1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This report focuses on Huang Tao, a fund manager at Chuangjin Hexin Fund, who emphasizes a value - investment philosophy with reverse thinking to pursue stable returns with low drawdowns. His representative product, Chuangjin Hexin Xinqi, has achieved positive returns for five consecutive years, showing excellent performance in high - volatility markets. Huang Tao's investment framework combines macro judgment, value - investment ideas, and stock valuation and earnings. Through asset allocation, industry rotation, and stock selection, he effectively controls risks and enhances returns [3][12]. 3. Summary According to the Table of Contents 3.1创金合信黄弢：以逆向思维追求低回撤稳健收益 - **Basic Information of the Fund Manager**: Huang Tao, a master from Tsinghua University, has rich work experience in multiple financial institutions. He joined Chuangjin Hexin Fund in February 2020 and currently manages five funds with a total scale of 905 million yuan. His managed fixed - income plus products have achieved significant excess returns compared to the secondary bond - fund index, with a cumulative return of 46.20% and an annualized return of 8.24% since management [3][7][8]. - **Investment Framework of the Fund Manager**: Huang Tao adheres to a value - investment philosophy with reverse thinking and strictly controls drawdowns. His investment framework includes adjusting overall stock positions based on macro judgments, adjusting industry positions according to industry prosperity and valuation, selecting leading stocks in industries for diversified holdings, and conducting reverse investments based on the matching degree of stock valuation and earnings [3]. - **Team Division of Labor**: The representative product, Chuangjin Hexin Xinqi, is jointly managed by three fund managers. Yan Yifan is responsible for bond investment, while Huang Tao is in charge of asset allocation and stock investment, giving full play to the advantages of a diversified background [3][14]. 3.2收益风险特征：在高波赛道中创造绝对收益 - **Basic Return - Risk Characteristics**: Chuangjin Hexin Xinqi is a high - position fixed - income plus fund that has achieved positive returns for five consecutive years, which is rare in the market. Its investment strategy, which focuses on industry rotation based on prosperity and valuation, is scarce among similar products [18]. - **Profit - Making Effect**: Compared with the Wind Hybrid Bond - Type Secondary Fund Index, Chuangjin Hexin Xinqi has shown outstanding holding - period returns and win - rates, and the win - rate and excess return increase with the extension of the holding period. The win - rate reaches 100% when held continuously for three years, with an average holding - period return of 16.50% and a holding - period excess return of 12.94% [22]. 3.3投资风格：景气轮动寻求中观破局，逆向调仓锚定绝对收益 - **Asset Allocation**: Chuangjin Hexin Xinqi is a high - position fixed - income plus fund that specializes in stock investment without investing in convertible bonds, with an average stock position of 28.03% since Huang Tao took office. The fund manager updates the timing view monthly and adjusts positions gradually, showing excellent position - timing ability [23][25]. - **Bond Investment Style**: The fund mainly invests in medium - to high - grade credit bonds, rarely conducts credit downgrades, and prefers diversified investments. It maintains a relatively conservative strategy in terms of duration and leverage, with a maximum duration of 2.26 and an average leverage level of 1.12 [26][29][32]. - **Equity Investment Style**: In industry allocation, Huang Tao conducts top - down industry rotation based on prosperity and valuation, and controls the proportion of a single industry. In stock selection, he prefers large - cap, high - quality, and stable companies, and the portfolio shows a mid - to large - cap style with a relatively high turnover rate. The core stock pool has about 100 stocks, and the number of holdings in each period is mostly between 30 - 60, with a relatively fast change of heavy - position stocks [37][39][45]. - **Return Attribution**: The fixed - income portfolio implements a defensive strategy, building an annualized return center of 2.94% and forming an interest - rate risk immunity mechanism. The equity part shows excellent offensive and defensive balance, with a semi - annual win - rate of 80%, a maximum semi - annual return contribution of 9.63% from 2020 - 2024, and a maximum loss of 3.10% in extreme market conditions [52].