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银华基金张腾:深刻理解能源格局 做非典型周期捕手
Zhong Guo Zheng Quan Bao·2025-08-25 00:04

Core Viewpoint - Zhang Teng, a fund manager at Yinhua Fund, adopts a unique investment approach that combines macroeconomic insights with industry logic, focusing on capturing structural opportunities in the context of carbon neutrality and "anti-involution" trends [2][3][8] Investment Philosophy - Zhang's investment framework diverges from traditional views on cyclical stocks, emphasizing the identification of underlying variables that drive cycles rather than merely following price movements [3][4] - The investment strategy is characterized by a focus on sectors like coal, non-ferrous metals, and chemicals, which are seen as having significant short-term elasticity and potential for high returns [4][10] Performance Metrics - The Yinhua Ruihe Flexible Allocation Mixed Fund (005544) achieved a net value growth rate of 29.69% year-to-date and 45.77% over the past year, significantly outperforming its benchmark [4] Macro Insights - Zhang identifies the Federal Reserve's interest rate cut cycle as a critical "slow variable" that will benefit the non-ferrous metals sector, with different metals responding at varying paces [10] - The geopolitical landscape is also influencing the pricing logic of strategic metals, which were previously undervalued and are now seen as promising investment opportunities [10] Dynamic Strategy - The investment approach involves dynamic optimization of the portfolio, focusing on the fundamental drivers of different assets rather than a simplistic ranking of cyclical stocks [10] - Zhang's strategy is not merely a short-term speculative play but is based on a long-term restructuring of industry logic, similar to his sustained investments in carbon neutrality themes [10]