Core Viewpoint - The article emphasizes the importance of fund managers who have achieved significant returns over a five-year period, highlighting those with over 500% returns as particularly noteworthy [3]. Fund Performance Summary - As of October 9, 2023, there are 145 active equity funds that have doubled their returns over a five-year period. Notable funds include: - 诺安先锋混合A with a return of 1155.96% - 摩根新兴动力混合A with a return of 792.39% - 易方达科翔混合 with a return of 699.47% - 中欧新蓝筹混合A with a return of 540.05% - 万家品质生活A with a return of 533.43% - 万家新兴蓝筹A with a return of 532.55% [3][4]. Investment Philosophy - The investment philosophy of fund managers like 杨谷 focuses on value investing and finding market safety margins. Key considerations in stock selection include: - Customer stickiness, which addresses whether a company can solve user pain points [5]. - Establishment of barriers such as technological, product, or sales barriers, which are crucial for sustained growth [5]. - Presence in a blue ocean market, indicating less competition and more growth potential [5]. Notable Fund Managers - 莫海波 from 万家基金 manages six funds, the highest number among fund managers listed, with significant returns across all [6][7]. - The article also highlights the performance of other fund managers, such as 徐彦 from 大成基金, whose funds have maintained maximum drawdowns below -20% [10][11].

Core Viewpoint - The article emphasizes the importance of active management and deep research in asset management, highlighting Morgan Asset Management's commitment to these principles over the past two decades, which has led to sustained performance and investor trust [1][2]. Group 1: Active Management and Investment Culture - Morgan Asset Management has built a strong investment culture and a stable research team, focusing on long-term value rather than short-term gains, which has resulted in consistent performance [1][2]. - The firm has achieved the highest inflow of active management funds globally in 2024, reflecting its successful strategy and investor confidence [1]. Group 2: Research and Team Experience - As of Q2 2023, the average tenure of Morgan's global equity fund managers is approximately 20 years, with many analysts having over 15 years of experience [2]. - The research team has covered around 4,700 companies and conducted nearly 11,000 on-site visits and communications in the past year, providing unique market insights for investment decisions [2]. Group 3: Long-Term Performance - Morgan Asset Management's active equity investment team has maintained a long-term investment culture, focusing on steady growth and avoiding short-term market volatility [3]. - As of August 2025, the annualized return for the company's active equity investment over the past 20 years is 13.03%, ranking in the top 10 of the industry [3]. Group 4: Performance of "Double Ten" Funds - The "Double Ten" funds, which have been established for over 10 years, have shown resilience through various market cycles, achieving annualized returns of over 10% [3][10]. - Specific funds like Morgan Emerging Power Fund and Morgan Core Growth Fund have demonstrated strong performance, with annualized returns of 15.75% and over 11%, respectively [5][7][8]. Group 5: Global Perspective and Research Advantage - Morgan Asset Management has established a robust talent development mechanism, with nearly 70% of its equity fund managers being internally promoted from research roles [11]. - The firm leverages its global platform to access extensive research information, integrating global insights with local market knowledge for informed investment decisions [11]. Group 6: Future Outlook - The recent regulatory push for high-quality development in public funds aligns with Morgan's long-term investment philosophy, suggesting a favorable environment for sustained growth [12]. - Morgan Asset Management aims to continue blending global perspectives with local insights to pursue sustainable value for investors amid China's economic transformation [12].

Core Viewpoint - The article highlights the exceptional performance and investment philosophy of Du Meng, a prominent fund manager at Morgan Fund, who has achieved significant returns through a focus on growth stocks and a long-term investment strategy [2][27]. Group 1: Performance Metrics - Du Meng's management of the Morgan Emerging Power Mixed A fund has resulted in a cumulative return of 513.84% since his tenure began, ranking it 6th among 425 similar products, placing it in the top 1.41% [2][7]. - The fund has shown impressive annual returns, with a 61.57% increase this year, 93.24% over the past year, and 691.24% since its inception [6][7]. - Du Meng's other fund, Morgan Vision Two-Year Holding Period Mixed Fund, has also performed well, achieving a 65.93% return this year and 98.95% over the past year [15][16]. Group 2: Investment Philosophy and Strategy - Du Meng's investment approach combines deep industry analysis, individual stock research, and flexible operations, focusing on emerging industries with sustainable growth potential [14][26]. - His ability to identify and invest in key sectors such as high-end manufacturing, new energy, and artificial intelligence has been crucial to his success [8][11]. - The investment strategy has evolved to include a balance of growth and value stocks, adapting to market conditions while maintaining a focus on long-term returns [25][26]. Group 3: Team and Institutional Support - The stability and experience of Du Meng's investment team, with an average tenure of over 7 years and an 80% internal promotion rate, provide a solid foundation for his investment strategies [5][26]. - Morgan Fund, under Du Meng's leadership, has grown its assets significantly, managing approximately 187.8 billion yuan, reflecting the trust and recognition from institutional investors [26]. Group 4: Market Trends and Future Outlook - Du Meng's investment decisions align with national strategic directions, particularly in technology and innovation, benefiting from policy support for emerging industries [8][14]. - The ongoing transformation of the Chinese economy presents continued opportunities for growth, with Du Meng committed to leveraging these trends for future investment success [26].

Core Insights - In the context of structural differentiation in the capital market by 2025, selecting fund companies with both global vision and local insights is crucial for investors to succeed [1] Group 1: Morgan Fund - Morgan Fund, as a core layout of JPMorgan Chase in China, had a management scale of 220 billion yuan in Q1 2025, serving over 70 million clients, and is positioned in the top tier of foreign public funds [3] - The fund's global research network covers 90% of investable markets, combined with a local team of 150 for in-depth research, forming a "top-down + bottom-up" investment framework [3] - Morgan Fund offers a full-cycle product matrix, including equity funds and QDII funds, catering to different risk preferences [4] - The long-term performance of Morgan Fund is notable, with the Morgan Emerging Power Mixed A achieving a 389.73% return over nearly 13 years, ranking in the top 3 of its category [4] - Recommended products include Morgan Technology Frontier Mixed A, focusing on hard tech sectors, with a one-year return of 9.73%, and Morgan Asia Growth Fund (QDII), which invests in high-dividend assets in Asia [5] Group 2: Equity Investment Pioneers - Huaxia Fund, one of the first established fund companies in China, has a leading active equity management capability, with a non-money market fund scale exceeding 1.8 trillion yuan in Q1 2025 [6] - Fortune Fund, one of the "old ten" fund companies, has seen its equity, fixed income, and quantitative products perform well, with 14 equity products ranking in the top 10 of their category over the past year [6] Group 3: Fixed Income and Index Investment - Bosera Fund has a fixed income management scale exceeding 1 trillion yuan, with comprehensive credit bond research and strong liquidity management capabilities in money market and pure bond funds [7] - Southern Fund, with a non-money market fund scale exceeding 1.2 trillion yuan in Q1 2025, excels in index investment and cross-border asset allocation [8] - Recommended product includes Southern Hong Kong Growth Mixed (QDII), focusing on Hong Kong's tech and consumer leaders, with a one-year return exceeding 30% [9] Group 4: Niche Institutions - Harvest Fund, with an active equity fund scale rebounding to 3.34 trillion yuan in Q1 2025, leads in the technology manufacturing sector [10] - ICBC Credit Suisse Fund has an ESG-themed fund scale exceeding 50 billion yuan in Q1 2025, leading in green energy and social responsibility investments [11] Group 5: Investment Strategies and Recommendations - A core + satellite allocation strategy is suggested, using comprehensive management institutions like Morgan Fund as core holdings to capture cross-market opportunities, supplemented by niche products from Huaxia and Fortune to optimize risk-return ratios [12] - The core market drivers for 2025 are expected to be technology growth (e.g., AI, robotics) and high-end manufacturing (e.g., new energy equipment), with a focus on products like Morgan Technology Frontier and Huaxia North Exchange [12] - Risk control strategies include using fixed income products and gold ETFs to hedge market volatility and balance portfolio risks [13] - The capital market in 2025 presents both opportunities and challenges, with Morgan Fund's diverse product matrix providing core allocations for investors to navigate through cycles [15]