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]

"银行系"基金公司上银基金，在投研体系建设、团队构建等方面持续发力，旗下权益、固收产品整体业绩均较出色 投资时间网、标点财经研究员 齐文健 今年A股市场一扫往日阴霾，行情一路走强，先后冲破3500点、3600点、3700点、3800点四大关键点位。尤其是近期上证指数屡屡将高点"记录"刷新。不 过Wind数据显示，8月27日，上证指数遭遇小幅波动，收于3800.35点。 此时，扎实的投研积累无疑是基金公司捕获投资机会的最好"工具"。投资时间网、标点财经研究员注意到，近年来，监管部门也多次出台有关规定、文 件，引导基金公司加强投研能力建设。 上银基金作为"银行系"公募基金公司的一员，在投研建设方面如何做的呢？ 据投资时间网、标点财经研究员了解，自成立以来，上银基金不断完善投研实力，持续推进投研平台化、一体化建设。投资决策委员会总体引领，下设权 益、固收、海外3大专业委员会协同作战，同时设立宏观策略、信评、转债、行业研究、量化、FOF专业小组，形成专业立体的研究框架。 投研团队成员具备专业背景与行业经验，且在深耕各自擅长领域的基础上不断拓展能力圈，形成投研优势的有效互补。秉承"价值为体，成长为翼"的投资 理念，上银 ...