The rising Chinese brands and new consumption trends in recent years have created abundant investment opportunities in the capital markets. New-generation fund managers, as witnesses and beneficiaries of these developments, seem to possess unique advantages in understanding and discovering these investment opportunities. Recently, leading equity manager Invesco Great Wall launched another floating management fee fund - the Invesco Great Wall Industrial Select Equity-Biased Hybrid Fund, with Wang Kaizhan, a new-generation fund manager cultivated internally by Invesco Great Wall, as the proposed fund manager.
Regarding Chinese brands and new consumption, Wang Kaizhan believes that an increasing number of globally competitive Chinese manufacturing brands are beginning to penetrate from manufacturing toward R&D and branding. In new consumption sectors, whether in gaming, short dramas, or collectible toys, the common thread is telling local stories well and satisfying personal fulfillment needs. These two major areas have nurtured companies with tremendous potential. Wang Kaizhan has extensive research experience and has currently built a capability circle centered on manufacturing, extending to cyclical sectors, consumption, and TMT. From actual performance results, the Invesco Great Wall Growth Leaders fund that Wang Kaizhan participates in managing has demonstrated outstanding excess returns, achieving a 36.62% return this year, compared to the performance benchmark and equity-biased hybrid fund index returns of 15.42% and 28.29% respectively. (Data source: Wind, as of August 31, 2025)
As a leading multi-asset management expert in equity investment, Invesco Great Wall continues to strengthen the cultivation of investment research talent. In recent years, numerous internally cultivated new-generation fund managers have appeared in the public eye, with Wang Kaizhan being one of them. According to available information, Wang Kaizhan has dual professional backgrounds in mechanical engineering and management. He joined Invesco Great Wall's research department in early 2017, serving successively as research analyst, fund manager assistant, and TMT team leader, and began participating in the management of the Invesco Great Wall Growth Leaders fund in November 2024. During his years as a research analyst, he covered a wide range of industries, with research spanning from upstream steel, midstream machinery and equipment, to downstream media and internet sectors.
In terms of investment style, Wang Kaizhan demonstrates distinctive characteristics. He adheres to balanced investment, emphasizing industry diversification without betting on a single industry, while maintaining concentrated individual stock positions, focusing on 1-2 stocks in promising sub-sectors. Regarding investment philosophy, he emphasizes using cyclical thinking to understand markets and macroeconomic environments, observing changes in the life cycles of different industries and specific companies, striving to enter at appropriate stages and exit when overcrowded, committed to finding companies that can truly create value for users regardless of industry cycles and market conditions. For the new fund's operation, Wang Kaizhan stated he will continue his investment style and philosophy.
Regarding industry life cycles, he divides them into six major stages: germination, acceleration, disillusionment, clearance, maturity, and recovery. Different industry stages require different investment methods and valuation systems. Currently, Wang Kaizhan focuses on discovering opportunities in industries in the recovery phase. He notes that industries entering this stage have undergone years of clearance, with supply becoming concentrated and the industry maintaining a tight balance for extended periods, resulting in supply shortages when demand improves marginally due to supply constraints. In stock selection, he emphasizes fundamental analysis, combining upstream and downstream supply chain tracking, industry competitive landscape assessment, end-user research, and other multi-dimensional evaluation systems to screen scarce stocks with core competitiveness that can continuously generate cash flow and value-added potential.
Looking ahead, new-generation fund manager Wang Kaizhan is optimistic about two major investment themes: First, globally competitive Chinese manufacturing brands. He believes these companies are penetrating from the middle manufacturing segment toward both ends of the industry value chain's "smile curve" - R&D and branding - and are among the first to expand globally and establish roots. Many companies in automotive, machinery and equipment, and consumer electronics sectors already possess such potential. Second, companies with the ability to tap into new-era consumer demand potential. Taking the cultural industry as an example, successful cases from gaming, collectible toys, films to short dramas all develop products that "tell local stories well" and satisfy contemporary consumers' "self-pleasing" needs.
In terms of fund asset investment scope, Invesco Great Wall Industrial Select covers both A-share and Hong Kong stock markets. Wang Kaizhan stated he will adjust A-share and Hong Kong stock allocation ratios based on fundamentals, macro markets, and valuations. For Hong Kong stocks, he focuses on scarce targets not available in A-shares, as well as targets attractive in terms of industry structure and A-H share premium/discount relationships. It's also worth noting that the fund adopts an initiating operation + floating management fee model: on one hand, the manager participates in subscription with no less than 10 million yuan and a holding period of no less than three years; on the other hand, management fees are linked to excess returns, with management fee rates of 0.60%, 1.20%, and 1.50% for different excess return ranges for holdings of over one year. The fund's design in these two aspects deeply "aligns" the interests of managers and investors, helping optimize investor holding experience.