In 2005, the net growth rate was 17.8%.

He Zhen

Guangfa Steady Growth Fund Manager

Master of Economics, 9 years experience in securities industry, worked in Hainan Funan International Trust and Investment Company, Junan Securities Company and Guangfa Securities Company. In August 2002, he joined Guangfa Fund Management Company as the assistant manager of Guangfa Jufu Fund, and now he is the manager of Guangfa Steady Growth Fund.

He Zhen's investment motto is "win first and then fight". This sentence comes from Sun Tzu's Art of War. He Zhen mentioned it to reporters more than once, but how to understand it specifically, He Zhen never made it clear. "In fact, it is necessary to have self-knowledge before investing." He Zhen said, "My shortcoming is that my short-term trading ability is average and I am not sure about the general trend. So I will study and choose enterprises in a down-to-earth manner and do long-term work. Find out what you can't do first, and you won before the war. " Observing He Zhen's shareholding is indeed a "long-term fishing for big fish": Shanghai Airport, Salt Lake Potash and Kweichow Moutai are three heavyweight stocks, and He Zhen has held them from the beginning of the year to the end of the year.

He Zhen won the championship, but he didn't make the reasons very vague: "First, adhere to the concept of value investment;" Second, "win first and then fight"; The third is to properly consider market preferences. "

He Zhen explained that everyone said that we should insist on value investment, but the market fluctuated greatly in 2005. When the market approached 1000, panic appeared, many people wavered and many stocks were "wrongly killed" by the market. Instead of wavering, we seized the opportunity to buy companies that we thought were worth investing in. Mud and sand, who is worth investing in? We insist on the business model of the enterprise, whether the profit can be copied and whether the corporate governance structure is clear. No matter what the market is, we will stick to it. As for considering preference, it means that when two companies are close to facing a choice, they will properly consider where the market hotspots are at that time.

He Zhen, a graduate student of Fudan University, loves playing basketball. Speaking of 2006, "the speed of economic growth is certainly a factor worthy of consideration, and now the gap between various forecasts is too big." Of course, just mentioning GDP growth rate is not the whole problem, and the changes brought about by structural adjustment are more worthy of attention. "I have been optimistic about consumer goods and resource monopoly enterprises in 2005, and these two types of enterprises are still worthy of optimism in 2006." No matter how you listen to it, it's still the idea of "taking a long line to catch big fish"

Talk about heroes by "net worth"? "In addition, what is more scientific?" He Zhen said: "It's not that there is a problem with the indicators, but that we can't just look at short-term performance, and we can compare the net value every year." The so-called distant view of horsepower is also the reason why the top ten fund managers are worth tracking.

On February 30, last year, 65438, Shanghai Airport and Kweichow Moutai showed a negative trend of heavy volume. In the face of the "smashing" of the fund at the end of the year, He Zhen said with a smile: "There is a big difference in rankings, which is unnecessary; The difference is very close, even if you want to smash it, but the circulation is so large, what problem can you solve? In the long run, the performance of the fund is too small. " Even though the above two stocks closed at a negative line, He Zhen still won the first place. His statement is not groundless.

2、

Appreciate Buffett's style

The net growth rate in 2005 was 15.52%.

Chen Ge

Guo Futianyi Value Fund Manager

1972 Born, Master, 8 years experience in securities industry, worked in Jun 'an Securities Research Institute as a researcher. From June 5438- 10, 2000, he joined Guo Fu Fund Management Company as a researcher in the Research Planning Department, and now he is the manager of the Research Planning Department and the manager of Guo Futianyi Value Fund.

Chen Ge is not only the head of the investment department, but also the direct head of the research department. Therefore, he feels that "the comprehensive utilization of research results is more handy" and appreciates Buffett's investment style of "selecting companies and holding them for a long time".

In 2005, Chen Ge's achievements were made with his heart. The success factors he summed up covered three levels of investment-first, the comprehensive defensive investment strategy established at the beginning of the year focused the configurable assets mainly on stable industries. Secondly, in stock selection, the allocation ratio of Yunnan Baiyao and Guizhou Maotai is relatively high. Finally, the participation in market hotspots and the band operation of individual stocks are also more active. But in the final analysis, it is the accurate grasp of macroeconomics and industry that brings ultimate success.

Chen Ge said that at the beginning of 2005, they judged that the macroeconomic growth rate might be maintained, but the prosperity of the upstream industries was declining, and the policy might have a greater impact on some industries. I am also a little pessimistic about the securities market, and I made a defensive strategy from the beginning. However, "I didn't expect the market to fall to 1000, and I didn't expect the process of share-trading reform to be so fast". Fortunately, unexpected changes did not cause huge fluctuations in investment. When the market fell to 1000, and there was a large-scale decline, they analyzed which were irrational declines and which were fundamental changes, and then made a comprehensive judgment. "When the market fluctuates greatly, adhering to the established investment strategies and principles can avoid the interference of market irrationality on investment".

"When formulating the annual strategy for 2006, the main factors to be considered are: macroeconomic policy and operation trend, securities market policy, exchange rate system, oil price and international economy in turn." Chen Ge believes that the whole market will be warmer and more active in 2006 than last year, but the differentiation between industry fundamentals and market performance will be intensified. In this case, we can be optimistic about non-tradable goods and consumer service industries; Resource stock; Technology stocks, especially electronic components stocks; In cyclical industries, choose long-term or cyclical industries, such as military industry, power equipment, new materials, etc.

3、

From active defense to active attack

The net growth rate in 2005 was 14.02%.

Yiyangfang

Guangfa Jufu Fund Manager

Master of Economics, 6 years experience in securities industry, once engaged in stock issuance and asset management business. Before joining Guangfa Fund Management Company, he served as the deputy manager of the investment self-operated department of Guangfa Securities Company, and now he is the general manager of the investment management department and the manager of Guangfa Jufu Fund.

It is not the past achievements that Yi Yangfang relishes. "In 2006, everything went back to zero." This is the first sentence that Yi Yangfang said in an interview with reporters. In fact, Yiyang has reason to be proud. Guangfa Jufu Fund was established at the end of 2003. Yi Yangfang worked as a fund manager for two years and achieved good results. In 2004, Guangfa Jufu ranked fifth in the net growth rate of all funds and second in the same type. Although he ran in the forefront of the first phalanx for two consecutive years, Yi Yang talked more about how to learn lessons in time and grow better.

To what extent does macro-control affect the choice of funds? Yi Yangfang has a deep understanding: "At the beginning of 2004, we invested in a series of cyclical stocks, such as raw materials, electrolytic aluminum, cement, steel and so on. By the beginning of April, we started macro-control, and the profitability of many enterprises in these industries declined rapidly, far exceeding our expectations. We slowly adjusted our investment choices. Although remedial measures were taken later, the final result was ok, but. We have seriously reflected on this lesson. "

Learn from mistakes. "By 2005, our investment in cyclical stocks will be more successful," Yi Yangfang said. "When we are looking for the turning point of cyclical industries, we choose the leading enterprises in the industry that are underestimated by the market to invest." For example, we bought conch when it fell to 5 yuan for a long time, and now it has increased by about 80%. "

Yi Yangfang believes that a good fund manager should have three characteristics: "First, he is diligent, second, he dares to deny himself, and third, he is not easily moved by the outside world in the big direction." It sounds like the last two points are somewhat contradictory, but Yiyang has its own unique understanding. The so-called adherence to the general direction means the steady implementation of the overall strategy formulated at the beginning of the year, and the so-called dare to deny yourself means the tactical adjustment in implementation. Yi Yangfang said that looking back on 2005, the overall strategy of active defense was right, and investment and consumption were also right. However, in real estate investment, due to changes in the situation, it is necessary to make timely tactical adjustments. Because I didn't do it, I suffered a big loss. I must strengthen my execution in the future.

Talking about 2006, Yi Yangfang is the most positive and optimistic fund manager: "This will be a year of alternating bears and bulls, and our strategy will shift from active defense to active attack." Yi Yangfang said, "There will definitely be more opportunities in the market this year, and the fund's income should be better. Last year, I set myself a rate of return target of 8%- 10%, and this year I will try to reach 10%- 15% or even better. "

4、

Seize the opportunity of exchange rate adjustment

The net growth rate in 2005 was 13.92%.

Mao Weiwen, Income Fund Manager of Galaxy UnionPay

He once worked in China Construction Bank Head Office, China Xinda Trust and Investment Company and china galaxy Securities Company. After joining Galaxy Fund Management Company, he used to be the bond portfolio manager and money market fund manager of Yin Fu Company, and now he is the fund manager of Galaxy Income UnionPay.

When interviewing Mao Weiwen, she just got off the plane on a business trip and returned to the hotel. However, the rush of time did not bring the haste of the interview. After getting the interview outline, Mao intends to start talking in half an hour. Therefore, meticulous, practical and steady is the biggest impression she left me, just like her investment for many years, which is trustworthy.

"If we do well in 2005, we will mainly study the changes in macroeconomic and financial policies and accurately grasp the opportunities brought about by exchange rate adjustment." Mao Weiwen said that the main source of the excess income of Galaxy UnionPay she managed in 2005 was the rational allocation of bonds, stocks and convertible bonds.

Mao Weiwen said that at the beginning of last year, they predicted that the bond market would be better for the whole year, while the stock market was in a period of adjustment. The subsequent market situation proved that their judgment on the nature and basic trend of the market was accurate. Accurately predicted 2005, then, what about 2006? Mao Weiwen said that in 2006, China's economy will show a growing adjustment trend, bond investment will still have relatively stable returns, and there will be no major systemic risks, and investment opportunities will mainly come from credit products; The investment environment of the stock market is improving, and the valuation level is expected to be further improved. The main investment opportunities exist in four types of enterprises: stable growth enterprises; Take merger and reorganization as the theme; Companies whose corporate governance structure is further rationalized in the reform of non-tradable shares; And the multiple reactions of the market to the macroeconomic downturn, excessive suppression of basic investment and export-oriented enterprises.

"The market panic about the share-trading reform has passed", and Mao Weiwen agrees with the process and method of the share-trading reform. She said that two factors that need to be considered in 2006 are the changes in the financial environment and business environment that may be brought about by the continuous appreciation of the renminbi; If external demand weakens, it will bring economic impact and possible policy adjustment.

In the first year of the Eleventh Five-Year Plan, the policy of building a conservation-oriented society has also brought new investment highlights. Opportunities in Mao Weiwen's eyes, "First, the scarcity of resources determines its long-term price upward trend. Second, the adjustment of the collection policy will be more conducive to energy-saving and environmental protection enterprises. "

However, this meticulous and steady woman's selection criteria for investment style are very loose. The key to investment style is to conform to the market environment and be accepted by your own personality. Mao Weiwen's evaluation criteria are "adapting to the market" and "adapting to oneself".

5、

The fund manager is a chef.

In 2005, the net growth rate was 13.7 1%

Jack Xiao

E strategic growth fund manager

Born in 1969, Master of Economics. He used to be the manager of the finance department of An Cai Investment Company in Hong Kong, the deputy manager of the business department of Xinyue (Hong Kong) Investment Company, the manager of the fund department of Cai Yue Trust and Investment Company, and the executive deputy general manager of the investment management department of E Fund Management Company. He is currently the assistant to the president of E Fund, the general manager of the fund investment department, the research department and the strategic growth fund manager.

Xiao Jian's identity is somewhat special. He is not only a fund manager, but also an assistant to the president of a fund company. He is also the general manager of the fund investment department and the research department. It can be said that "making money and leading the team correctly". At the beginning of the interview, Xiao Jian talked about the E Fund team: the mechanism is stable, the old brings the new and the atmosphere is relaxed. One of the characteristics of E Fund is that many researchers are graduate students and doctoral students who have just left university. "I told the couple that it doesn't matter if you are a sheep. If you join the wolves, you will gradually become a wolf. " Xiao Jian's "wolves" refer to experienced researchers and fund managers.

"It doesn't matter if you can't do it well at first. Everyone helps each other. " E Fund has a three-year observation period for fund managers. "Not yet, that is not suitable for fund managers. Some people work hard, but to be a good fund manager, only hard work is not enough. " Xiao Jian said.

Xiao Jian has been a fund manager for more than four years and three years. In the past three years, the total return rate of the fund has reached more than 50%, with an average annual rate exceeding 10%. For such achievements, "of course, we mainly rely on the team, and we can grasp the market changes every year." It is unimaginable to have no company as the foundation. "

However, in a good team, the performance of fund managers is still different. What do you think of the relationship between fund managers and research teams? Xiao Jian, who is also the dual leader of the investment and research department of E Fund, has an image metaphor: "The researcher is the buyer and the fund manager is the cook." Researchers say that the best "dishes" are bought back. How to choose, how to side dishes, how to fry? There is learning in it, some steamed and some braised. Moreover, because the investment ratio of each stock cannot exceed 10%, it involves the issue of industry allocation. "If you want to be a chef and a famous chef, fund managers must have their own ideas, ideas and styles and have their own judgments."

Xiao Jian has different judgments. When everyone is bearish, Xiao Jian's position is also high. "At the beginning of 2005, economists were arguing about the speed of macroeconomic growth, and no one could tell you the real answer. In the first quarter of last year, the market plummeted, but my position was 85%, and the net value rose the most. " Xiao Jian said: "The stock index is indeed falling, but what does it have to do with you?" There are many opportunities in the market, depending on how you choose. Because this market is undergoing structural adjustment, many stocks have actually gone up a lot. "

Looking back on 2005, Xiao Jian clearly described the market fluctuations: there were four opportunities last year, second-tier blue chips in the first quarter, large-cap stocks in the second quarter, small and medium-sized stocks with independent innovation ability in the third quarter, and financial innovation varieties in the fourth quarter. "The reason for the better performance last year was that except for the last time, the first three opportunities were basically grasped."

Of course, it is easy to see the context afterwards. How did you first get this insight? Xiao Jian's answer is, "Respond to uncertain market risks with definite enterprise value and pursue sustained excess returns with flexible allocation strategy." Finally, Xiao Jian briefly gave the hope of investment: "Since 2003, this is a local bull market, and institutional investors have been growing. When they enter the market, they must buy stocks with investment value. They understand this, and they are afraid that the market has no chance? "

6、

Studying for a doctorate, doing research and laying the foundation for investment.

beam

E Fund Manager

1972 was born, doctor of management, 1994 joined the work. Since 2002, I have worked for E Fund Management Company. He used to be a researcher, and now he is the assistant to the general manager of the fund investment department, and the fund manager of E Fund for Steady Growth and Hui Ke.

Liang is a serious person. In the face of the reporter's question "How many companies have you been to in 2005", Liang repeatedly corrected it. For the first time, Liang said, "I have been to more than 30." After a few minutes, he said, "No, more than 30 times, not that much, and some companies have done it more than once." At the end of the interview, Liang made his own correction: "I checked the records. To be precise, it was 24 field surveys and 6 talks with enterprises. "

Zhengliang is a doctor in Tsinghua University. Before becoming a fund manager, Liang worked in E Fund for two years after graduation, which laid a solid foundation for him to become a fund manager later. "Like me, there are many fund managers who have changed from researchers to fund managers. For example, the fund managers of Ke Rui, Kexiang and Kexiun are all like this. "

Referring to the success factors in 2005, Liang not only emphasized the role of the research team, but also paid more attention to "insisting on stock selection from the perspective of enterprise fundamentals and investment value". This sounds like most fund managers, but Liang has his own experience. For example, in the face of real estate regulation, Liang is not considering how to avoid the systemic risks of real estate stocks like most fund managers, but how to choose the right opportunity to "gold rush" in the big waves. "Those enterprises that have no strength are affected by regulation in terms of land acquisition, capital acquisition and project acquisition. Those good enterprises with relatively standardized operations and healthy financial conditions, such as Vanke, OCT and China Merchants Property, have expanded their market share and truly reflected their core competitiveness. " Liang said.

Of course, we will pay attention to the big economic background, but in the end, when it comes to investment, we pay more attention to thoroughly studying enterprises. "It is our main strategy to make a balanced allocation in multiple industries and choose key investments from leading enterprises in the industry."

For 2006, Liang thinks that overcapacity is a problem. The profits of many industries and enterprises will be affected, which challenges us. We should eliminate the inferior enterprises and look for the opportunities brought by merger and acquisition.

How to find these opportunities? Liang still believes in E Fund's research team. "Our research team has two characteristics, emphasizing independence and forward-looking, and emphasizing the interaction and exchange of research and investment. Our company has a high overall level and is closely related to this. "

The market has doubts about the net value of many funds in the last month. In this regard, Liang asked seriously: "If the year-end increase is for the fund to increase its net value, how can we explain that the New Year's Day market has risen faster?"

7、

Happy but not radical.

The net growth rate in 2005 was 13. 1 1%.

Yuanbei Huaan Poly Allocation Fund Manager

Born in 1977, graduated from China Institute of Finance. 5 years experience in securities industry, worked in the investment management center of China Ping An Insurance (Group) Co., Ltd., joined Huaan Fund Management Company in 2003, and engaged in investment and research in the fund investment department. He is currently the manager of Huaan Poly Allocation Fund.

It's a great honor to interview Yuan Bei. "Are you under pressure to compete with men in the investment field?" Faced with such a problem, the reporter heard her "giggle" laughter: "That depends on how you know. If you want to do this job, stress and anxiety are inevitable. Just recognize the pressure and find a way to solve it. " "How to resolve it?" "Go shopping to watch movies, sleep late, travel or something." Sounds like a fashion girl's hobby.

Many people have been to Tiger Leaping Gorge, but not many people have come down. Yuan Bei, who likes traveling, tries to walk all the way. Yuan Bei works hard. When asked why he became one of the top ten fund managers in 2005, Yuan Bei said, "It is inseparable from the support of a strong investment and research team. Of course, individuals are also working hard. "

"Is the market performance in 2005 consistent with the original forecast?" Faced with this problem, Yuan Beitan accepted that all the influencing factors were taken into account, and the final result at the end of the year was normal, but in the intermediate stage, the market's response and fluctuation to these factors really exceeded expectations.

Therefore, Yuan Bei emphasized risk management in investment. "I don't want the net value to fluctuate too much, nor do I choose a particularly radical investment strategy. Even if it is a heavy stock, I will control it to no more than 5% of the total amount of funds to reduce the risk brought by personal understanding to the fund. At the beginning of 2005, the total position remained below 30%, and gradually increased to about 60% at the end of the first quarter. Together with about 20% of convertible bond positions, it can basically reflect the good expectations for the future market in a balanced way. "

As for the perspective of stock selection, Yuanbei does not value its industry category. "I am more concerned about the growth of the company itself. Whether the company is a consumer product or cyclical, as long as it is found through research that the company still has a long rising stage and excellent quality, we will consider buying or holding it. "

"What are you most concerned about in 2006?" I am most concerned about the money supply, which has a great impact on the stock and bond markets. The economic growth rate may drop, but if the money supply does not drop too much, the economic growth rate will not drop too much.

Also from the beginning of the year, what's the difference between this year and last year? "My judgment is that 2005 was a year of securities market reform, and 2006 was a turning point. Although there may be many problems, I hope it will be bigger than last year. "

What do you think troubled the market in 2006? "Expansion pressure and corporate profits decline." Yuan Bei thought for a moment and said, "IPO and full circulation both involve capacity expansion, but they are also opportunities for market re-pricing."

8、

Excellent psychological quality is very important.

The net growth rate in 2005 was 12.64%.

Shang Zhimin

Hua 'an Anshun Fund Manager

Born in 1968, MBA, 9 years experience in securities industry, once worked in Shanghai Zendai Investment Management Company. After joining Huaan Fund Management Company, he successively served as a senior researcher in the company's R&D department, fund Anshun, fund Anrui and manager of Huaan Innovation Fund. He is currently the deputy director of the fund investment department and the fund manager of Anshun Fund.

Shang Zhimin is quite low-key to the media. "I rarely give interviews, and there is no special reason. Maybe it's because of my personality. " In Huaan Fund Company, Shang Zhimin's calmness is in sharp contrast with Yuan Bei's enthusiasm and cheerfulness.

The influence of personality is not only manifested in the face of the media, but also in the attitude towards macro-control in 2005. "Listed companies that account for about 60%-70% of the market value are in cyclical industries. Of course, these enterprises cannot avoid the impact of regulation. The structural stock price adjustment brought by macro-control should be very obvious. Based on this judgment, we avoided some cyclical industries or companies. " Shang Zhimin said, "Of course, from another perspective, this is also an opportunity." What are the opportunities? Shang Zhimin emphasized the opportunity of "valuation": supervision does affect the operating conditions of enterprises, but the market reaction is often excessive. At this time, the value of high-quality stocks in some cyclical industries is underestimated, and opportunities arise. Of course, we have chosen some industries or companies that are not sensitive to the economic cycle, such as national defense, military industry, new energy, water affairs, machinery and other industries, and are not limited to one or two industries.

Insisting on optimistic about enterprises and ignoring market fluctuations, or waiting for the market to adjust to a certain stage to choose the opportunity to intervene in valuation, are obviously two different investment ideas. It's hard to say which is more scientific. Precisely speaking, it is hard to say which is more suitable for China stock market. Because both options have fund managers running into the first group. Shang Zhimin chooses to hold a medium-and long-term enterprise with sustainable competitiveness, and takes advantage of market fluctuations to seize the undervalued opportunity of the enterprise.

Most closed-end funds are at a high discount. Although the net growth rate is good, Anshun Fund cannot avoid this phenomenon. "For the performance of closed-end funds in the secondary market, as a fund manager, there is really no way." Shang Zhimin said, "What we can do is to strive to achieve good investment performance and repay fund holders with a large proportion of cash dividends."

Facing the reaction of work pressure, Shang Zhimin and Yuan Bei have very different attitudes. "I feel a lot of pressure. In the face of the constant changes in the securities market, only by redoubling our efforts and constantly learning new knowledge will we not be eliminated. " So, how can we become an excellent fund manager? Faced with this question, Shang Zhimin gave a very specific answer: "We should not only have a solid research and investment foundation, but also work hard and have excellent psychological qualities, such as confidence in buying shares, patience in holding shares and determination to sell shares."

The cautious Shang Zhimin is also relatively optimistic about 2006. "The smooth progress of the share reform has a great and far-reaching impact on the stock market, and the expansion will also bring new opportunities. Now the overall market risk is much smaller than at the beginning of 2005. "

9、

Focus on key holdings

Net growth rate in 2005

1 1.59%

Hui Liang

Manager of Cai Xiang Hefeng Growth Fund

Tsinghua University, Master of Management Science and Engineering, 4 years experience in fund industry. Since March 2002, he has worked in Cai Xiang ABN Amro Fund Management Company, and successively served as an industry researcher and assistant fund manager in the research department of the company. He is currently the manager of Cai Xiang Hefeng Growth Fund.

Hui Liang, who likes to relax freely in his spare time, is very strict about his speech. Hui Liang first mentioned the role of leaders and research teams, and then mentioned the previously established theme investment method-starting from the fundamentals, selecting stocks with improved performance and possible improved valuation, focusing on research and holding shares for a long time.

Hui Liang stressed, "When choosing growth stocks, you should also have a relatively calm mind. The starting point must be the idea of long-term investment. "

In terms of specific operation, Hui Liang felt more free space. "There are several situations: I found a company and have been observing it, and later found it cheaper. At the same time, in the stock library, I can buy directly within a predetermined range. It is also possible that the researcher finds a company through research and communicates with the fund manager to form a conclusion, and the fund manager can buy it. If the purchase amount is large, it must be discussed more extensively, discussed with the investment director, and finally submitted to the investment decision-making Committee for discussion. However, these discussions and analyses are constructive and the opinions of the fund manager can be fully expressed and respected. "

"At the beginning of the share reform, I was really worried about the fluctuation of the net value of the shares I held, because most of my companies didn't have share reform," Hui Liang said. At that time, many shares of some fund managers were reformed, and they probably rose a lot as soon as they opened. Now it seems that the share reform is a short-term opportunity, and it is a difficult opportunity to grasp. "If you do well in other areas, it is not a pity to lose such an opportunity." Now, the market has shifted from short-term consideration to consideration of capital value (including controlling assets, technology and management level). The share reform has brought long-term, fundamental and profound influence to the market.

"At the beginning of 2005, the opportunities we saw were telecommunications and digital TV. Facts have proved that this direction is right, but the timing is a bit early. " Hui Liang believes that the market in 2006 should be a good market, and the above two industries are still optimistic. In addition, he is also optimistic about military industry and high-end manufacturing.

10、

In 2005, the net growth rate was 1 1.05%.

Lv Jun

Shangtou Morgan China Advantage Fund Manager

A-share opportunities from an international perspective

"He is a maverick", and the overall impression of Lv Jun comes from the comments of his colleagues. "At that time, basically all funds were held in clusters, like Sinopec and Shanghai Airport. Lv Jun took it differently from others, and of course the final income was good. "

Lv Jun said that it is the consistent investment philosophy of "investing in Morgan China Advantage Fund" to look at A-share investment opportunities from the perspective of international investors and grasp China enterprises with unique competitive advantages. From then on, they think that China's economy is in the range of high-speed and steady growth, and the investment value of A-share market is seriously underestimated, which is a rare investment opportunity.

"At the beginning of 2005, we judged that RMB appreciation and share-trading reform were the two major themes of that year. Our beneficiary stocks and heavy asset varieties with RMB appreciation are one of the key points of the layout. " In Lv Jun's view, the subsequent impact of the share-trading reform is mainly the change of investment ideas and investment opportunities. He said that in the post-equity era, investors will judge listed companies from the perspective of industrial investment, and stock market investment and industrial investment will be exactly the same. Value investors or industrial investors will buy stocks equivalent to the purchase of enterprise assets, which will be more rational based on the inherent absolute investment value of enterprises.

"There is no need to be pessimistic about the big market in 2006. There should be more opportunities, just take it seriously. " Lv Jun believes that these opportunities can be found in the 1 1 five-year plan. Mainly consumer industries, energy conservation, energy substitution, pollution prevention and other related industries; Especially companies with independent innovation ability.

Lv Jun, who has a distinct personality, also has his own views on the ranking of fund net growth rate, which is quite critical in the market. "No indicator is perfect. There is an indicator acceptable to everyone, which is more reliable and reliable than the so-called' comprehensive' evaluation system." But don't pay too much attention to short-term ranking.

"george soros is a real master, and his profound thoughts have influenced me." Lv Jun said, "Soros is a macro investor.