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]

Group 1 - Guangwei Composites (300699.SZ) released its 2024 annual report on April 1, 2025, showing that as of March 31, 2025, 537 institutional investors disclosed holding A-shares, totaling 474 million shares, which accounts for 57.07% of the total share capital [1] - The top ten institutional investors include Weihe Guangwei Group, Industrial and Commercial Bank of China - E Fund ChiNext ETF, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 45.72%, a decrease of 2.84 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine public funds increased their holdings, including National Defense ETF and E Fund ChiNext ETF, with a slight increase in the holding ratio [2] - Conversely, 46 public funds reduced their holdings, with a decrease ratio of 3.79%, including funds like Fortune Long-term Growth Mixed A and Southern CSI 500 ETF [2] - A total of 477 new public funds were disclosed this period, including Guotai CSI Military Industry ETF and Huatai-PB Flexible Mixed A [2] Group 3 - One new social security fund disclosed holding Guangwei Composites, specifically the National Social Security Fund 118 Portfolio [3] Group 4 - One new foreign institution disclosed holdings this period, namely Hong Kong Central Clearing Limited [4]