吴承根之前和丘栋荣一起合管过中庚价值灵动灵活配置。 来源：硬核姬老板 好久没盘基金经理动向了，最近有一些动态值得说一下。 一、中庚基金的吴承根也跳槽去广发了 前阵子有人在后台给我留言问我吴承根去哪了。 他不提醒我都不知道吴承根已经离职了，周末看见动向，原来他也跳槽去广发了…… 这只基金他们内部定位是非常清晰的，他们不做工具类产品，就是低估值价值策略下的低波动、具备资 产配置功能的产品。 后面丘离任后，吴承根开始独挑大梁，截至离职，中庚价值灵动灵活配置5年收益166%，同时回撤控制 的也不错。 也算是丘之后，中庚另外一个被认可的基金经理了。 其实丘那时候要走，他们所有基金经理全部出来路演了一下，当初我也在会议里面听了一下，说实话， 如果他们能前置这个事情就好了。 其他基金经理说的也非常好，大家都各有特点。 其中吴承根的特点是低估值的价值投资策略。 他是以绝对收益为导向，严格控制回撤，核心在于从中微观层面寻找低估值、高预期回报的结构性机 会，尤其关注供给侧有约束、需求有空间或平衡的行业。 并反对简单追逐高分红策略（主要是因为单因子策略风险较高，除非与其他因子比如说周期成长、资本 供给、创新等叠加以降低风险），整体 ...

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low valuation value investment approach, which has shown resilience and adaptability in the face of market fluctuations, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - The selection of stocks is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued assets with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks, to address higher market volatility [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and advocating for a return to fundamental business logic [3]. - The investment strategy prioritizes a comprehensive understanding of risk-reward ratios over rigid left-side or right-side positioning, allowing for flexibility in purchasing decisions based on future growth potential [3]. Market Outlook - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve, providing fertile ground for excess returns [5]. - Liu Zheng identifies structural opportunities in sectors such as domestic demand, resources, midstream manufacturing, and technology, despite existing macroeconomic pressures [5]. - The risk premium levels in the market remain above historical medians, indicating that overall valuations are still within a reasonable range [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with significant discounts for H-shares compared to A-shares, presenting unique investment opportunities [6]. - Liu Zheng highlights the presence of high-quality assets in the Hong Kong market that are not easily found in the A-share market, reinforcing the case for portfolio diversification [6]. - The analysis suggests that despite short-term uncertainties, there is confidence in the long-term potential of the Hong Kong market, driven by structural factors and relative valuation advantages [6].

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][3] Investment Strategy - The investment framework is rooted in a "low-valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [1] - Stock selection alpha is deemed essential for the portfolio's survival, focusing on fundamentally sound companies with low valuations and high implied returns [1] - The strategy is not static; it evolves through practice, incorporating risk management and liquidity considerations, especially when expanding into Hong Kong stocks [1] Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and advocating for a return to fundamental business logic [2] - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve [3] - Structural opportunities are identified in domestic demand, resources, midstream manufacturing, and technology sectors, despite existing macroeconomic pressures [3] Market Valuation Insights - The dynamic assessment of market conditions indicates that the risk premium for the CSI 800 index remains above historical medians, suggesting overall valuations are still reasonable [4] - In contrast, the Hong Kong market shows a low risk premium due to high benchmark yields, presenting unique investment opportunities, particularly in H-shares that are undervalued compared to A-shares [4]

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, achieving over 50% annual returns as of November 7 this year [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low-valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - Stock selection alpha is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued stocks with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and emphasizing a return to fundamental business logic [3]. - The core of the strategy is not about "left-side" or "right-side" buying but ensuring a "low valuation throughout the entire lifecycle" with a favorable risk-reward ratio [3]. Current Market Outlook - Liu Zheng is optimistic about the equity market, believing that active equity funds are experiencing a cyclical return as the economy begins to recover [5]. - He identifies structural opportunities in domestic demand, resources, midstream manufacturing, and technology sectors, despite ongoing macroeconomic pressures [5]. - The investment team uses a dynamic assessment model based on equity risk premium, indicating that the current valuation remains within a reasonable range despite recent market increases [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with the Hang Seng Index's risk-free rate benchmark remaining high compared to U.S. Treasury yields [6]. - Liu Zheng highlights three considerations for investing in Hong Kong stocks: significant discounts of 30%-50% for H-shares compared to A-shares, unique high-quality assets in the Hong Kong market, and the relative undervaluation of certain stocks due to structural market factors [6].

Core Viewpoint - The core viewpoint emphasizes the importance of stock selection alpha as a key support for navigating market cycles and achieving long-term returns through a low-valuation value investment strategy [1][2]. Group 1: Investment Strategy - The investment strategy is centered around low-valuation value investing, focusing on "valuation + fundamentals" to identify high cost-performance targets [2][3]. - The company maintains a balanced approach in asset and industry allocation, avoiding excessive deviation while leveraging stock selection alpha to convert previous negative excess returns into positive ones [2][3]. - The investment team evaluates valuation levels, implied returns, and risk-reward characteristics of targets, adjusting positions when risk-reward ratios become unbalanced [3]. Group 2: Market Outlook - The company views both A-shares and Hong Kong stocks as part of Chinese equity assets, highlighting the value of scarce assets in Hong Kong and the significant discounts (up to 50%) of certain stocks compared to A-shares [4]. - The focus areas for investment include sectors with strong growth potential such as new energy, AI, and pharmaceuticals, as well as attractive pricing in domestic demand sectors like steel structures and real estate [5]. - The company acknowledges potential short-term market adjustments but maintains a long-term perspective, emphasizing high implied returns and a cautious approach to emerging industries and market opportunities [5].

Group 1 - The investment enthusiasm in the equity market has been reignited this year, with major indices showing significant gains, including the Hang Seng Index and the Hang Seng Tech Index, which rose by 23.5% and 22.05% respectively [1] - Mixed-asset financial products have seen a notable increase in returns due to the stock market rally, with several companies announcing cash dividends for their mixed-asset products [1] - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product announced a cash dividend of 0.03 yuan per unit, achieving a cumulative net value increase of 18.92% as of July 30 [1][4] Group 2 - Xingyin Wealth Management has adapted to the complex internal and external environment by innovating products and diversifying investment strategies, leading to initial success in its equity investment business [2] - The company has transitioned from a single strategy to a diversified strategy system, covering absolute and relative returns, self-management and co-management, direct stock investment and FOF investment, among others [2] - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product has a maximum drawdown of only 3.27% since its inception, indicating effective execution of its absolute return strategy [4][6] Group 3 - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product employs a low valuation value investment strategy, focusing on stocks with low price-to-book ratios and high return on equity [4] - The product manager's compensation is linked to investor interests, as no management fees are charged when the net value falls below 1, and there are no subscription or redemption fees [6] - The "Alpha 1" product, which also follows a low valuation stock selection strategy, achieved a cumulative net value increase of 22.2% as of July 30, 2025 [4][6]