Zhong Guo Ji Jin Bao·2025-11-04 04:01Core Insights - The article discusses the third-quarter report of Jiang Cheng, a well-known fund manager at Zhongtai Asset Management, highlighting his investment strategies and portfolio adjustments in response to market conditions [1][3][12]. Fund Performance and Adjustments - Jiang Cheng's funds maintained a high level of stability with passive adjustments, showing no new stocks added to the heavy positions during the quarter [3][4]. - Despite the A-share market reaching a 10-year high, Jiang Cheng's performance slightly lagged behind the benchmark, indicating a conservative approach amidst a market driven by emerging industries [3][5]. - The total assets under Jiang Cheng's management decreased by nearly 400 million yuan, reaching 12.219 billion yuan by the end of the third quarter of 2025 [4]. Investment Strategy - Jiang Cheng's strategy involved a "buy low, sell high" approach, where he reduced positions in stocks that had appreciated significantly while increasing holdings in those that had declined [6][12]. - In the third quarter, Jiang Cheng increased his positions in bank stocks significantly, with a 46.23% increase in Hong Kong's Industrial and Commercial Bank and a 25.06% increase in A-share's China Merchants Bank [9][10]. - The focus remained on sectors like construction, real estate, and banking, with a notable lack of engagement in high-growth technology stocks [5][12]. Portfolio Composition - The concentration of holdings in Jiang Cheng's funds slightly increased, with Zhongtai Xingyuan and Zhongtai Yuheng reaching 72.12% and 72.40% respectively [8]. - Jiang Cheng's funds saw net redemptions, prompting adjustments in heavy positions to comply with regulatory limits [6][7]. Market Outlook - Jiang Cheng emphasized a long-term investment perspective, focusing on the overall potential of assets rather than short-term fluctuations [12][13]. - He acknowledged the rapid demand growth in sectors like artificial intelligence and new energy, while maintaining a cautious stance on the current market dynamics [12].