Core Viewpoint - The current spring market has entered its second phase, focusing on the valuation recovery of undervalued assets after a year-long market rally [1] Market Analysis - There is a strong demand for market rebalancing from a quarterly to a semi-annual perspective, indicating a shift towards undervalued assets [1] - Many sectors have completed their valuation uplift, and truly cheap assets are limited, suggesting a transition to the valuation recovery phase for undervalued segments [1] Investment Strategy - The fundamental performance is not the primary driver of the current market rally; instead, global macro narratives and technological advancements are leading the way [1] - The company suggests a barbell strategy for investment: one end focuses on traditional quality leaders with low valuations and high cost-performance ratios, while the other end targets the entire tech chain represented by AI [1] - The horizontal part of the barbell strategy includes consumer and cyclical assets [1]
鹏扬基金张勋：春季行情进入下半场，关注低估值资产的估值修复
Zhong Zheng Wang·2026-02-10 13:40