在2024年投研核心人员离任后，中庚基金的发展备受市场关注。这家以"低估值价值投资"而闻名的机 构，将会如何延续其自身风格与业绩曲线，成为投资者关注的焦点。 作为研究总监兼基金经理的刘晟，正是在这一关键节点走上前台。面对市场风格的频繁切换，刘晟 以"基于不确定性定价的低估值价值投资"为核心框架，坚持绝对收益思维，在顺风中保持克制，在逆风 中坚守方法论。他在接受证券时报记者采访时表示，随着市场的波动与修复，他将和中庚基金的投研团 队一起迈向"体系共治"的新阶段。 低风险源于研究与敬畏 刘晟拥有逾十年证券从业经验，他于2024年起管理中庚价值领航基金。回顾过去一年，他认为投资实践 经历了"回撤与修复"：2024年下半年至2025年初，组合在红利风格下承受压力，但底层选股仍贡献正向 阿尔法；2025年一季度后，随着基本面线索增加，产品反弹并实现不错超额收益。 刘晟并不回避市场波动带来的检验。"逆风期并不意味着策略失效。我们始终相信，市场终会奖励那些 在科学的策略体系中坚持的人。"在刘晟看来，做到"顺风不自喜，逆风不焦虑"，长久的稳定性才能支 撑投资组合的长期收益。 这种稳定性，源于中庚基金长期坚持的基于不确定性定价 ...

Group 1 - The core viewpoint of the news is that multiple public funds have disclosed their mid-year reports, revealing their investment strategies and stock holdings, with a focus on high-growth stocks and value investment strategies [1][3][4] - Several funds, such as Yongying Technology and Yongying Medical Innovation, have reported significant year-to-date returns, with the former achieving 146.23% and the latter 108.94% [3][4] - Fund managers emphasize the importance of focusing on high-growth sectors like electronics and pharmaceuticals, while also seeking undervalued stocks with growth potential [4][5] Group 2 - Specific investment strategies include identifying high-growth companies and maintaining a diversified investment approach to mitigate risks associated with market volatility [5][6] - Fund managers are particularly interested in sectors with strong demand and supply dynamics, such as technology hardware, advanced manufacturing, and real estate [6][7] - Long-term optimism for A-shares and Hong Kong stocks is expressed, highlighting the potential for sustained returns from quality companies in these markets [6][7]

Group 1 - The Hong Kong stock market has attracted significant capital inflow this year, with southbound funds totaling HKD 884.38 billion as of August 5, surpassing last year's total and setting a new record [1] - The Qianhai Kaiyuan Hong Kong Stock Connect Value Navigation Mixed Fund focuses on low-valuation investment opportunities in the Hong Kong market, aiming to select quality companies with reasonable valuations [1][3] - The fund raised over HKD 1.1 billion since its launch on July 14, 2023, making it one of the top-performing actively managed equity funds in Hong Kong this year [1] Group 2 - As of June 30, 2025, the Hang Seng Index's price-to-earnings ratio stands at 10.68, significantly lower than other major global indices, indicating a valuation opportunity [2] - The Hong Kong market is expected to see improved profitability in 2024, with a 0.65% increase in revenue and a 9.08% increase in net profit attributable to shareholders [2] - The fund manager believes that after four years of adjustment, the Hong Kong market's valuations remain low, providing substantial room for recovery [2] Group 3 - The fund employs a PB-ROE strategy to select 20-30 Hong Kong listed companies with low price-to-book ratios and high return on equity, focusing on those with growth potential [3] - The investment strategy is designed to enhance performance while managing risks, with a focus on industry leaders and growth stocks with strong fundamentals [3] - The outlook for the Hong Kong market remains positive, driven by global economic recovery, loose monetary policy, and advancements in AI technology [3]