Core Viewpoint - The market sentiment and risk appetite have been recovering, leading to increased volatility in stock indices, with investors feeling both eager to buy and fearful of losses [3] Group 1: Investment Performance - The company has performed well over the past five years, achieving satisfactory absolute returns despite not ranking highly among peers in the last year [4] - The investment strategy focuses on maintaining a stable and superior return over market performance, with a long-term goal that remains unchanged [4][5] - The company is satisfied with the performance of its portfolio over the past year, rating it around 60-70 out of 100 [4] Group 2: Investment Strategy - The company acknowledges missing out on popular sectors this year, indicating a lack of ability to anticipate which cold sectors would become hot [5] - The investment approach is based on the intrinsic quality of stocks rather than trying to predict market trends, focusing on long-term internal rates of return [6][7] - The concept of "margin of safety" is emphasized, which is viewed as a qualitative state rather than a strict quantitative measure [8][9] Group 3: Value Investment in A-shares - Value investment is defined as an investment behavior aimed at obtaining the intrinsic value of assets, primarily through cash returns [11][12] - The company believes that A-shares are suitable for value investment, as price volatility can create opportunities for buying undervalued assets [12][13] - The current market conditions are not seen as overly concerning, with potential opportunities still available despite rising stock prices [32][33] Group 4: Market Dynamics and New Trends - The company is open to new market trends such as innovative drugs and AI, recognizing their potential for growth while remaining cautious about individual stock selection [23][24] - Continuous learning and adaptation to new market dynamics are essential, with a focus on identifying specific investment opportunities rather than following trends blindly [25][26] Group 5: Risk Management and Emotional Control - The company emphasizes the importance of maintaining a clear investment framework to filter out irrelevant information and reduce emotional responses to market fluctuations [29][30] - Investors are encouraged to focus on long-term goals and accept that others may achieve higher short-term returns without losing sight of their own investment strategy [30][31] - The company acknowledges the risk of falling into value traps and stresses the need for ongoing evaluation of portfolio holdings [26][27]

Core Viewpoint - The core competency of value investors often lies in patience, particularly the patience to refrain from making impulsive decisions [18][19]. Group 1: Performance and Strategy - The performance of the managed products has been relatively stable, with several funds outperforming the market despite a lackluster overall performance in 2023 [2][3]. - The top holdings remain consistent, primarily in traditional sectors such as banking, chemicals, construction, and real estate, with a significant portion of the portfolio allocated to these industries [2][3]. - The long-term annualized return of the flagship product managed since December 2018 exceeds 16% [4]. Group 2: Investment Philosophy - The source of excess returns is attributed to a combination of establishing a forward-looking advantage in information, deeper analysis, and different perspectives [8]. - The investment approach emphasizes acquiring high-quality assets at low prices, which is more feasible when the majority do not share the same valuation standards [5][6]. - The belief that good stocks and returns are achieved through endurance and patience is a recurring theme [20]. Group 3: Market Insights - The current market environment has seen prolonged low performance in cyclical industries, which has exceeded most investors' expectations [10]. - The concept of "this time is different" is highlighted as a cautionary note, indicating that prolonged low performance can delay cash returns and diminish value over time [11]. - The outlook for the real estate sector suggests that risks may not be fully cleared, with a preference for a cautious approach until 2025 [13]. Group 4: Sector Analysis - In the banking sector, while the long-term contraction of interest margins is not yet over, the current pricing remains acceptable based on long-term perspectives [14][15]. - The construction industry has shown signs of cash flow improvement, aligning with expectations, which reduces concerns [15]. - The chemical sector faces challenges with many companies operating at a loss, yet some are still managing to generate profits through cost-cutting measures [15]. Group 5: Emerging Trends - The development of AI is viewed as an irreversible trend, although its immediate impact may be overestimated [16]. - The investment strategy involves a cautious approach to emerging sectors, emphasizing the need for thorough research and understanding of price dynamics [22].

Core Viewpoint - The article emphasizes the importance of not only beta returns but also the significant alpha capabilities that contribute to the success of a dividend-themed fund, highlighting the exceptional performance of the Zhongtai Dividend Preferred Fund [2][5]. Performance Summary - Since its establishment on March 24, 2022, the Zhongtai Dividend Preferred Fund has achieved a net value growth rate of 36.85%, significantly outperforming its benchmark growth rate of 7.02%, resulting in an excess return of 29.83% [2][4]. - The fund's performance is compared to various indices, showing a substantial advantage over the CSI Dividend Index (5.10%) and the CSI Dividend Total Return Index (23.98%) [4]. Investment Philosophy - The fund manager, Wang Tao, asserts that high short-term dividends do not guarantee long-term returns, emphasizing the need for both long-term high dividends and immediate high dividends in dividend investment [6]. - Companies that can provide long-term high dividends typically exhibit strong profitability and a willingness to distribute dividends, with preferred sectors including banks, utilities, and mature manufacturing industries [7]. Active Management Strategy - The key to constructing an actively managed alpha strategy lies in thorough research and selection of investment targets that fit the dividend investment framework, aiming to buy at "value" prices [8]. - The fund's current holdings reflect a higher allocation to bank stocks compared to the CSI Dividend Index, while coal stocks have been reduced due to declining internal rates of return [10]. Market Outlook - Wang Tao expresses caution regarding the crowded nature of dividend investment strategies, noting that rising stock prices can lead to declining internal rates of return, but adjustments are made based on these changes [12]. - The ideal dividend fund should have high internal rates of return and quality holdings with sufficient safety margins, ultimately delivering long-term benefits to investors [13].

提问 请用一句话形容你是一个怎样的基金经理？ 姜诚 我是一个致力于在股票二级市场实践价值投资的基金经理。 提问 你如何理解价值投资？ 姜诚 顾名思义，价值投资的定义其实很简单，就是我们用自己付出的价格去交换资产背后创造的价值。 价值的定义是它能够给我们带来的长期的现金的回报， 我们衡量一笔投资好坏的标准也就很明确了—— 跟我们付出的成本相比较，我们能够获得的长期回报的内部收益率是什么样的水平？ 在实践来看，就是 我们致力于以尽可能低的价格去买到尽可能好的资产，来提升我们的内部收益率。 提问 你如何定义好资产？ 姜诚 我对好资产的定义是，它可以让我们比较放心地相信它在比较长的时间内能够带来有一定持续性的 现金回报。理论上满足这样标准的资产就是好资产，现实中能够满足这样标准的资产为数不多，所以我们 需要用一些办法、需要用一些定性的标准来去框它，尽可能提高我们找到好资产的概率。 大体上来讲，在一些长坡、厚雪、慢变的行业当中，持续的领先者更容易成为股市当中的长期的好资产， 当然最终还是需要一事一议。我们有一个模具、我们有一个筛子，但是通过模具和筛子筛选出来的标的， 它会有很大的偏差，最终我们落地到组合当中，还是要从商 ...