Core Insights - The article highlights the investment strategy of Shen Li, a fund manager at Caitong Fund, who has achieved consistent positive returns in the volatile A-share market since taking over the Caitong New Vision Mixed Fund in January 2021, with a return rate exceeding 66% as of September 18, 2023 [1] - Shen Li's investment approach focuses on a balanced strategy that avoids being confined to "growth" or "value" labels, seeking resilient targets in growth and flexible spaces in value [1][2] Investment Strategy - Shen Li categorizes mainstream investment strategies into three types: left-side deep value, right-side thematic trends, and a middle-ground approach focused on cyclical and prosperity research, opting for a non-typical path that leans towards growth within value or vice versa [2] - His strategy emphasizes "dual avoidance," steering clear of excessive pursuit of short-term prosperity and mechanical reliance on static low valuations [2] - A two-layer screening mechanism is employed: a top-down approach requiring industry prosperity to not decline, and a bottom-up focus on key factors such as profitability certainty, growth continuity, and risk-reward ratio [2] Market Outlook - Shen Li perceives the current market as being in a deepening recovery phase, with sentiment indicators returning to normal levels and moving towards optimism, but not yet overheating [5] - He identifies several sectors for potential investment, including AI, which is expected to attract significant capital inflows in the coming years, particularly in hardware [5][6] - The semiconductor industry is seen as entering a second upward cycle, characterized by improved development quality compared to the previous cycle [6] - Companies in the manufacturing sector that have successfully expanded globally are viewed as having undergone a value reassessment, with new competitive barriers established [6] Consumer Sector Insights - Shen Li emphasizes the importance of price-performance ratio in selecting consumer companies, suggesting that the trend of household deleveraging may create structural opportunities for consumption recovery [6] - In the traditional liquor sector, while overall industry pressure exists, leading companies with channel optimization and market share enhancement capabilities are expected to see further valuation recovery post-industry consolidation [6]

Group 1 - The core investment strategies in the US stock market include value investing, growth investing, trend following, day trading, and diversification [1][2][3] - Value investing focuses on identifying undervalued stocks through fundamental analysis, emphasizing long-term investment and the belief that stock prices will eventually reflect their intrinsic value [1] - Growth investing targets companies with high growth potential, often in emerging industries, and prioritizes future growth over current profitability, accepting higher risks for potentially higher returns [1] Group 2 - Trend following strategy involves monitoring stock price trends using technical analysis, where investors buy stocks in an upward trend and sell in a downward trend, requiring keen market insight [2] - Day trading is characterized by buying and selling stocks within the same trading day to capitalize on short-term price fluctuations, demanding high trading skills and real-time market awareness [2] - Diversification strategy aims to reduce risk by spreading investments across various industries and asset classes, helping to stabilize overall portfolio performance when certain stocks or sectors underperform [3]

图1：基金经理时间线 图2：基金经理最近一年风险回报 2025年4月12日易方达行业领先混合基金公告， 原基金经理冯波先生因工作需要，卸任该基金的管理 职务，管理职责交接给基金经理彭珂先生。此外冯波先生还卸任了他所管理的易方达中盘成长混合 基金，并继续管理易方达研究精选股票基金、易方达竞争优势企业混合基金。 冯波先生具备23年的证券投资经验以及15年的投资经验，是易方达基金从研究员培养起来的经验丰 富的投资老将。他在管理行业领先混合上的所采用的成长投资策略注重基本面分析，通过中观行业 研究及自下而上研究精选个股，把握高质量股票的中长期投资机会，策略在投资组合层面得到稳定 执行。易方达行业领先混合基金在冯波先生长达15年的管理期取得了晨星同类排名26%的出色回 报，但近五年因基金经理的质量成长风格遭遇市场逆风，该基金最近五年的业绩表现回落到晨星同 类基金的偏低水平。 接任的基金经理彭珂先生拥有11年证券从业经验，他于2017年2月加入易方达基金，曾任行业研究员 和投资经理，当前管理该基金只有6天。彭珂先生管理两只基金，除了该基金外，彭珂先生还管理易 方达科益混合基金，科益基金在彭珂先生接管以来一年多期间，业绩回 ...

导语 晨星基金研究秉持独立性与投资者利益优先的原则，通过对基金投研团队、投资流程等 的分析来确定对基金的信心。我们的研究方法注重可持续性并以长期投资为导向，助力 投资者在基金选择中做出更加明智的投资决策。本篇文章介绍晨星基金研究团队在权益 资产类别中值得关注的四只基金产品，期望能为投资者在决策中提供参考。 ►► 易方达逆向投资混合 产品速览 该基金是一只沪港深积极配置型基金，除了主要投资于A股外，契约中规定50%以内的股票资产可以投资 于港股,基金经理通过对比A股和港股的性价比从而决定港股在组合里面的配置比重。基金经理采用GARP 策略，旨在以合理的价格买入具有持续稳定增长潜力的股票。 产品潜力 基金经理杨嘉文先生属于投资能力较强的中生代基金经理，他具备13年证券从业经历和7年公 募基金管理经验。虽然他2021年4月才开始管理该基金，但是他采用相同的策略从2017年12月 开始管理纯A股基金—易方达科瑞混合基金至今，目前已经管理超过7年的时间，管理期良好 业绩表现也证明了基金经理较强的投资A股的能力。 基金经理的投资思路偏逆向，倾向于回避市场关注度相对较高的行业和个股，而把研究和投资 资源投放到市场关注度相对 ...

Core Viewpoint - The article emphasizes the importance of independent research and long-term investment strategies in fund selection, highlighting four noteworthy equity funds that may provide valuable insights for investors [1]. Group 1: Fund Overview - E Fund Contrarian Investment Mixed Fund primarily invests in A-shares and has a flexible allocation to Hong Kong stocks, utilizing a GARP strategy to identify stocks with stable growth potential [2]. - Zhongtai Kaiyang Value Select Flexible Allocation Mixed Fund employs a bottom-up stock selection approach, focusing on quality growth while considering valuation [5]. - Invesco Great Wall Growth Star Equity Fund, managed with a growth investment strategy, combines industry research with bottom-up stock analysis to identify growth stock opportunities [8]. - Hongde Honghua Flexible Allocation Mixed Fund emphasizes fundamental research, focusing on long-term growth and quality of stocks while controlling portfolio volatility [13]. Group 2: Fund Manager Insights - E Fund's manager, Yang Jiawen, has 13 years of experience and a strong track record in A-share investment, employing a contrarian approach to identify undervalued stocks [3]. - Zhongtai Kaiyang's manager, Tian Yu, has 13 years of experience and emphasizes deep fundamental research, maintaining a concentrated portfolio of around 20 stocks [6]. - Invesco Great Wall's manager, Zhou Hanying, has extensive overseas investment experience and has shown potential in A-share investments, focusing on stable and high-growth companies [9]. - Hongde Honghua's manager, Qin Yi, has 7 years of experience and emphasizes a growth-oriented strategy, analyzing companies' competitive advantages and market conditions [15]. Group 3: Fund Performance and Characteristics - E Fund Contrarian Investment Mixed Fund has a scale of 958 million and is classified as low risk, showing high cumulative returns since its management began [4][5]. - Zhongtai Kaiyang Value Select Flexible Allocation Mixed Fund has a scale of 1.751 billion and is classified as high risk, with moderate returns since its inception [7]. - Invesco Great Wall Growth Star Equity Fund has a scale of 2.61 billion, classified as low risk, and has demonstrated high returns since management began [12]. - Hongde Honghua Flexible Allocation Mixed Fund has a scale of 427 million, classified as medium risk, and has shown high returns since its management began [16].