银华瑞和基金经理张腾：深耕“周期+价值”稀缺领域 构建“反脆弱”组合

Core Viewpoint - The investment philosophy emphasizes building a "anti-fragile" portfolio for long-term stability and value creation, rather than focusing on short-term high performance [1][2]. Group 1: Investment Philosophy - The manager, Zhang Teng, has a background in energy and mining, which aligns with his role as a fund manager [2]. - Initially, the focus was on bottom-up stock selection, but after experiencing a market downturn, the approach shifted to include macroeconomic and fixed income research, leading to the development of an "anti-fragile" investment strategy [2][3]. - The "anti-fragile" investment strategy involves diversification, risk control, and avoiding significant exposure to any single industry [2][3]. Group 2: Performance Metrics - As of August 15, 2025, the Silver Hua Ruihe Flexible Allocation Mixed Fund (005544) achieved a net value growth rate of 29.69% year-to-date, compared to a benchmark of 3.96% [4]. - Over the past year, the fund's net value growth rate was 45.77%, significantly outperforming the benchmark of 15.23%, ranking 84 out of 415 in its category [4]. Group 3: Market Insights - The "anti-involution" policy is expected to have a profound impact on various industries, with a focus on sectors like nonferrous metals and chemicals that have potential for growth and elasticity [4][5]. - Zhang Teng identifies investment opportunities in industries benefiting from the "anti-involution" policy, particularly those with steep supply curves and cost differences [5][6]. - The current economic environment, including the Federal Reserve's interest rate cuts, presents a favorable investment opportunity in industrial metals [6][7].