Core Viewpoint - The article emphasizes the resilience and effectiveness of the "deep value" investment style, particularly through the strategies employed by Cai Zhiwen of Huatai-PineBridge, who has successfully navigated market fluctuations and achieved strong performance in both downturns and recovery phases [2][11]. Performance Overview - Cai Zhiwen's managed products have shown significant performance, with returns of 89.03% for Huatai-PineBridge External Growth Theme Stock A since December 2019, 47.81% for Huatai-PineBridge Brand Power One-Year Holding Mixed A since March 2022, and 59.74% for Huatai-PineBridge Strategic Selected Small and Medium Cap Value Three-Year Holding A since March 2023 [3][4]. Investment Framework - The investment framework includes two main criteria: "PEG-ROIC" for growth stocks, where PEG should be less than 0.75 for A-shares and 0.5 for Hong Kong stocks, and ROIC should exceed 15% [3][4]. - The second criterion is "Two Highs and One Low," focusing on high ROIC, high dividends, and low valuations to identify stable value stocks [4]. Research Methodology - Cai Zhiwen invests nearly 200 days annually in industry research, engaging with experts and employing methods like "cross-industry verification" and "long-term tracking" to build a unique understanding of value [5][12]. - In the home appliance sector, he identified leading companies with stable market shares that have achieved consistent performance through product upgrades and overseas market expansion [5][6]. Sector Insights - In the oil industry, Cai Zhiwen identified a leading oil company with low valuation and high dividend yield, benefiting from a lack of new production capacity globally [6]. - In the renewable energy sector, he noted a shift in the battery industry characterized by halted overseas expansions and emerging demand, leading to increased pricing power for leading companies [7]. Cross-Market Strategy - Cai Zhiwen's strategy extends beyond traditional sectors, leveraging the unique attributes of the Hong Kong market, where quality stocks often experience significant price corrections due to short-term market sentiment [9][10]. - His rigorous selection criteria for Hong Kong stocks include additional requirements such as a dividend yield greater than 5% and a cash flow coverage ratio above 1.2 [10]. Product Design and Investor Solutions - The product offerings are categorized into equity products, such as Huatai-PineBridge External Growth and Huatai-PineBridge Brand Power, and fixed income plus products, catering to different investor needs [13][14]. - The design of holding periods ranges from open-ended to one-year and three-year holding periods, allowing investors to match their risk preferences and liquidity requirements [15]. Conclusion - Cai Zhiwen's deep value investment approach is characterized by a systematic and adaptable framework that transcends market cycles, focusing on fundamental understanding and strategic positioning to uncover value opportunities [17][18].