The Guotai Qiming Return Fund will be launched on September 15th. We have compiled answers to investors' frequently asked questions regarding product features, fund manager investment strategies, and market outlook to help clarify these concerns.
1. Why is the current market suitable for investing in active equity funds?
Active equity funds inherently possess significant flexibility. Since 2025, as the market has continued to warm up, active equity funds have achieved excellent performance, with almost all ordinary stock funds and equity-oriented hybrid funds generating positive returns, with average returns exceeding 27%. Looking at longer time frames, the overall returns of active equity funds and their excess returns relative to the CSI 300 index have been quite impressive. Over the 17 years since 2009, active equity fund indices have outperformed the CSI 300 in 10 years.
Data source: Wind, data as of August 31, 2025. China's stock market has operated for a relatively short time, and past performance does not represent future results. Active equity funds outperformed the CSI 300 in 2010, 2011, 2013, 2015, 2018, 2019, 2020, 2021, 2022, and 2025 to date.
2. How do you view the current value proposition of A-shares?
We can examine the current value proposition of A-shares through three indicators. Currently, the Wind All A equity risk premium is at the 52.7% percentile since 2010, the ratio of CSI 300 dividend yield to 10-year government bond yield is at the 94.0% percentile since 2010, and the CSI 300 dividend yield relative to 3-month major bank wealth management returns is at the 80.3% percentile since 2010. All these indicators show that A-shares still offer high valuation attractiveness.
3. What kind of fund manager is the proposed fund manager Zhang Ronghe?
Zhang Ronghe holds a bachelor's degree from Tongji University and a master's degree from East China Normal University. He comes from a macro strategy research background with 13 years of industry experience and 4 years of investment management experience. He currently serves as fund manager for funds including Guotai Blue Chip Select. Zhang Ronghe has extensive macro strategy research experience, enabling him to adapt to different market styles, predict macro trends, and capitalize on sector opportunities. His rich macro strategy experience and broad industry coverage allow him to flexibly allocate across different macro environments and industry cycles, contributing to relatively stable performance results.
In recent years, the unpredictable macro environment has increased the difficulty of active equity investing. In such circumstances, fund managers with outstanding macro analysis capabilities become even more valuable.
4. What is the proposed fund manager's investment methodology?
Zhang Ronghe believes that investing is about finding the optimal risk-return solution under specific investment objective constraints. This can be broken down into three steps: First, clarify the constraints of investment objectives and convert them into quantifiable review standards, namely "benchmarks"; Second, through personal investment judgment, find sources of benchmark enhancement to create excess returns; Third, anchor to benchmark allocation, dynamically review based on investment results, and promptly correct misjudgments to control risks.
In terms of investment framework, it centers on macro fundamentals with individual stocks as a supplement. Zhang Ronghe has over 10 years of macro strategy research experience and has built a top-down investment framework system that emphasizes macro analysis and sector comparison, combined with certain individual stock indicators for stock selection.
5. What is the proposed fund manager's historical performance?
Taking Zhang Ronghe's management of Guotai Blue Chip Select and Guotai Zhaoxiang Tianli as examples:
Guotai Blue Chip Select Zhang Ronghe has managed this fund since February 21, 2024. The product captures investment opportunities in both A-shares and Hong Kong stocks, actively allocating around consumption, manufacturing, utilities, and other sectors. Wind data shows that as of August 31st, the product gained 46.40% over the past year, with returns exceeding 46% since taking office and annualized returns approaching 30%, significantly outperforming both the performance benchmark and CSI 300 index. Behind the excellent performance, risk control capabilities have also been outstanding, with Zhang Ronghe's maximum drawdown, Calmar ratio, and Sharpe ratio since taking office significantly better than peer fund averages.
Risk-return indicators since Zhang Ronghe took office
Performance overview of Guotai Blue Chip Select A since taking office (2024/2/21)
Note: Peers refer to Wind secondary classification - equity-oriented hybrid funds. China's fund operation time is relatively short, and past performance does not represent future performance.
Guotai Zhaoxiang Tianli Zhang Ronghe has managed this fund since its inception on January 9, 2024. It belongs to the "fixed income plus" product category, with balanced stock-bond allocation, aiming to control the stock position center around 15%. Wind data shows that as of August 31st, the product achieved a 10.57% return over the past year, generating 4.22% excess return relative to the performance benchmark. Meanwhile, the product's risk control capabilities have also been excellent, with Zhang Ronghe's maximum drawdown, Calmar ratio, and Sharpe ratio since taking office significantly better than peer fund averages.
Risk-return indicators since Zhang Ronghe took office
Performance overview of Guotai Zhaoxiang Tianli A since taking office/inception (2024/1/9)
Note: Peers refer to Wind secondary classification - debt-oriented hybrid funds. China's fund operation time is relatively short, and past performance does not represent future performance. This view only represents the opinion at that time and may change in the future. It is for reference only and does not constitute investment advice or guarantee, nor serves as any legal document.
6. How does the proposed fund manager view the recent market?
Compared to the standard bull markets of 2006 and 2015, Zhang Ronghe believes the current market has very distinct structural characteristics. From market trends, there has been continuous warming this year, especially in August, with significantly increased trading volume and margin trading balances reaching decade highs. However, under such atmosphere, different investors have different experiences. If they didn't buy the right sectors, they not only fail to feel the benefits of market gains but may even experience volatility. Compared to the standard bull markets of 2006 and 2015, this round of market activity has not shown comprehensive broad-based gains but rather structural, sector-rotational increases.
7. What is the proposed fund manager's outlook for the market?
From a macroeconomic outlook perspective, we believe 2026 will be significantly better than 2025, and assets with high economic correlation are expected to perform better in 2026. Therefore, our portfolio construction will constantly monitor domestic policy fluctuations and overseas risk releases. Starting from volatility itself, we will control portfolio volatility and choose pro-cyclical sectors with larger expectation gaps as the main structure for position building. We focus more on large-weight sectors represented by securities and construction, core assets in pro-cyclical areas (mainly consumption, supplemented by cyclicals), and policy-stimulated growth areas (such as anti-involution). Hong Kong stocks and precious metals may experience short-term volatility due to the phased upward movement of the US dollar, but from a medium to long-term perspective, we are bullish on Hong Kong stocks and precious metals.
8. What is Guotai Fund's active equity investment strength?
As one of China's first standardized fund companies, Guotai Fund has strong active equity investment capabilities. As of mid-2025, Guotai's active equity funds have generated a total profit of 16.4 billion yuan for investors over the past 6 years.
Profit data source: Wind, Guotai Fund compilation; as of June 30, 2025. Active equity funds refer to ordinary stock funds, equity-oriented hybrid funds, balanced hybrid funds, and flexible allocation hybrid funds in Wind secondary classification. Profits are calculated based on quarterly report profit data, including products not liquidated in the current year. China's fund operation time is relatively short, and past performance does not represent future performance.
Guotai Fund makes forward-looking arrangements when the market is at low levels. When the institutional stock bull market arrives, Guotai Fund does not issue "blockbuster" products, truly putting investor profitability in the most important position. Regardless of market environment changes, Guotai Fund always adheres to the tradition of "not coming for high peaks, not abandoning low valleys," thinking independently, conducting deep research, discovering quality companies with long-term value, and fully capitalizing on structural market opportunities, leading the industry in profit-making capabilities.
9. What are the product specifications?
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10. What is the fee structure?
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Risk Warning Views are for reference only and will change with market conditions. They do not constitute investment advice or commitments. As of mid-2025, the performance of public funds managed by Zhang Ronghe at various stages is as follows: Guotai Central SOE Reform Stock A (inception date 2015/09/01, performance benchmark is CSI Central SOE Index × 80% + CSI Composite Bond Index × 20%, managed by Zhang Ronghe since 2023/06/07) 2020-2025 first half performance/benchmark: 66.50%/9.14%, -7.19%/8.77%, -32.08%/-11.06%, -10.78%/-1.63%, 27.20%/16.45%, -3.56%/0.53%; Guotai Blue Chip Select Hybrid A (inception date 2020/02/27, performance benchmark is 70% × CSI 300 Index + 20% × China Bond Composite Index Return + 10% Hang Seng Index Return, managed by Zhang Ronghe since 2024/02/21) 2020-2025 first half performance/benchmark: 66.55%/19.27%, -9.77%/-4.38%, -17.74%/-16.56%, -17.46%/-8.86%, 14.69%/13.54%, 2.28%/2.04%; Guotai Zhaoxiang Tianli Six-Month Holding Hybrid Inception A (inception date 2024/01/09, performance benchmark is 85%*China Bond Composite Total Return Index + 10%*CSI 300 Index + 5%*CSI HK Connect Composite Index (RMB), managed by Zhang Ronghe since 2024/01/09, co-managed by Hu Zhilei since 2025/06/18) 2024-2025 first half performance/benchmark: 9.32%/7.45%, 1.88%/0.84%. Data source: Product periodic reports. China's fund operation time is relatively short, past performance does not represent future results, and performance of other funds does not guarantee this fund's performance. Guotai Qiming Return belongs to hybrid funds with relatively high risk-return levels. Please read the fund legal documents carefully before purchasing and choose risk-matched products. Fund investment involves risks, invest cautiously.