Core Viewpoint - Liu Zheng's investment strategy emphasizes a low valuation value investment approach, which has shown resilience and adaptability in the face of market fluctuations, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - The selection of stocks is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued assets with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks, to address higher market volatility [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and advocating for a return to fundamental business logic [3]. - The investment strategy prioritizes a comprehensive understanding of risk-reward ratios over rigid left-side or right-side positioning, allowing for flexibility in purchasing decisions based on future growth potential [3]. Market Outlook - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve, providing fertile ground for excess returns [5]. - Liu Zheng identifies structural opportunities in sectors such as domestic demand, resources, midstream manufacturing, and technology, despite existing macroeconomic pressures [5]. - The risk premium levels in the market remain above historical medians, indicating that overall valuations are still within a reasonable range [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with significant discounts for H-shares compared to A-shares, presenting unique investment opportunities [6]. - Liu Zheng highlights the presence of high-quality assets in the Hong Kong market that are not easily found in the A-share market, reinforcing the case for portfolio diversification [6]. - The analysis suggests that despite short-term uncertainties, there is confidence in the long-term potential of the Hong Kong market, driven by structural factors and relative valuation advantages [6].
中庚基金刘晟：坚持低估值价值策略 构建穿越周期的科学组合
Zhong Guo Zheng Quan Bao·2025-11-17 00:55