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今年赚近30%!他的非典型周期打法:不追热点动态调整,在价值板块中捕捉高弹性
Zhong Guo Zheng Quan Bao·2025-08-25 04:54

Core Insights - Zhang Teng, a fund manager at Yinhua Fund, adopts a unique investment approach that combines energy perspectives with macro frameworks, distinguishing himself from traditional value and growth investors [1][2] - His investment philosophy emphasizes capturing structural opportunities amid uncertainty, particularly in the context of carbon neutrality and the "anti-involution" trend [1][7] Investment Philosophy - Zhang's investment framework diverges from conventional views on cyclical stocks, focusing on underlying variables that drive cycles rather than merely following price movements [2][3] - He emphasizes the importance of understanding industry logic and macro changes, using carbon neutrality as a key factor influencing investment opportunities [2][3] Performance Metrics - The Yinhua Ruihe Flexible Allocation Mixed Fund (005544) has shown significant performance, with a net value growth rate of 29.69% year-to-date and 45.77% over the past year, outperforming its benchmarks [3] "Anti-Fragile" Framework - Zhang's investment strategy is influenced by Nassim Taleb's "anti-fragile" theory, which has evolved from a risk management principle to a dynamic capability for identifying opportunities during market volatility [4][6] - The framework includes a principle of industry diversification, focusing on five main holding directions to mitigate single risks while maintaining a deep focus on core competencies [5] Sector Focus - In the context of "anti-involution," Zhang identifies investment opportunities in the non-traditional cyclical sectors of metals and chemicals, which are undergoing significant supply-demand changes [7][8] - He avoids highly debated sectors like solar energy, opting instead for industries with clear supply-side adjustments and high concentration of participants [7] Macro Insights - Zhang views the Federal Reserve's interest rate cut cycle as a critical "slow variable" that will benefit the metals sector, with different metals responding at varying paces [8] - The investment strategy involves a dynamic optimization approach, focusing on the fundamental drivers of different assets rather than a simplistic ranking of cyclical stocks [8][9]