黄志钢现任南华基金总经理助理兼量化投资部总经理。这位拥有17年量化投资经验的"老将"是南开大学 金融学硕士，曾历任国联安基金、金鹰基金等重要职务。 黄志钢对记者表示，他的量化投资框架可以概括为"价值选股，双重轮动"。价值选股方面，他在量化模 型中提取出的核心因子，包括了DR（股利支付比例）、ROE（净资产收益率）、EP（盈利收益率） 等。预测每家公司的ROE和EP，是量化模型运作的第一步，第二步是将该结果代入公式计算出IR（潜 在收益率）值，再根据IR值进行排序，选择排名相对靠前的股票构建投资组合。 黄志钢指出，这种方法旨在寻找价值投资中的好公司、好价格。不同于人为主观层面的判断，量化投资 具有相对客观、高效、纪律性强等优点。在具体操作中，将企业未来ROE和EP作为衡量"好公司"和"好 价格"的两个核心指标，将其代入长期研究形成的系列模型公式中，计算出该只股票的潜在收益率，以 完成筛选。在价值定价的同时，黄志钢还会关注个股的"安全边际"构建。黄志钢表示，在他的量化模型 中，会有一系列构建"安全边际"的方法，如估值水平低、低市盈率、高股息等指标。 需要指出的是，按照这样的方式选出来的股票，并不是固定不变的，而是 ...

Group 1 - The core concept of the report is the establishment of the CICC Wealth Public Fund 50 Selection Pool, which aims to identify approximately 50 outstanding fund managers and around 20 industry-themed funds through a combination of qualitative and quantitative analysis since its launch in July 2021 [2][65] - The selection pool covers various asset classes and investment strategies, including value stock selection, growth stock selection, and industry themes, aiming to provide a diversified investment approach [2] Group 2 - The performance of the Public Fund 50 Selection Pool (equity category) has consistently generated positive alpha, outperforming the average performance of mixed equity funds and ordinary stock funds since its inception [7][65] - The average performance of the Public Fund 50 Selection Pool (equity category) over the past three years is 38.7%, compared to 31.0% for the CSI 300 Index [8][9] - As of the end of October, the year-to-date average return for the Public Fund 50 Selection Pool (equity category) is 29.4%, outperforming the average return of other equity funds [13][14] Group 3 - In October, the market experienced a rotation in style, with traditional defensive assets outperforming previously leading growth sectors, indicating a shift towards value stock selection [18] - The industry theme performance showed a rotation, with previously strong sectors like pharmaceuticals and technology experiencing pullbacks, while cyclical sectors began to see opportunities [24] Group 4 - The top 10 fund managers in the Public Fund 50 Selection Pool achieved an average performance of 67.4% year-to-date, with notable performances from managers focusing on sectors such as coal, non-ferrous metals, and energy [30][33] - The report highlights specific fund managers' strategies, such as focusing on innovative pharmaceuticals and AI-driven technology sectors, indicating a strong belief in the growth potential of these areas [45][51][61] Group 5 - The performance of the Public Fund 50 Selection Pool (debt category) has been influenced by rising risk aversion and declining long-term interest rates, with pure debt funds performing better in the current market environment [37] - The report suggests that for investors seeking stable returns, the value of debt market allocations is increasing, particularly in mixed debt funds and primary and secondary debt funds [37][39]

Core Viewpoint - The AI Fund Xingzheng Global Dividend Mixed A (021247) reported a profit of 5.609 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0586 yuan, and a net value growth rate of 5.2% during the reporting period [3] Fund Performance - As of July 21, the fund's unit net value was 1.102 yuan, with a net value growth rate of 9.43% over the past three months, ranking 344 out of 607 comparable funds [4] - The fund's six-month net value growth rate was 13.83%, ranking 181 out of 607, and the one-year growth rate was 16.58%, ranking 381 out of 602 [4] - Since inception, the fund has achieved a Sharpe ratio of 1.4025 [8] - The maximum drawdown since inception was 6.82%, occurring in Q2 2025 [11] Fund Management Strategy - The fund manager, Zhang Xiaofeng, emphasizes a balanced industry approach and value stock selection, maintaining a focus on reasonable valuations and stable fundamentals [3] - The fund's average stock position since inception was 71.31%, compared to the industry average of 85.36%, with a peak stock position of 86.62% at the end of Q1 2025 [14] Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 105 million yuan [16] - The top ten holdings of the fund include China Merchants Jinling, Jiangsu Bank, HSBC Holdings, COSCO Shipping Holdings, Gree Electric Appliances, Sichuan Road and Bridge, Agricultural Bank of China, Bank of Beijing, Industrial and Commercial Bank of China, and China Shenhua Energy [19]

Core Viewpoint - The article discusses the recovery of A-shares due to the end of tariff shocks and the return of low interest rates and risk appetite, emphasizing the importance of timing and style rotation in investment strategies [2]. Investment Philosophy - The investment philosophy centers on "value stock selection, technical timing, and prioritizing capital safety," focusing on steady investments and capturing opportunities during market corrections [5]. - The advisor emphasizes the importance of timing in investments, advocating for a right-side trading approach that allows for better investor experience [6]. Valuation and Safety Margin - Valuation assessment combines both art and science, relying on financial data and industry trends while also considering market conditions [7]. - Key indicators for judging valuation include historical comparisons, industry benchmarks, and dynamic PE ratios, with a cautious approach to maintaining a safety margin [8]. Stock Selection Strategy - The advisor prefers a bottom-up stock selection strategy, focusing on individual company fundamentals rather than macroeconomic trends [9]. - A good company is defined by reasonable valuation, consistent profit growth exceeding 20%, significant competitive advantages, and strong cash flow [10]. Financial Statement Analysis - Financial statements are crucial for assessing a company's operational status and identifying potential risks, requiring a thorough understanding of historical data [11][12].