新春将至，万象更新。在马年市场即将拉开序幕之际，我们邀请到了华商鑫安灵活配置混合基金经理陈 恒与我们分享他的投资哲学与对市场的思考。 截至2025年底，陈恒已具有17.4年证券从业经历（其中9.0年证券研究经历，8.4年证券投资经历），他 既做过卖方也做过买方，既做过研究也做过投资。从医药行业研究开始，持续拓展能力圈，逐步进阶到 全行业的投资，现任华商鑫安灵活配置混合、华商双驱优选灵活配置混合等基金基金经理。 陈恒 华商鑫安灵活配置混合基金经理 华商双驱优选灵活配置混合基金经理 行为学里决策风格分为两类"最优化决策"与"满意化决策"。最优化者追求绝对最优解，常因过度权衡而 陷入犹豫；满意化者则满足于"足够好"的方案，但可能因标准过低而错失机会。 在投资中，陈恒希望做一位追求最优的满意化投资者，在上述两种决策风格中取得平衡——不苛求完 美，亦不妥协于平庸，以严谨研究为基础，选择具备长期成长潜力、估值合理、风险可控的最优满意 解，旨在为投资者带来持续的投资回报。 在他看来，投资不仅比拼信息获取的速度，更考验认知的深度；不仅需要上涨市场中的胆识，更依赖贯 穿周期的平稳心态。 谈及行业选择，陈恒的投资方法论借鉴了中国 ...

Core Viewpoint - The article emphasizes the wisdom of "Tao" from the "Tao Te Ching," suggesting that understanding and adapting to life's changes can lead to resilience and success in the face of adversity [3][4][5]. Group 1 - The concept of "Tao" is described as the underlying force governing the universe, which operates through opposites and transformations [3][4][10]. - The article illustrates that in difficult situations, one should maintain a positive outlook, as challenges often conceal opportunities for growth [13][30]. - Historical examples, such as Laozi's life and the story of Huang Ba, demonstrate that patience and adaptability can lead to eventual success after hardship [18][26][29]. Group 2 - The article discusses the principle of "weakness as a strategy," where showing humility and restraint can be more effective than direct confrontation [35][36]. - The story of Chu Zhuang Wang illustrates how strategic patience and the ability to conceal one's strength can lead to overcoming powerful adversaries [35][46]. - It emphasizes that true strength lies in knowing when to retreat and when to act, advocating for a balanced approach to challenges [48][49].

Group 1 - The article discusses the concept of "Dao" as something that transcends language and rational understanding, suggesting that true knowledge cannot be fully articulated [1][2][12] - It draws parallels between the philosophical notion of "Dao" and modern physics, particularly quantum mechanics, highlighting the challenges in comprehending phenomena that defy intuitive understanding [3][10][11] - The article introduces the "black box" problem in AI, emphasizing that the complexity of AI models makes their decision-making processes difficult to explain, similar to the elusive nature of "Dao" [14][16][19] Group 2 - The article suggests that both "Dao" and AI's "black box" represent emergent properties that exceed human cognitive boundaries, indicating a need for trust rather than complete understanding [20][23][24] - It emphasizes the importance of collaboration between humans and AI, proposing that while AI can discover patterns, human experience and ethics remain essential in decision-making [26][29] - The article warns about potential biases in AI, advocating for data governance and ethical scrutiny to ensure fairness in AI outcomes [30][31]