Core Viewpoint - The article discusses various investment styles that yield long-term returns, emphasizing the importance of selecting the right investment strategy based on valuation and growth potential [3]. Group 1: Investment Styles - Deep Value: Focuses on undervalued assets [3] - Growth Value: Emphasizes the quality of the company, typically investing in firms with high Return on Equity (ROE) [3] - Balanced: Considers both valuation and profit growth rate, prioritizing cost-effectiveness [3] - Growth: Concentrates on profit growth rate [3] - Deep Growth: Focuses on the growth potential of the company [3] Group 2: Fund Pool Construction - A fund pool is constructed to minimize individual risks, featuring a selection of fund managers under each investment style, similar to index fund construction [4]. - In case of fund manager changes, such as departure or retirement, a backup manager of the same style will be selected to replace them [4]. Group 3: Valuation Adjustments and Rebalancing - The active selection of advisory portfolios will consider valuations for rebalancing [5]. - Styles that are cheaper and more valuable will have a higher allocation in the portfolio, while overvalued styles will undergo profit-taking [5]. - The rebalancing of advisory portfolio funds is automated, requiring no manual intervention from investors, making it more convenient [5].

Core Viewpoint - The article discusses the different stages of a company's lifecycle and the corresponding investment opportunities available at each stage, emphasizing the importance of understanding these stages for effective investment strategies [2][11]. Group 1: Company Lifecycle Stages - The company lifecycle is divided into six stages: startup, venture capital, deep growth, growth, growth value, and deep value [2][11]. - The startup stage corresponds to angel investment, focusing on creating a product prototype [3]. - The venture capital stage includes multiple rounds of financing (A, B, C) aimed at developing a commercial product and expanding the customer base [4][12]. Group 2: Investment Styles - After a company goes public, it enters the deep growth stage, characterized by rapid growth in market share, revenue, and profits [13][14]. - The deep growth style is less common among funds, but many new stocks in the Sci-Tech Innovation Board and Growth Enterprise Market fit this category [16]. - The growth style typically involves companies that have been listed for some time and maintain high revenue and profit growth rates, with a higher tolerance for valuation [18][21]. Group 3: Value Investment Styles - The growth value style represents companies nearing revenue ceilings, with slower growth rates, exemplified by Warren Buffett's investment strategies [29][30]. - The deep value style focuses on companies with stable dividends and high dividend yields, often associated with low price-to-earnings and price-to-book ratios [36][39]. - The article notes that different investment styles do not have a clear superiority over the long term, but there are noticeable style rotations in the A-share market over 3-5 years [43][45]. Group 4: Investment Strategy - Understanding the characteristics of different investment styles allows for strategic adjustments based on valuation opportunities, such as increasing allocations to undervalued styles or taking profits from overvalued ones [49][51]. - The article highlights a past strategy where the company shifted from high-valued growth styles to value styles during market fluctuations [51].