以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | AI生图 今年的市场高光，在那些有锐度和进攻性的基金经理之上。这是由于科技板的巨大上涨所带来。由此，成长风格基金经理因此业绩翻身，重仓 AI算力、创新药的基金中，已经出现多个年内收益翻倍的产品。 而深度价值型的基金经理通常是风险厌恶型的。他们非常注重安全边际，基本不买热门股，通过挖掘低估值、竞争力足够强、格局足够稳的行业 和公司，来强化投资的安全性。其收益的特征是牛市里涨得少，熊市里更抗跌，长期下来收益往往不比多数成长风格基金经理差。 过去三年熊市里，深度价值基金经理普遍表现较好，管理规模上了百亿的也不少。其中鲍无可、丘栋荣更是成了行业顶流，功成名就后觉得公募 庙小，已经离开了公募行业。 今年的牛市里，深度价值基金经理基本都跑输了行业平均水平。 截止9.24日，主流的深度价值基金经理如徐彦，姜诚、赵晓东等，在管产品大多年内收益在20%以下，能超过30%的产品凤毛麟角。而中证主动 偏股基金指数年内收益达到了34 ...

出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | AI生图 不到一年，过去三年熊市中，业绩抗跌、一度风光的深度价值基金经理，在牛市中却显得落寞。 今年的市场高光，在那些有锐度和进攻性的基金经理之上。这是由于科技板的巨大上涨所带来。由此， 成长风格基金经理因此业绩翻身，重仓AI算力、创新药的基金中，已经出现多个年内收益翻倍的产 品。 而深度价值型的基金经理通常是风险厌恶型的。他们非常注重安全边际，基本不买热门股，通过挖掘低 估值、竞争力足够强、格局足够稳的行业和公司，来强化投资的安全性。其收益的特征是牛市里涨得 少，熊市里更抗跌，长期下来收益往往不比多数成长风格基金经理差。 过去三年熊市里，深度价值基金经理普遍表现较好，管理规模上了百亿的也不少。其中鲍无可、丘栋荣 更是成了行业顶流，功成名就后觉得公募庙小，已经离开了公募行业。 今年的牛市里，深度价值基金经理基本都跑输了行业平均水平。 截止9.24日，主流的深度价值基金经理如徐彦，姜诚、赵晓东等，在管产品大多年内收益在20%以下， 能超过30%的产品凤毛麟角。而中证主动偏股基金指数年内收益达到了34.11%。 大成基金徐彦3月份时发行了新基大成 ...

Core Viewpoint - In a volatile capital market, "stability" has become a core demand for investors, with Cai Zhiwen of Huatai Fund adhering to deep value investment principles and achieving a cumulative return of 17.81% since the establishment of the fund in February 2023, outperforming the benchmark of 13.14% [1][2] Investment Philosophy - The investment philosophy of Huatai Fund emphasizes deep fundamental analysis, selecting high-quality securities for medium to long-term investment to achieve stable growth and high long-term returns [3] - Cai Zhiwen's investment framework is rooted in selecting undervalued companies with strong competitive advantages and governance, focusing on "industry, company competitiveness, and corporate governance" [3][4] Investment Strategy - Cai Zhiwen actively seeks sectors with upward fundamentals, valuing long-term industry trends over short-term market fads, and prioritizes companies with strong competitive moats [4][5] - The investment strategy includes a focus on companies that return value to shareholders, emphasizing governance and transparency, with many holdings offering high dividend yields [5][6] Research Methodology - The investment approach combines "deep value" with "fixed income+" through a structured research methodology, avoiding market fads and relying on data-driven analysis [6][7] - Two independent stock selection systems are established: one focusing on value growth (PEG-ROIC) and the other on absolute value (high cash flow, high dividends, low valuation) [6][7] Risk Management - A three-tier risk control system is implemented to manage drawdowns, emphasizing strict selection criteria at the buying stage to minimize risks [9][10] - The investment process includes a mechanism for tracking fundamentals, allowing for informed decisions during market fluctuations [10] Platform Support - The success of Cai Zhiwen's "fixed income+" practice is supported by Huatai Fund's integrated research platform, fostering collaboration among fund managers and researchers [11][12] - The company promotes a culture of openness and sharing, enabling efficient coverage of various sectors and enhancing investment decision-making [11][12] Product Strategy - Huatai Fund's multi-strategy product system aims to address the challenges faced by retail investors, matching products to different risk-return profiles [12][13] - The "fixed income+" products are designed to meet investor demands for stability while providing opportunities for enhanced returns through equity components [12][13]

Core Viewpoint - In a volatile capital market, "stability" has become a core demand for investors, with a focus on deep value investment and strict adherence to investment discipline, as demonstrated by the performance of the fund managed by Cai Zhiwen, which achieved a cumulative return of 17.81% since its inception in February 2023, outperforming the benchmark of 13.14% [2][3]. Investment Philosophy - The investment philosophy of the company emphasizes deep value, focusing on selecting high-quality securities through in-depth fundamental analysis, aiming for sustainable long-term growth and stable returns [5][6]. - Cai Zhiwen's investment framework is rooted in the belief that deep value investment involves buying quality companies at reasonable prices and holding them long-term, utilizing a three-dimensional screening process based on industry, company competitiveness, and governance [5][7]. Investment Strategy - The company actively seeks sectors with upward fundamental trends, prioritizing industries in a growth phase, regardless of whether they are traditional sectors [6][7]. - The focus is on companies with "non-replicable" competitive advantages, ensuring long-term profitability through strong competitive barriers [7][8]. - Governance is a key consideration, with a preference for companies that reward shareholders and maintain transparent information disclosure [7]. Risk Management - A three-tier risk control system is established to manage drawdowns, integrating risk control into the entire investment process, with a strong emphasis on pre-investment screening [15][16]. - The selection of stocks for the "Fixed Income+" product is more stringent, favoring large-cap, low-volatility leaders to mitigate risks associated with smaller, more volatile stocks [16]. Research Methodology - The company employs a rule-based research methodology, focusing on data-driven analysis and avoiding speculative trends, aligning with the risk-averse nature of "Fixed Income+" investors [10][12]. - Two independent stock selection systems are utilized: one focusing on value growth and the other on absolute value, ensuring a stable value base while capturing growth opportunities [11]. Platform Support - The company's investment strategy is supported by a vertically integrated research platform that fosters collaboration among fund managers and researchers, enhancing the depth and breadth of research [20][21]. - A data science team monitors investment strategies and fund manager styles to ensure sustainable performance and mitigate style drift [20][21].

Group 1 - The article highlights Ye Yong's unique experience and expertise in macro and industry cycles, which has led to significant investment success in sectors like energy, gold, and industrial metals [1][3][4] - Ye Yong's funds, managed under Wan Jia Fund, have shown impressive returns, with Wan Jia Trend leading at 73.07% and Wan Jia Cycle Driver at 51.75% over the past year [1] - His investment strategy is characterized by a deep understanding of macroeconomic trends and the ability to identify cyclical opportunities, particularly in the context of the current global economic shifts [1][5][16] Group 2 - Ye Yong's background as a financial journalist and his roles in equity investment have provided him with a solid foundation for understanding macroeconomic and cyclical trends [3][4] - He emphasizes the importance of recognizing the cyclical nature of various industries, advocating for a top-down investment approach rather than a narrow focus on cyclical stocks [8][9] - Ye Yong's insights into the commodity cycle indicate a shift from a decade-long downtrend to an upward cycle, particularly in resources like coal and oil [5][10] Group 3 - The article discusses Ye Yong's perspective on the "anti-involution" policy, which he believes has significant implications for macroeconomic stability and industry dynamics [16][17] - Ye Yong argues that the current economic environment necessitates a comprehensive approach to address overcapacity across various sectors, unlike previous supply-side reforms [16][18] - He predicts that the Producer Price Index (PPI) will see a turning point in the second half of the year, potentially reversing the deflationary spiral [21][30] Group 4 - Ye Yong outlines three key investment areas for the upcoming year: industrial metals, traditional cyclical leaders, and post-cyclical sectors, indicating a strategic shift towards cyclical assets [32][34][35] - He identifies copper as a core investment due to its stable demand and supply dynamics, likening its importance to that of oil in previous commodity bull markets [13][32] - The article emphasizes the need for investors to adapt their perceptions of resource stocks, as the current market conditions favor a transition from a downtrend to an uptrend in commodity prices [10][30]

Group 1 - The core investment philosophy of deep value is derived from Graham's "cigar butt" approach, focusing on stocks priced significantly below their liquidation value, which can yield good returns even in immediate liquidation scenarios [1][7] - The deep value fund pool has demonstrated stable historical returns with a high risk-reward ratio, achieving an annualized return of 11.81% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 4.26% [1][9] - The fund pool has shown strong performance stability, even during market conditions favoring growth styles, maintaining high absolute returns despite some drawdowns since mid-2024 [1][12] Group 2 - The excess returns of the deep value fund pool are primarily attributed to dynamic allocation, style configuration, and stock selection, with a preference for low momentum, low elasticity, and low volatility styles [2][15] - The current sector allocation has shifted towards consumer sectors while maintaining exposure to manufacturing and TMT sectors, indicating a strategic adjustment in response to market conditions [2][18] - The deep value fund pool is defined by absolute undervaluation characteristics, with a focus on funds that have positive exposure to the BP factor and high expected net profit [2][22] Group 3 - The newly selected deep value fund list includes various funds with significant returns, such as "中庚价值灵动灵活配置混合" with a return of 19.82% and "广发稳健策略混合" with a return of 18.64% [2][23] - The analysis of individual funds reveals a focus on maintaining a balance between absolute returns and risk management, with strategies tailored to specific market conditions [2][25][30] - The report emphasizes the importance of quality and valuation as key safety margins, utilizing DCF cash flow models to assess companies' competitive advantages and growth potential [2][25]

Core Insights - The active management equity funds are experiencing a strong recovery in returns, with 95% achieving positive returns and an average return exceeding 15% as of August 7, 2025 [1][2] - The pharmaceutical sector has emerged as the biggest winner, with four funds doubling their returns, all focused on this industry [3] Fund Performance - As of August 7, 2025, the average return for over 4,500 active equity funds is 15.03%, while more than 93% of over 2,500 stock index funds have positive returns averaging 11.8% [2] - Active equity funds have outperformed major indices like CSI 300 (4.6%) and CSI 500 (10.6%) after three years of underperformance [2] Fund Manager Dynamics - There are 90 active equity fund managers managing over 10 billion yuan, with Zhang Kun from E Fund leading at over 50 billion yuan [5][6] - Among these managers, 86 have achieved positive returns, with the average return for those managing over 30 billion yuan being 9.8%, which is lower than the average of the top 90 managers [6] Sector Focus - The four funds that doubled their returns are primarily invested in the pharmaceutical sector, including Changcheng Pharmaceutical Industry Selection and Huashan Pharmaceutical Biotechnology [3] - The top-performing managers, Zhang Wei and Zhang Lu, have focused on themes like innovative drugs and robotics, contributing to their high returns of 65.8% and 53.4% respectively [8] Underperforming Funds - Despite the overall positive trend, 228 active equity funds reported negative returns, with the worst performer, Qianhai Kaiyuan AI A, showing a return of -18.5% [3] - Wang Mingxu from GF Fund has seen 7 out of 8 funds underperform, with a bottom return of -7.4% [8][9] Investor Sentiment - Although the A-share market has been rising, investor confidence in active equity funds remains low, with a significant reduction in total shares of active equity funds by approximately 198.24 billion shares in the first half of 2025 [3]

Group 1 - The core viewpoint of the articles indicates a strong recovery in the performance of actively managed equity funds in 2025, with 95% of these funds achieving positive returns and an average return exceeding 15% as of August 7 [2][3] - The pharmaceutical sector has emerged as the biggest winner, with four actively managed equity funds achieving returns that have doubled this year, all focusing on the pharmaceutical industry [4][5] - As of mid-2025, there are 90 fund managers managing over 10 billion yuan, with Zhang Kun from E Fund leading with over 50 billion yuan under management [8][9] Group 2 - The average return of actively managed equity funds has outperformed major stock indices, such as the CSI 300 and the CSI 500, which recorded returns of 4.6% and 10.6% respectively [3] - The average return of the entire market of over 4,500 actively managed equity funds is 15.03%, compared to 11.8% for over 2,500 stock index funds [3] - Despite the overall positive performance, there are still 228 actively managed equity funds with negative returns, with the worst performer, Qianhai Kaiyuan AI A, showing a return of -18.5% [4][6] Group 3 - The top-performing funds in the pharmaceutical sector include Changcheng Pharmaceutical Industry Selection, Bank of China Hong Kong Stock Connect Pharmaceutical, Yongying Pharmaceutical Innovation Selection, and Huashan Pharmaceutical Biotechnology, all achieving significant returns [4][5] - The performance of fund managers varies significantly, with some, like Zhang Wei and Zhang Lu, achieving returns of 65.8% and 53.4% respectively, while others, such as Wang Mingxu, have negative returns [12][13] - The total scale of actively managed equity funds reached 3.39 trillion yuan by mid-2025, although the total number of shares decreased by 198.24 billion compared to the end of the previous year [6][7]

Core Viewpoint - The resurgence of established private equity firms in China is highlighted, with many achieving significant performance recoveries and attracting renewed investment interest after a period of underperformance [1][2]. Group 1: Performance Recovery - Established private equity firms are experiencing a performance rebound, with some reporting year-to-date returns exceeding 40% [1]. - Notable firms like淡水泉投资 and 重阳投资 have reported year-to-date returns of 15.98% and over 15%, respectively, with近一年收益率 around 35% [1][2]. - 源乐晟 has also seen a turnaround, with year-to-date returns reaching 35.54% and over 40% in the last six months [2]. Group 2: Investment Strategies - Various strategies are being employed by established private equity firms, including deep value investing and growth-oriented investments, particularly in sectors like artificial intelligence [2]. - The adaptability of investment strategies to different market conditions is emphasized, with firms adjusting their approaches based on asset performance [2]. Group 3: Research and Organizational Reforms - Firms are actively reforming their research and investment frameworks to enhance adaptability and decision-making [3]. - For instance, 淡水泉投资 has restructured its research organization to improve its understanding of emerging industries and market dynamics [3]. - 星石投资 has implemented a multi-fund manager system to enhance decision-making and performance accountability [3]. Group 4: Market Outlook - The outlook for the market remains positive, with expectations of structural opportunities driven by policy support and active capital [4]. - Key areas of focus include the revaluation of high-quality Chinese assets, the globalization of competitive industries, and advancements in technology innovation [4]. - 源乐晟 anticipates favorable conditions in both Chinese and U.S. stock markets, driven by economic resilience and adjustments in investor sentiment [4].

Core Insights - Established private equity firms are experiencing a performance rebound, with some products achieving over 40% returns in the past six months and regaining investor interest [1][2] Group 1: Performance Recovery - The market has shown signs of recovery, leading to a significant performance rebound for established private equity firms, with notable examples including: - Zhaojun's Dushuquan achieving a year-to-date return of 15.98% and a one-year return of 35.46% as of August 1 [2] - Chongyang Investment's products also recording over 15% returns year-to-date and close to 35% over the past year [2] - Yuanlesheng's representative products achieving a year-to-date return of 35.54% and over 40% in the last six months [2] - Pankin Investment's products yielding 27.67% year-to-date [2] - High Yi Asset's products exceeding 10% returns year-to-date [2] Group 2: Investment Strategies - Different investment strategies have been employed by established private equity firms to adapt to market conditions: - Some firms focus on deep value investment, heavily investing in undervalued blue-chip stocks [3] - Others are capitalizing on growth opportunities in sectors like AI [3] - Firms are also reforming their investment research systems to enhance adaptability, such as Dushuquan's organizational changes and the establishment of a new industry research institute [3][4] Group 3: Future Outlook - The outlook for the market remains optimistic, with structural opportunities expected to dominate: - Dushuquan emphasizes that despite uncertainties, high levels of capital activity will support the market, focusing on three key opportunities: valuation reassessment of quality Chinese assets, globalization of advantageous Chinese industries, and technological innovation [5] - Yuanlesheng's current asset allocation includes technology (overseas AI and domestic computing power), innovative pharmaceuticals, non-ferrous metals, new consumption, and non-bank financials, with non-bank financials being a new addition due to rising market activity and interest rates [6]