Reading guide: Recently, Penghua Fund held the second fundamental investment summit and the 2024 spring investment strategy meeting with the theme of "The tide is surging and the sea is wide, and the east wind returns with spring". As an "external observer" who has been observing Penghua Fund for a long time, I was also fortunate to participate in this activity for the second time in a row. Similar to last year's event, Penghua Fund collectively showcased 13 fund managers, including Vice President Liang Hao and Managing Director (MD) Ye Chaoming, more than last year's 11, and also distributed in the three major areas of active equity, quantitative index and fixed income.
At last year's spring investment strategy meeting, we saw the evolution of active equity at three levels: 1) to change a single strategy and a single track through more "1+1" product models, 2) to create a systematic investment and research resource system to optimize the allocation of internal and external resources, and 3) to continuously optimize the "three-body" of the investment research team, namely the fundamental investment community, talent gathering and polyhedron, and value empowerment luminary.
And at this year's Spring Investment Strategy Conference, we saw a more systematic and systematic multi-asset investment platform. It took 25 years for Penghua Fund to complete the jump from 0 to 1 trillion yuan in management scale. By the end of 2023, Penghua Fund has total assets of more than 1 trillion yuan, providing asset management services for 199 million individual investors and 61,000 institutional investors, and creating a total of 206.7 billion yuan of historical income for customers.
After the asset scale exceeds 1 trillion yuan, higher requirements are put forward for the internal and external efficiency of an asset management company, the richness of product lines, the investment ability of various assets, the cultivation of personnel echelon, investor education and brand building. This is like when we played the Three Kingdoms chess game when we were children, the difficulty of managing a country is far more difficult than managing a city and hundreds of generals is far more difficult than managing a few people. This requires further upgrades to the underlying system.
In terms of the underlying system, Penghua Fund focuses on financial technology, green finance innovation, investor education system, pension finance and digital finance, and interprets the profound connotation of the "five major articles" with practical actions:
1) Actively lay out active and passive product lines of scientific and technological innovation in science and technology finance;
2) Green finance innovation and ESG-themed investment;
3) Inclusive Finance: By building a flagship curriculum for national education, we will build a diversified investment education system to promote the extension of investment education services to a wider range of fields;
4) Pension finance continues to improve pension investment and social security services;
5) Digital finance actively embraces cutting-edge technologies, fully unleashes the application value of large models in various business scenarios of asset management, and strives to bring investors a more intelligent, convenient and personalized investment experience.
In the diversified product line, Penghua Fund adheres to the underlying values of "fundamental investment experts", creates a "three-body" model of fundamental investment, establishes a fixed income gold team of "internal strength, internal strength, and endogenous growth", and provides a characteristic Penghua Ashares index solution.
Active equity changes and the way out in the new environment
At last year's strategy meeting, we focused on the internal transformation of Penghua Fund's active equity. At that time, Liang Hao, vice president of Penghua Fund, used two key words in his speech: iteration and growth, and explained in detail the evolution of Penghua Fund's active equity investment team from a single strategy to a multi-strategy model, the evolution of the management of external product lines, and the construction of an internal research system.
At this year's strategy meeting, Liang Hao gave a keynote speech on "2024 Investment Strategy: Changes and Ways Out of Public Offering Active Equity", mainly focusing on two issues: first, what kind of changes are facing public active equity now, and second, where is the way out for public fund active equity in the future.
The changes in active equity are reflected in several aspects:
First of all, after the industry high in 2021, the scale of active equity has continued to decline. In this process, the proportion of the free float market held by active equity funds is also declining, and it is difficult to become the marginal pricing fund of the market, and the overall pricing power is no longer in the hands of active equity.
Secondly, several major boom tracks that are more sought after by active equity funds have encountered various problems, taking liquor and new energy tracks as examples, all of which have fallen due to the emergence of various factors.
Third, the next step of macroeconomic growth, with the introduction of new qualitative productive forces, has gradually become an increasingly definite change, and the situation based on macroeconomic reversal will no longer occur.
Fourth, fundamentals-based investment in growth stocks is also in trouble. The growth stocks that will lead the rally in 2023 are mainly related to the theme, which makes it difficult for the fundamental-based public fund growth stock investment to adapt.
Under the great changes faced by the active equity of public funds, Liang Hao believes that it is necessary to adapt to the new investment era by reiterating the method and knowledge system, as well as redistributing investment and research forces. Public foundations that can solve these problems have ushered in better development.
Future opportunities are likely to arise in four areas:
1) Industries with global pricing, including petroleum and petrochemicals, non-ferrous metals, etc. Such industries may face various uncertainties in start-up, various geopolitical influences, and relatively high fundamental fluctuations. But in fact, this kind of industry has its own investment logic and tracking system. Liang Hao has always emphasized that bull stocks are not selected, but followed. Through the precipitation and tracking of knowledge in these areas, it is possible to seize opportunities;
2) Industries with the advantage of going overseas. In the past two years, more and more enterprises in China have gone to sea, and it is easy to play in overseas markets through the competitiveness accumulated in China, which has also appeared in the power equipment and auto parts industries;
3) Long-term industrial trends spawned by changes in the behavior of economic agents, such as the demand for aging, are constantly updated and iterated.
4) Investment opportunities in dividend assets. From the exposure of heavy stocks of public funds and CSI dividends, it can be seen that there is no consensus on the exposure of active equity in the dividend style as a whole. In the past, in the era of high economic growth, many fund managers were not accustomed to investing based on dividend yields. However, in the new era of asset shortage in the whole society, more and more people are realizing the value of dividend yields. Dividend investment will replace the previous stable growth investment and gradually become the ballast stone of the active equity of public funds.
Continuous optimization and continuous review of active rights and interests
From the objective data and research provided by Penghua Fund, it is found that dividend investment is not an effective investment strategy unique to this era. This strategy has demonstrated strong alpha over the past decade or so. Compared with Japan, we can see that under the "three low environment" of low interest rates, low growth and low inflation, the risk appetite of the entire market has also shifted significantly to stocks that focus on ROE, cash flow and higher dividend yields.
On the other hand, the characteristics of active equity must be reflected in the active, rather than becoming a passive style of investment. Active stock selection, active investment optimization, and active review are several things that the active equity team of Penghua Fund continues to do, which can also be seen from the sharing of several fund managers at this strategy meeting.
Wu Xuan, deputy general manager of the equity investment department of Penghua Fund, is a well-known fund manager with a deep value style, and his investment framework system also has a relatively distinct dividend style, pursuing a good price to buy a good company. After graduating from graduate school in 2006, Wu Xuan joined the active equity investment research team of Penghua Fund, and is a fund manager who has grown up in Penghua Fund.
Due to the long-term adherence to the investment discipline at the valuation level, the products managed by Wu Xuan have in the past reflected the characteristics of lower than the market drawdown and higher long-term excess returns. Taking Penghua Shengshi Innovation, which he has managed for the longest time, as an example, there have only been three years of losses since 2012: 2016, 2018, and 2022.
Wu Xuan put forward an important fact: value indices have strong excess returns in the A-share market for a long time. Taking CSI Dividend as an example, it has consistently outperformed the CSI 300 for a long time in the past. This shows that the low-valuation investment of dividends has a strong effect in the A-share market.
Dividend yield-focused investing also has the benefit of being able to select companies that are kind to investors based on management's considerations. Such companies not only have relatively strong cash flow, but are also willing to pay dividends to shareholders. This perspective of stock selection has also helped Wu Xuan never step on a thunderstorm in his 12-year investment career.
So can the method of dividend investment be optimized? Fan Jingwei, fund manager of the stable income department of Penghua Fund, put forward an interesting idea. If the dividend investment targets are further optimized and industries with high profitability and valuation volatility are excluded, the yield brought by dividend investment can be further improved.
Fan Jingwei took hydropower faucets and highway companies with relatively stable valuations and ROE as examples, such companies have stable historical dividend rates and ROE, which can further improve the yield and volatility of this strategy, and can achieve a new high in about 270 days. Judging from the data of return regression, the optimized dividend investment strategy can significantly outperform the CSI Dividend Index, and the drawdown control is also better.
This means that further focusing the scope of dividend investment on 3-5 industries with stable ROE, stable dividend yield and stable valuation can optimize the risk-return ratio of dividend investment strategy.
Of course, the active equity of Penghua Fund is far more than dividend investment, in fact, growth stock investment has always been the focus of Penghua Fund's active equity. The key to growth investing is to grasp long-term investment opportunities and constantly review your past self so that the fund manager can continue to grow.
Jin Xiaofei, deputy general manager of Equity Department II, has always been a fund manager with a clear view. At last year's spring strategy meeting, he put forward his optimism about the innovative drug industry in a forward-looking manner, and he was also the first fund manager to buy innovative drugs in the whole market. At that time, we also did an in-depth interview with Jin Xiaofei on the spot, "Jin Xiaofei of Penghua Fund: Looking for the Resonance of Pharmaceutical Investment Fundamentals and Asset Price Cycle".
At this spring strategy meeting, Jin Xiaofei continued to review his previous views. Benefiting from his forward-looking judgment of innovative drugs, Penghua Pharmaceutical Technology, which is not managed by Jin Xiaofei, has achieved a positive return of 10.62% in 2023, ranking first among similar products (data source: Galaxy Securities, similar refers to equity funds in the pharmaceutical and medical health industry, ranking 1/42 in the same category). As a fund manager with a non-medical background, Jin Xiaofei outperformed all similar pharmaceutical fund products.
Jin Xiaofei's success in pharmaceutical investment also provides us with a new perspective. To do a good job in growth stock investment, we must not only have an industrial perspective, but also a stock perspective. Jin Xiaofei is looking for the resonance of pharmaceutical fundamentals and asset price cycles. He created the "bright line" and "dark line" model in investment, where the "bright line" corresponds to the fundamental inflection point and the "dark line" corresponds to the asset price cycle.
This spring strategy meeting is also the first public appearance of fund manager Chen Jinwei after joining Penghua Fund. He also made a more comprehensive review and reflection on his low-valuation growth investment system. Chen Jinwei belongs to a broad sense of growth investment, not only investing in certain growth industries, but identifying various companies with profitable growth capabilities. It is precisely because of his emphasis on valuation that Chen Jinwei is relatively partial to some small and medium-sized dark horse growth stocks.
After the crash of micro-cap stocks earlier this year, Chen Jinwei also saw more investment opportunities that fit his framework. After the indiscriminate decline, many small and medium-capitalization companies still have relatively good earnings growth and reasonable valuations.
Chen Jinwei is a very candid fund manager who once talked to us about the drawdown of 2022 results. As there are fewer and fewer high-quality low-valuation companies, he has lowered his quality requirements in order to pursue valuation factors, and has encountered challenges against the backdrop of the overall prosperity of various industries in 2022.
After coming to Penghua Fund, Chen Jinwei also mentioned that he used the "old aesthetic" to find a "new company".
Zhu Rui, the fund manager of Equity Investment Department II, has an investment framework of both cyclical and growth. He identified two main problems faced by institutional investors: 1) research is becoming more and more volumetric, both in terms of the number of institutional heavy stocks surveyed and the attention paid to various high-frequency data, and 2) investment is becoming more labeled, and the focus on the investment strategy and style of fund managers is beyond the investment ability of fund managers themselves.
Zhu Rui pointed out that investment is a process of seeking, seeking truth and seeking the truth, and this process is not only to understand the world, to understand the objective laws, but also to understand oneself. Regarding the difference between the two systems of growth and cycle, Zhu Rui believes that the core is the difference in the way of thinking. Cycles are often associated with inverse value, with more to the left side for the opportunity to repair the mean. Growth is often associated with new changes, and is more biased towards the right side of prosperity and certainty.
But no matter which way you think, pricing power is the core competency of professional investors. In the new era environment, Zhu Rui believes that the way of stock selection has gradually become effective. With pricing power, fund managers are not affected by short-term sentiment. Through the process transformation of investment methods, the investment ability of fund managers can become more stable and adaptable.
Penghua Ashares featured ETF provider
Since 2019, Penghua Fund has created a series of distinctive index fund products, including the only liquor ETF in the whole market, and the unique defense ETF. And after 2019, it has successively launched a number of characteristic sub-index products and characteristic broad-based indices represented by Chuang50 and Kechuang 100, and created the Penghua Ashares index brand.
Su Junjie, who graduated from the Department of Financial Mathematics of the University of Chicago and graduated from the temple of quantitative investment, divides the industrial line into two parts according to the role of "provider of index systematic investment solutions": 1) Beta+Alpha active quantification, maintaining pure active quantification and index enhancement, and 2) passive index covering multiple broad-based tracks and characteristic sub-industries.
At this spring strategy meeting, Su Junjie, general manager of the quantitative and derivatives investment department of Penghua Fund, also brought some of his new thinking.
Su Junjie made a statistic that the average rise of A-shares since the rebound from the bottom of the market was 24%, which is relatively large in the first stage after the recovery of liquidity. Even so, there are still a large number of "short" funds on the sidelines, including private equity funds, which are currently around 76%, which is a historically low range.
From the quantitative model of Su Junjie's team, it is speculated that the major broad-based indices may perform better, and valuation repair will become the main source of income. Historically, this model has worked well on the CSI 300.
From the perspective of ETF trading ideas, the small-capitalization style and technology growth direction are still currently undervalued, and oil and gas still have considerable excess return potential after experiencing large fluctuations at the beginning of the year.
Su Junjie and his team independently developed a quantitative timing model based on ETFs to help improve the winning rate and odds in trading. This model also repeatedly prompted signals in late February to continue to buy the STAR 100 ETF. Since the signal was issued, it has also achieved good returns.
Regarding the commonly used dumbbell strategy, Su Junjie put forward a different view. He thinks that the dumbbell strategy is too unanimous in expectation, that is, everyone is raising dividends. Su Junjie believes that one end of the dumbbell is closer to a fixed-income allocation idea, and the dip layout should be traded on the left side. The other end of the dumbbell should be more inclined to long-term growth, that is, the field that can withstand a certain cycle of fluctuations, but still bring excess.
A fixed income gold team that grows inward and upward
In addition to the equity investment team, Penghua Fund also has a fixed income gold team that "grows inward and grows upward". In the past seven years, Penghua Fund's fixed income management scale has increased from 200 billion to more than 850 billion yuan, and the team members have grown from 17 to 82 people.
Whether it is the scale of team management, the number of team members, or the awards and honors won in the industry, Penghua Fund's fixed income gold team is the first echelon in the industry. At the spring strategy meeting, a number of fixed income experts were also gathered, including Ye Chaoming, managing director (MD) of Penghua Fund, general manager of cash investment department, Liu Tao, general manager of bond investment department II, Wang Zhifei, general manager of fixed income research department, Deng Mingming, assistant general manager of bond investment department 1, and Fang Chang, deputy general manager of multi-asset investment department.
Ye Chaoming, Liu Tao, and Fang Chang are also members of the list of TOP 50 fund managers with fixed income in Dianshi Investment.
In Ye Chaoming's keynote speech, he proposed two changes faced by fixed income investment, low interest rates and high volatility. He believes that the debt cycle, the real estate cycle, and the population cycle all point to the downward trend of interest rates. Therefore, the low interest rate environment has an important historical background, and it is difficult to be bearish on interest rates in a downward cycle of overall interest rates.
In this context, Ye Chaoming believes that in order to do a good job in interest rate bond investment, it is necessary to grasp four major directions: 1) more refined portfolio structure and maturity, 2) duration management, 3) more active liquidity management, and 4) debt management.
As a Grand Slam fund manager cultivated by Penghua Fund itself, this forum is also a rare public speech by Liu Tao. Liu Tao presented his views on overseas markets. Many are concerned about the impact of the Fed's rate cuts on broad asset classes. Historically, the performance of A-shares in the year before the Fed cut interest rates was relatively strong, with an average increase of 50%, but the performance of A-shares weakened after the rate cut. This means that the performance of the A-share market is worth looking forward to in the year before the start of the Fed's interest rate cut cycle.
In contrast, whether before or after the rate cut, the certainty of the downside of US bonds is relatively strong. The overall performance of U.S. stocks will also be good, but the magnitude is expected to be lower. In a more detailed way, the previous Fed interest rate cuts are mainly divided into three paradigms: preventive interest rate cuts, recession interest rate cuts, and crisis interest rate cuts. Liu Tao believes that the Fed's interest rate cut is more precautionary, and finally achieves a soft landing for the U.S. economy through small and multiple times.
As the general manager of the fixed research department of Penghua Fund, Wang Zhifei brought his knowledge of the asset of urban investment bonds. Throughout 2023, there will be a double market of ice and fire in urban investment bonds. In the first half of 2023, there was an outbreak of negative public opinion on urban investment bonds, and the market was once worried about the rigid redemption of urban investment bonds. However, at the Politburo meeting in July 2023, after the introduction of a package of bonds, the credit risk of urban investment bonds has been alleviated, and it has also come out of a magnificent bull market.
Wang Zhifei believes that there are two major backgrounds for the birth of urban investment bonds: 1) the mismatch between the fiscal and administrative powers of central and local bonds. After the emergence of the tax-sharing reform, land revenue remained in the local government, and 2) the fierce competition for GDP in various regions.
The emergence of urban investment bonds has also played a great role in stimulating local infrastructure construction. Taking his hometown as an example, Wang Zhifei has made great improvements in urban infrastructure construction over the past few years through the issuance of urban investment bonds.
Wang Zhifei believes that the current round of debt package is a continuation of the hidden debt resolution policy in 2018, and there are three main lines: 1) the issuance of special debt financing bonds, 2) the entry into institutional support bonds, and 3) the central bank to set up an SPV tool for emergency liquidity borrowing.
Deng Mingming, assistant general manager of the bond investment department of Penghua Fund, shared the bond trading strategy from the perspective of liquidity. Deng Mingming pointed out that the biggest puzzle in the bond market at present is that the "iron bottom" of the 2.5% yield on 10-year Treasury bonds broke through in January after three weeks of grinding, and there was not even a single regular rate cut in the process.
The key factor behind this is liquidity. Deng Mingming's liquidity trading has three major strategies.
The first strategy, when the market interest rate deviates too much from the policy rate, reverse long liquidity, and game the return of the market interest rate to the policy rate.
The second strategy is to play the convergence of non-bank financing capital to bank financing costs, that is, the return of R to DR.
The third strategy is to reduce the volatility of the repatriation interest rate. When the volatility of funding costs falls, it can be a very important driver to compress spreads.
Deng Mingming mentioned that from the central bank's net injection in December last year to a RRR cut in February this year, the entire base currency has been put in a very large amount, which has also formed a strong support for the capital side. After the formation of a bull market mentality, as long as the capital is not tightened, it will be difficult for the bond market to fall.
Fang Chang, Deputy General Manager of Multi-Asset Investment, is a fund manager popular with institutional investors, managing two bond funds with a size of more than 10 billion, most of which are held by external FOF and institutional investors. Fang Chang mentioned that the core concern of the bond market is the marginal change in financing demand. Under the pressure of relatively large interest rate spreads faced by the entire financial institutions, there is further room for short-term real interest rates to fall further, and the monetary and liquidity environment has room for further decline in the future.
In addition to macro fundamentals, Fang Chang also mentioned the impact of trading forces. Allocation of power provides liquidity on the one hand, and market volatility on the other.
Since February, there has not been a significant seesaw effect between the stock market and the bond market, but the bond market has also performed relatively strongly in the process of the stock market rebound. Tracing back to the roots, it takes some patience and time to change the behavior of residents. A large number of residents' deposits have not yet been transferred to risky assets. From the perspective of asset allocation, Fang Chang also mentioned that there are good opportunities for dividend assets with stock equity.
On the other hand, Fang Chang also mentioned the use of quantitative models to assist in refined transactions. After the volatility of the bond market has decreased, we have also seen more and more fixed income investments begin to combine with quants to do a good job in some smaller bands.
Provide diversified and multi-asset solutions for public wealth management
With the breaking of the rigid payment of the new regulations on asset management, public fund products have gradually occupied a more important role in family financial management. In the early days, everyone bought public fund products more because of the income elasticity provided by stock assets. Since then, more and more product innovations have begun to meet the more diverse financial needs of the public.
For example, the early money market fund products met the cash management needs of public wealth management, the "fixed income +" products in the past few years met the stable income needs of public wealth management, and then the FOF funds in the past two years met the needs of public wealth management to buy funds, and even ETF products that have grown significantly in recent years to meet the more personalized investment goals of public wealth management.
Obviously, in such a development of financial management, the single asset and single strategy of asset management companies are far from meeting the growing investment needs of public financial management.
At this spring strategy meeting, we also saw that Penghua Fund has gradually formed diversified and multi-asset product solutions in the past few years.
In terms of active equity, Penghua Fund covers the "nine-square" investment style (large-cap, mid-cap, small-cap; growth, balance, and value combination). And provide a number of thematic products including new energy, consumption, medicine, scientific and technological innovation, and high-end equipment.
In terms of equity indexes, Penghua Fund has created Ashares characteristic ETF providers, which not only provide some mainstream broad-based and industry-themed products, but also the "national quintessence ETF" product line represented by liquor and traditional Chinese medicine, and the characteristic ESG 300 and Kechuang 100 broad-based indexes.
In terms of fixed income, the fixed income team of Penghua Fund has created a product line with almost no shortcomings, which is divided into 8 tracks according to the risk and return of fixed income products from low to high: money market funds, bond indexes, pure bond interest rates, pure debt credit, primary debt base, secondary debt base, partial debt hybrid, and convertible bonds. In each risk-return product track, there are products with outstanding performance.
In addition, in many fields such as REITs, FOF/MOM, and overseas investment, Penghua Fund also provides differentiated product R&D innovation. For example, in 2015, Penghua Fund issued the first public REITs in China, which is a major institutional innovation of public REITs in mainland China, and in 2021, Penghua Shenzhen Penghua Select Qunying held MOM for one year, which is the first batch of public fund MOM products in China.
On the other hand, Penghua Fund insists on creating a high-quality "Fundamental Investment University Hall" column to share the investment philosophy and market views of fund managers through videos. This year, Penghua's "Fundamental Investment University Hall" has adhered to the fifth phase, and the content system of the entire brand still continues the original intention, regardless of the ups and downs of the market, the mood is warm or cold, and the regular output of fund managers has been maintained. Moreover, a large amount of this content is still based on the framework system of fund managers, which has a strong time value.
Moreover, focusing on the "Fundamental Investment University Hall", Penghua Fund has launched a series of extended investor education content. These include a series of high-quality investment education courses jointly organized with Shanghai Securities News and Shanghai University of Finance and Economics, a series of fund managers' reading clubs, and an offline in-depth research tour of "The Beauty of Fundamental Investment", which was reopened last year.
Today, the "Fund Manager Hero List" column of Dianzhi Investment has also exceeded 500 issues, and in this process, we can feel the same concept as Penghua Fund: continue to create content with time value that can be precipitated after the bull and bear cycle.
From 25 years of rapid development
Towards a new era of high-quality development
In the movie "Miracle Stupid Child", we see that Shenzhen has realized the "Chinese dream" under the stage of rapid economic development of China. There, as long as you have a dream and stick to it for a long time, you can achieve it. Penghua Fund, which was established in Shenzhen on December 22, 1998, has experienced a leap from 0 to 1,000 billion yuan in the total asset management scale in the first 25 years, realizing the "Chinese dream" of the asset management industry.
In the past 25 years, the product line of Penghua Fund has also developed from active equity to today's multi-asset development without obvious shortcomings. Moreover, it has been among the top 100 asset management companies in the world in many dimensions.
For public wealth management, buying fund products is not to find a cow who can make us rich, but a transparent and reliable investment plan. This investment plan can meet the risk appetite and investment needs of different people, and can be better combined and matched in family wealth management. This means that platform asset management companies must really meet the financial needs of the public.
From the development of the overseas asset management industry, we also see that the public wealth management service model represented by public funds and the high-end customer service mode represented by hedge funds are two completely different systems.
Public Finance provides a solution, similar to a public transport system, with a focus on reliability and stability. Therefore, overseas public funds are basically a platform model based on product solutions, on which the needs of different customers can be met through the matching and selection of multiple types of assets. The most important thing is that the platform on which it is backed is stable and reliable.
In contrast, hedge funds offer alpha-oriented investment capabilities, which are often not replicable and have limited capacity. Different hedge funds have different alpha capabilities, resulting in a wide variety of stability in performance.
In the past 25 years, Penghua Fund has developed steadily along the way of platform-based public funds, survived multiple rounds of single-asset bull and bear cycles, and continuously built a strong investment and research "base" and solution capabilities. In the past 25 years, China's economic development model has also shifted from high-speed development to today's high-quality development.
We believe that the development of China's asset management industry has long since bid farewell to the impact of the single-asset bull and bear cycle. From the development process of Penghua Fund in the past 25 years, we find that the growth from 0 to trillion yuan no longer relies on the investment ability of a single asset, but also meets the diversified needs of public financial management.
Going forward, quality will be more important than speed. For Penghua Fund, it may no longer be several times the scale or dozens of times the growth, but continue to optimize the asset quality in the process of development, and provide reliable solutions for the people's wealth preservation and appreciation.
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