基金分析报告：深度价值基金池202602：保持绝对收益

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The deep - value fund pool has a long - term stable performance, with an annualized return of 12.63% from February 2, 2015, to February 6, 2026, and an annualized excess return of 10.02% compared to the CSI 300. It also has an annualized volatility of 19.98% and an annualized Sharpe ratio of 0.63, indicating high - return stability. The excess return mainly comes from dynamic adjustment, style, and stock - picking, and it shows strong absolute returns even in a growth - dominant market. The current portfolio has increased its holdings in the consumer sector and reduced those in the manufacturing sector [7][12][15]. 3. Summary by Directory 1.1 Deep - Value Investment Concept Introduction - Deep value is a "cigarette - butt" investment method from Graham. Value investment can be divided into deep value, growth value, and prosperity value. It emerged during the 1929 - 1933 US economic depression. However, the current PB factor return has slightly declined, and the dispersion has decreased, weakening the value - style allocation advantage [7][10]. 1.2 Deep - Value Fund Pool: Stable Historical Returns and High Risk - Return Ratio - From February 2, 2015, to February 6, 2026, the deep - value fund pool had an annualized return of 12.63%, an annualized excess return of 10.02% compared to the CSI 300, an annualized volatility of 19.98%, and an annualized Sharpe ratio of 0.63. It showed stable annual absolute returns, and the excess return mainly came from dynamic adjustment, style, and stock - picking. It prefers low - momentum, low - elasticity, and low - volatility styles, with prominent value attributes and a current bias towards small and mid - cap stocks. The industry allocation is mainly in finance and cyclical sectors, and the new period has increased consumer sector holdings and reduced manufacturing ones [7][12][15]. 2.1 Definition of Deep - Value Funds - Deep - value funds are defined by the absolute low - valuation characteristics of their holdings. The research objects are active equity funds, with a sample size of fund managers with over 1 - year tenure and current scale over 100 million yuan, excluding fixed - term and holding - period products. The funds should have an average equity position of over 60% since the current fund manager took over and an average proportion of the top ten heavy - holding stocks in stock investments of over 35%. Funds with positive average factor exposures of heavy - holding stocks during the management period and in the past year in the BP factor and ranking in the top 1/3 are defined as value - type funds [23]. 2.2 Screening of the Deep - Value Fund Pool - The deep - value fund pool is screened by selecting funds with high expected net profits of holdings. The current portfolio includes funds such as HSBC Jintrust New Power A, Wanjia Select A, etc., with details of fund codes, managers, scales, and this - year's returns provided [24]. 3. Multi - Dimensional Analysis of Portfolio Funds - HSBC Jintrust New Power A: Pursues good companies at good prices, uses the DCF cash - flow model for valuation, and internalizes various factors to obtain alpha through in - depth research [26]. - Wanjia Select A: Has strong judgment of the macro - economic environment, an absolute - return mindset, and focuses on valuation. Its holdings have low - valuation characteristics, and recent holdings are concentrated in the coal sector, with trading and long - tail holdings contributing relatively high returns [28]. - Xinyuan Digital Economy A: Aims to achieve low volatility, focuses on risk control, reduces fund drawdowns through position adjustment and industry diversification, and pursues long - term stable asset appreciation [31]. - Anxin Enterprise Value Selection A: Holds the concept of buying and holding good companies at good prices for a long time, focuses on finding companies with sustainable profitability, competitive advantages, and reasonable valuations, and combines industrial and financial perspectives [33]. - Huatai - Peregrine Growth Smart Selection A: Considers the safety margin as the cornerstone of investment, evaluates the downside risk of investment targets through multiple indicators, dynamically adjusts the portfolio according to macro factors, controls the single - industry position, diversifies in the manufacturing sector, focuses on the manufacturing field, and promotes a floating - fee mechanism [37]. - ICBC Value Selection A: Emphasizes investing within familiar industries and companies, focuses on traditional industries such as public utilities, large finance, and manufacturing for a long time, and believes that it can better grasp the industrial cycle and enterprise value within the ability circle [40]. - ICBC Innovation Power: Adheres to the value - investment concept, focuses on finding companies with long - term stable profitability and reasonable valuations, and selects companies based on in - depth research of fundamentals [43]. - ICBC New Wealth: Focuses on multi - dimensional balanced allocation of industries and styles, avoids over - concentration in a single industry or stock, and evaluates individual stocks from three dimensions of business model, competitive advantage, and life cycle, combining quantitative and qualitative analyses [45]. - Harvest Industry Selection A: Focuses on digging the intrinsic value of enterprises, emphasizes buying high - quality assets at a reasonable or undervalued price, and internalizes factors such as a company's competitive advantage, business model, and industry space into the valuation system through methods like the DCF cash - flow model to protect the safety margin [48].