□本报记者杨皖玉 "不是所有回撤都能收复失地。"见惯了股市的跌宕起伏，易方达基金刘健维在他的投资中始终强调"确 定性"。 在投资时，刘健维也非常强调以好价格买入。"即使一家公司非常优秀，若在高估期买入也会产生亏 损，价格很重要。" 对于买卖决策，他明确表示，会在个股估值相对合理、具备市值增长空间时买入，在行业或个股投资逻 辑发生变化或泡沫化时果断卖出。 从选择景气行业到精选优质个股，再到以好价格买入……这些动作都在追求所谓的"确定性"，力争获取 更好的风险收益比。 "投资最大的挑战在于不断筛选出好的行业和公司。"刘健维坦言，在不同行业间的切换，从长期来看， 为投资穿越周期提供了可能。 成长投资是不断成长的过程 中国证券报：你经历了A股几轮周期，其中有哪些让你印象深刻的事情？ 刘健维：2014年入行后，见证了2015年互联网标的大涨以及2016、2017年TMT行业表现不尽如人意的 过程，也看到过许多十倍股诞生之后又跌超80%、90%，给我留下了很深的印象。 除此之外，上一轮新能源行情也让我印象深刻。我自2019年开始管理基金，亲身参与了这轮行情，对于 新能源板块，从牛股频出到后面的深度调整，我的感受更加真切。 ...

Group 1 - The report emphasizes the application of DeepSeek's AI capabilities to reconstruct classic investment strategies in the domestic market, particularly focusing on the bond strategies of Salomon Brothers [1][12]. - DeepSeek successfully adapts Salomon Brothers' bond investment strategies to the domestic bond market by analyzing key factors such as expected yield, convexity, and duration for interest rate bonds, as well as spreads and premiums for credit bonds [1][21]. - The results indicate that DeepSeek's strategies enhance portfolio returns and Sharpe ratios through dynamic adjustments in the weight of interest rate and credit bonds [1][23]. Group 2 - The report highlights the adaptation of Berkshire Hathaway's (BRK) value investment strategy in the A-share market, focusing on long-term compounding, moat identification, and margin of safety [2][35]. - DeepSeek constructs a dual model for stock selection based on business models and financial metrics, outperforming the market by emphasizing brand strength, cost advantages, and moat characteristics [2][38]. - The report also discusses the simulation of ARK's growth investment style, showcasing a focus on disruptive growth sectors and the construction of strategies that leverage momentum and sector performance [2][46]. Group 3 - The report outlines the balance and switching between value and growth styles using DeepSeek, providing specific strategies for each style to adapt to varying market conditions [3][34]. - DeepSeek's "AI+BRK" strategy focuses on commercial value selection, which is beneficial during economic downturns, while the "AI+ARK" strategy emphasizes innovation and quality in growth stocks [3][52]. - The report concludes that the integration of AI with classic investment paradigms can preserve and extend the essence of these strategies across different market environments [3][30].