Core Viewpoint - Liu Zheng's investment strategy emphasizes a low valuation value investment approach, which has shown resilience and adaptability in the face of market fluctuations, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - The selection of stocks is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued assets with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks, to address higher market volatility [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and advocating for a return to fundamental business logic [3]. - The investment strategy prioritizes a comprehensive understanding of risk-reward ratios over rigid left-side or right-side positioning, allowing for flexibility in purchasing decisions based on future growth potential [3]. Market Outlook - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve, providing fertile ground for excess returns [5]. - Liu Zheng identifies structural opportunities in sectors such as domestic demand, resources, midstream manufacturing, and technology, despite existing macroeconomic pressures [5]. - The risk premium levels in the market remain above historical medians, indicating that overall valuations are still within a reasonable range [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with significant discounts for H-shares compared to A-shares, presenting unique investment opportunities [6]. - Liu Zheng highlights the presence of high-quality assets in the Hong Kong market that are not easily found in the A-share market, reinforcing the case for portfolio diversification [6]. - The analysis suggests that despite short-term uncertainties, there is confidence in the long-term potential of the Hong Kong market, driven by structural factors and relative valuation advantages [6].

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, achieving over 50% annual returns as of November 7 this year [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low-valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - Stock selection alpha is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued stocks with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and emphasizing a return to fundamental business logic [3]. - The core of the strategy is not about "left-side" or "right-side" buying but ensuring a "low valuation throughout the entire lifecycle" with a favorable risk-reward ratio [3]. Current Market Outlook - Liu Zheng is optimistic about the equity market, believing that active equity funds are experiencing a cyclical return as the economy begins to recover [5]. - He identifies structural opportunities in domestic demand, resources, midstream manufacturing, and technology sectors, despite ongoing macroeconomic pressures [5]. - The investment team uses a dynamic assessment model based on equity risk premium, indicating that the current valuation remains within a reasonable range despite recent market increases [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with the Hang Seng Index's risk-free rate benchmark remaining high compared to U.S. Treasury yields [6]. - Liu Zheng highlights three considerations for investing in Hong Kong stocks: significant discounts of 30%-50% for H-shares compared to A-shares, unique high-quality assets in the Hong Kong market, and the relative undervaluation of certain stocks due to structural market factors [6].

在市场风格切换频繁的当下，如何凭借稳定策略穿越周期、获取长期收益，成为投资者关注的重点。近 日，中庚基金研究总监、中庚价值领航基金经理刘晟接受了上证报记者专访，解析其具体投资实践。在 他看来，选股阿尔法是穿越市场周期的核心支撑，而低估值价值投资策略体系的科学性与可进化性，以 及对基本面线索的把握，是实现长期可持续超额收益的关键所在。 中庚基金刘晟： 坚守价值投资 以选股阿尔法应对波动 ◎记者 朱妍 组合构建上，以宽基产品中庚价值领航基金为例，其行业配置相对均衡、选股层面注重低风险，会通过 分散配置降低投资组合波动。他表示，秉持绝对收益思维，以绝对收益为导向，注重组合的长期稳定 性。但回撤控制并非依赖量化指标强制减仓，而是来自低估值价值投资策略本身。低估值价值投资策略 注重对资产的风险识别，包括市场风险、行业风险、特定风险等，会有更高的风险补偿要求或仓位限 制。 作为聚焦主动权益投资的基金公司，中庚基金在2024年核心投研人员离任后，投研团队的稳定性与磨合 情况备受关注。刘晟透露，目前投研团队核心人员变动较小，基金经理团队和核心研究团队基本都是中 庚基金创立初期加入，共同经历了不同市场的变化，对低估值价值投资策 ...