海富通基金江勇： 不给基金持有人短期“惊喜”或“惊吓”

Core Viewpoint - The current A-share market is entering a slow bull phase driven by dual factors of valuation recovery and profit improvement [1][5] Group 1: Market Conditions - The banking sector offers an average dividend yield exceeding 4%, significantly higher than the 10-year government bond yield, indicating a favorable investment environment [1][5] - There is an expectation of a rebound in profitability for cyclical industries, contributing to a positive market sentiment [1][5] Group 2: Investment Strategy - The company employs a strategy of "extreme diversification + safety margin" to manage potential market volatility, utilizing quantitative models to identify undervalued and profit-stable targets [1][2] - The investment philosophy is based on "absolute return," with a focus on dynamic asset allocation in different market conditions to capture rotation opportunities [2][5] Group 3: Portfolio Management - The company practices "industry balanced distribution and individual stock diversification," aiming to provide a stable long-term holding experience for investors [3][4] - The portfolio typically includes over 150 stocks, with no single stock exceeding 1% of total holdings, ensuring a well-diversified investment approach [3][4] Group 4: Sector and Stock Selection - The company emphasizes both low valuation and profit growth in stock selection, avoiding "valuation traps" while ensuring that profit does not decline in the medium to long term [3][4] - The current valuation levels in the A-share market, particularly in traditional industries, are considered reasonable, with a focus on sectors like banking where the average price-to-book ratio is only 0.7 [5] Group 5: Bond Market Outlook - The company maintains a cautious stance on the bond market, noting that interest rates are at historical lows with limited room for further decline [6] - In the credit bond space, the focus is on mid to short-duration products due to current market volatility and yield levels [6]