"巨大的投资收益往往来源于需求大幅扩张、产业规模快速增长的领域。"李进表示，他的日常工作聚 焦于追踪社会变迁与产业演进，着力寻找存在阶段性市场效率缺失、需求尚未得到充分满足的行业。 因此，他对成长性行业抱有更高关注度，对这些方向投入更多研究精力，并保持持续紧密的跟踪。 2025年落下帷幕，公募基金再现赚钱效应。据银河证券基金研究中心2026年1月1日发布的数据，融 通产业趋势2025年净值上涨114.61%（同期业绩比较基准为17.02%），该基金业绩回报在标准股 票型基金中位居首位（具体排名为1/349，同类为银河证券1.1.1标准股票型基金(A类)）。 融通基金旗下的融通产业趋势臻选也实现了业绩翻倍，2025年获得100.22%的收益率（同期业绩比 较基准为17.02%）。 优秀业绩的缔造者是融通基金的基金经理李进。他是电子系科班出身，研究生期间，在国内率先研发 出单通道100G大功率光通信探测器芯片；清华大学博士毕业后加入融通基金，从事TMT、新能源等 行业的研究工作；2023年开始担任基金经理。 笔者近期采访了李进，复盘了他过去一年的操作，并展望了2026年的A股市场。 构建"时代感"组合 翻开融通产 ...

2025年落下帷幕，公募基金再现赚钱效应。据银河证券基金研究中心2026年1月1日发布的数据，融通产 业趋势2025年净值上涨114.61%(同期业绩比较基准为17.02%)，该基金业绩回报在标准股票型基金中位 居首位(具体排名为1/349，同类为银河证券1.1.1标准股票型基金(A类))。 融通基金旗下的融通产业趋势臻选也实现了业绩翻倍，2025年获得100.22%的收益率(同期业绩比较基准 为17.02%)。 优秀业绩的缔造者是融通基金的基金经理李进。他是电子系科班出身，研究生期间，在国内率先研发出 单通道100G大功率光通信探测器芯片；清华大学博士毕业后加入融通基金，从事TMT、新能源等行业 的研究工作；2023年开始担任基金经理。 笔者近期采访了李进，复盘了他过去一年的操作，并展望了2026年的A股市场。 构建"时代感"组合 翻开融通产业趋势的季报，超额收益来源清晰可见：AI、新消费与创新药。李进将其归结为一种"时代 感"的投资。 至此，AI、新消费、创新药构成了他进攻的"三叉戟"。但李进的操作并未止步于买入。2025年第三季 度，他做了一次关键的"战术调整"：果断减持了新消费和创新药。理由是：新消费 ...

Core Viewpoint - The resignation of veteran fund manager Zou Xi from Rongtong Fund, along with the ongoing trend of fund manager departures amid a bull market and compensation reforms, signals a shift in the industry towards a new generation of managers [1][2][6]. Group 1: Fund Manager Resignation - Zou Xi has resigned from managing four funds, including Rongtong Industry Prosperity and Rongtong Industry Trend, and is succeeded by several mid-generation fund managers [1][3]. - Zou Xi has been with Rongtong Fund since February 2001 and has significantly contributed to the firm's investment strategies and performance [1][4]. - The transition of fund management to mid-generation managers, such as Li Jin and He Long, reflects the company's focus on nurturing new talent [3][4]. Group 2: Industry Trends - The current bull market is accelerating the trend of fund manager departures, with historical data showing that such departures peak during bullish market conditions [6][7]. - Since 2016, the number of fund manager resignations has been increasing, with a record high of 322 departures in 2021, surpassing previous peaks in 2007 and 2015 [7]. - The industry is witnessing a shift where veteran managers are leaving to establish their own firms or join private equity platforms, indicating a significant transformation in the public fund sector [6][7]. Group 3: Company Strategy - Rongtong Fund is enhancing its research and investment capabilities by optimizing its organizational structure and introducing core talent since becoming a state-owned public fund company in 2022 [4][5]. - The company has established a large asset allocation investment committee to determine strategic asset allocation on a quarterly basis, aligning with industry reform requirements [5]. - The firm emphasizes a "platform-based, team-oriented, integrated, and multi-strategy" investment research system to strengthen its competitive position in the market [4][5].

Core Viewpoint - The resignation of veteran fund manager Zou Xi from multiple funds at Rongtong Fund signals a shift in the industry, with a focus on nurturing mid-generation managers amid a bull market and compensation reforms [1][2][4][5][8] Group 1: Fund Manager Resignation - Zou Xi has resigned from managing four funds, including Rongtong Industry Prosperity and Rongtong Leading Growth, passing the responsibilities to several mid-generation managers [1][4] - Zou Xi's tenure on Rongtong Industry Prosperity lasted over 13 years, achieving a return of 161.32% during his management [4] - The transition involves notable managers such as Li Jin, He Long, Wan Minyuan, and Cheng Yuekai, indicating a strategic shift within the fund management team [4][5] Group 2: Industry Trends - The current bull market is accelerating the trend of fund manager resignations, with historical data showing that departures often peak during such market conditions [8] - The fund industry is experiencing a transformation, with a focus on internal adjustments and the cultivation of mid-generation talent [5][6][8] - The establishment of a large asset allocation investment committee and the optimization of a public portfolio operation mechanism reflect the industry's response to reform requirements [6][7]

Group 1 - The core investment strategy focuses on industries with upward trends, aiming to identify 3 to 5 main directions annually that have strong fundamentals and significant growth potential [2][3] - The investment approach includes selecting leading companies within chosen industries, emphasizing sectors such as technology, new energy, consumption, and pharmaceuticals [3][4] Group 2 - The portfolio management strategy involves adjusting the weight of value and growth assets based on market conditions and industry trends, while maintaining a balanced risk profile [4] - The current A-share market is viewed as undervalued, with growth assets expected to perform well due to supportive policies, ample liquidity, and steady economic recovery [5] - In the technology sector, there is a strong demand for optical modules and PCBs, with leading companies showing low valuations and high growth rates [5] - The new consumption sector is considered an important investment direction, particularly in areas with strong emotional attributes and significant overseas potential [5][6]