar for fund managers [7]. - The need for rigorous valuation and risk management frameworks is heightened, as concentrated portfolios are more susceptible to individual stock performance and policy changes [8]. - The complexity of managing risks in concentrated portfolios necessitates meticulous control over concentration, liquidity, and stress testing [8]. Group 4: Future of Full Market Stock Selection - The "full market stock selection" strategy is unlikely to disappear, as it offers unique advantages in capturing structural opportunities across various sectors [10]. - Market aesthetics will continue to evolve with macroeconomic and structural changes, but the fundamental capabilities of full market stock selection will remain relevant [10]. - Thematic investments, while potentially lucrative, carry risks of significant losses if market trends shift unfavorably [11].

Core Viewpoint - The investment style of public funds in China is shifting from traditional core assets to emerging industries, driven by economic transformation and policy support, leading to a focus on thematic investments rather than broad market selection [2][3][5]. Group 1: Investment Strategy Changes - Public funds are moving from a "full market selection" strategy to a "thematic investment" approach, allowing for better positioning in high-growth stocks and enhancing competitiveness in performance rankings [3][4]. - The previous success of large-cap stocks like Sany Heavy Industry and Kweichow Moutai has diminished, with thematic products now dominating annual performance rankings [4][5]. - The rapid development of broad-based indices and Smart Beta products has made traditional active equity products less competitive, necessitating differentiation in style and active management [5][6]. Group 2: Thematic Investment Trends - Thematic funds have gained prominence, focusing on high-growth sectors such as artificial intelligence and innovative pharmaceuticals, which are seen as more lucrative compared to traditional sectors [6][7]. - Structural opportunities are increasingly concentrated in a few high-growth sectors, leading to significant performance disparities among funds [7][8]. - The focus on single themes allows for potentially higher returns, but also increases volatility and risk, necessitating careful management of exposure and risk [8][9]. Group 3: Challenges of Thematic Investment - Thematic investment requires deeper industry understanding and foresight, raising the bar for fund managers in terms of research and analysis capabilities [9][10]. - The need for rigorous valuation and risk management frameworks is heightened, as concentrated investments in specific sectors can lead to significant impacts from individual stock performance or policy changes [10][11]. - The complexity of managing concentrated portfolios increases, demanding more sophisticated risk management strategies to mitigate potential losses [10][11]. Group 4: Future of Investment Strategies - The "full market selection" strategy is not expected to disappear, as it offers unique advantages in capturing structural opportunities across various sectors [12][13]. - The market's aesthetic preferences will continue to evolve, but the fundamental skills associated with "full market selection" will remain relevant [12][13]. - The dual nature of thematic investments presents both opportunities for high returns and risks of significant losses, emphasizing the need for careful asset allocation and risk management [14][15].

Core Insights - The importance of fund ratings in the public fund industry is emphasized, serving as a crucial tool for investors to select fund products and for fund companies to assess investment capabilities [1] - The China Securities Regulatory Commission (CSRC) has set higher standards for fund evaluation and awards, promoting a more scientific and professional approach to fund ratings [1] - As of the end of Q3, 101 funds under GF Fund have received five-star or AAAA ratings, representing 50% of the eligible funds, indicating a leading position in the industry [1] Group 1: Fund Ratings and Industry Standards - The CSRC's action plan aims to build a performance evaluation system centered on long-term results, increasing the scarcity of "five-star" ratings and providing a clearer measure of a fund company's long-term research and investment strength [1] - Seven major rating agencies, including Morningstar and Guotai Junan Securities, have recently released updated fund rating lists, reflecting the competitive landscape of fund performance evaluation [1] Group 2: GF Fund's Performance - GF Fund has established a comprehensive product system that caters to various investment needs across different economic cycles and market environments, with a wide distribution of five-star rated funds across multiple asset classes [2] - In the active equity sector, several GF Fund products have received five-star ratings, including the "Double Ten Fund" GF Manufacturing Selection Mixed A, which has achieved a net value growth rate of 622.48% since its inception in 2011 [2] - The company has a robust lineup of passive index funds, with 26 passive index funds and 4 passive bond index funds receiving five-star ratings, showcasing excellent tracking ability and cost-effectiveness [3] Group 3: Fixed Income and Overseas Investment - GF Fund has developed a full spectrum of fixed income products, with several five-star rated offerings, including GF Pure Bond Fund and GF Active Short Bond Fund, providing differentiated investment tools for various strategies [4] - In overseas investment, products like GF Global Select Stock (QDII) A and GF NASDAQ 100 ETF have achieved high ratings, with the former significantly outperforming its benchmark since inception [5]