Core Viewpoint - The article discusses the challenges faced by investors in the capital market from 2022 to 2024, highlighting the emotional rollercoaster of investing and the need for a stable investment philosophy, exemplified by fund manager Yuan Hang's approach with the new floating management fee product, Penghua Win-Win Future [1][10]. Group 1: Investor Pain Points - Pain Point 1: Investors often chase hot themes but fail to outperform the market, leading to disappointment when the market corrects [2]. - Pain Point 2: Frequent management changes in funds undermine the promise of "long-termism," with many investors experiencing shifts in investment style after a manager departs [5]. - Pain Point 3: Investors worry about high portfolio volatility and the risk of managers chasing trends, which contradicts their initial investment goals [8]. Group 2: Yuan Hang's Investment Philosophy - Yuan Hang is characterized as a steady and disciplined fund manager who focuses on high-quality companies with economic moats, maintaining a long holding period and low turnover rate [3][5]. - His investment style is balanced between value and growth, primarily investing in large-cap growth stocks, and he has achieved a cumulative net value growth rate of 218.30% from 2015 to 2024 in the Penghua Advanced Manufacturing Fund [3][4]. - Yuan Hang emphasizes the power of compounding and the importance of long-term holding to minimize transaction costs and maximize returns, adhering to a philosophy of not engaging in investments that are not well understood [7]. Group 3: Innovative Product Design - The new floating management fee product, Penghua Win-Win Future, aligns the interests of fund managers with those of investors by adjusting management fees based on performance relative to a set benchmark [7][10]. - This product design encourages a focus on absolute returns and risk control, reducing the likelihood of chasing trends and ensuring that management fees are tied to actual investor returns [9][10]. - Yuan Hang's approach, reinforced by this innovative fee structure, aims to create a transparent and mutually beneficial long-term partnership between fund managers and investors [11].

Group 1 - The core viewpoint of the article highlights a significant transformation in the public fund industry with the approval of the first batch of floating fee rate funds, emphasizing performance-based evaluation of fund managers [1] - The floating fee structure serves as a rigorous benchmark for assessing the capabilities of fund managers, necessitating superior excess returns and effective risk management to attract long-term capital [1] - Yuan Hang, the proposed fund manager for Penghua Win-Win Future Mixed Fund, is recognized for his extensive experience and unique investment philosophy, positioning him as a key player in this transformation [1] Group 2 - Yuan Hang's investment framework is characterized by a dynamic "circle of competence," focusing on "value growth" and "deep value" to select undervalued, high-return quality companies [2] - His management of the Penghua Advanced Manufacturing Stock Fund has resulted in a total net value growth rate of 205.10% and an annualized net value growth rate exceeding 11% as of May 28, 2025 [2] - Yuan Hang concentrates on three types of companies: those with competitive advantages, those with growth potential, and those with safety margins, primarily investing in consumer, financial, and manufacturing sectors [2] Group 3 - Yuan Hang employs a principle of "efficient and safe driving" in fund management, emphasizing the importance of direction, foresight, and maintaining a safety margin [3] - His investment strategy involves avoiding unfamiliar areas and focusing on long-term holdings to accumulate compound growth, resulting in lower turnover rates and reduced trading costs [3] - The Penghua Strategy Preferred Fund maintains a concentrated portfolio, with a significant portion of holdings in banks, insurance, home appliances, and food and beverage sectors, demonstrating a long-term investment approach [3] Group 4 - Yuan Hang's investment style has led to positive historical returns across six products in 2024, with net value growth rates exceeding 15% [4] - Five out of six products managed by Yuan Hang received five-star ratings from both Haitong Securities and Galaxy Securities as of March 31, 2025, indicating strong performance [4] - The article emphasizes the importance of selecting fund managers and their teams in the evolving public fund management landscape, highlighting Penghua Fund's innovative approach and strong research capabilities [4] Group 5 - The design of floating fee rate products fosters a deep alignment between fund managers and investors, promoting a virtuous cycle of returns, capital inflow, and market stability [5] - The emergence of floating fee products, exemplified by the Penghua Win-Win Future Mixed Fund, aims to rebuild investor trust in actively managed equity funds through the demonstration of excess returns [5]

Market Performance - On May 29, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 0.7% to 3363.45 points, the Shenzhen Component Index rising by 1.24% to 10127.2 points, and the ChiNext Index up by 1.37% to 2012.55 points [1] - Sectors that performed well included digital currency, electronic ID, and data rights confirmation, while sectors such as seasoning concepts, Kirin batteries, and gold concepts experienced declines [1] Fund Manager Changes - In the past 30 days (April 29 to May 29), 498 fund products experienced changes in fund managers, with 14 announcements made on May 29 alone. Six fund managers left due to job changes [3] - Notable fund managers include Qiu Hongli from China Ocean Fund, managing assets of 400 million yuan, with a highest return of 111.10% over 5 years and 263 days on the China Ocean Mixed Reform Dividend Mixed A fund [3] - Yuan Hang from Penghua Fund, managing assets of 5.638 billion yuan, achieved a return of 208.00% over 10 years and 209 days on the Penghua Advanced Manufacturing Stock fund [3] Fund Research Activity - In the last month, Huaxia Fund conducted the most company research, engaging with 80 listed companies, followed by Jiashi Fund and Boshi Fund, each with 78 companies [5] - The most researched industry was specialized equipment, with 391 instances, followed by chemical products with 319 instances [5] - The most focused stock in the past month was Zhaowei Electromechanical, with 88 fund management companies participating in the research [6] Recent Research Trends - In the last week (May 22 to May 29), the company with the highest number of fund research engagements was Anjisi, with 32 fund institutions involved [6] - Other notable stocks included Huafeng Technology and Xidiwei, with 30 and 19 fund institutions respectively [6]