"买一只股票之前，我通常会先问自己：如果这只股票基本面没有发生大的变化，未来股价再跌20%， 我是否敢于继续加仓？"盘京投资拟任基金经理粘洪峰说，如果答案是肯定的，这笔投资才能真正进入 观察序列。 这一近乎苛刻的心理测试，折射出他投资哲学的底色：深度价值，左侧逆向。在他眼中，股价下跌从来 不是风险，而是优质资产的折扣券。 二十年投资生涯，粘洪峰将这套反脆弱框架淬炼成穿越周期的护身符。正是这份定力，让他在过去几年 的港股回调阶段中斩获正收益，在市场上行阶段中跑赢市场，做到连续7年跑赢恒生指数，在恒生指数 表现基本持平的背景下，赚取了翻倍的投资收益，也将他在险资"巨轮"上的管理规模一路推升至超500 亿元，成为港股市场上管理规模最大的投资经理之一。 如今，这位深谙绝对收益之道的投资老将，选择加盟百亿私募盘京投资，开启他的"第三次创业"。从险 资的纪律中走来，他将那些历经市场检验的深厚积淀悉数装入行囊，带入一个更灵活、更锐利的新战 场。从"巨轮"到"快艇"，变的是决策效率与策略灵活度，不变的是对深度价值的信仰、对成本"护城 河"的执念，以及对绝对收益的坚守。 站在新的起点，粘洪峰将如何在私募舞台上践行他的投资哲学？ ...

"买一只股票之前，我通常会先问自己：如果这只股票基本面没有发生大的变化，未来股价再跌20%， 我是否敢于继续加仓？"盘京投资拟任基金经理粘洪峰说，如果答案是肯定的，这笔投资才能真正进入 观察序列。 这一近乎苛刻的心理测试，折射出他投资哲学的底色：深度价值，左侧逆向。在他眼中，股价下跌从来 不是风险，而是优质资产的折扣券。 二十年投资生涯，粘洪峰将这套反脆弱框架淬炼成穿越周期的护身符。正是这份定力，让他在过去几年 的港股回调阶段中斩获正收益，在市场上行阶段中跑赢市场，做到连续7年跑赢恒生指数，在恒生指数 表现基本持平的背景下，赚取了翻倍的投资收益，也将他在险资"巨轮"上的管理规模一路推升至超500 亿元，成为港股市场上管理规模最大的投资经理之一。 如今，这位深谙绝对收益之道的投资老将，选择加盟百亿私募盘京投资，开启他的"第三次创业"。从险 资的纪律中走来，他将那些历经市场检验的深厚积淀悉数装入行囊，带入一个更灵活、更锐利的新战 场。从"巨轮"到"快艇"，变的是决策效率与策略灵活度，不变的是对深度价值的信仰、对成本"护城 河"的执念，以及对绝对收益的坚守。 为此，粘洪峰打磨出了自己最锋利的一把利器——"恐慌性买入 ...

岁序更替，骏启新程。值此2026新春之际，谨代表钛信资本，向所有创业者、投资人 及行业同仁致以新年问候！回望2025，投资行业在调整中企稳，在坚守中突破，钛信 资本秉持"精品重度、聚焦龙头"的投资理念，迎来了深耕硬科技赛道的收获期：英诺 赛科（02577.HK）、西安奕材（688783）成功上市，盛合晶微科创板IPO获受理， 道通智能启动IPO辅导，以扎实的业绩印证了深度价值投资的确定性。 展望2026，钛信资本将继续锚定全球性技术领先的龙头企业，聚焦硬核科技核心赛 道，深化"境内+境外"双轮驱动布局，以深度研究构建认知壁垒，用极致克制把握稀 缺投资机会，与更多优质龙头企业携手，穿越产业周期，共创长期价值。 al PARTE 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 業 候旭記 錶信愛本合伙 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 美股V型反弹！Meta计划部署数百万颗英伟达芯片！美联储，降息大消息 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The deep - value fund pool has a long - term stable performance, with an annualized return of 12.63% from February 2, 2015, to February 6, 2026, and an annualized excess return of 10.02% compared to the CSI 300. It also has an annualized volatility of 19.98% and an annualized Sharpe ratio of 0.63, indicating high - return stability. The excess return mainly comes from dynamic adjustment, style, and stock - picking, and it shows strong absolute returns even in a growth - dominant market. The current portfolio has increased its holdings in the consumer sector and reduced those in the manufacturing sector [7][12][15]. 3. Summary by Directory 1.1 Deep - Value Investment Concept Introduction - Deep value is a "cigarette - butt" investment method from Graham. Value investment can be divided into deep value, growth value, and prosperity value. It emerged during the 1929 - 1933 US economic depression. However, the current PB factor return has slightly declined, and the dispersion has decreased, weakening the value - style allocation advantage [7][10]. 1.2 Deep - Value Fund Pool: Stable Historical Returns and High Risk - Return Ratio - From February 2, 2015, to February 6, 2026, the deep - value fund pool had an annualized return of 12.63%, an annualized excess return of 10.02% compared to the CSI 300, an annualized volatility of 19.98%, and an annualized Sharpe ratio of 0.63. It showed stable annual absolute returns, and the excess return mainly came from dynamic adjustment, style, and stock - picking. It prefers low - momentum, low - elasticity, and low - volatility styles, with prominent value attributes and a current bias towards small and mid - cap stocks. The industry allocation is mainly in finance and cyclical sectors, and the new period has increased consumer sector holdings and reduced manufacturing ones [7][12][15]. 2.1 Definition of Deep - Value Funds - Deep - value funds are defined by the absolute low - valuation characteristics of their holdings. The research objects are active equity funds, with a sample size of fund managers with over 1 - year tenure and current scale over 100 million yuan, excluding fixed - term and holding - period products. The funds should have an average equity position of over 60% since the current fund manager took over and an average proportion of the top ten heavy - holding stocks in stock investments of over 35%. Funds with positive average factor exposures of heavy - holding stocks during the management period and in the past year in the BP factor and ranking in the top 1/3 are defined as value - type funds [23]. 2.2 Screening of the Deep - Value Fund Pool - The deep - value fund pool is screened by selecting funds with high expected net profits of holdings. The current portfolio includes funds such as HSBC Jintrust New Power A, Wanjia Select A, etc., with details of fund codes, managers, scales, and this - year's returns provided [24]. 3. Multi - Dimensional Analysis of Portfolio Funds - **HSBC Jintrust New Power A**: Pursues good companies at good prices, uses the DCF cash - flow model for valuation, and internalizes various factors to obtain alpha through in - depth research [26]. - **Wanjia Select A**: Has strong judgment of the macro - economic environment, an absolute - return mindset, and focuses on valuation. Its holdings have low - valuation characteristics, and recent holdings are concentrated in the coal sector, with trading and long - tail holdings contributing relatively high returns [28]. - **Xinyuan Digital Economy A**: Aims to achieve low volatility, focuses on risk control, reduces fund drawdowns through position adjustment and industry diversification, and pursues long - term stable asset appreciation [31]. - **Anxin Enterprise Value Selection A**: Holds the concept of buying and holding good companies at good prices for a long time, focuses on finding companies with sustainable profitability, competitive advantages, and reasonable valuations, and combines industrial and financial perspectives [33]. - **Huatai - Peregrine Growth Smart Selection A**: Considers the safety margin as the cornerstone of investment, evaluates the downside risk of investment targets through multiple indicators, dynamically adjusts the portfolio according to macro factors, controls the single - industry position, diversifies in the manufacturing sector, focuses on the manufacturing field, and promotes a floating - fee mechanism [37]. - **ICBC Value Selection A**: Emphasizes investing within familiar industries and companies, focuses on traditional industries such as public utilities, large finance, and manufacturing for a long time, and believes that it can better grasp the industrial cycle and enterprise value within the ability circle [40]. - **ICBC Innovation Power**: Adheres to the value - investment concept, focuses on finding companies with long - term stable profitability and reasonable valuations, and selects companies based on in - depth research of fundamentals [43]. - **ICBC New Wealth**: Focuses on multi - dimensional balanced allocation of industries and styles, avoids over - concentration in a single industry or stock, and evaluates individual stocks from three dimensions of business model, competitive advantage, and life cycle, combining quantitative and qualitative analyses [45]. - **Harvest Industry Selection A**: Focuses on digging the intrinsic value of enterprises, emphasizes buying high - quality assets at a reasonable or undervalued price, and internalizes factors such as a company's competitive advantage, business model, and industry space into the valuation system through methods like the DCF cash - flow model to protect the safety margin [48].

Core Insights - The article discusses the potential for a shift in U.S. Federal Reserve policy under the new chair, with expectations of interest rate cuts before any balance sheet reduction, which may exceed market expectations [2] - There is a notable interest in Chinese assets from global investors, with several foreign institutions expressing optimism about their performance [1] Market Analysis - The Dow Jones Industrial Average has historically surpassed the 50,000 mark, indicating a shift in market sentiment from growth stocks to value stocks, with increased allocations to high-dividend and defensive consumer staples [1] - Citic Securities suggests that February will see high volatility in the market, with a tilt towards risk assets, making equity assets a more favorable choice [1] Sector Research - Guotai Junan highlights the commercial aerospace industry, particularly the potential of SpaceX's plans to launch a million satellites, which could lower operational costs and make space a viable option for AI computing [7] - Huaxia Fund notes that the transformer industry is entering a high-growth cycle due to surging demand from AI data centers and global grid upgrades, with a focus on solid-state transformers as the next generation [8] - HSBC Jintrust emphasizes the attractiveness of the Hong Kong tech sector, despite recent adjustments influenced by external factors rather than fundamentals [9] Macro and Fixed Income - Tianfeng Securities anticipates that short-term deposit rates will remain stable, with potential downward pressure following the end of the quarter [14] - Morgan Stanley believes that changes in the Federal Reserve's leadership will not significantly alter the policy response function, with potential rate cuts later in the year [15] Asset Allocation - Guotai Fund advises a diversified asset allocation strategy, including A-shares, Hong Kong stocks, U.S. stocks, commodities, and bonds, with a focus on both growth and cash flow assets [3] - The article suggests a continued emphasis on "outbound + technology" strategies, particularly in sectors benefiting from cyclical recovery and AI [18]

Core Viewpoint - The rise of female fund managers in the private equity sector reflects a significant evolution in investment strategies, talent structures, and decision-making cultures, showcasing their ability to identify overlooked certainties in the market [3][4]. Group 1: Female Fund Managers Overview - As of the end of 2025, there are 197 female private fund managers with performance records on the platform, with the majority (117) from subjective private equity, 38 from quantitative private equity, and 41 from mixed strategies [5]. - Among these, 93 female fund managers are from firms with assets under 500 million, while 40 are from firms with over 2 billion, including 11 from top-tier firms (over 5 billion) [5]. Group 2: Notable Female Fund Managers - Liu Xiaofang from Guangdong Dehui Investment, with 18 years of experience, focuses on deep value investment and emphasizes the importance of fundamental analysis [7]. - Liu Xiaofang's managed products achieved an average return rate of ***% by 2025, ranking her among the top female fund managers [8]. - Li Pei from Banxia Investment is recognized as a pioneer in macro hedging, with her two macro strategy products showing explosive performance in 2025, achieving returns of ***% [9]. Group 3: Performance Rankings - The top ten female fund managers for 2025 have an average return rate exceeding 22%, with the threshold for inclusion being over ***% [10]. - The top three female fund managers for 2025 are Li Jiajia (Haokun Shengfa Asset), He Ruilin (Bopu Technology), and Liu Xiaofang (Guangdong Dehui Investment), with returns of ***% [10][11]. Group 4: Three-Year Performance Rankings - For the three-year performance ending in 2025, the average return rate is 49.95%, with the top three female fund managers being Xu Qionna (Bama Private Equity), He Ruilin (Bopu Technology), and Yang Ping (Shenzhen Shanzhe Private Equity) [14][15]. - Xu Qionna emphasizes a cycle + value investment strategy, achieving an average return of ***% over three years [15]. Group 5: Market Outlook - Liu Xiaofang maintains a cautiously optimistic view for 2026, identifying numerous undervalued sectors and stocks with significant structural opportunities [9]. - Li Jiajia highlights four core sectors for investment opportunities in 2026, including technology breakthroughs, consumption upgrades, cyclical reversals, and policy changes [12][13].

Core Thesis - AntFin presents a bullish thesis on GameStop Corp. (GME), highlighting renewed speculation around Michael Burry's involvement with the company and its potential as a deep value opportunity [1][3][5] Company Overview - GameStop Corp. is a specialty retailer providing games and entertainment products through physical stores and e-commerce platforms across the United States, Canada, Australia, and Europe [2] Michael Burry's Involvement - Michael Burry's recent disclosure of private emails with Keith Gill from August 2019 has reignited interest in his long-term involvement with GameStop, suggesting that his engagement may not have fully ended after 2019 [3] - Burry's past correspondence with Ryan Cohen further supports the notion of his continued interest in GameStop [3] Market Conditions and Speculation - Burry has taken a bearish stance on AI-related stocks, shorting companies like Nvidia and Palantir, which could create a scenario where a downturn in the AI sector may benefit GameStop's stock [4] - The speculative scenario suggests that if an AI bubble were to unwind, it could weaken the collateral supporting GameStop's short interest, potentially leading to a renewed interest in the stock [4] Financial Fundamentals - GameStop's fundamentals are seen as supportive of the bullish thesis, with a book value near $11 per share, over $8 billion in cash, and an ongoing business transformation not reflected in its current valuation [5] - AntFin argues that the opportunity is not driven by hype but by Burry's historical ability to identify market dislocations early, indicating that GameStop may represent a deep value opportunity [5]

Core Viewpoint - In 2025, while the A-share market thrives, with the CSI 300 index rising by 14.82% and the Shanghai Composite Index surpassing 4000 points, Da Cheng Fund's equity products significantly lag behind, leading to a decline in scale and contrasting sharply with overall market performance [1][3][36]. Group 1: Market Performance - The total share of stock funds in the market increased from 199.208 billion to 223.348 billion, a growth of 12.1% [3][36]. - Da Cheng Fund's stock fund share decreased from 243.8 billion to 200.9 billion, a decline of 17.6% [3][36]. - Da Cheng Gao Xin A, a flagship product, achieved a return of only 15.76%, ranking 723 out of 969 in its category [5][39]. Group 2: Investment Style and Performance - Da Cheng Fund relies heavily on a "deep value" investment style, with only 21% of its equity allocation in growth stocks, significantly lower than the industry average of over 30% [7][40]. - The fund's managers, Xu Yan and Liu Xu, have maintained returns around 14%, focusing on long-term holdings rather than chasing market trends [7][40]. - Da Cheng Gao Xin A's stock selection ability was only 0.85%, below the average of 1.06%, and its timing ability was -2.26, compared to the average of -0.78 [10][43]. Group 3: Fund Management and Challenges - Da Cheng Fund, established in 1999, is one of China's first ten fund companies, but its non-monetary scale is now only 288.458 billion, ranking 21st [26][58]. - The company has primarily launched fixed-income products this year, with the largest issuance being a medium to long-term pure bond fund exceeding 8 billion [28][60]. - The new fund, Da Cheng Xing Yuan Qi Hang A, faced criticism for not building positions until September, reflecting challenges in adapting to the current market environment [21][56]. Group 4: Long-term Strategy and Market Adaptation - Da Cheng Fund's CEO emphasized a commitment to "long-termism" and stable investment styles, acknowledging the mismatch between their deep value approach and the prevailing growth market in 2025 [34][65]. - The company's strategy may face scrutiny regarding its ability to deliver sustainable returns over longer periods, as it navigates the challenges of market adaptability and investment style diversification [34][66].

Core Viewpoint - In 2025, while the A-share market thrives led by technology growth, Dacheng Fund's equity products significantly lag behind, resulting in a decline in scale and contrasting sharply with overall market performance [1]. Group 1: Market Performance - The stock market is experiencing a robust year, with the CSI 300 index rising by 14.82% as of December 10, 2025, and the Shanghai Composite Index briefly surpassing 4000 points [2]. - The total share of equity funds in the market increased from 199.208 billion shares at the beginning of the year to 223.348 billion shares, marking a growth of 12.1% [4]. Group 2: Dacheng Fund's Performance - Dacheng Fund's equity fund share decreased from 24.38 billion shares at the beginning of the year to 20.09 billion shares, a decline of 17.6% [4]. - The flagship product, Dacheng Gaoxin A, achieved a return of only 15.76% this year, ranking 723 out of 969 in its category [6][7]. - Dacheng Gaoxin A's year-to-date performance is below its benchmark of 18.09% and the CSI 300's 16.69% [7]. Group 3: Investment Style and Strategy - Dacheng Fund has a significant reliance on a "deep value" investment style, with over 70% of its actively managed equity products concentrated among three key fund managers [8]. - The overall allocation to growth style investments at Dacheng Fund is only 21%, which is below the industry average of over 30% [8]. - The fund manager Xu Yan's products have maintained around a 14% return this year, focusing on independent research rather than chasing market trends [8]. Group 4: Challenges and Future Outlook - Dacheng Fund's performance in 2025 reflects a mismatch between its deep value investment style and the prevailing market growth style, highlighting challenges in investment style diversification and market adaptability [29]. - The company emphasizes a "long-termism" philosophy, suggesting that the evaluation of its strategies should consider long-term returns rather than short-term market movements [29].

Core Viewpoint - The article emphasizes the investment philosophy of Cai Zhiwen from Huatai Fuhua Fund, who focuses on deep value investing, prioritizing long-term stability over short-term market trends and fads [1][2]. Investment Philosophy - Cai Zhiwen's investment logic is counter-trend, focusing solely on undervalued stocks rather than following market trends or hot sectors [2]. - Ideal investment targets must meet the criteria of high cash flow, high dividends, and low valuation, along with strong industry positioning and governance [2]. - The investment strategy is built around three main lines: controllable upstream resource industries, export chain companies undergoing structural optimization, and traditional industries post-cleansing cycle [2][3]. Stock Selection Process - The stock pool is divided into two categories: large-cap leaders with clear competitive advantages and cash flow stability, and undervalued small-cap hidden champions with solid fundamentals [4]. - The selection process involves rigorous validation through four checkpoints, ensuring that each stock meets specific criteria related to valuation, industry outlook, cash flow, and competitive landscape [5]. Risk Management - Emphasis on risk control is paramount, with a focus on minimizing drawdowns, even at the cost of potential returns [7]. - The investment strategy incorporates a low average price-to-earnings ratio, which naturally provides a buffer against market downturns [7]. Dynamic Portfolio Management - The approach to portfolio management is dynamic, with adjustments based on valuation recovery, industry trends, and emerging undervalued assets [8]. - The strategy for fixed income plus products emphasizes a conservative selection of stocks with limited downside potential and strong upside potential [9]. Platform Support - The success of Cai Zhiwen's investment strategy is supported by Huatai Fuhua Fund's vertical integrated research platform, which enhances the depth and reliability of investment decisions [10]. - The company employs a data science team to monitor investment behaviors and ensure adherence to investment styles, providing a structured risk management framework [11]. Evolution of Investment Strategy - Cai Zhiwen adapts his investment strategy to include new sectors like renewable energy and high-end equipment while maintaining core standards [12]. - Continuous learning and communication with research teams enhance the precision of value judgments and expand the investment capability [13].