汇添富基金蔡志文：从“稳健”到“稳健Plus”

Core Viewpoint - The A-share market has experienced a prolonged period of volatility since 2021, with structural opportunities emerging but overall profitability remaining insufficient. The rise of "fixed income +" funds has been driven by uncertainties from geopolitical conflicts and trade frictions, with a renewed focus on macroeconomic narratives as of 2025 [1][2]. Group 1: Fund Performance and Strategy - The "fixed income +" fund category saw a significant growth of over 120 billion yuan in the first quarter of 2023 [2]. - The fund "Huitianfu Tiantianle Shuangying," managed by Cai Zhiwen, has achieved a cumulative return of 12.94% since its inception, outperforming its benchmark of 10.33% [2]. - Cai Zhiwen's investment approach combines deep value investing with a focus on risk management, aiming to minimize drawdowns while achieving stable returns [5][8]. Group 2: Investment Methodology - Cai Zhiwen employs a dual investment framework: a growth stock investment system using PEG-ROIC metrics and a value stock selection method based on high cash flow, high dividends, and low valuations [5][7]. - The criteria for stock selection include a ROIC greater than 15% and a PEG ratio below 0.75, ensuring a focus on companies with strong profitability and growth potential [6]. - In managing "fixed income +" products, Cai Zhiwen emphasizes stable returns and risk control, primarily investing in state-owned and central enterprise bonds while avoiding lower-rated credits [8][10]. Group 3: Equity Asset Allocation - Cai Zhiwen's equity investment strategy focuses on three main themes: controllable upstream resources, the global expansion of Chinese manufacturing, and the optimization of competition in traditional industries [12][13]. - The first theme highlights structural investment opportunities in resource sectors, including precious metals and traditional energy, driven by supply-demand dynamics [12]. - The second theme emphasizes the undervaluation of export sectors, with many companies trading at P/E ratios between 10-15, presenting significant investment opportunities [13]. - The third theme addresses the competitive landscape post-supply-side reforms, where leading firms leverage technological advancements to enhance their market positions [13].