● 本报记者 万宇 在深度研究的基础上，易方达主动权益团队还持续拓宽研究广度。（下转A02版） （上接A01版）目前已形成医药生物、TMT、消费、周期、ESG等多个研究组别，实现对A股全市场和 港股通股票标的的全面覆盖。同时，不断拓宽全球化视野，实现对港股、美股、欧洲等海外市场重点标 的覆盖。此外，团队还借助有力的外部研究力量支持自身研究工作开展。 创新管理模式 激活协同效能 在资本市场潮起潮落的迭代中，长期主义始终是穿越周期的核心密码。作为国内资产管理行业的标杆机 构，易方达基金自成立以来，始终秉持"发现价值，创造未来"的使命，将长期主义深深植入公司基因， 以独具特色的管理模式、专业协同的投研团队、科学系统的人才培养和科技赋能的创新实践，在主动权 益投资领域深耕不辍，为投资者创造了持续稳健的中长期回报，书写了公募基金行业高质量发展的生动 答卷。 坚守价值本源 淬炼长期业绩 "深度研究驱动，时间沉淀价值"，这是易方达基金长期坚持的投资理念。易方达基金始终坚信，投资的 本质是价值发现，唯有坚守长期视角、深耕基本面研究，方能在市场波动中行稳致远。 长期可持续业绩是基金管理人专业能力的最好佐证。自成立以来，易方达基 ...

此番"限购"并非孤例。郑澄然管理的广发碳中和主题已于12月1日起暂停机构投资者大额申购，单日限 额10万元。截至12月2日，该产品A类份额年内涨幅达65.03%。此外，陈皓管理的易方达科翔也暂停了 机构客户申购，该基金今年以来61.49%的收益率同样表现亮眼。 在QDII产品方面，由李耀柱管理的广发全球精选自12月4日起限制机构投资者的大额申购、转换转入、 定期定额和不定额投资业务。单日单账户申购及转换转入限额为10万元，美元份额限额为1.4万美元。 截至12月1日，广发全球精选美元现汇A今年以来的收益率为20.65%。 近期，多只绩优基金密集下调申购额度，新一轮"限购潮"悄然展开，面对资金持续涌入热门产品，多位 绩优基金经理近期密集下调申购额度，主动调控规模，其维护存量持有人利益、保障投资策略稳定性的 意图愈发清晰。 以蓝小康管理的中欧红利优享等4只产品为例，2025年12月2日，中欧基金发布公告称，为保证产品稳定 运作，维护基金份额持有人利益，自当日起，由蓝小康管理的中欧红利优享A、中欧融恒平衡A、中欧 价值回报A、中欧价值领航4只产品，全渠道单日限额进一步降至1万元。 这已是4只产品短期内第二次调降申购 ...

Core Insights - The Shanghai Composite Index has reached the 4000-point mark for the first time in ten years, indicating a resurgence in market enthusiasm and a rise in the net value of many actively managed equity funds [1] - The "Double Ten" fund managers, defined as those with over ten years of management experience and an annualized return exceeding 10%, have proven to be resilient in various market conditions [1] Fund Manager Performance - The top ten "Double Ten" fund managers include notable figures from mid-sized fund companies, such as Jin Zicai from Caitong Fund and Mo Haibo from Wanji Fund, showcasing their strong performance over the years [1][2] - Jin Zicai's Caitong Value Momentum Fund and Mo Haibo's Wanji Quality Life Fund have demonstrated strong offensive capabilities during bull markets while maintaining a maximum drawdown of around 20% during market corrections, reflecting good risk management [2][3] Annualized Returns - The annualized returns for the top fund managers in 2025 show Caitong Value Momentum A at 63.10% and Wanji Quality Life A at 61.63%, indicating robust performance in the current year [3] - Historical performance data reveals significant fluctuations, with Caitong Value Momentum A achieving a return of 70.96% in 2019 and a decline of -23.09% in 2023, while Wanji Quality Life A had a peak return of 35.04% in 2021 [3] Long-Term Management - Zhu Shaoxing from Fortune Fund exemplifies long-term management, having managed the Fortune Tianhui Growth Mixed Fund since 2005, maintaining an annualized return of over 15% [4]

Core Viewpoint - A rare occurrence of dividend distribution among growth-style active equity funds has been observed, with several funds announcing their first dividends of the year, indicating a shift in strategy and market conditions [1][2][3] Group 1: Dividend Announcements - Multiple active equity funds, including those from E Fund, have announced their first dividends of the year, allowing investors to choose between reinvestment or cash dividends [1][2] - The recent dividend distributions are notable as they come from growth-style funds, which typically focus on capital appreciation rather than income generation [3][5] - Funds like E Fund Kexun and Wanjiabj North Exchange Selection have reported significant year-to-date returns, with E Fund Kexun exceeding 100% [2][5] Group 2: Market Context - The decision to distribute dividends is attributed to the strong performance of growth sectors, particularly technology, which has led to substantial gains for fund managers [6] - The current market environment has seen a notable increase in the valuation of technology stocks, with the ChiNext 50 Index PE ratio reaching 157 times, indicating a high valuation compared to historical averages [6][7] - Analysts suggest that the distribution of dividends may serve as a strategy for fund managers to lock in profits and optimize portfolio structures amid high valuations and concentrated holdings in technology stocks [6][7]

Group 1 - The core viewpoint of the articles highlights the contrasting fortunes of top fund managers in the current market, particularly those focused on technology and growth sectors, compared to those heavily invested in traditional sectors like consumption and renewable energy [1][22][25] - Fund manager Liu Gesong, who previously achieved significant returns, has seen his products struggle, with some still 30% below their peak net value [1][13] - In contrast, technology-focused fund managers like Hu Yibin and Chen Hao have seen their products recover significantly, with some nearing or surpassing their 2021 highs [2][5][6] Group 2 - The current market is characterized as a "technology bull," with growth-oriented funds performing well, particularly in sectors like AI, robotics, and innovative pharmaceuticals [2][19] - Hu Yibin's performance stands out, with his flagship fund showing a 25% increase compared to its 2021 peak [2][4] - Chen Hao's fund has also performed well, achieving a 48.65% return year-to-date, with net values exceeding 2021 highs [6][8] Group 3 - Many former top fund managers who relied heavily on sectors like renewable energy are facing significant challenges, with some still far from recovering their previous highs [15][18] - The article notes that while some managers have adapted to new trends, others remain stuck in their previous strategies, leading to poor performance [28][30] - The medical sector has shown resilience, with top managers like Zhao Bei achieving substantial returns due to the innovative drug market, although they still face challenges in recovering from past losses [25][27] Group 4 - The articles emphasize the importance of adapting investment strategies to current market trends, with successful managers demonstrating the ability to pivot between sectors [28][31] - The long-term outlook for technology and medical sectors appears promising, driven by demographic trends and innovation, while traditional consumption sectors face more uncertainty [29][32] - The performance of fund managers is increasingly scrutinized based on their ability to help investors recover from previous losses, highlighting the need for effective strategy adjustments [28][30]

Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, highlighting the need for fund managers to adhere to this principle to attract long-term capital and improve performance [1][10] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, indicating a rarity of experienced managers in a rapidly changing industry [2][9] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of those managing stock and mixed funds, have managed the same active equity fund for over 10 years [2][3] - Among those managing funds for over 14 years, only 14 managers exist, representing approximately 0.6% of the total [2][3] - The long-term performance of these managers is notable, with those managing for over 14 years achieving an average annualized return of 10.05% [2][3] Group 2: Performance of Notable Managers - Specific fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005 [3][6] - Du Meng's fund has an annualized return of 14.9%, benefiting from a focus on emerging industries and technological advancements [6][7] Group 3: Investment Strategies - Long-term managers exhibit unique qualities that enable them to navigate market cycles successfully, including a deep understanding of market changes and a commitment to continuous learning [9][10] - These managers often have mature investment philosophies and adhere to strict buy and sell criteria to avoid emotional trading [10] - The success of these managers is supported by robust research platforms and resources, allowing them to make informed investment decisions [10][11] Group 4: Industry Trends - The public fund industry is undergoing significant reforms influenced by policy changes and market dynamics, emphasizing the need for long-term investment strategies [10][11] - Fund companies are increasingly looking to international markets for inspiration, adopting a "long-distance running" investment culture [11]

Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, encouraging investors to hold investments for the long term and focusing on long-term performance assessments [1][9] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, highlighting the rarity and value of experienced managers in a predominantly younger industry [2][4] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of active equity fund managers, have managed the same fund for over 10 years, with only 14 managers, or 0.6%, managing funds for over 14 years [2][3] - Fund managers with over 14 years of experience have achieved an average annualized return of 10.05%, while those with 10 to 14 years have an average return of 8.21% [2][4] Group 2: Performance of Notable Fund Managers - Notable fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005, demonstrating the effectiveness of a long-term investment strategy [4][5] Group 3: Investment Strategies - Successful long-term fund managers exhibit characteristics such as rich investment experience, mature investment philosophies, and a strong risk control awareness [8][9] - These managers often employ a disciplined approach to investment, including clear buy and sell standards, and adapt their strategies based on market changes [8][10] Group 4: Industry Trends and Challenges - The public fund industry is undergoing reforms influenced by policy changes and market dynamics, necessitating a collective effort from fund managers to embrace long-term investment principles [9][10] - There is a growing trend among fund companies to adopt practices from mature markets, focusing on research-driven investment cultures to foster long-term investment strategies [9][10]