博道基金张建胜：追求成长但不为高溢价“买单”

Core Viewpoint - The current market equates "investing in technology" with "buying AI," with popular sectors like optical modules seen as entry points into the AI trend. However, fund manager Zhang Jiansheng from Bodao Fund adopts a unique investment style that focuses on early-stage opportunities rather than chasing hot stocks, achieving significant returns through a diversified approach [1][2]. Investment Strategy - Zhang's investment framework emphasizes a "bottom-up, moderately diversified, and balanced growth" approach, with a strong focus on valuation and drawdown control. His cautious risk preference stems from his early career experiences during market volatility [2][3]. - He employs a "left-side trading" strategy, setting target market value ranges for companies and gradually selling once stock prices enter these pre-set areas, avoiding high premium purchases [2][3]. Market Insights - Zhang believes that leading companies with high market attention require deep industry knowledge to generate excess returns. He prefers to identify "left-side" targets with lower market attention and reasonable valuations, which helps manage downside risks [3][4]. - His portfolio is diversified across high-end manufacturing, TMT, and consumer sectors, with no single industry exceeding 25% of holdings, resulting in better drawdown control compared to other growth-style fund managers [3][4]. Portfolio Construction - Zhang's focus on valuation allows him to uncover opportunities in less popular market segments, such as his early 2024 positioning in the Hong Kong stock market and the innovative drug sector in 2025, where he aimed to capitalize on valuation recovery [4][5]. - He combines valuation assessments with industry trend analysis, as seen in his 2025 investments in semiconductor storage, where he identified low valuations alongside positive industry signals [5][6]. Future Market Outlook - Zhang maintains an optimistic view on the A-share market, supported by a significant decrease in risk premiums, ongoing regulatory support, and signs of corporate earnings recovery [6][7]. - He plans to focus on three main areas in 2026: AI applications, resource sectors benefiting from "re-industrialization" and "re-globalization," and valuation recovery opportunities in traditional industries like chemicals and consumer goods [6][7][8].