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 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 [2][3]. 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 [2][3]. - The average tenure of stock fund managers at Morgan Asset Management is approximately 20 years, with many research analysts having over 15 years of experience, contributing to unique market insights through extensive company research [3][4]. Group 2: Long-Term Performance - As of August 2025, Morgan Asset Management's active equity investment team has achieved an annualized return of 13.03% over the past 20 years, ranking in the top 10 of the industry [5][6]. - The "Double Ten" funds, which have been established for over 10 years and achieved annualized returns exceeding 10%, demonstrate strong resilience through various market cycles [6][18]. Group 3: Fund Performance Highlights - The Morgan Emerging Power Fund has an annualized return of 15.75% since its inception in 2011, while the Morgan China Advantage Fund has achieved a return of 13.51% since 2004 [7][9]. - The Morgan Core Growth Fund and Morgan Technology Frontier Fund have also shown significant returns, with annualized rates of 11.61% and 10.40%, respectively, showcasing the effectiveness of their investment strategies [11][12]. Group 4: Team Development and Global Perspective - Approximately 70% of Morgan Asset Management's equity fund managers are internally promoted, ensuring a cohesive team culture and deep market understanding [14]. - The firm leverages its global platform to access extensive research resources, integrating global insights with local market knowledge to enhance investment decision-making [14][16].

Core Insights - The A-share market has shown strong performance recently, with significant improvement in market sentiment and investor confidence [1] - The growth sector has emerged as the main driver of market gains, supported by experienced fund managers who have navigated multiple market cycles [1] - Morgan Asset Management's Morgan Core Growth Fund, managed by Li Bo, has achieved a cumulative return of 268.64% since its inception, with a one-year increase of 79.18%, ranking in the top 15% among similar funds [1] Investment Strategy - Li Bo combines value and growth strategies through the GARP (Growth at a Reasonable Price) approach, focusing on high-growth stocks with reasonable valuations [2] - The fund has demonstrated strong drawdown control in volatile markets while effectively capturing upward opportunities in structural market conditions [2] - Key sectors identified for structural opportunities include AI hardware, consumer electronics, new energy, and leading manufacturing companies [2] Future Outlook - The consumption sector is expected to gradually recover, supported by policies aimed at improving supply structure [3] - The Morgan Core Growth Fund will continue to adhere to the GARP strategy, focusing on high-probability assets to create long-term returns for investors [3]

Group 1 - The A-share market has shown strong performance, with significant improvement in market sentiment and investor confidence, particularly in the growth sector, which has experienced a "Davis Double Play" [1] - A limited number of fund managers, less than 100, have managed the same active equity fund for over 10 years, representing about 5% of the total equity mixed fund managers, highlighting their rarity as a resource in the industry [1] - The Morgan Core Growth Fund, managed by Li Bo, has achieved a cumulative return of 268.64% since its inception, with a one-year increase of 79.18%, ranking in the top 15% among similar funds [1][2] Group 2 - Li Bo's investment philosophy of "growth and value duality" is reflected in the fund's strategic focus on high-quality growth companies with safety margins, aiming for both growth and value enhancement [2] - The fund emphasizes sectors with performance growth, particularly in technology innovation and industrial upgrades, to capture investment opportunities arising from the development of the technology industry [2] - The GARP (Growth at a Reasonable Price) strategy combines value and growth selection, focusing on acquiring high-growth stocks at lower prices, which has shown strong performance in volatile markets [2] Group 3 - In the context of significant structural differentiation in the market, Li Bo identifies promising opportunities in sectors such as AI hardware, consumer electronics, new energy, and leading manufacturing companies [3] - The fund is particularly focused on the growth opportunities driven by AI in the consumer electronics sector and leading companies in the lithium battery segment within the new energy field [3] - Li Bo anticipates a gradual recovery in the consumer sector and positive changes in supply structure due to anti-involution policies, continuing to adhere to the GARP strategy to capture new market opportunities [3]

Core Viewpoint - The article discusses the evolving landscape of the Chinese equity market, highlighting a shift in global perception of Chinese assets and the potential for A-shares to catch up with the performance of Hong Kong stocks in the coming months to a year [3]. Group 1: Market Performance - Recent months have shown a recovery in the Chinese market, with A-shares and Hong Kong stocks rebounding quickly after initial shocks from tariff disputes [3]. - The Hang Seng Index has increased by 27.64% from September 24, 2024, to May 31, 2025, while the CSI 300 Index has risen by 19.53% during the same period, indicating a stronger performance in Hong Kong stocks compared to A-shares [3]. Group 2: Investment Focus Areas - Four key sectors are highlighted for future investment: AI, innovative pharmaceuticals, consumer goods, and power batteries [4][5]. - AI is seen as a core direction for global technological development, with significant investment opportunities in computing power and related hardware [4]. - The innovative pharmaceutical sector is expected to grow, driven by advancements in research and development within Chinese companies [7]. - The consumer sector is viewed as having no clear distinction between "new" and "old" consumption, with opportunities arising from cultural exports as China continues to grow as a super economy [4]. - The power battery sector remains promising due to its vast market potential across various applications, including energy storage and robotics [5]. Group 3: Healthcare Sector Insights - The innovative pharmaceutical market is anticipated to be a long-term trend, with China's pharmaceutical capabilities aligning with global standards [7]. - Investment opportunities are focused on companies in pharmaceuticals, medical devices, and high-value consumables, with a preference for firms with strong clinical and sales capabilities [7]. Group 4: Consumer Sector Dynamics - The future performance of the consumer sector is closely tied to domestic demand, which is influenced by residents' income expectations [9]. - Recent consumer subsidies in sectors like automotive and home appliances have created opportunities, and sustained policy support could further drive growth [10]. Group 5: Technology Sector Developments - The technology sector, particularly AI, is expected to play a crucial role in overcoming current economic challenges, with AI development projected to continue for decades [12]. - Investment opportunities are identified in smart driving and humanoid robots, with the latter expected to see production growth in specific industries [12]. Group 6: Manufacturing and Resource Insights - The manufacturing sector is poised for growth, with opportunities for Chinese brands to compete globally due to improved product performance and stability [16]. - Resource-related companies are also highlighted, as limited supply supports pricing and profitability [16]. Group 7: Financial Sector Outlook - The banking sector has shown resilience, with improved performance attributed to better-than-expected corporate conditions outside the real estate sector [18]. - As the economic outlook improves, expectations for the banking sector are also anticipated to recover [18]. Group 8: Consumer Goods Sector Analysis - The white liquor industry is undergoing adjustments primarily due to inventory cycles and operational challenges, with potential for recovery as internal adjustments take place [21].