Core Viewpoint - The public fund industry in China faces the persistent issue of "funds making money while investors do not," which hinders healthy development. To address this, the China Securities Regulatory Commission initiated a fee rate reform in July 2023, leading to the launch of innovative floating management fee models for fund products, marking a significant step towards high-quality development in the public fund sector [1]. Group 1: Fund Manager Profile - Yuan Hang, the proposed fund manager for Penghua Win-Win Future Mixed Fund, is recognized for his long-term investment success, having outperformed the market eight times over the past ten years [1]. - Yuan Hang has 15 years of experience in the securities industry and nearly 10 years in fund management, showcasing a long-term investment style that focuses on capturing medium to long-term development trends for better investor returns [2]. Group 2: Performance Metrics - Since Yuan Hang took over the Penghua Advanced Manufacturing Fund on November 4, 2014, it has achieved positive historical excess returns relative to the CSI 300 Index in 8 out of 10 years from 2015 to 2024, with a net value growth rate exceeding 200% and an annualized net value growth rate of nearly 11% as of June 17, 2025 [2]. - The Penghua Strategy Preferred Fund, managed by Yuan Hang since August 13, 2015, has realized a net value growth rate of 101.97%, while the CSI 300 Index recorded a return of -0.39% during the same period [2]. Group 3: Investment Style - Yuan Hang's investment style is characterized by balanced value growth, focusing on long-term holdings of quality assets, low turnover rates, and an emphasis on safety margins and shareholder returns [3]. - The portfolio of Penghua Advanced Manufacturing Fund shows a significant concentration in sectors such as consumer goods, finance, and manufacturing, with an increasing concentration of top holdings from approximately 47% in Q1 2018 to 79% in Q1 2025 [3]. Group 4: Future Outlook - Looking ahead, Yuan Hang believes there is still upward potential in the market, with opportunities outweighing risks, and he maintains a positive outlook for the stock market in 2025-2026 [4]. - The new Penghua Win-Win Future Mixed Fund will adopt a performance benchmark comprising 70% CSI 300 Index, 10% Hang Seng Index, and 20% Zhongzheng Comprehensive Bond Index, with Yuan Hang committed to continuing his investment philosophy and methods while sharing risks and benefits with investors [4].

Core Viewpoint - The active equity fund issuance market is experiencing a notable increase in activity, with fund companies and managers striving to highlight the advantages of active management in a volatile market environment [1] Group 1: Fund Management and Strategy - The Penghua Gongying Future Fund, managed by Yuan Hang, features an asymmetric design that enhances investor protection and aims to improve investor experience [1] - The fund's management fee is linked to its performance, decreasing when returns fall below a certain benchmark and increasing when excess returns are achieved, promoting active management without pushing it towards passive strategies [1] - Yuan Hang's investment focus includes major sectors such as consumer goods, finance, and manufacturing, aligning well with the weighted components of the CSI 300 index, which enhances his management of the new product [1] Group 2: Performance and Historical Data - Yuan Hang has 15 years of experience in the securities industry, with nearly 10 years in fund management, emphasizing a value growth and deep value investment style [2] - The Penghua Strategy Optimal Fund, under Yuan Hang's management, has achieved a net value growth of 58.04% over the past five years, significantly outperforming its benchmark of 14.33%, resulting in a historical excess return of 43.71% [2] - Since Yuan Hang took over management in 2015, the fund has generated positive excess returns relative to the CSI 300 index in 7 out of 9 complete natural years from 2016 to 2024 [2] Group 3: Market Outlook - The market is expected to have further upside potential, with opportunities outweighing risks, as policies are set to support high-quality economic development and mitigate key risks [3] - Anticipated fiscal and monetary policies are expected to become more accommodative, with additional supportive measures for industry development likely to be introduced [3] - Despite a slight increase in stock valuations, they remain relatively low, with opportunities to identify undervalued assets based on PE, PB, and dividend yield metrics [3]

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]