Core Insights - The article discusses the launch of the Yin Hua Xin He Mixed Securities Investment Fund, which features a floating management fee structure linked to investor holding periods and performance [1][2] - The fund aims to create a shared interest between the fund manager and investors, encouraging long-term investment while enhancing investor satisfaction [1][2] Fund Structure and Fee Model - The fund charges a management fee of 1.20% for holdings of less than one year, which can increase to 1.50% if annualized excess returns exceed 6% and decrease to 0.60% if excess returns fall below -3% after one year [1][2] - The fund will invest 60%-95% of its assets in stocks, with up to 50% of stock investments allocated to Hong Kong Stock Connect stocks, allowing for diversified asset allocation [2] Performance and Management - The fund manager, He Wei, has a strong track record, with the Yin Hua Hu Shen Stock Connect Mixed A fund achieving a net value growth rate of 24.08% over three years, outperforming its benchmark by 35.69% [2][4] - The fund manager emphasizes risk-reward balance and aims for long-term excess returns while actively managing drawdowns [1][2] Market Outlook - Analysts suggest that the restructuring of the global monetary order and the declining safety of dollar assets will lead to a revaluation of RMB assets, indicating a stable foundation for market growth [2] - The upcoming policy initiatives and favorable trends in sectors like technology are expected to support a long-term and steady market environment, despite potential short-term adjustments [2]

Core Viewpoint - The investment philosophy of the new fund manager, He Wei, emphasizes long-term stable returns over short-term gains, aiming to provide a steady holding experience for investors [2][4]. Investment Philosophy - The team led by He Wei focuses on "absolute return" principles, integrating this approach into their relative return public funds, prioritizing long-term stability [4][5]. - The investment strategy involves taking meaningful risks while maintaining a defensive posture during market bubbles, concentrating on stable blue-chip stocks to control drawdowns [4][5]. Fund Performance - The Silver Hua Hu Shen Stock Connect Fund, managed by He Wei, achieved a three-year unit net value growth rate of 24.08%, ranking in the top 3% of its category [5]. - The fund has consistently delivered excess returns of 3% to 12% annually from 2022 to 2024 [5]. Investment Framework - The investment framework includes selecting fundamentally driven stocks with safety margins, prioritizing win rates over potential returns, and avoiding overvalued and crowded trades [6]. - Emphasis is placed on macroeconomic trends and future developments, with a focus on risk-reward ratios and controlling drawdowns [6]. Market Outlook - He Wei expresses optimism about the long-term potential of the Chinese capital market, citing strong fundamentals in manufacturing, technology, and healthcare [10]. - The market is viewed as undervalued due to geopolitical tensions, with expectations of improved performance as foreign capital begins to enter [10]. Sector Focus - The long-term investment value in the non-ferrous metals sector is highlighted, with a favorable supply-demand structure for commodities like gold, copper, and aluminum [11]. - The financial sector, particularly bank stocks, is seen as having reasonable dividend yields and potential for valuation recovery as market conditions improve [11]. New Fund Launch - The upcoming Silver Hua Xin He Mixed Securities Investment Fund will feature a floating management fee structure, aiming to build a long-term relationship with investors through steady returns [9]. - This new fund will include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities compared to A-shares [9].

Core Viewpoint - The investment philosophy of Yin Hua Fund emphasizes long-term absolute returns, focusing on stable holding experiences for investors rather than maximizing short-term net value gains [1][2]. Investment Style and Strategy - The team led by He Wei integrates absolute return concepts into their relative return-focused public funds, aiming for balanced investment styles that provide excess returns while controlling maximum drawdowns [2][3]. - He Wei's investment framework prioritizes stocks with strong fundamental trends and safety margins, emphasizing price at entry, win rates, potential returns, valuation, and trading crowding [3][4]. Performance Metrics - The Yin Hua Hu Shen Stock Connect Fund, managed by He Wei, achieved a three-year unit net value growth rate of 24.08%, ranking in the top 3% of its category, with an annual excess return of 3-12 percentage points from 2022 to 2024 [3][10]. Market Outlook - The Chinese capital market is viewed as undervalued, with strong fundamentals in manufacturing, technology, and pharmaceuticals, and is expected to benefit from foreign capital inflows in the future [7]. - The A-share market is anticipated to experience volatility due to structural changes, but the long-term outlook remains positive [7][8]. Sector Preferences - The long-term investment value in the non-ferrous metals sector is highlighted, with commodities like gold, copper, and aluminum expected to maintain favorable supply-demand dynamics [8]. - The financial sector, particularly bank stocks and brokerages, is seen as having reasonable valuations and potential for recovery as market conditions improve [8]. New Fund Launch - The upcoming Yin Hua Xin He Mixed Securities Investment Fund will adopt a floating management fee structure, aiming to build a long-term relationship with investors through steady returns [6]. - This new fund will include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities compared to A-shares [6].

Core Viewpoint - The article emphasizes the importance of long-term investment strategies and the need for a stable holding experience for investors, even during market fluctuations [1][4]. Investment Philosophy - The investment style of the team led by He Wei focuses on "long-term absolute returns," integrating absolute return concepts into relative return assessments [5]. - The team aims to balance relative index outperformance with maximum drawdown control, especially during market bubbles by shifting towards defensive and stable blue-chip stocks [5][6]. Performance Metrics - The Silver Hua Shanghai-Shenzhen Stock Connect Fund managed by He Wei achieved a nearly 24.08% growth rate over three years, ranking in the top 3% of its category [6]. - The fund has consistently delivered excess returns of 3-12 percentage points annually from 2022 to 2024 [6]. Investment Framework - The investment framework includes selecting fundamentally driven stocks with safety margins, prioritizing win rates over potential returns, and avoiding high-valuation, crowded trades [7]. - Emphasis is placed on macroeconomic trends and future possibilities, as well as a focus on valuation metrics like PB, PE, and ROE [7]. Long-term Perspective - The approach is influenced by the long-term investment perspective of social security funds, which allows for more strategic considerations in investment decisions [6][8]. - The company aims to create a stable net value curve through a disciplined investment philosophy [8]. Market Outlook - The company views the Chinese capital market as fundamentally strong, with potential for significant foreign investment inflows in the future [13]. - The article highlights the importance of the external environment and domestic policies in shaping market conditions, with a focus on sectors like consumer and real estate [13]. Sector Focus - The company maintains a positive outlook on the non-ferrous metals sector, citing favorable supply-demand dynamics and reasonable valuations [14]. - Financial stocks are seen as having recovery potential, while technology stocks may face volatility due to external influences [14]. New Fund Launch - The upcoming Silver Hua Xin He Mixed Securities Investment Fund will feature an innovative floating management fee structure, aiming for stable returns and long-term investor relationships [10][11]. - The new fund will also include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities [12].