对话中欧价值派：一场关于长期、理性与专注的深谈

Core Viewpoint - Value investing remains a timeless topic in the Chinese capital market, with few investors successfully implementing its core principles over the long term [2][3]. Group 1: Value Investment Characteristics - Excellent value fund managers possess traits such as independence, objectivity, long-term investment focus, contrarian decision-making, perseverance, and prudence [3]. - The CSI 800 Value Index has shown superior performance compared to the CSI 800 Growth Index over the past decade, with better annualized returns and lower maximum drawdowns [3]. Group 2: Long-term Value Investment in Domestic Fund Companies - China Europe Fund is one of the few companies with a strong tradition of long-term value investing, boasting a team of seven value fund managers with an average experience of over 13 years [6]. - The value team at China Europe Fund has generated over 10 billion in profits this year, indicating the effectiveness of a diversified value team built on an "industrialized" research system [6]. Group 3: Individual Fund Manager Insights - Blue Xiaokang, head of the value team at China Europe Fund, manages over 25 billion and has consistently outperformed benchmarks since 2019 [8]. - Blue Xiaokang emphasizes insights, valuation, systematic thinking, rationality, and altruism in his investment philosophy, focusing on macroeconomic trends [8][9]. - He believes that the valuation of Chinese financial stocks is underestimated and that the bad debt ratio in the domestic banking sector will not be as pessimistic as previously thought [9]. Group 4: Team Dynamics and Decision-Making - The decision-making process within the value team at China Europe Fund is characterized by equality and open communication, with the team leader fostering a collaborative environment [14][16]. - Each fund manager in the team has unique characteristics and investment styles, contributing to a diverse and effective investment approach [15][21]. Group 5: Long-term Investment Philosophy - The long-term thinking of the management and shareholders at China Europe Fund supports the implementation of a long-term strategy, enhancing governance advantages [26]. - The company is committed to continuous organizational innovation and has introduced an "industrialized" research system to support its long-term investment philosophy [26][27].