Group 1 - The core narrative of A-shares since September 24, 2024, is the historical mean reversion of growth style over a fifteen-year dimension, with high volatility and uncertainty exacerbated by the high rotation characteristics of the market [1] - The current investment feedback indicates that weak sectors like banks and coal may rebound in October, while strong sectors like TMT may begin to decline [1] - The ongoing main line of investment remains somewhat elusive, suggesting a complex market environment [1] Group 2 - The competition among different investment styles, referred to humorously as "Old Deng, Middle Deng, and Young Deng," highlights the need for A-share investors to consider whether to join the prevailing trend or stick to their convictions [2] - Active equity fund managers who adopt a balanced allocation strategy and can navigate through cyclical changes are particularly noteworthy in the current market context [2] Group 3 - The domestic active equity fund market is experiencing similar changes as the underlying market, with the rise and fall of market conditions determining the timing of key players [3] - The long-term performance of active equity funds, like that of Zhao Zhiyue from Shangyin Fund, demonstrates the importance of adapting to market cycles [7][10] Group 4 - Zhao Zhiyue's investment philosophy emphasizes a comprehensive understanding of market dynamics, recognizing that A-share investment principles are not linear and require a nuanced approach [11][13] - His successful long-term performance from 2016 to 2020, with a return of 105.68% for Shangyin New Emerging Value A, significantly outperformed the broader market [14] Group 5 - Zhao Zhiyue describes himself as a "pessimistic optimist," maintaining a long-term optimistic view while carefully assessing risks during investment decisions [18] - His investment strategy focuses on value and balanced approaches, aiming for sustainable long-term returns despite market volatility [18] Group 6 - The investment framework developed by Zhao Zhiyue incorporates a complex system view, acknowledging the interplay of various factors and the limitations of human cognition [20][21] - His approach to different sectors, such as cyclical and consumer industries, reflects a flexible and diversified investment strategy aimed at reducing net asset volatility [21] Group 7 - Looking ahead, Zhao Zhiyue remains focused on long-term stability rather than short-term gains, particularly in the context of the evolving technology sector [22] - His investment strategy for the semiconductor industry emphasizes a dual focus on domestic chip production and AI-related technologies, adapting to market changes and external pressures [22]

Core Viewpoint - The A-share market has seen a significant rise, leading to a collective increase in the net value of actively managed equity funds, but few have achieved "doubling" status due to cautious positioning and heavy investment in underperforming dividend sectors [1][3]. Fund Performance - 49 funds were established around the market low point, with an average return of 35.94% since inception, benefiting from the market's recovery [2]. - Specific funds like Yongying Rong'an achieved a return of 89%, while others like Allianz China Select and Dongwu Technology Innovation exceeded 70% [2]. Cautious Positioning - Despite strong performance, many funds adopted a cautious investment strategy, focusing on dividend and value stocks, which limited their ability to capitalize on the market's rapid growth [3][4]. - Funds that maintained lower positions, such as Dongwu Technology Innovation, struggled to achieve significant returns due to their conservative approach [5]. Dividend Sector Outlook - The dividend sector has shown resilience, with expectations for increased dividend payouts as companies move past capital expenditure peaks [6]. - Analysts suggest a shift towards a "dividend+" era, where dividend stocks remain attractive due to their stable cash flows and defensive characteristics amid market volatility [7].