Core Viewpoint - The development of Zhonggeng Fund is under scrutiny following the departure of key research personnel in 2024, with a focus on how the firm will maintain its "low valuation value investment" style and performance curve [1] Group 1: Investment Strategy - Liu Sheng, the research director and fund manager, emphasizes a core framework of "low valuation value investment based on uncertainty pricing," maintaining an absolute return mindset [2][3] - The investment strategy aims for high risk exposure in low-risk, high-growth sectors while dynamically adjusting the portfolio to ensure high cost-effectiveness and excess returns [3] - The fund's approach is characterized by a stable low valuation level, which provides resilience against market fluctuations and avoids emotional style swings [3] Group 2: Team Dynamics and Culture - The departure of core research personnel has led to a focus on how Zhonggeng Fund will continue its investment style, with Liu Sheng stating that the firm has always emphasized a research-driven culture rather than relying on "star fund managers" [4] - The approximately 30-member research team covers major sectors, and a flat management structure encourages direct participation in portfolio discussions to enhance decision-making efficiency [4] - The new research team has stabilized, with different fund managers forming differentiated allocations under a unified methodology, summarized as "one system, multiple expressions" [4] Group 3: Market Outlook - Liu Sheng believes that the market is on the brink of recovery for active equity products, with increased fundamental signals and reduced competition [5] - The current market is in a structural resonance phase, balancing high trading activity in technology sectors with improving supply-demand dynamics in resources and manufacturing [6] - The Hong Kong stock market remains a focus for Zhonggeng Fund, with some assets showing significant discounts compared to A-shares, particularly in globally competitive internet platforms and innovative pharmaceutical companies [6]

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]