市场的牛熊交替是常态，而真正能够穿越周期，将时间积淀为财富的基金管理人，往往都是源于对投资初心的 坚守。在被动投资日益盛行的今天，仍有一些机构始终笃信深度研究与主动管理的长期价值，以持续的业绩赢 得投资者的信任。 正如摩根大通资产及财富管理首席执行官欧朵思（Mary Erdoes）女士所强调的："过去二十年间，当同行纷纷 加大对被动策略的投资时，我们始终坚持打造业内领先的主动管理平台。" 基于对主动管理的长期坚持，摩根资产管理形成了深厚的投资文化和稳定的投研团队，并在不依赖明星基金经 理的前提下，凭借系统化的投研平台和严谨的投资流程，创造出持续稳健的长期业绩。凭借以十年为周期的卓 越表现，不仅为投资者创造了丰硕回报，更进一步巩固了客户对摩根资产管理作为长期合作伙伴的信任，并吸 引包括全球大型机构、中央银行、主权财富基金、个人投资者在内的更多客户选择，2024年主动管理资金流入 量位居全球资管行业第一 。 在摩根资产管理看来，拥有深厚积淀的团队、打造研究驱动的投资文化是培育"长跑型"资管机构的根基。截至 今年二季度末，摩根资产管理在全球的股票基金经理团队平均从业年限约20年；在全球500名研究分析师中， 不乏1 ...

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]