Core Viewpoint - The forum titled "Return of Active Equity" focused on how active equity can generate excess returns, featuring discussions among prominent fund managers from foreign asset management firms [1] Group 1: AI Industry Insights - The AI industry is currently in a phase of continuous expansion, with significant structural changes occurring within the sector [3] - The early days of AI were dominated by OpenAI, but by the end of 2025, Google’s Gemini is expected to make significant advancements, posing a strong challenge to OpenAI [4] - The company has identified investment opportunities in both domestic and overseas computing power, contributing positively to product returns [1][7] Group 2: Investment Strategy - The active equity products managed by the company are benchmarked against a composite of the CSI 800 Index (80%), the Hang Seng Index (10% adjusted for RMB), and a one-year fixed deposit rate (10% after tax) [5][8] - A strict risk control mechanism is in place to prevent fund managers from concentrating investments in a few sectors, maintaining a consistent investment style [5] - The investment approach varies depending on the lifecycle stage of technology; early-stage investments require a broad strategy, while later-stage investments focus on companies with competitive advantages [6] Group 3: Future Outlook - The company is optimistic about two main directions for 2026: the AI sector, particularly focusing on Google's related industry chain, and upstream resources, where supply constraints are expected to drive prices higher [9][10] - Concerns about an AI bubble are addressed, with the distinction made that AI differs fundamentally from the internet business model, lacking the same network effects [10]

Core Viewpoint - The article emphasizes the "return of active equity" since mid-2025, highlighting that active equity funds have significantly outperformed the broad market indices, with a return of 33.19% compared to the 17.66% of the CSI 300 index in the previous year. Active equity funds continue to outperform in 2026, raising questions about their ability to create value in a high-quality development phase of the asset management industry [1]. Group 1: Event Highlights - The event titled "Return of Active Equity" featured top fund managers and investment directors, focusing on practical insights rather than lengthy discussions [3]. - The agenda included discussions on building teams for excess returns, the significance of growth in the A-share market, and a special session with foreign fund managers discussing growth versus value [3][5]. Group 2: Insights from Fund Managers - Wang Qisen, Vice President and Chief Investment Officer of Huashan Fund, discussed the characteristics of successful fund managers, emphasizing internal training and the emergence of new talent over time [5]. - The article highlights the long-term performance of Cao Jin from Fortune Fund, who has consistently managed the small-cap fund since 2015, showcasing his ability to adapt to market trends and maintain low volatility [11][12]. Group 3: Foreign Fund Manager Perspectives - The roundtable featured managers from Allianz, Morgan Asset Management, and Schroders, discussing diverse investment opportunities and the effectiveness of active management in the Chinese market [16][17]. - Both Allianz and Schroders have recently launched active equity products that have shown over 50% performance growth in their first year, demonstrating the potential of foreign funds in A-shares [17][18].