来源：中国能源网 2025年，当A股在科技成长引领下轰鸣向前，同业机构凭借敏锐的嗅觉在AI、高端制造等新兴赛道上赚 得盆满钵满时，大成基金旗下多只权益产品业绩显著落后，规模出现萎缩，与市场整体表现形成鲜明反 差。 一、牛市里的"局外人" 2025年即将接近尾声，这是股市红红火火的一年。沪深300指数今年以来（截至2025年12月10日）的涨 幅达到14.82%，上证指数也一度站上4000点大关。 沪深300指数今年以来日线图。数据来源：Wind，截至2025年12月10日。 股市火热的行情下，基民也"跑步"进场。全市场股票型基金的份额从年初的199，208亿份增长到223， 348亿份，涨幅达到12.1%。 但是在这样火热行情下，大成基金却出现了明显的"掉队"。大成基金的股票型基金份额从年初的243.8 亿份下降到了200.9亿份，不升反降了17.6%。 全市场股票基金份额大增的情况下，大成基金却在快速衰退。数据来源：Wind，截至2025年12月10 日。 值得一提的是，大成基金权益条线的招牌产品大成高鑫A，今年以来的业绩实在让人遗憾。15.76%的收 益，在同类基金中排名723/969！ 二、"深度价值" ...

来源：中国能源网 股市火热的行情下，基民也"跑步"进场。全市场股票型基金的份额从年初的199,208亿份增长到223,348 亿份，涨幅达到12.1%。 但是在这样火热行情下，大成基金却出现了明显的"掉队"。大成基金的股票型基金份额从年初的243.8 亿份下降到了200.9亿份，不升反降了17.6%。 值得一提的是，大成基金权益条线的招牌产品大成高鑫A，今年以来的业绩实在让人遗憾。15.76%的收 益，在同类基金中排名723/969！ | | YTD | 近六月 | | --- | --- | --- | | ● 大成高鑫A | 15.76% | 8.37% | | ● 大成高鑫A基准 | 18.09% | 16.59% | | ● 沪深300 | 16.69% | 18.79% | | ● 普通股票型基金 | 30.95% | 23.61% | | 同类排名 | 723/969 | 733/1007 | 二、"深度价值"风格的依赖 2025年，当A股在科技成长引领下轰鸣向前，同业机构凭借敏锐的嗅觉在AI、高端制造等新兴赛道上赚 得盆满钵满时，大成基金旗下多只权益产品业绩显著落后，规模出现萎缩，与市场整体表现 ...

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].

Core Viewpoint - The article emphasizes the investment philosophy of Cai Zhiwen from Huatai Fund, who focuses on deep value investing, prioritizing long-term value over short-term market trends and emotional fluctuations [2][4]. Investment Philosophy - Cai Zhiwen's investment logic is counter-trend, focusing on low valuation stocks rather than following market trends [4]. - His ideal stock selection criteria include high cash flow, high dividends, and low valuation, along with strong industry positioning and governance [4][6]. - The investment strategy is built on three main lines: controllable upstream resource industries, export chain companies undergoing structural optimization, and traditional industries post-industry consolidation [4][5]. Portfolio Management - The portfolio is diversified across various sectors to mitigate risks associated with market sentiment fluctuations [5]. - Cai Zhiwen maintains a stock pool divided into two categories: large-cap leaders with clear competitive advantages and undervalued small/mid-cap hidden champions [6]. - The investment process involves rigorous validation of stocks based on valuation, industry trends, cash flow stability, and competitive landscape [6][7]. Risk Control - Emphasis on risk control is paramount, with a focus on minimizing drawdowns as a core principle of the investment strategy [9][10]. - The average price-to-earnings ratio of the portfolio is maintained around 10 times, providing a natural defense against market downturns [10]. - Dynamic portfolio adjustments are made based on valuation recovery, industry trends, and emerging undervalued assets [10][11]. Platform Support - The success of Cai Zhiwen's investment approach is supported by Huatai Fund's integrated research platform, which enhances value discovery and investment logic [13][14]. - The company employs a collaborative research model that facilitates information flow and deep industry insights [14][15]. Adaptability and Evolution - Cai Zhiwen's investment strategy is not static; it evolves with market conditions and industry developments, expanding into new sectors like renewable energy and high-end equipment [17][18]. - Continuous learning and communication with research teams enhance the precision of value judgments and adaptability to market changes [18].

Core Insights - Michael Burry, known for his role in "The Big Short," has closed his hedge fund to external capital and is now sharing his stock picks on a new Substack platform named "Cassandra Unchained" [1] - Burry highlights stocks such as Lululemon (LULU), Molina Healthcare (MOH), Shift4 Payments (FOUR), and Federal National Mortgage Association (FNMA) as his favorites, indicating a market capitalization range of $20 billion to $120 billion as fertile ground for investment [1][2] - He believes that the current market presents an excellent opportunity to find undervalued companies that have been oversold due to fund managers' performance management and tax-loss harvesting [1] Company Summaries - Lululemon is a high-end athletic apparel retailer known for its yoga pants, which has seen its stock price drop by 52% over the past year [2][3] - Molina Healthcare provides affordable healthcare insurance and services primarily for low-income and elderly Americans, with its stock down 49% in the same period [2][3] - Shift4 Payments is a fintech company offering payment processing and business tools for various sectors, experiencing a 32% decline in stock price [2][3] - Federal National Mortgage Association (FNMA) supports the U.S. housing market by providing credit loss guarantees for over $4 trillion in mortgages, with its stock not disclosed in Burry's filings due to being traded in the over-the-counter market [2] Market Context - The three highlighted stocks (Lululemon, Molina, Shift4 Payments) have market capitalizations below $25 billion and are trading at price-to-earnings ratios below 15 times expected earnings for the current fiscal year [3] - In contrast, FNMA's stock has tripled this year amid speculation about potential privatization by the Trump administration, which could pave the way for its market listing [3] Investment Strategy - Burry is known for his deep value investing approach, focusing on finding undervalued stocks, particularly smaller and beaten-down companies [3] - He has also engaged in short positions against companies like Palantir (PLTR) and Nvidia (NVDA), indicating a strategy that combines long positions in undervalued stocks with short positions in overvalued ones [4][5]

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Core Viewpoint - The article discusses the concept of "deep value" investment style, emphasizing its focus on understanding the logic behind competitive advantages and long-term trends of companies, rather than merely chasing short-term market trends [1][14]. Group 1: Investment Framework - The "deep value" framework proposed by Cai Zhiwen is based on a "three-dimensional resonance" approach, which includes pursuing "low valuation + high quality + high dividend" at the individual stock level, leveraging industry leader advantages and mispricing opportunities at the market level, and designing products that match investor needs [1][2]. - Cai Zhiwen's stock selection system is summarized as "the east is not bright, the west is bright," focusing on three main lines: controllable upstream resource industries, export chain enterprises undergoing structural optimization, and traditional industries in a clearing cycle [2][3]. Group 2: Stock Selection and Portfolio Management - Cai Zhiwen categorizes his stock pool into two types: large-cap leaders with clear moats and extremely low valuations, and small to mid-cap hidden champions with strong fundamentals but lower market attention [2][3]. - The investment strategy emphasizes a combination of low valuation and growth potential, aiming for assets that provide both valuation protection and profit elasticity through industry cycles [3][14]. Group 3: Risk Control Mechanisms - The risk control framework consists of three stages: pre-investment, during investment, and post-investment monitoring, ensuring a comprehensive risk management approach [6][7][10]. - The pre-investment phase focuses on avoiding "value destruction" companies with low free cash flow and high valuations, while the during-investment phase emphasizes balanced diversification across industries with low correlation [5][6]. Group 4: Performance Metrics - Cai Zhiwen's managed products exhibit controlled drawdowns and long-term stability, with metrics showing superior performance compared to peers, such as a maximum drawdown of -18.08% versus -32.87% for the average peer [4][5]. - The products managed by Cai Zhiwen have achieved significant returns, with the "Huitianfu Brand Power" product returning 58.29% over three years, significantly outperforming its benchmark [13]. Group 5: Product Types and Structures - The products managed by Cai Zhiwen are categorized into equity products, focusing on deep value stocks, and fixed income plus products, which combine equity and fixed income strategies for lower volatility [11][12]. - The design of holding periods for products varies, with options for open-ended, one-year, and three-year holding periods to cater to different liquidity and investment needs [12][13].

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Insights - Deep value fund managers, who performed well during the bear market, are underperforming in the current bull market, primarily due to the significant rise in technology stocks and growth-oriented funds [1][2][10] - The average annual return of deep value fund managers is below the industry average, with many products yielding less than 20% year-to-date, while the CSI Active Equity Fund Index has achieved a return of 34.11% [3][9] - The investment philosophy of deep value managers focuses on long-term intrinsic value, safety margins, and stable business models, which contrasts sharply with the growth-oriented approach that prioritizes high growth potential and current market trends [10][11][12] Performance Comparison - As of September 24, 2023, prominent deep value fund managers like Xu Yan and Jiang Cheng have seen their flagship products yield less than 20%, with only a few exceeding 30% [3][9] - The performance of deep value funds is generally in line with the CSI 300 Index, which has a year-to-date return of 15.63% [10] - In contrast, growth-oriented funds have seen returns exceeding 200% in some cases, highlighting the stark difference in performance between the two styles [5][10] Market Trends - The current market environment favors growth-oriented strategies, particularly in sectors like technology and innovation, while deep value strategies are struggling due to their focus on low-valuation sectors such as finance and real estate [10][12][26] - The number of deep value fund managers is relatively small compared to growth-oriented managers, and many notable deep value figures have left the industry, further limiting the available options for investors [25][29] Investment Strategy - Deep value funds are recommended for conservative investors as a core holding, while growth funds may be allocated for those seeking higher returns [16][17] - A balanced approach that includes both deep value and growth strategies may provide better risk management and potential returns [18][19] - Investors should be cautious of deep value funds that show unusually high performance in a bull market, as this may indicate a shift in investment style [16]

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]