（原标题：深夜食堂第十三季｜对话国泰基金张容赫："稳"是一种被低估的力量） 摘要：在波动市场中，"稳"是一种被低估的力量——国泰基金张容赫认为，它并非保守，而是主动管 理，旨在优化持有体验，助力投资行稳致远。 "宏观和市场判断是我们的核心，决定了我们的组合思路。" "我们的核心出发点，是希望持有人的投资体验能更好一些，尽量避免出现明显的、大幅的、持续时间 较长的亏损，使收益率曲线整体保持平稳向上的态势，从而为持有人带来更舒适的投资感受。" 尽管市场在某些阶段成交活跃、指数表现亮眼，但全A股涨幅中位数远低于指数涨幅，表明行情分化明 显、赚钱效应并不普遍。 此时，"稳"的力量更显重要——从波动率出发，控制组合波动，方能在震荡中行稳致远。 "今年出于对宏观经济、海外经济以及流动性的判断，我们整体组合的仓位属于中性水平，但整体回撤 应该说是显著低于市场平均水平的，较好完成了'稳定'的目标。" "无论市场如何变化，我们希望投资者都能安心地将资金配置于权益市场，无需为择时这类复杂的大类 资产判断而困扰。" 由国泰基金精心打造的系列基金对话节目《深夜食堂》，在这个深秋夜晚，为投资者带来一场关于投资 中"稳"力量的深度对话。 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 结构性市场与房企阿尔法 ——房地产行业周度观点更新 报告要点 [Table_Summary] 周期反转仍需时间，但重点城市中心区域新房具备结构性机会，品牌辨识度和投资精准度是胜 负手。从"二分法"的结构化视角对房企进行定价，一是老货占比相对较小、减值计提相对充 分，则老货将来的预亏额就越小；二是新拿地的强度和兑现度相对较高，则新货销售和盈利能 力就更有保障，价值创造体量也就越大；两者共同决定地产股的潜在弹性。老货拖累低、新货 贡献大的双优品种中，首选建发国际；老货有一定拖累、但新货贡献显著的边际品种中，首选 绿城中国，尤其是市值潜在弹性较大；此外，华润置地因商业稳健增长而具备长期配置价值。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 结构性市场与房企阿尔法 2] ——房地产行业周度观点更新 [Table_ ...

Core Insights - Technology stocks have dominated market trends in recent years, yet some fund managers have achieved impressive performance without relying on them since September 24, 2022 [1] - Zhang Ronghe, a fund manager at Guotai Fund, has consistently outperformed mainstream indices and benchmarks, demonstrating a balanced investment approach [1][5] - As of September 14, 2023, Zhang's managed fund, Guotai Blue Chip Select A, achieved a return of 52.81% over the past year, while Guotai Central Enterprise Reform yielded a return of 37.12% during the bear market of 2023 [1] Fund Management Overview - Zhang Ronghe has 13 years of industry experience, with 4 years in investment management, specializing in macro strategy research [2][3] - He currently manages three funds: Guotai Central Enterprise Reform, Guotai Blue Chip Select, and Guotai Zhaoxiang Six-Month Holding Period Fund [4][6] - Since Zhang took over, the funds have shown significantly better metrics in terms of maximum drawdown and volatility compared to their peers [5] Fund Characteristics - Guotai Central Enterprise Reform focuses on investments benefiting from central enterprise reforms, with a performance benchmark of 80% of the CSI Central Enterprises Composite Index and 20% of the CSI Comprehensive Bond Index [7] - Guotai Blue Chip Select has a broader stock selection, including some Hong Kong stocks, and both funds lean towards large-cap value styles while still achieving substantial returns in a tech-dominated market [7][11] - The Guotai Zhaoxiang fund is a "fixed income plus" product, with an equity allocation around 15%, achieving a return of 11.55% since Zhang's management began [7] Investment Strategy and Market Outlook - Zhang's investment strategy emphasizes stability and a focus on sectors benefiting from policy support, such as public utilities and transportation [9][13] - The second quarter report indicates a low turnover rate and minimal structural changes in the portfolio, reflecting a cautious approach to market conditions [12] - Zhang predicts that 2026 will outperform 2025, with a focus on cyclical assets and sectors that are likely to benefit from domestic policy shifts [18][19] - He expresses confidence in the new fund, Guotai Qiming, which will invest in both A-shares and Hong Kong stocks, with a personal investment of 2 million yuan [15]