Core Insights - The FOF (Fund of Funds) market has shown significant growth in both issuance and scale this year, with 59 new FOF products launched, totaling an issuance scale of 53.481 billion yuan, surpassing the entire year of 2024 [1] - Performance-wise, 169 out of 522 FOFs have yielded returns exceeding 20%, with 11 FOFs achieving returns over 40% as of October 30 [1] - The strong performance of FOFs is attributed to their allocation in stock ETFs, particularly highlighted by the top-performing FOF, Guotai Youxuan Linghang One-Year Holding Mixed FOF, which has a significant holding in a gold stock ETF [1] FOF Market Performance - The FOF market has seen a total of 59 new products established this year, with a combined issuance scale of 53.481 billion yuan, significantly exceeding the total for 2024 [1] - As of October 30, 2023, 522 FOFs have been tracked, with 169 achieving returns over 20% and 11 exceeding 40% [1] ETF Allocation - The best-performing FOF, Guotai Youxuan Linghang, has a primary holding in a gold stock ETF, constituting 15.85% of its assets [1] - In Q3, seven of the most favored funds by FOFs were ETFs, with the Huazhang Gold ETF being the most held, appearing in the top ten holdings of 99 FOFs [1][2] Popular Funds - The top 20 funds held by FOFs in Q3 include popular ETFs such as Huazhang Gold ETF, Hai Fudong Zhongzheng Short Bond ETF, and Pengyang 30-Year Treasury Bond ETF, among others [2][5] - The highest market value held by FOFs in Q3 was in the Yifangda Kairong Mixed Fund, valued at 587 million yuan, marking a 52.80% increase from the previous quarter [7] Future Outlook - FOF managers express optimism towards equity assets, focusing on growth styles while also considering cyclical and dividend opportunities [7] - There is a strategic emphasis on increasing defensive positions in portfolios, particularly in sectors like new energy materials and real estate [8] - The overall sentiment indicates a belief in a gradual upward trend for Chinese assets, driven by policy initiatives and technological recovery [8]

Core Insights - Huazheng New Materials (603186.SH) reported its Q3 2025 results, revealing that as of October 24, 2025, seven institutional investors held a total of 67.0315 million A-shares, representing 47.20% of the company's total share capital, an increase of 4.66 percentage points from the previous quarter [1] Institutional Holdings - The institutional investors include Huali Group Co., Ltd., National Social Security Fund 601 Portfolio, and several funds managed by Bank of Communications and China Construction Bank, among others [1] - The number of newly disclosed public funds increased by four this quarter, including E Fund Ke Xun Mixed and E Fund Ke Rong Mixed, while 45 public funds were not disclosed compared to the previous quarter [1] Social Security Fund - Two new social security funds disclosed their holdings in Huazheng New Materials, namely the National Social Security Fund 601 Portfolio and E Fund Management Co., Ltd. - Social Security Fund 17042 Portfolio [2]

Core Viewpoint - The A-share market experienced a slight decline after reaching the historical high of 3731 points in 2021, raising questions about investment opportunities and strategies for those who bought funds at that peak [1][4]. Market Performance - The three major indices in the A-share market closed lower today, with a trading volume close to 2.6 trillion yuan. Sectors such as liquor, real estate, and automobiles led the gains, while insurance and brokerage sectors saw a pullback [3][4]. - Analysts suggest that significant trading volume often leads to high volatility, and the current market remains active with no clear signs of capital withdrawal [3]. Fund Performance Since 2021 - Funds purchased at the 3731-point peak have shown varied performance, with some funds gaining over 200% since then. However, many investors are still waiting to break even [4][6]. - As of August 2025, the market has returned to around 3700 points, but many individual stocks have not recovered to their previous highs, indicating a disparity between index performance and individual stock performance [8]. Strategies for Investors - For investors whose funds have not yet returned to break-even, it is advised to maintain a rational approach and consider shifting from chasing hot stocks to a balanced allocation strategy. This includes dynamic adjustments to portfolios and setting stop-loss limits [9][12]. - Dollar-cost averaging through systematic investment plans can help reduce costs over time, especially during market downturns [9][10]. Market Outlook - The current market is characterized as a "healthy bull" market, supported by government policies and increasing capital inflows. This environment is expected to foster continued market confidence and potential upward movement [12][13]. - Investors are encouraged to adopt a balanced approach, using a "core-satellite" strategy to manage risk and avoid overexposure to any single investment [16][18].

Group 1 - The core investment strategy focuses on buying competitively advantageous companies at reasonable prices to earn compound growth, emphasizing strong business models and financial robustness [1][8] - The growth value fund pool has shown a significant annualized return of 16.88% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 9.36% [1][10] - The fund pool has maintained a high annualized Sharpe ratio of 0.82, indicating effective risk-adjusted returns, and has consistently outperformed the equity fund index in most years [10][13] Group 2 - The excess returns are primarily driven by stock selection, with notable contributions from industry rotation and dynamic adjustments [2][13] - The growth value funds are defined based on their relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [2][21] - The selected growth value funds exhibit high and stable dynamic returns, with a focus on industry and stock selection [22] Group 3 - The report lists a selection of growth value funds, highlighting their respective managers, sizes, and year-to-date returns, with some funds showing returns exceeding 50% [3][22] - The fund pool has increased its allocation to the financial sector while reducing exposure to TMT, indicating a strategic shift in response to market conditions [18][20] - The report emphasizes the importance of matching individual companies' operational stages with industry trends for effective stock selection [25]

Core Viewpoint - The article highlights the impressive performance of the E Fund Kairong Mixed Fund (006533), managed by Liu Jianwei, which has achieved an annualized return exceeding 20% and significantly outperformed the CSI 300 Index over various time frames [1][5][10]. Fund Performance - As of Q2 2025, the total management scale of Liu Jianwei's funds reached 9.41 billion yuan [5]. - Liu Jianwei's funds have shown outstanding performance over the past six months, one year, two years, and three years, with a total return of 165.8%, outperforming the CSI 300 Index by 158.2 percentage points during the same period [5][6]. Investment Strategy - Liu Jianwei focuses on a growth style, with a significant portion of the fund's holdings in the electronics, communication, and power equipment sectors, which together account for 58.5% of the portfolio [5][6]. - The fund's stock allocation was approximately 82% at the end of 2024, with key holdings in leading companies within the electronics and communication sectors [5][6][8]. Sector Allocation - The fund's sector allocation as of the latest report is as follows: - Electronics: 30.57% - Communication: 15.21% - Power Equipment: 12.72% - Computer: 6.92% - Automotive: 3.98% - Non-ferrous Metals: 2.75% [6]. Market Insight - Liu Jianwei emphasizes the importance of understanding industry dynamics and focuses on the "1-10" growth phase of industries, where companies can benefit from rapid demand growth [8][9]. - He has successfully capitalized on opportunities in the new energy sector, particularly in lithium and cobalt resources, which saw significant price increases due to rising demand [9]. Risk Management - Liu Jianwei adopts a conservative approach to risk management, prioritizing capital preservation and controlling drawdowns, which is crucial in the high-volatility growth stock environment [11][12]. - His investment philosophy includes selecting fundamentally sound companies and ensuring that entry and exit points are aligned with reasonable valuations [14][15]. Recent Developments - In the second half of 2023, Liu Jianwei identified the potential for growth in the artificial intelligence sector and began increasing allocations to related companies, resulting in strong performance for the fund in 2024 [14][15]. - The fund's exposure to the electronics and communication sectors increased significantly from June 2023 to the end of 2023, reflecting a strategic shift in response to market conditions [14].

Core Viewpoint - The article highlights the investment performance and strategies of Liu Jianwei, a fund manager at E Fund, particularly focusing on the E Fund Kairong Mixed Fund (006533) and E Fund Kexun Mixed Fund (110029), which have achieved annualized returns exceeding 20% and 17% respectively [1][9][10]. Group 1: Fund Performance - As of Q2 2025, the total management scale of Liu Jianwei's funds reached 9.41 billion yuan, with both E Fund Kairong and E Fund Kexun achieving returns of over 1.6 times their initial investment [9][10]. - Liu Jianwei's funds have significantly outperformed the CSI 300 Index, with total returns reaching 165.8%, surpassing the index by 158.2 percentage points [10][11]. Group 2: Investment Strategy - Liu Jianwei employs a dual framework of "top-down industry analysis and bottom-up stock selection," focusing on industries with high growth potential and favorable supply-demand dynamics [17][19]. - He emphasizes investing in stocks during the "1-10" growth phase, where companies benefit from rapid demand growth, leading to high performance and potential valuation increases [17][18]. Group 3: Risk Management - Liu Jianwei prioritizes risk control, reflecting his conservative personality, which influences his investment decisions and helps mitigate volatility in growth stocks [21][28]. - His investment approach includes maintaining a diversified portfolio and ensuring that no single industry is overly exposed, allowing for sufficient margin of error [24][26].

Group 1 - The core viewpoint of the article highlights the continued growth of public FOF (Fund of Funds) in the second quarter of 2025, following a recovery in the first quarter, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1][2] - The demand for stable FOFs has significantly increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total public FOFs, while the issuance of new public FOFs in the second quarter amounted to approximately 18.6 billion yuan [2][3] - The net subscription of bond-type FOFs has seen substantial growth, with the most significant increase in the fund shares of the bond-type FOFs, indicating a preference for stable investment options [4][5] Group 2 - The enthusiasm for ordinary FOF products among public fund managers is high, with 85 institutions managing FOFs, and the top ten managers holding 60.8% of the market share [6] - The asset allocation strategy of public FOFs has shifted towards increasing the proportion of passive bond funds while reducing the allocation to pure index stock funds, reflecting a trend towards multi-asset allocation and passive investment [7] - The FOFs have shown a preference for solid performance funds, particularly in the fixed income category, with notable increases in holdings of passive bond and short-term pure bond funds [8][9]

Core Viewpoint - The new regulation from the China Securities Regulatory Commission (CSRC) is transforming the fee structure of public funds, promoting a performance-based floating management fee model for newly established actively managed equity funds [1][2]. Group 1: New Fee Structure - The newly introduced floating fee model links management fees to actual investment returns and holding periods, moving away from fixed fees [1][5]. - Fund companies have quickly launched the first batch of new floating fee products, such as the E Fund Growth Progress Mixed Fund [3]. - Unlike previous performance-linked funds, the new products tie fees to each investor's holding time and excess returns, allowing for a personalized fee structure [5][10]. Group 2: Fee Calculation Mechanism - For short-term holdings (typically less than one year), investors will pay a basic fee rate (e.g., 1.2% per year) [6]. - If an investment is held for over a year and exceeds the performance benchmark by more than 6 percentage points, the management fee can increase to 1.5% [7]. - Conversely, if the fund underperforms the benchmark by 3 percentage points or more, the fee can drop to 0.6% [7]. Group 3: Investor Considerations - The floating fee model does not guarantee returns; it merely alters the fee structure, with fund performance still reliant on the fund manager's capabilities [10]. - Investors should understand the performance benchmark's composition to gauge the fund's characteristics [12]. - Patience in holding investments is crucial, as the fee structure typically requires a minimum holding period of one year [12]. Group 4: Fund Manager and Performance - The fund manager for the E Fund Growth Progress Mixed Fund, Liu Jianwei, has a history of delivering significant excess returns in other managed products [11][17]. - Liu Jianwei emphasizes long-term industry trends and risk-reward ratios, focusing on selecting competitively advantageous companies at reasonable prices [14]. - Historical performance data shows that Liu Jianwei's managed funds have significantly outperformed their respective benchmarks [17].

Group 1 - The core point of the article highlights that Tonglian Precision has experienced a continuous decline for seven trading days, with a cumulative drop of -10.23% [1] - Tonglian Precision, established in 2016, specializes in the production of Metal Injection Molding (MIM) products and technical solutions [1] - E Fund's E Fund Kexun Mixed Fund has entered the top ten shareholders of Tonglian Precision, marking its new investment in the fourth quarter of the previous year [1] Group 2 - The fund manager of E Fund Kexun Mixed is Liu Jianwei, who holds a master's degree in finance and has extensive experience in the investment industry [3][4] - Liu Jianwei has been managing the fund for over five years, with a total return of 98.79% during his tenure [4] - E Fund was established in April 2001 and has multiple shareholders, with significant stakes held by Yingfeng Group, Guangdong Yuecai Trust, and Guangfa Securities, each holding 22.65% [4]