一图看懂：主动优选基金经理，在2025年半年报里都说了啥？

Core Viewpoints - The article provides an overview of fund managers' perspectives and performance in the first half of 2025, highlighting different investment styles and strategies adopted by various fund managers [1][2]. Group 1: Investment Styles - Fund managers are categorized into different styles, including deep value, growth value, and balanced styles, each with distinct investment preferences [7][40]. - Deep value managers focus on low valuation metrics such as low P/E ratios and high dividend yields, often investing in sectors like finance, real estate, and energy [10][12]. - Growth value managers prioritize companies with strong profitability and cash flow, often investing in technology and innovative sectors [18][20]. Group 2: Performance Insights - Deep value style has shown mixed performance, with notable success from 2021 to 2024, while facing challenges in 2019-2020 [14][15]. - Growth value managers express optimism about sectors like technology and AI, indicating a shift from imagination to practical applications [20][22]. - Balanced style managers emphasize a combination of growth and value, focusing on sectors with high potential returns while managing risks [40][44]. Group 3: Market Outlook - Fund managers generally expect a stable economic environment in the second half of 2025, with potential for growth despite uncertainties in global trade and domestic consumption [33][34]. - There is a consensus on the importance of identifying undervalued stocks and sectors, particularly in banking and cyclical industries, as they present attractive investment opportunities [22][29]. - The ongoing "anti-involution" policies are anticipated to positively impact various sectors, including traditional manufacturing and emerging industries [29][60]. Group 4: Sector Focus - Fund managers are increasingly focusing on sectors such as healthcare, technology, and consumer goods, which are expected to benefit from structural changes in the economy [29][52]. - The emphasis on AI and innovative technologies is prevalent, with many managers believing these sectors will drive future growth [48][79]. - There is a notable interest in resource sectors, particularly precious metals, as a hedge against geopolitical uncertainties and inflation [21][22].