2月14日，泉果基金官宣新任总经理、财务负责人、副总经理等管理层人选。 | 基金管理人名称 | 泉果基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《证 | | | 券基金经营机构董事、监事、高级管理人员及从 | | | 业人员监督管理办法》等相关法律法规 | | 高管变更类型 | 新任基金管理公司总经理 | | | 新任基金管理公司副总经理 | | | 新任基金管理公司合规负责人、风控负责人 | | | 离任基金管理公司合规负责人、风控负责人 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 李云亮 | | 是否经中国证监会核准取得高管任职 | l | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2026-02-13 | | 过往从业经历 | 曾任重庆理工大学讲师,重庆证监局副调研员,西南证券股 份有限公司证券资管部总经理,金鹰基金管理有限公司副总 经理、督察长,深圳前海金鹰资产管理有限公司董事长,上 海东方证券资产管理有限公司合规负责人、首席风险官、首 ...

Core Insights - International gold and silver prices reached new highs on January 29, leading to significant increases in the prices of various commodities including oil, gas, copper, and aluminum, with multiple related ETFs and LOFs hitting the daily limit [1][2]. Group 1: LOF Market Activity - Several LOFs, including those focused on oil and silver, experienced consecutive trading halts due to high demand and rising premium rates [2][4]. - The National Investment Silver LOF announced a trading halt effective January 30, following a previous halt on January 22, with potential for further halts if premium rates do not decrease [4]. - A range of LOFs, such as the Easy Fund Oil LOF and the Jia Shi Oil LOF, are set to halt trading for one hour starting January 30, while large purchases and investments in certain oil-related LOFs will be restricted [5]. Group 2: ETF Performance - Major broad-based index ETFs saw a significant drop in trading volume, with notable declines in the trading amounts of the CSI 300 ETF and others [7]. - The gold ETF recorded a substantial increase in trading volume, with a net inflow of 30.38 billion yuan on January 28, contributing to a total net inflow of 128.33 billion yuan for the year [9][10]. - Other ETFs, including those focused on precious metals and chemicals, also saw significant net inflows, indicating strong investor interest in these sectors [10]. Group 3: New Fund Issuance - The recent issuance of new funds has been robust, with several funds raising significant amounts in a short period, indicating strong market demand [11].

Core Viewpoint - The current economic transformation in China is nearing completion, presenting a favorable investment period in A-shares and Hong Kong stocks, particularly in technology, new energy, and cyclical industries [1][7]. Group 1: Investment Philosophy - The investment framework developed by the company emphasizes a bottom-up stock selection approach, focusing on high-quality and growth-oriented companies [2][3]. - The core selection criteria prioritize the company's competitive strength, including business model, competitive barriers, governance structure, and profitability [2]. - The company has adapted its investment strategy to include a focus on industry trends, recognizing that companies in an upward industry trend can better leverage their competitive advantages [3][6]. Group 2: Performance Metrics - The "泉果思源" fund, managed by the company, achieved a unit net value growth rate of 30.37% over the past year, significantly outperforming the benchmark of 15.66% [3][10]. - The fund's performance since inception shows a return of 22.25% compared to a benchmark return of 22.58% [10]. Group 3: Future Investment Focus - The company is optimistic about the A-share market, with a focus on three main investment directions: technology, new energy, and cyclical stocks [7][8]. - In the technology sector, the company is particularly interested in consumer electronics, domestic computing power, and internet/software sectors, which are expected to benefit from the AI wave [8]. - In the new energy sector, the company sees potential in the lithium battery supply chain and offshore wind power, anticipating significant growth driven by strong demand [8][9]. Group 4: Industry Trends - The company identifies the recent strength in the non-ferrous metals sector as a result of improved supply-demand fundamentals, with industrial metals like copper and aluminum expected to see price stability due to long-term capital expenditure constraints [9][10]. - Traditional industries such as chemicals and paper have improved their competitive landscape following capacity reductions, with some products nearing supply-demand balance [10].

Core Viewpoint - The article emphasizes the investment philosophy of a seasoned investor, Gang Dengfeng, who focuses on long-term value creation through a solid research framework and macroeconomic understanding, particularly in the context of China's economic transition and the opportunities in technology, new energy, and cyclical industries [1][10]. Group 1: Investment Philosophy - Gang Dengfeng has developed an investment framework that combines macroeconomic research with industry analysis, focusing on capturing industry trends to identify investment opportunities [1][4]. - The core selection criteria for stocks include "good companies," which are defined by their competitive advantages, business models, governance structures, and profitability [4][5]. - The investment approach has evolved to emphasize the importance of industry trends, recognizing that companies in upward-trending industries can leverage their competitive strengths to generate shareholder returns [5][7]. Group 2: Market Outlook - The current economic transition in China is nearing completion, with diminishing impacts from real estate shocks and a more diversified export structure, creating a favorable investment environment in A-shares and Hong Kong stocks [10][11]. - The focus for future investments will be on three main areas: technology, new energy, and cyclical stocks, with technology being the most critical driver of the upcoming bull market [11][12]. - In the technology sector, key areas of interest include consumer electronics benefiting from AI integration, domestic computing power infrastructure, and AI-driven products in the internet and software space [11][12]. Group 3: Industry Insights - In the new energy sector, there is a focus on the lithium battery supply chain, which is expected to experience growth due to strong demand for energy storage, with certain material segments entering a price increase cycle [12][13]. - The cyclical sector, particularly non-ferrous metals, is showing strength due to improved supply-demand fundamentals, with industrial metals like copper and aluminum expected to see price stability and potential upward trends [13]. - Traditional industries such as chemicals and paper are also showing signs of recovery after capacity reductions, leading to improved competitive dynamics and potential price elasticity [13].

Core Viewpoint - The article emphasizes the importance of time in investment, highlighting that the longer the investment horizon, the greater the power of compound interest. It also discusses the evolution of fund manager Gang Dengfeng, showcasing his growth and investment philosophy over the years [1][2]. Group 1: Investment Philosophy - Gang Dengfeng's investment framework is characterized by a focus on quality growth with a mid-level industry perspective. He aims for sustainable growth rather than short-term speculative gains, emphasizing the importance of investing in companies with strong fundamentals and management [10][14]. - The investment approach includes a low turnover rate, indicating a long holding period for stocks. For instance, the turnover rates for the fund managed by Gang Dengfeng were 66.87% in 2023, 96.65% in 2024, and 115.48% in the first half of 2025, reflecting a strategy of holding quality stocks for extended periods [11][14]. Group 2: Stock Selection Criteria - Gang Dengfeng focuses on a limited number of high-quality companies, defined by strong financial metrics such as high Return on Equity (ROE) and excellent management teams. This selective approach aims to minimize trading losses and enhance overall returns [14][16]. - The concentration of holdings has increased over time, with the top ten holdings in his fund rising from 36.40% at the end of 2023 to 58.67% by the third quarter of 2025, indicating a strategy of focusing on fewer, high-quality investments [14][16]. Group 3: Market Context and Timing - The article suggests that the current market environment is favorable for actively managed equity funds, as historical data indicates that active management tends to outperform broad market indices during periods of structural growth opportunities. For example, the active equity index returned 28.06% in 2025, significantly outperforming the 14.30% return of the CSI 300 index [22][23]. - The shift in the Chinese capital market towards shareholder returns and dividends is highlighted, with total dividends reaching nearly 2.5 trillion yuan in 2025, indicating a growing demand for equity investments among retail investors [23]. Group 4: Industry Diversification - Gang Dengfeng's portfolio is diversified across various industries, including electric vehicles, internet, consumer electronics, and industrial metals. This broad industry coverage is designed to create multiple sources of excess returns and reduce maximum drawdowns for investors [17][23]. - The article notes that the fund's maximum drawdown was -13.76% over the past year, compared to -21.04% for the CSI 300 index, demonstrating the benefits of industry diversification in mitigating risks [17][23].