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]