Core Viewpoint - Hengyue Fund, established in 2017 in Shanghai with a registered capital of 230 million yuan, aims to become a differentiated and boutique public fund manager focusing on active management and stable long-term returns for investors [4][7]. Company Overview - Hengyue Fund was founded in 2017 and has a registered capital of 230 million yuan [4][7]. - The major shareholder, Li Shujun, has extensive experience in private equity, with his firm, Zhixin Capital, being a well-known private equity investment institution in the Asia-Pacific region [4]. - The company emphasizes active management, balancing active equity and unique "fixed income+" strategies [4]. Product Line - Hengyue Fund offers a variety of products, including: - Active equity funds such as Hengyue Advantage Select, Hengyue Growth Select, and Hengyue Blue Chip Select [11]. - Fixed income products like Hengyue Seasonal Joy and Hengyue Pure Bond [11]. - Thematic and value-oriented funds focusing on domestic demand and technology [11]. Performance - Over the past five years, Hengyue Fund's equity funds have performed well, ranking 10th out of 137 public fund companies in terms of absolute returns from July 1, 2020, to June 30, 2025 [12]. Investment Team - The investment team at Hengyue Fund is robust, with an average of nearly 9 years of experience in the securities industry among the 10 fund managers [16]. - The research team covers a wide range of industries, including essential and discretionary consumption, pharmaceuticals, technology, and finance [17]. Recognition - Hengyue Fund received the "Most Growing Fund Company Award" at the 19th Shanghai Securities Awards in 2022, highlighting its growth and performance in the industry [7].

Core Insights - Active management funds have shown outstanding performance in a rapidly rotating structured market, leveraging flexibility, stock selection, and balanced allocation [1] - Hengyue Fund has achieved significant returns with six of its ten actively managed equity funds showing a net value growth rate exceeding 50% over the past year, placing them in the top 20 of their category [1] - Hengyue Advantage Selection Fund has recorded a remarkable 92% increase in net value over the past year, ranking in the top 5% of its peers [1] Performance Metrics - As of August 13, there are 335 equity hybrid funds with a growth rate exceeding 60% in the past year, with three funds from Hengyue Fund included [1] - Among 79 funds with a growth rate over 90%, one fund from Hengyue Fund is represented [1] - Many top-performing funds focus on niche themes such as the Beijing Stock Exchange, innovative pharmaceuticals, and AI, while Hengyue's products are primarily broad-based stock selections [1] Fund Strategy - Hengyue Fund emphasizes active management since its inception, utilizing the expertise of its research team to create a diverse product system [1] - The active equity funds under Hengyue Fund have distinct characteristics: Hengyue Advantage Selection and Hengyue Growth Selection focus on high elasticity growth, capturing investment opportunities in AI computing power and optical modules [1] - Hengyue Blue Chip Selection and Hengyue Core Selection are designed for stable growth, balancing investments in domestic alternatives and controllable supply chains, while strictly managing drawdowns [1] - Hengyue Research Selection targets traditional value sectors such as chemicals and infrastructure [1]