（2）12月12日，广发成长智选、国投瑞银信息消费等31只基金齐发分红公告，为年末红包潮再添一把火。数据显示，今年 以来公募基金累计派现已超2200亿元，同比增长约17%，其中权益类基金分红总额同比增幅高达六成。监管引导、行业提 质与权益市场回暖共振，促使基金管理人加大回馈力度；高频率、可预期的分红模式正成为ETF竞争新焦点，未来或进一 步普及。 （3）距离年终仅余十余个交易日，主动权益榜单仍呈胶着。目前净值翻倍基金数量突破50只，榜首收益高达218%，前十 位差距不足5个百分点。观察持仓，领跑集团几乎清一色重仓人工智能概念股，风格趋同令Beta影响弱化，剩余时段个股涨 跌将直接决定冠军归属，AI龙头任何一次波动都可能改写最终排名。 （4）11月底以来，多只成立不足三个月的科技次新基金净值曲线陡峭上扬，显示基金经理正加速建仓。摩尔线程、沐曦股 份等芯片龙头打新结果同步曝光，多只公募产品获配数量居前。业内人士解读，新锐基金经理借助次新股+打新双轮，趁震 荡完成筹码收集，对科技赛道跨年行情保持高仓位进攻姿态。 （5）基金销售将迎来近年最严监管。《公开募集证券投资基金销售行为规范（征求意见稿）》近日下发，明确把权益 ...

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]