A private equity fund team composed of well-known financial media professionals outperformed 96% of its peers in 2023. According to statistics from the Private Equity Ranking Network, as of December 31, 2023, 9703 private equity institutions disclosed the performance of securities investment funds with stock strategies. Only 4159 funds had positive returns for the full year of 2023, accounting for only 42.86%. Among them, 7411 subjective long-biased securities investment funds had only 2532 funds with positive returns for the full year of 2023, accounting for only 34.17%. In contrast, Zhejiang Jiuxing Investment Management Co., Ltd. (hereinafter referred to as "Jiuxing Investment") achieved a return of 9.76% in 2023. Among them, Jiuxing Baxi Theme No. 1 achieved an annual return of 14.68% in 2023, surpassing nearly 90% of subjective long-biased private equity securities fund products. The product's Sharpe ratio (a measure of risk-adjusted return) was 1.58, far higher than the average level of 0.08 for similar products, outperforming 96.23% of its peers. The excellent performance and risk resistance of Jiuxing Investment have attracted the attention of many top institutions in the industry, such as CICC Wealth Management and Nomura Securities. "I am not a typical trained private equity manager. Over ten years of experience in the financial media industry has given me a unique investment perspective," said Wang Xi, Chairman of Jiuxing Investment, in the oldest villa area in Shekou, Shenzhen. Born in 1986, Wang Xi was previously a co-founder of a leading financial information service provider of authoritative information products of one of the three major newspapers in China. He also participated in a series of investments and creations of financial self-media projects. With such media experience, the core team of Jiuxing Investment all come from authoritative financial media in China, such as Securities Times, Caixin, Sina Finance, etc. More importantly, the core team members have more than 10 years of experience in financial news reporting, investment, and teamwork, knowing each other's styles, intentions, and strengths. "What are the advantages of frontline financial reporters?" asked Wang Xi, then gave the following answer: running around non-stop, asking questions tirelessly, and writing without pause. Running around non-stop means that financial reporters need to go to the front lines to conduct interviews and research in order to uncover the truth and hear the sound of gunfire. Even for the smallest market information, in addition to necessary interviews with all parties, they also need to visit government websites, third-party platforms such as tender announcements, company information, etc., to find every trace of evidence, cross-checking to reach the truth; Asking questions tirelessly means asking without shame and seeking scientific verification. In the eyes of famous financial reporters, there are no ranks, no faces, only science and truth. In order to verify a fact, they interview everyone from government officials and CEOs to frontline workers and restaurant kitchen staff; even if there is no contact information, they rack their brains to use all resources such as on-site visits, third-party assistance, job recruitment websites, etc.; Writing without pause means being familiar with thick materials and completing writing rapidly. A good news article requires financial reporters to read over 100,000 words of material; considering timeliness, it also needs to be completed within a day or even hours. Short financial news of a few hundred words requires completion within minutes, creating an outstanding financial reporter with the highest response speed, strong information selection and discrimination abilities, and agile and meticulous logical thinking. These three advantages of frontline financial reporters have laid the foundation for Jiuxing Investment, its main source of strategies, and the difference from other private equity funds. "We believe that there will always be cognitive gaps and scarcity of attention in the market. The correction of cognitive gaps and scarce attention contains important opportunities for managers to obtain returns. Therefore, based on the team's years of media work experience and information analysis capabilities, Jiuxing Investment has established a unique investment research framework," said Wang Xi. On top of the advantages of media people, Jiuxing Investment combines financial information and data mining, market sentiment observation, and industry logic tracking to flexibly capture market opportunities. Wang Xi also emphasized that the team of Jiuxing Investment is constantly learning and iterating, not sticking to a single model, but constantly embracing new ideas and tools, and will continue to derive new strategies in the future. In fact, in Wang Xi's view, just achieving these is not enough. He believes that in order to be an excellent fund manager, one must also have some good personal qualities. The most important thing is not IQ but calmness, followed by diligence. During the market fluctuations in stages in 2022 and 2023, Jiuxing Investment's product net asset value experienced some pullbacks, but by the end of the year, they had basically recovered and even set new highs, with some product returns exceeding 20%. The maximum drawdown of the team-managed products is basically controlled within 10%, which can be attributed to the calm observation and analysis of market trends. Of course, in the current market environment, it is not enough to just be calm. Maintaining diligent research is not the same as lying flat. Jiuxing's research team has always maintained a high intensity of work, basically focusing on trading and post-trade research, except for sleeping and eating. At the same time, their response to market information is also quite fast. When there is news in the market, they will immediately map it to relevant stocks, establishing a time advantage for short-term trading. Furthermore, based on industry research for medium and long-term allocation, the performance in the past year has been good, so overall pullbacks are controlled well. In summary, on the one hand, short-term trading promotes the smoothing of the middle-term yield curve, and on the other hand, the presence of medium-term allocation increases the capacity of trading strategies. In the current market environment, because internal and external conditions determine the market's high volatility, short-term trading opportunities are also more important. Data shows that Jiuxing Investment, established in 2017, not only has investment returns ahead of its peers but also has won multiple honors, such as being listed five times in the past three years on the "Private Equity Star Ranking", with the highest achievement of ranking second in the Jiangsu and Zhejiang stocks stock strategy category. Not long ago, after a series of rigorous review processes, CICC Wealth Management finally included Jiuxing Investment in its seed fund, and will provide long-term training and incubation for Jiuxing Investment. In Wang Xi's view, stable performance and manageable pullbacks are just one aspect of CICC Wealth Management's inclusion of Jiuxing. More importantly, compared to most players in the market, Jiuxing, while stabilizing performance, cultivated a strong, diligent work ethic.Differentiated development strategies for long/short equity hedge funds.Shaking scales and spreading wings, leaping through the wind; With determination and courage, standing at the forefront. Wang Xi expressed his hope that one day, Longxing Investment would be built into a platform that empowers financial media professionals to transition, creating more imaginative possibilities for the career and life paths of media professionals in the future.