Introduction: What exactly is the competition for investment? Many people regard investment as a "physical job" and compete for tracking the company's ability. If this is true, how can female fund managers who are naturally not as physically as men maintain their competitiveness?
Wei Xiaoxue, fund manager of Everbright Prudential, hopes to achieve long-term replicable investment performance. She maintains the evolution of her investment research system by establishing an investment framework that combines strategy and tactics. At the strategic level, we choose the main line of building a portfolio based on the allocation of major asset classes. The tactics are implemented in different industries and individual stocks in accordance with strategic ideas through the five major industry categories within Everbright Prudential. As the research director of Everbright Prudential, Wei Xiaoxue must manage the following researchers, which also allows her to have some understanding of different industries and can transform research results more effectively. Wei Xiaoxue has a gentle personality and is a typical Pisces girl. She is very easy to deal with. She also shows the characteristics of holding concentration and style in the combination.
Looking ahead, Wei Xiaoxue is still optimistic about the direction of China's equity assets. She believes that the intelligence of automobiles, the transformation of 5G to the industrial side, and independent control are three relatively large industrial development trends. In addition, undervalued cyclical stocks and consumer products with better overall business models are areas worthy of promising. As a female fund manager, Wei Xiaoxue believes that she will be more calm than a male fund manager and has a stronger control advantage. Below
, let’s share some investment “golden sentences” from Wei Xiaoxue:
1. “Long-term replicable and sustainable investment performance” is the investment goal I have been pursuing
2. To achieve replicable and sustainable investment goals, we must have the ability to continuously evolve. I personally advocate frameworks. I think that only by building frameworks can a product with human intelligence be the main output performance of a product that is output by human intelligence as the main source of output Sustainable and developable
3. Among similar combinations, my portfolio draws down relatively small, one is because the combination is relatively balanced, and the second is because the concentration is not very high. Excluding the disturbances in 2018, the top 10 heavy-weight stocks have holdings accounting for about 40%, and the third is because the holdings of a single industry account for no more than 25%, and the fourth is because I will retain some risk hedging holdings
4. At the industry level, I attach more importance to the general trend of the development of the entire social industry. There are three major trends now: automotive intelligence, 5G transformation to the industrial side, and independent and controllable national strategic investment direction
5. Even if the industry has good prosperity and good development trends, if the business model is average, it is difficult to make money in the industry
6. I am not a particularly extreme person, but a relatively balanced fund manager in investment
7. As a research director, I must understand the situation of all industries, so at the beginning, my investment vision was forced to open
1 8. I think electric vehicles are now on the eve of the outbreak of popularity. They can be produced in the millions or tens of millions a year. There are hundreds of parts on a car, and the industry is very acceptable. Here, there will inevitably be
9. The advantages of female fund managers in investment. I think that compared to men, my emotional control and balance may be better than male fund managers.
Investment framework that combines strategy and tactics
Zhu Ang: How do you view investment?
Wei Xiaoxue Investment itself is my favorite profession. In the process of investment, I need to establish an understanding of all walks of life and understand their operation, which provides me with an perspective of cognizing the world. Whether I am a researcher or a fund manager, I am very happy in the process of finding investment targets.
Zhu Ang: What are your investment goals?
Wei Xiaoxue "Long-term replicable and sustainable investment performance" is the investment goal I have always pursued, so in the entire investment process, I attach great importance to the investment framework. Because of the framework, we can continue to evolve. Investment decisions cannot come from predictions of the market, and the predictions are extremely instability.
When I first started investing, I also tried different methods, and finally reflected that it was impossible to establish a circle of competence with "time value". After the entire investment framework stabilized, the stability and sustainability of performance have gradually been reflected.
Zhu Ang: Then let’s talk about your investment framework?
Wei XiaoxueMy investment framework is divided into two parts: strategy and tactics. The goal is to pursue sustainable investment returns and achieve stable progress in investment capabilities.
First, at the strategic level, it tends to be more macro-oriented thinking. Strategy determines whether my combination is offense or defense. As a hybrid fund manager, I don’t make timing choices most of the time, and only make some big timing choices at the turn of the bull and bear market. The core of the strategy is the sorting of major assets, which is mainly reflected in the allocation ratio of stocks, bonds and cash.
Second, at the tactical level, tactics are strategy-oriented, and the core is how to build a combination. First, there is a strategy, and then use tactics to achieve the strategy. In terms of investment, the core allocation idea is: the main line must be clear and the allocation must be heavy. As a secondary line, risk hedging considerations are clear.
I will divide 28 industries into 5 major sectors according to driving factors:
major finance: interest rate sensitive type, market value weight, valuation fluctuations sensitive, individual stock trends are relatively converged, and the bottom-up effect is not obvious;
upstream cycle: price sensitive type, poor performance predictability, but direction is particularly important, valuation elasticity is large, and reverse operation is required, individual stock trends are relatively converged, and the bottom-up effect is not great, nonferrous metals and chemical investment styles are relatively rich;
mid-stream cycle: is mostly to The main line of companies B is driven by downstream prosperity, with strong stock selection and bottom-up-oriented, and the technical direction is very important, and the valuation fluctuations are relatively strict, making it difficult to produce large companies with continuous growth in market value;
TMT: has rich technology iteration and updates, and business models are emerging one after another. Stock selection is highly diverse, basically mainly from bottom-up. The valuation fluctuates greatly and is not suitable for traditional valuation methods, with large volatility, high institutional recognition, and easy to form a synergy;
consumption: To The C-end can nurture large-cap companies with continuous growth in long-term, with product competitiveness and corporate governance particularly important, with high recognition of overseas capital, a breeding ground for value investment, and valuation fluctuations are relatively strict.
The entire research team of Everbright Prudential is also divided according to these five major sectors. Through strategic and tactical allocation of the industry's prosperity and industrial trends, the main excess returns will be contributed through individual stock selection.
I have been a research director for five or six years. The industry covers a lot and my personal experience has been relatively long. The contribution from individual stocks in the excess returns in the past few years has been increasing year by year.
Zhu Ang: Your investment goal is to be replicable and sustainable. How to build such a framework?
Wei Xiaoxue If you want to achieve replicable and sustainable investment goals, you must have the ability to continuously evolve. I personally advocate frameworks. I believe that only by building frameworks can the performance of a product dominated by human intelligence be made sustainable and developable, while making decisions by predicting the market alone is extremely instability.
has a complete investment framework, and performance stability will gradually be reflected. Only in this framework can I slowly know where my advantages lies and where my future focus will be. Everyone has different focus points. Some fund managers are trading players, and some are particularly strong in macro strategies, and can switch between major asset classes and industry rotations in particular.
I am an individual stock fund manager, but I cannot survive in the market without paying attention to other factors. So I have tried many ways. After re-establishing the framework, my advantages have become stronger and stronger, and I know more and more clearly where my circle of competence is.
Asset allocation and individual stock dispersion can effectively reduce the drawdown
Zhu Ang: In the bear market in 2018, your drawdown was controlled better. How did you do it?
Wei Xiaoxue At that time, thanks to the establishment of the entire investment framework, my portfolio showed two characteristics: 1) The stock position of Everbright New Growth Mixed is very low, almost reaching the lower limit of the contract; 2) It is extremely scattered and has almost no heavy holdings. There were a lot of "pits" that year, and I didn't participate in any possible rebound.
The main tone of 2018 is liquidity tightening. My strategy is to focus on guard and to allocate banking and real estate as the main line, and in the second quarter of 2018, some construction sector configurations were added. At the end of the year, you will see that the largest position in the portfolio is gold, which is an asset that hedges risks. I assume that if all assets may fall, gold may rise, which is the overall allocation idea at that time.
is configured using top-down and bottom-up angles. The core of top-down is the understanding of the industry. Because stocks in the entire market cannot be studied one by one, 28 industries are divided into five major sectors (big finance, upstream cycle, midstream manufacturing, TMT and big consumption). The investment logic behind them is completely different from the tolerance for valuation and the attributes of stock price fluctuations. I will make some clear investment tendencies between these five sectors based on the industrial development trend and prosperity.
Zhu Ang: Looking at it for a long time, your overall drawdown of the combination is relatively small. How did this be done?
Wei Xiaoxue I am a balanced fund manager. I don’t prefer extreme growth or extreme value, nor do I pursue investment performance in the top 10 in the industry, because the ultimate rate of return often corresponds to extreme net value fluctuations.
In similar combinations, my portfolio draws down relatively small, one is because the combination is relatively balanced, the second is because the concentration is not very high, excluding the disturbances in 2018, the holdings of the top 10 heavy-weight stocks account for about 40%, the third is because the holdings of a single industry do not exceed 25%, and the fourth is because I will retain some risk hedging positions.
combination configuration should consider the direction of social development
Zhu Ang: What are your thoughts on industry configuration?
Wei Xiaoxue First of all, I personally have basically covered the industry, but different products will have industry preferences.
Secondly, the investment logic corresponding to the five major sectors is different, such as the large financial sector, including banks, real estate, large construction, etc. This type of asset is interest rate sensitive, so you must follow the interest rate when tracking and adjusting. Moreover, the trend of individual stocks in this sector is converging, which is more of a top-down configuration idea. For example, the TMT sector has great valuation tolerance and range fluctuations, and is more from bottom to top.
So, I will divide these five sectors to correspond to different investment strategies.
Zhu Ang: What are the five major industries you divide into? Is the industrial trend a horizontal and vertical relationship?
Wei Xiaoxue pairs, but generally speaking, for example, many companies that have emerged from the new energy vehicle line are manufacturing and TMT related. In my opinion, in these two sub-categories, there is a lot of bottom-up space and needs to be viewed from bottom-up. If you look at them together, the industrial trend is more important, so you need to focus on bottom-up. The significance of the leader in the consumer track is very important. Cycles and finance are greatly affected by macro fluctuations, because the profit cyclicality of cyclical products is obviously related to the cyclical nature of the macro economy, and its valuation methods are different. You should buy when the valuation is negative, which is opposite to many industries. Finance has the characteristics of finance itself, so it has its own investment logic.
Zhu Ang: How is the industry that is being considered in the key form?
Wei Xiaoxue I pay more attention to macro factors at the strategic level, such as economic growth, inflation trends, market risk and return, such as the stage of the Merrill Lynch cycle, the performance of various assets, etc., Geopolitics has been added in recent years.
At the industry level, I attach more importance to the general trend of the development of the entire social industry. now has three major trends:
1) Automotive intelligence, the core of is not the battery, but all intelligent development on electric vehicles will change the entire travel method, and this industry will have major changes from the production end to the operation end;
2) 5G transformation to the industrial end;
3) The independent and controllable national strategic investment direction, is now very rich in this direction, not just semiconductors.
Zhu Ang: What factors should be paid attention to when selecting stocks?
Wei Xiaoxue Relatively speaking, we focus on three aspects of the enterprise: industry track, business model and the abilities and character of corporate managers.
First of all, the industry track, the general direction of the company is very important, and I will look down from a meso-view perspective. For example, I think the development direction of smart cars is very important. I will first study the industry level clearly, and then find targets with goals on this line.
Secondly, the ability and character of a company manager. I think the core of the company is people, so the background and style of the management are very important, and all aspects will determine whether the company will do it in the end. I hope he is a manager who is willing to share, more focused and professional.
Finally, the business model is also the core point. Even if has a good industry and a good development trend, it is difficult to make money in the industry if the business model is average.
In my stock selection framework, valuation and profit growth will be placed last.
Zhu Ang: Are there any individual stock mining standards?
Wei Xiaoxue When I was mining individual stocks, I was increasingly hoping to find a company that could double in three years. Looking at the three-year dimension, it is because in most cases, the A-share market will have some style switching within three years, so removing the market style factor. If I still think that its growth space and stock price have room to double, it is a better choice.
Zhu Ang: Your concentration of shares is not high, and there are few heavy holdings of more than 5%. What is the reason behind it?
Wei XiaoxueThis is related to my personality. I am not a particularly extreme person, but a relatively balanced fund manager in investment. I hope that the overall portfolio drawdown will have some control, and the investor's holding experience will be better.
Zhu Ang: You are a fund manager and research director. How can you better link research results with investment?
Wei Xiaoxue I think the advantage of being a fund manager and research director at the same time is that I was not very familiar with other industries at the beginning, but as a research director at , I had to understand the situation in all industries, so at the beginning my investment vision was forced to open; I have a lot of contact with researchers, and I have to observe their recent work status, the effect of recommending stocks, etc., so I also know them well. Because of this, the good research results of our researchers can be quickly converted into investment and are very efficient, which is a good help for investment performance.
is optimistic about the three major structural opportunities in the medium and long term
Zhu Ang: How do you view the current market?
Wei Xiaoxue I am relatively optimistic in my heart.
First of all, in the process of global risk-free interest rates, all countries are actively implementing quantitative easing policies. Although some local valuations of the Chinese stock market are relatively high, they have not yet reached the level of a comprehensive valuation bubble, and the risk and returns of the entire market are also within an acceptable range.
Secondly, Chinese companies have demonstrated strong viability and discipline during the epidemic and the rapid recovery of production. We believe that most countries and enterprises in the world can see this. I think this reflects the strong vitality of Chinese companies and the cost-effectiveness of equity assets.
is also optimistic about the key directions in addition to the intelligentization of electric vehicles, the application of 5G in the industrial side, and the independent and controllable strategic investment direction, it is also consumption. I always believe that China's consumer market is large enough. China's consumer market has a population of more than 1.4 billion. It is not only enough to incubate excellent consumer goods companies, but also can use the huge domestic production capacity and engineer dividends to transport excellent consumer goods overseas. China's consumer goods companies will move from "Made in China" to "Chinese brands".
Another direction that is more important is cyclical stocks. Although there are fewer allocations now, I think it is still worth paying attention to, because the epidemic has caused a significant disturbance to demand, which has caused poor corporate profits in the first half of this year, and should rebound sharply in the second half of the year and next year. In this process, I think PPI will likely rise and the economy will recover to a certain extent, especially the global epidemic is subsidence. I think the upstream is worth paying attention to, for two reasons:
1) The current allocation ratio is relatively low;
2) The competitive landscape of many upstream industries is getting better and better, and the excellence of leading companies is very high. I think the current underestimation will form a breakthrough at a certain point in the future. The core of investing in
is to either make money from EPS, or make money from EPS plus PE, or make money from PE. Investing in cyclical stocks is likely to make money from PE, and you cannot make money from EPS, because the EPS predictions must be more accurate, and the up and down will not exceed 10%. In this case, you need to consider more market factors to make money from PE. Of course, the best situation is to make money from EPS and PE at the same time.
Zhu Ang: Can you talk about 5G and new energy vehicles?
Wei Xiaoxue When the core of 5G development is on the industrial side, it will become connected to things. The information investment in the entire production process is very high, which will become software management, reducing the management costs of trivial businesses to the greatest extent. Some businesses can be improved on the sales, production and management ends, and the overall cost reduction is obvious. Some businesses are pure 2B, and may not have much transformation on the sales end, but the transformation on the production end and management end is relatively large, so different business models need to be compared. In the new energy vehicle part of
, I am more optimistic about the application side corresponding to the intelligent driving and intelligent driving of cars. intelligent driving will inevitably come to our eyes. I am also very concerned about the exploration of individual stocks in this field. I have done very detailed and in-depth research on all companies related to intelligent driving, and there are also some targets in the portfolio.
Zhu Ang: What is the logic of autonomous control?
Wei Xiaoxue First of all, with China's industrial upgrading, independent control is a certain development direction. When the economy develops at this stage, it will also upgrade from simple processing and manufacturing to industries with higher technological content and higher added value content. Otherwise, labor costs will not be able to move forward in all aspects. This is a relatively clear economic law, and countries around the world have experienced this.
Secondly, with the new development pattern of the dual circulation of economics, I personally feel that it is intensifying the process of independent and controllable, and this trend has become clearer.
Finally, I personally prefer to enter fields with relatively high barriers, and it is best to be foreigners, especially Japanese and European companies, because once such fields are entered, the certainty of eating share is very strong, and Chinese entrepreneurs have this wolf nature. For example, in the past few years, the revenue growth rate of many passive component companies has far exceeded the industry average. The core is that they have been taking the share of Japanese and Taiwanese manufacturers.
Zhu Ang: Now the market generally believes that technology stocks tend to be bubbled, especially A-shares, Hong Kong stocks, , and US stocks listed companies, whose valuations are several times different?
Wei Xiaoxue price difference has always existed, and I think this cannot be the decisive factor. It cannot be said that because of the huge price difference, A-shares must be overvalued, and Hong Kong stocks must be undervalued, because different investors have different visions of companies and everyone has different assessment cycles.
I think global technological innovation is driven by 5G, and the industry trend of new energy vehicles has not ended yet. At this time, the price is not very important. Don’t look at the static valuation. The core point is what stage of development the industrial trend is. I think electric vehicles are now on the eve of the outbreak of popularity. can be produced at one million or tens of millions of vehicles a year. There are hundreds of parts on a car, and the industry is very acceptable. Large companies will inevitably come out here. We have also found many companies, and they will definitely have great growth in 5-10 years.
Zhu Ang: Can automotive intelligence help us draw a map? What direction are you paying attention to?
Wei Xiaoxue Taking the direction of autonomous driving as an example, the core of ADAS system is in these links: identification, computing, and execution; ADAS upwards, the entire intelligent car system is divided into three major parts: body control, ADAS, and car machine entertainment.
ADAS part, now companies like Huawei and Google want to enter. They hope to enter the future smart car industry chain through ADAS. Because this part is very software-oriented, I think there should be only big players in this field in the end, and small players will gradually be eliminated because the cost is too high. We believe that most vehicle manufacturers will not give up this part in the future, because if they give up, it means that all the core competitive advantages accumulated in the past will be significantly subverted. Therefore, no matter how difficult it is, we must persist in doing it. This is a part that vehicle manufacturers are not willing to give up. In the process of intelligence, the proportion of automotive electronics will become higher and higher.
car and machine entertainment part is now a better entry point. This link does not have that high system security requirements and has a low threshold. Therefore, car and machine entertainment is the link in which listed companies involve the most business. I tend to look for companies with strong software capabilities in this part. I think the body of the car will be very simple in the future, and they will all be large screens. I assume that they are all screens in front of them. Everyone will not care about what the screen of the TV is, but about the content presented on the screen. So I think the software capabilities in this link will be stronger, rather than assembly. This is also reflected in my configuration. The overall feeling after our investigation is that some companies have very strong competitive strength, and the accumulation of these soft powers itself takes time, and my investment direction is a little more software-oriented. We cannot buy real big players in ADAS, such as Huawei and Google. In this state, we basically go to both ends. I think the moat on the execution end is very strong. Some companies here have a lot of room for the future, and I have also made some configurations. I think the competitive landscape is very good. In the future, in addition to international players, there will also be a place for domestic players.
recognition and computing end. After the investigation, my overall feeling was not very good. The companies I can see may not be able to make a comeback, so I am not very willing to buy them. This involves security issues. If you do not achieve sufficient stability, cost-effectiveness and security in the early stage, you may really not be able to get it in.
Zhu Ang: What do you think of the Hong Kong stock market?
Wei Xiaoxue I managed the Everbright Prudential Research Selected Mixed can invest in Hong Kong stocks.
First, as far as I am concerned, I can see the business of Hong Kong stocks clearly, but I may not necessarily make money on that stock. Each market has its own style and can make money from research. This is very important. Hong Kong stocks have great fluctuations. My approach is to first learn and understand the market volatility and style from big targets, and then invest to understand it.
Second, individual stock mining, Hong Kong stocks are characterized by being very cheap before they are paid attention to. Once they are paid attention, the stock price will rise very quickly. The Hong Kong stocks are essentially our Chinese companies, but they are listed in Hong Kong. If I discovered it during the process of studying the industrial chain, it is very competitive, but Hong Kong stock investors have not yet started to cover it, and its market value is not large enough, so I will make a layout.
Zhu Ang: What stage has 5G developed now reached?
Wei Xiaoxue 5G investment is from 5G devices to terminals and then to applications, and now it should be at the terminal.
I think 4G created Tencent. At that time, the large-cap companies were 2C, and 4G transformed 2C companies more obvious, but 5G transformed 2B companies on the industrial side, so I was very concerned about the 2B side of 5G.
The leap point of growth comes from knowing how to subtract
Zhu Ang: Are there any leap points in your investment career?
Wei Xiaoxue I had been doing research for 10 years before investing in 2013. At that time, I was a very happy researcher. During the research process, I learned how the world works. Enterprises are a very important part of various industries and society. Different companies constitute different industries, and they also know how they make money and distribute profits. In addition, when doing research, it will also fight against the market. For example, the targets I explored may not have risen for several months, but I continue to recommend them. Maybe the fund manager will fall after buying them, so he keeps carrying them, telling the fund manager to stabilize to make money. I enjoyed the process at that time very much.
However, in 2013, it began to take over Everbright New Growth Mixed. As soon as I took over, I exposed myself to the style rotation of the A-share market. I found that the industries I have covered were not enough, the volatility was relatively large, the performance was unstable, and it was not that it would continue to be bad. In this way, I would question the overall investment method, and the performance was sometimes good and sometimes bad, and I was in great pain at that time.
Until 2016 I had eye surgery. I was wearing gauze for a long time and couldn't take care of myself. During that time, I overturned the original methodology and starting point of thinking about problems, and rebuilt a framework based on strategy and tactics. The core is to pursue performance that can be continuously replicated and sustainable. It was also in 2016 that I realized that I can not only evolve myself in this framework, but also deeply explore my own expertise; in addition, the pits I have stepped on every year also helped my investment framework evolve.
Zhu Ang: What is the biggest improvement compared to when he first became a fund manager?
Wei Xiaoxue has made quite a lot of progress in . My biggest feeling is that I feel less and less helplessness. With the gradual establishment of the entire investment framework, I have clear optimization and evolution every year, and I feel much calm and confident in my heart. I think I will still be investing in ten years, and I will do better than now.
Zhu Ang: How do you view the role of female fund managers?
Wei Xiaoxue The greatest pleasure I have at work is to invest, explore individual stocks, understand society, and understand how to make money in other industries. I think this is one of the greatest pleasures to satisfy my curiosity about the world. Another fun is dealing with investment researchers. The advantages of female fund managers in investment, I think my emotional control and balance may be better than male fund managers than male fund managers.
Everyone knows that when you know and do it in investment, there is another hurdle in the middle that people can feel. The human heart includes the ability to control emotions, etc. I think female fund managers may be better in this regard and will not be affected by stock market fluctuations. Especially after so many years, I feel that my heart is getting calmer and calmer.
risk warning:
fund investment is risky. Before investing, investors are advised to carefully read the legal documents such as "Fund Contract", "Recruitment Prospectus", "Product Information Summary" and other legal documents to learn more about the detailed content, and pay attention to the product's risk level and its own risk rating to make independent decisions. The risk levels of Everbright New Growth and Everbright Research’s selected products are R3, suitable for investors with a risk rating C3 (balanced type) or above. The fund manager will regularly evaluate the product risk levels and publish them on the company’s website. Investors are requested to pay attention. The investment scope of Everbright Research Selected Fund includes Hong Kong stocks, and it will face unique risks caused by differences in investment environment, investment targets, market systems and trading rules. This material does not constitute any legal document or investment advice or recommendation. The fund manager promises to manage and use fund assets with the principles of honesty, trustworthiness, diligence and responsibility, but does not guarantee that the above funds will make a certain profit or minimum returns.The past performance and net value of the above funds do not indicate their future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the above funds. The complete performance can be checked at the official website of Everbright Prudential Fund. Fund periodic reports can be accessed on the official website.
Important tips:
Ms. Wei Xiaoxue graduated from Zhejiang University’s finance major and obtained a master’s degree in finance from Fudan University in 2015. From 2006 to 2009, he served as a researcher at the Shanghai Branch of Pengyuan (Beijing) Management Consulting Co., Ltd. (formerly Kaiji Management Consulting); from October 2009, he joined Everbright Prudential Fund Management Co., Ltd. as a senior researcher, currently the director of the research department, served as a fund manager of Everbright Industry Rotation Fund from November 2012 to February 2014, served as a fund manager of Everbright New Growth Fund from February 2013 to the present, served as a fund manager of Everbright New Growth Fund, from May 2015 to January 2017, served as a fund manager of Everbright State-owned Enterprise Reform Fund, from March 2020 to the present, served as a fund manager of Everbright Research Selected Fund, from April 2020 to the present, and from May 2020 to the present, and from May 2025 Fund of Everbright China.
- end -
An Yun | Bao Wuke | Bo Guanhui | Cao Jin | Cao Wenjun | Chen Xuanmiao
Chen Yuan | Chen Liqiu | Chen Jun | Chen Jueping | Cheng Zhou | Cui Ying
Cai Songsong | Cai Bin | Dong Weiwei | Du Xiaohai | Fu Bin | Fei Yi
Fang Yuhan | Fang Wei | Gao Lanjun | Gang Chongfeng | Ge Chen | Gu Yaoqiang
Guang Lei | Guo Min | Guo Rui | Guo Kun | Han Dong | Hao Xudong
Hao Miao | He Shuai | He Xiaochun | Hong Liu | Hu Xinwei | Hu Lubin
Hu Yibin | Hu Tao | Huang Feng | Jiang Cheng | Ji Wenjing | Jiao Wei
Jia Peng | Kuang Wei | Lao Jienan | Lei Ming | Li Dehui | Li Chen
Li Xiaoxi | Li Xiaoxing | Li Yuanbo | Li Yaozhu | Li Yugang | Li Jianwei
Li Jiacun | Li Wei | Li Xiaoxing | Li Jing | Liang Hao | Liang Hui
Liang Li | Liao Hanbo | Liu Bin | Liu Hui | Liu Gesong | Liu Xiaolong
Liu Su | Liu Rui | Lu Bin | Lu Zhengzhe | Lu Xin | Luo Chunlei
Lu Yuechao | Lou Huiyuan | Ma Xiang | Ma Long | Mo Haibo | Pan Ming
Pu Shilin | Qi Hao | Qi He | Qin Yi | Qin Xuwen | Qiu Dongrong
Qiu Jie | Rao Gang | Shi Bo | Shen Nan | Shen Xuefeng | Shi Wei
is Xingtao | Sun Wei | Tang Hui | Tang Yiheng | Tian Yulong | Wang Han
Wang Jun | Wang Pei | Wang Xu | Wang Yanfei | Wang Zonghe | Wang Keyu
Wang Jing | Wang Xiaoming | Weng Qisen | Wu Xing | Wu Fengshu | Wu Yin
Wu Xuan | Xie Zhendong | Xu Lirong | Xu Zhimin | Xu Cheng | Xu Yan
Yang Dong | Yang Hao | Yang Rong | Yang Ruiwen | Yang Fan | Yao Yue
Yao Zhipeng | Ye Zhan | Yi Zhiquan | Yu Yang | Yu Shanhui | Yuan Yi
Yuan Hang | Yuan Xi | Zhang Dongyi | Zhang Feng Fuguo | Zhang Feng Rural Silver Huili
Zhang Feng | Zhang Hanyi | Zhang Hui | Zhang Hui | Zhang Jintao | Zhang Jun
Zhang Yanpeng | Zhang Yingjun | Zhang Yichi | Zhao Xiaodong | Zheng Huilian | Zheng Lei
Zheng Weishan | Zheng Wei | Zhou Yingbo | Zhou Keping | Zhou Liang | Zhou Xuejun
Zhu Ping | Zhu Xiaoliang | Zuo Jinbao | Zhao Bei | Zou Xi
