Group 1 - Shanghai Steel Union's stock price dropped by 5.08% to 25.25 CNY per share, with a trading volume of 200 million CNY and a turnover rate of 2.53%, resulting in a total market capitalization of 8.048 billion CNY [1] - The company, established on April 30, 2000, and listed on June 8, 2011, primarily engages in B2B e-commerce services related to steel, energy, mining, and non-ferrous metals [1] - The revenue composition of Shanghai Steel Union includes 97.29% from supply chain services, 1.56% from consignment services, 0.66% from data subscription services, 0.19% from business promotion services, 0.12% from conference training services, 0.11% from other services, 0.07% from research consulting services, and 0.01% from other supplementary services [1] Group 2 - Dongzheng Asset Management has a fund that ranks among the top ten circulating shareholders of Shanghai Steel Union, with the Dongfanghong New Power Mixed A fund (000480) newly entering the top ten in the second quarter, holding 1.708 million shares, which is 0.56% of the circulating shares [2] - The Dongfanghong New Power Mixed A fund, established on January 28, 2014, has a latest scale of 2.776 billion CNY, with a year-to-date return of 22.91% and a one-year return of 53.97% [2] - The fund manager, Zhou Yun, has a tenure of 10 years and 13 days, with the fund's total asset scale at 11.698 billion CNY, achieving a best return of 258.73% and a worst return of 6.4% during the tenure [3]

Group 1 - The A-share market has shown significant improvement in market sentiment and risk appetite, with the total public fund management scale reaching 34.05 trillion yuan by the end of Q2, an increase of 2.24 trillion yuan or 7% from the end of Q1 [1] - The performance of actively managed equity funds has rebounded, driven by the ability to generate excess returns, exemplified by the outstanding performance of Dongfanghong New Power Mixed A fund, which achieved a cumulative net value growth rate of 412.39% since its inception [1][2] - Zhou Yun, the fund manager, emphasizes a value-oriented and moderately contrarian investment strategy, focusing on high-quality companies with reasonable valuations [2][3] Group 2 - Zhou Yun's contrarian investment approach is based on deep research and value judgment, avoiding the pitfalls of blindly following market consensus [3] - The investment strategy involves recognizing market trends while maintaining a focus on value, as demonstrated during the structural bull market from 2019 to 2020, where Zhou Yun chose to avoid overpriced core assets despite facing performance pressure [3][4] - Zhou Yun's understanding of corporate value and market cycles has led to tangible returns, highlighting the importance of adapting strategies in response to significant market changes [5][6] Group 3 - The essence of successful investing lies in balancing the recognition of trends with value preservation, requiring investors to be both contrarian and trend-sensitive [6] - Zhou Yun advocates for a systematic review of investment processes, emphasizing the importance of learning from past experiences to refine investment methodologies [9] - The performance of Zhou Yun's managed funds, such as Dongfanghong New Power Mixed A and Dongfanghong JD Big Data Mixed A, showcases strong cumulative returns, outperforming their respective benchmarks [9][11]

Core Viewpoint - The article emphasizes the investment philosophy and performance of Zhou Yun, a prominent fund manager, highlighting his ability to achieve consistent returns through a value investment approach and a focus on long-term performance [1][3][20]. Investment Performance - Zhou Yun has been recognized in the "TOP 100 Fund Managers" list for four consecutive years, outperforming the Wind偏股基金指数 for three years [2][3]. - The fund managed by Zhou Yun, 东方红新动力混合A, has shown remarkable performance, with a cumulative return of over 398.35% from its inception on January 28, 2014, compared to the benchmark return of 66.11% [10][25]. - The fund has only underperformed the 沪深300 index in 2019, achieving positive annual returns in 8 out of 10 years from 2015 to 2024 [5][10]. Investment Philosophy - Zhou Yun believes that successful investing is driven by probability, aiming to eliminate luck from the equation to achieve stable profits [1][9]. - His investment framework is rooted in value investing, focusing on purchasing companies based on their free cash flow and maintaining a low valuation to ensure high returns [12][18]. - Zhou emphasizes the importance of a safety margin in investments, allowing for potential misjudgments in valuation [13][14]. Adaptation and Evolution - Since 2020, Zhou has adapted his investment strategy to include a focus on small-cap growth stocks, reflecting changes in market conditions and improving the performance of his fund [22][23]. - Zhou's approach has evolved to prioritize portfolio management based on odds and win rates, enhancing the fund's resilience against market fluctuations [23]. Long-term Strategy - Zhou Yun's long-term investment strategy is characterized by a commitment to value investing principles, which he believes are fundamentally sound and effective over time [19][20]. - The article highlights that Zhou's ability to maintain a consistent investment philosophy while adapting to market trends is key to his success [21][22].