Following the Lunar New Year, the mainland stock market has generally maintained a pattern of high-level volatility. Initially popular sectors like commercial aerospace and AI applications have underperformed expectations. Influenced by geopolitical factors, more defensive sectors such as petroleum & petrochemicals and coal have gained traction. As the indices face challenges in establishing a clear direction, subsequent capital inflows into the secondary market are particularly crucial, especially new public fund offerings, which act as bellwethers for institutional investment.
Historically, the first quarter after the Spring Festival is a bustling period for new public fund issuance, and 2026 is no exception. Data from the Public Fund Ranking Network indicates an accelerated recovery in the new fund market since March. In just the first week from March 2nd to March 8th, the number of new public funds scheduled for issuance across the market reached 43, a 19.44% increase from the 36 funds in the final week of February.
Among the active equity products on this list, the proposed fund managers include several proven professionals, such as Nong Bingli from Invesco Great Wall, Li Bo from Morgan Asset Management, Qu Shaojie from Great Wall Fund, Liu Lili from Fullgoal Fund, and Liu Junwen from Xinyuan Fund. Unlike most managers who will oversee A-share funds, Qu Shaojie is set to manage a QDII product focused on Hong Kong stocks.
In a written response, Liu Lili of Fullgoal Fund emphasized, "After the structural market trends of 2025, the market capitalization share and public fund holdings of TMT and new energy sectors have reached significant levels. Future opportunities should be sought in relatively undervalued sectors. For instance, domestic demand-related sectors, especially the property chain, have experienced substantial adjustments, with valuations remaining in the lower half of their historical decile rankings over the past decade. Some companies in domestic demand industries are gradually being phased out, leading to continuous improvements in competitive dynamics."
Zhang Bixuan, a fund researcher at JIAN Fund Rating, pointed out that since March, stock index products still dominate new public fund issuances, followed by hybrid equity funds and secondary bond funds, reflecting a relatively optimistic overall market risk appetite. Specifically for active equity funds, products employing balanced allocation strategies are mainstream, followed by consumer-themed funds. Judging by the issuance pace of fund companies, after the previous rapid rise in A-shares and recent external risk events, market volatility has begun to increase. Fund managers are likely shifting towards balanced and left-side configurations in response to current market style uncertainties.
**Value Camp Adds New Product** **Deep Value Manager Launches Seventh Fund**
Among the active equity fund managers on the issuance list, there are seasoned professionals from top fund companies, such as Liu Lili from Fullgoal Fund, with over seven and a half years of tenure. Her deep value investment style is highly regarded by her followers.
According to Eastmoney.com, her career includes roles as an industry researcher at Central China Securities Co., Ltd. from June 2004 to May 2005, and at Ping An Securities Co., Ltd. from June 2005 to March 2007. She joined Fullgoal Fund Management Co., Ltd. in April 2007, serving successively as an industry researcher, senior industry researcher, assistant research director, deputy director of equity research, senior industry researcher in the equity research department, and equity fund manager. She currently holds the position of senior equity fund manager in the equity investment department at Fullgoal Fund.
Since joining Fullgoal Fund, Liu Lili has previously managed six fund products. The newly launched Fullgoal Value Strategy Hybrid will be her seventh fund. Looking at the best tenure returns of her managed funds, the Fullgoal Research Selected Flexible Allocation Hybrid, which she began managing in early 2019, has achieved a tenure return of nearly 170%.
A closer look at Fullgoal Research Selected reveals that its Q4 2025 report showed significant holdings in building materials-related stocks such as Oriental Yuhong, Greentown China, Honglu Steel Structure, Anhui Conch Cement, and Valin Steel. In the quarterly report, she explained that despite lacking short-term catalysts and seemingly cheap valuations not yet gaining market consensus, the prolonged duration of the cycle bottom and thorough exit of smaller tail-end companies mean that leading companies could experience both fundamental and valuation breakouts when the profit inflection point arrives. Tracking of portfolio holdings indicates increasing divergence between leading and tail-end companies within the same industry, further enhancing the probability of achieving attractive expected returns for the portfolio.
In her written analysis of favored sectors, Liu Lili used real estate as an example. Since the industry entered a downturn cycle in 2021, several top developers have faced risks, and the sector's total market capitalization has significantly declined from its peak. During this process, sales and land acquisition data show a trend of concentration towards leading state-owned and central enterprises. Furthermore, after 2023, with the advancement of the "good housing" policy and the lifting of price restrictions in core cities, the net profit margins for new projects of some high-quality developers have rebounded to the 6%-10% range. As historical impairment burdens are gradually cleared, ROE is expected to recover.
"Overall, the current cycle bottom has lasted sufficiently long. When the profit inflection point arrives, industry leaders are poised for both fundamental and valuation breakouts. Therefore, traditional cyclical industries like real estate, building materials, cement, and chemicals, having undergone a prolonged downturn, are seeing their supply-side rationalization logic materialize, with competitive landscapes expected to improve clearly," she further emphasized.
Regarding the consumer sector, Liu Lili believes it's necessary to differentiate the inventory cycle positions of sub-sectors. For example, the baijiu industry, having experienced a long inventory buildup cycle since 2015, only began destocking for top-quality companies in Q3 2025. Destocking takes time, potentially requiring observation over years. During this phase, superficially low P/E ratios might correspond to future downward revisions in profit forecasts. In contrast, mass consumer goods and service consumption face smaller inventory pressures and might benefit earlier from marginal improvements in demand.
**Veteran Manager with Over 11 Years' Experience Returns to the Fore** **Best Tenure Return on Managed Fund Exceeds 200%**
Similarly launching a seventh fund, Li Bo from Morgan Asset Management, a veteran in active equity management, now has over 11 years of tenure. The best tenure return on his managed funds reaches 213.21%. Eastmoney.com shows that he worked as a researcher at Bank of China International Securities Co., Ltd. from March 2009 to October 2010, responsible for research tasks. He joined JPMorgan Fund Management Co., Ltd. in November 2010, serving as assistant fund manager and industry expert. He currently holds the position of head of the domestic equity investment department's value growth group and senior fund manager.
In a written response, he stated, "We believe 2026 is likely to continue the overall positive market trend seen in 2025." After the events of September 24, 2024, Chinese assets experienced a significant valuation repair rally. Although 2025 saw considerable market volatility due to external risk disturbances, the domestic equity market overall demonstrated good resilience. After a year of gains, the valuation of A-share core assets, represented by the CSI 300, remains attractive compared to risk assets in major global markets. With continued economic recovery in 2026, we anticipate a "Davis Double Play" driven by the resumption of earnings growth for listed companies.
"Based on currently observed data, the gap between demand growth and investment growth in the midstream economy indicates continuously improving supply-demand dynamics. It is forecasted that midstream PPI may rise year-on-year in 2026, leading to a recovery in midstream ROE. Simultaneously, we are also observing signs of recovery in certain consumption areas, with data from aviation, hotels, tourism, and other sectors showing clear improvement. Therefore, we will seek investment opportunities following the logic of China's economic recovery or listed company earnings growth."
So, which specific targets does he favor? Taking Morgan Core Growth Stock, mentioned for achieving his best tenure return, as an example, its Q4 2025 report showed only the top three holdings exceeding a 4% weighting: Luxshare Precision, Eve Energy Co., Ltd., and Contemporary Amperex Technology Co., Limited (CATL). Meanwhile, positions four to six in the heavy portfolio were also growth-oriented stocks like Tianhua New Energy, Enjie Co., Ltd., and Dongshan Precision Manufacturing Co., Ltd.
Additionally, he allocates to more value-oriented blue-chip stocks in the latter part of the portfolio, such as Muyuan Foods Co., Ltd., Ping An Insurance (Group) Company of China, Ltd., Liugong Machinery Co., Ltd., and China Life Insurance Company Limited, configured in the Q4 report. Notably, Muyuan Foods Co., Ltd., a leader in livestock breeding, was included in the top ten holdings by Li Bo throughout all four quarters of last year.
In the Q4 report, Li Bo emphasized, "This fund primarily allocated to stocks where valuation and growth are well-matched. Furthermore, this quarter, we reduced positions in some stocks that had previously achieved significant excess returns and increased holdings in some stocks receiving less market attention. Entering 2026, we judge that market opportunities will outweigh risks, with A-shares likely presenting structural investment opportunities. Overall market valuations remain at historically low levels. We will continue to prioritize stock selection. First, focus on stocks with growth attributes, especially those that have seen substantial historical declines but maintain stable earnings growth; these stocks may achieve excess returns as earnings are realized. Second, pay attention to investment opportunities arising from economic transformation. Finally, monitor the broader consumer sector; as per capita disposable income continues to rise steadily, opportunities exist in consumption-related areas."
In his latest written response, Li Bo stressed, "I remain optimistic about relevant index heavyweight stocks and sectors heavily held by institutions, including power equipment, TMT, large financials, and specific consumer segments."
**Heavy Bets on Resource Stocks Yield Results** **Fund Manager with Nearly 3.5 Years' Tenance Launches New Product**
Compared to the two managers above, Liu Junwen, with a new product in the pipeline, is a relatively new figure whose last media spotlight was for publicly seeking a partner on an app. However, the performance of his managed product is indeed robust. Eastmoney.com shows that his only currently managed product is Xinyuan Value Selected Hybrid. The fund's net value growth rate over the past two years approaches the 80% mark, placing it in the top decile among peer funds.
In a written response, Liu Junwen emphasized, "The current market presents structural opportunities, requiring vigilance against risks while seizing determinate chances. On one hand, leading macroeconomic indicators represented by certain indices are still declining, and the Shiller P/E ratio for the S&P 500 is nearing historical bubble territory; risks in locally overvalued sectors cannot be ignored. On the other hand, a group of undervalued sectors is gradually entering an upward景气 cycle. These sectors either possess safety margins after long-term valuation digestion, show steady earnings improvement on a high dividend yield basis, or exhibit持续强化 growth. These sectors with stronger certainty are the opportunities we should grasp. Therefore, we recommend focusing on consumption, energy, companies related to overseas expansion, and related industries."
A further look at his sole managed product, Xinyuan Value Selected Hybrid, reveals a successful shift from Q3 to Q4 last year: the top ten holdings in the Q3 report leaned towards consumer blue-chips, with the baijiu sector occupying a large portion. However, by the Q4 report, the portfolio had switched to resource stocks, with the top seven holdings each exceeding a 7% weighting, including Yunnan Aluminium Co., Ltd., Aluminum Corporation of China Limited (Chalco), PetroChina Company Limited, and Tianshan Molybdenum Industry.
Judging by market performance over the past three months, all stocks in Liu Junwen's portfolio from the end of last year have seen price increases to date, with the best performer being Kedali Manufacturing, not a pure resource stock. In the Q4 report, he emphasized, "After shifting holdings towards domestic demand consumption in Q3 and failing to wait for further policy signals, adhering to our style of balancing win rate and odds, seeking optimal solutions, we actively sought opportunities and switched the portfolio holdings to sectors like electrolytic aluminum, construction machinery, and oil."
His judgment expressed in the quarterly report confirms the correctness of his approach: "Looking ahead to 2026, we will持续 face a world with long-term tight electricity supply. An economical and stable power system is one of the era's themes; the repricing of electrolytic aluminum is underway. Construction machinery was once a highly cyclical industry. However, driven by industrialization and urbanization in Belt and Road countries, infrastructure and real estate recovery in Europe and America spurred by interest rate cuts, strong metal prices boosting mining demand, increased localization rates in core segments, and enhanced product capability and market share domestically due to electric vehicle智能化 development, all these factors support sustained industry景气度. A global replacement cycle is leading the industry beyond cyclical valuation paradigms. Oil consumption is still rising, and demand is likely to remain high for a considerable time. With rising shale oil extraction costs, the price center for crude oil may gradually increase over the next few years. In the medium to long term, we need to pay attention to the mismatch between low interest rates and shareholder returns."
Regarding Liu Junwen, sell-side institutions have also given high evaluations. He is a mid-career equity fund manager with a solid academic background and practical experience. His investment style is clear, his operations decisive, and his managed products demonstrate strong theme把握能力 and阶段性 excess returns. Overall, he is categorized as a "cyclical growth" player, adept at挖掘 structural opportunities within cyclical sectors like power and non-ferrous metals. His recent performance is notable, but his management scale is relatively small, and long-term stability仍需 further verification.
**Balancing Active and Passive Products** **Deputy General Manager of International Business Department Launches Fifth QDII**
Apart from the three key A-share active equity new products analyzed above, there are also QDII new products currently in the issuance pipeline, such as the Great Wall Hong Kong Stock Value Preferred Stock managed by star fund manager Qu Shaojie. Recently, Hong Kong stocks, particularly the Hang Seng Tech Index, have shown相对疲软 performance. What is the reasoning behind a fund manager taking on a Hong Kong stock QDII at this time?
In a written response, Qu Shaojie stated, "The current Hong Kong stock market exhibits significant structural divergence; it is not universally weak. Since the start of 2026, most sectors have performed well, but investor perception is weak, primarily because the tech sector holds high weight in investors' Hong Kong portfolios and has seen a noticeable correction in 2026, dragging down the overall holding experience. In reality, non-tech Hong Kong stock funds have generally achieved quite good returns, with value stocks甚至 in a 4-year slow bull market. Specifically for tech stocks, the fundamentals of Hong Kong tech stocks are not poor; the recent weakness is influenced by concerns that AI development requires increased capital expenditure. We remain optimistic about their medium to long-term investment prospects."
A further look at Qu Shaojie's background: Eastmoney.com shows that after earning an MBA from The Chinese University of Hong Kong, he has rich work experience. He previously served as a QDII trading manager at E Fund Management Co., Ltd. (June 2006 - June 2012), Hong Kong stock investment manager at YGD Asset Management Company (Hong Kong) (April 2014 - April 2015), investment manager at Shenzhen Daopu Capital Management Co., Ltd. (April 2015 - October 2016), and Hong Kong stock investment manager at Life Insurance Asset Management Co., Ltd. (October 2016 - March 2018).
After joining Great Wall Fund, excluding the newly launched product, he has managed five products to date, all of which he continues to manage. These products include Hong Kong Stock Connect funds, active QDIIs, and index QDIIs. Notably, the Great Wall Global New Energy Vehicle Stock Initiative QDII he manages has already achieved a tenure return exceeding 100%.
He explained, "Among the Hong Kong stock funds I manage, Great Wall Hong Kong Stock Connect Value Selected focuses on Hong Kong tech leaders. Within the Hang Seng Tech Index, there is high internal divergence; heavyweight internet software is relatively weak, while hardware sectors benefiting from AI capital expenditure perform better. The current adjustment in the Hang Seng Tech Index started in October 2025, with a decline exceeding 25%, indicating a relatively full correction. Mainland tech leaders remain traffic gateways; leading companies have substantial and growing net profits, possessing strategic value and traffic barriers, with prominent long-term value. Another fund, Great Wall CSI Hong Kong Stock Connect High Dividend Yield Index, focuses on value stocks. While Hong Kong stocks are known for their tech internet sector, the market is not limited to it. High-dividend sectors like oil & gas, non-ferrous metals, chemicals, and finance have delivered impressive performance in recent years. Currently, the downside space for tech stocks appears limited; the deeper the adjustment, the more significant the potential medium to long-term allocation value may become."
Given that his new product is a Hong Kong Stock Connect QDII, his earliest managed fund, Great Wall Hong Kong Stock Connect Value Selected, holds some reference value. Its most recent quarterly report from Q4 last year shows heavy holdings including SMIC, Tencent Holdings, Kuaishou, Xiaomi Corp, Alibaba Group, Bilibili, CALB, Huahong Semiconductor, and Shanghai Fudan Microelectronics. Among these, internet giants with intricate connections to AI applications hold a相对优势 position.
Regarding this, Qu Shaojie emphasized in his written response, "The Hong Kong market is dominated by institutional investors who are highly sensitive to performance; stock price movements are closely tied to fundamentals. My stock selection centers on leading companies with稳健 earnings and reasonable valuations, rarely participating in pure concept investments. I focus on high and stable gross margins, which reflect a company's business moat and can support higher net profit margins and shareholder returns."
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