在“反脆弱”的铠甲下寻找弹性，一位“周期猎手”的非共识狩猎

Core Insights - Zhang Teng, a fund manager at Yinhua Fund, has achieved impressive returns in traditional sectors like non-ferrous metals and chemicals, contrasting with the market's focus on AI and semiconductors [1][3] - His fund, Yinhua Ruihe Flexible Allocation Mixed Fund, reported a year-to-date net value growth rate of 29.69% and a one-year growth rate of 45.77%, significantly outperforming its benchmark [1] Investment Philosophy - Zhang Teng's investment approach evolved from being a "track-type" investor to a "systematic" investor, emphasizing the importance of adaptability in changing market conditions [3][7] - He developed a framework based on "slow variables" and "anti-fragility," allowing him to navigate market cycles and avoid the pitfalls of extreme concentration in investments [6][7] Market Trends and Opportunities - The "carbon neutrality" trend provided a testing ground for Zhang's new investment system, where he identified the value of traditional energy sources like coal as scarce assets during the energy transition [8][9] - Currently, Zhang is focusing on the "anti-involution" trend, which he believes will reshape certain industry ecosystems in China, seeking opportunities in sectors with inherent anti-involution demands [11][12] Sector Focus - Zhang's analysis of the chemical and non-ferrous sectors reveals a strategic approach to identifying investment opportunities based on industry profit distribution and market dynamics [12][13] - He emphasizes a diversified portfolio within the non-ferrous sector to capture various market drivers while adhering to his principles of "slow variables" and "anti-fragility" [13]