Core Viewpoints - The overall market performance in Q3 2025 was strong, with significant structural differentiation, particularly influenced by the banking sector, which saw a decline in value style stocks [6][29] - The rise in the market is attributed to fundamental improvements across various sectors, especially driven by artificial intelligence and the expansion of demand in the new energy sector, rather than merely liquidity-driven factors [6][8] - The investment strategy focuses on long-term value creation, emphasizing the importance of understanding the future cash flows of companies rather than short-term price movements [7][10] Market Performance - The Shanghai Composite Index reached a ten-year high, reflecting a recovery in market sentiment amid easing US-China trade tensions [6][8] - The A-share market saw a significant increase, with the CSI 300 Index rising by 17.9% and the CSI 500 Index by 25.31% in Q3 2025 [36][40] - The technology sector, particularly AI and renewable energy, led the market rally, while traditional dividend-paying sectors like banking faced outflows [33][34] Economic Outlook - Despite ongoing pressures in the domestic economy, there are signs of recovery, supported by government policies aimed at stimulating domestic demand [8][35] - The structural transformation of the economy is a long-term goal, with increasing clarity on the role of technology and innovation in driving growth [9][20] - The global economic landscape is shifting, with a notable increase in risk appetite among investors, leading to a preference for growth-oriented sectors [33][40] Investment Strategy - The investment approach remains focused on identifying high-quality companies that can sustain value creation over the long term, with a preference for undervalued assets [15][34] - The portfolio has seen adjustments, with a reduction in exposure to traditional dividend stocks and an increase in positions within the technology and growth sectors [24][34] - The strategy emphasizes diversification to mitigate risks while maintaining a focus on companies with strong fundamentals and growth potential [15][36] Sector Analysis - The technology sector, particularly AI and semiconductor industries, has shown robust growth, while traditional sectors like banking and consumer goods have lagged [19][34] - Precious metals and commodities have rebounded strongly, driven by concerns over inflation and currency depreciation, making them attractive as safe-haven assets [33][34] - The healthcare and innovative pharmaceutical sectors are expected to see long-term growth, despite short-term volatility in market perceptions [19][20]

Core Viewpoint - The article discusses the disparity between fund performance and investor returns, emphasizing the importance of aligning the two to regain investor trust in the fund industry [2][4]. Fund Performance Metrics - The article highlights two key performance indicators: "Fund Share Net Value Growth Rate" and "Weighted Average Net Value Profit Rate," which reflect the fund's profitability and overall investor returns, respectively [1][2]. - Data from the fund's performance reports shows fluctuations in these metrics over the years, with the fund share net value growth rate reaching 168.24% since inception, significantly outperforming the benchmark growth rate of 21.73% [3][8]. Fund Manager's Approach - Fund manager Jiang Cheng focuses on creating stable returns for investors, achieving a maximum drawdown of only 17.18% compared to the 45.60% drawdown of the CSI 300 index [4][5]. - Jiang emphasizes a conservative investment strategy, prioritizing low volatility and steady returns over short-term performance rankings [5][6]. Investor Communication - Jiang maintains high-frequency communication with investors, contributing investment notes and participating in live Q&A sessions to build trust and reduce information asymmetry [6][7]. - The average holding period for investors in Jiang's fund is approximately 782 days, indicating a higher level of investor patience and commitment [7]. Historical Performance Data - The fund's historical performance data shows varying net value growth rates from 2019 to 2025, with notable highs in 2019 (32.00%) and 2020 (41.78%), and a low in 2023 (-7.18%) [3][8]. - The introduction of a new share class (C shares) in July 2021 has also shown competitive performance, with a net value growth rate of 30.80% since inception [7][8].

Core Viewpoint - The overall market in Q2 2025 experienced a turbulent yet limited increase, influenced by ongoing tariff impacts and structural differentiation across sectors [5][6][30]. Group 1: Market Performance and Economic Outlook - The market showed structural differentiation, with banks and dividend assets performing well, while some cyclical industries struggled [5][6]. - The macroeconomic outlook remains optimistic, but caution is advised at the micro level regarding individual stocks [5][6]. - The impact of tariffs on the long-term fundamentals needs to be validated with new financial data [5][6]. Group 2: Investment Strategy and Portfolio Management - The investment strategy focuses on maintaining a robust portfolio, with a preference for high alpha and low valuation stocks, continuing to buy undervalued assets [5][9]. - The portfolio has seen minor adjustments, with a stable overall position and a focus on quality assets with long-term growth potential [9][20]. - The strategy emphasizes diversification to mitigate risks associated with macroeconomic sensitivity, particularly in cyclical sectors [20][34]. Group 3: Sector-Specific Insights - The white liquor industry faced significant concerns due to government policies against waste, but high-end liquor demand remains stable due to its limited government use [8][9]. - The technology and innovation sectors are expected to benefit from supportive policies and domestic growth, particularly in AI and semiconductor industries [20][21]. - The healthcare sector, particularly innovative pharmaceuticals, is showing signs of recovery and potential for long-term growth, driven by overseas collaborations [20][21]. Group 4: Market Trends and Future Expectations - The market is expected to remain cautious in the short term due to external trade pressures, but domestic policies are anticipated to provide support [30][33]. - The focus will be on sectors with inherent growth potential, such as technology and consumer upgrades, while monitoring macroeconomic policies and liquidity changes [21][22][33]. - The overall investment sentiment is improving, with a notable recovery in excess returns for public funds, indicating a potential for better performance in the coming quarters [30][33].

Core Viewpoints - The first quarter of 2025 saw a stable market overall, but significant differences across industries, with technology sectors showing notable progress and macroeconomic recovery creating market expectations [6][21] - The impact of external demand remains a significant uncertainty for investors, particularly in light of ongoing trade tensions [7][22] Group 1: Market Performance and Trends - The AI and robotics sectors performed well, driven by technological advancements, while traditional sectors like real estate and construction faced pressure [5][21] - The market exhibited structural characteristics, benefiting from technological progress in communications, electronics, computing, and automotive sectors [6][21] - The overall performance of the market was influenced by the lack of clear fundamental themes, leading to a focus on policy impacts on the economy [6][7] Group 2: Investment Strategy and Focus - The investment strategy emphasizes long-term value creation over short-term fluctuations, focusing on structural changes in competitive advantages rather than just growth rates [6][7] - The portfolio remains diversified, with a focus on high-quality companies that can sustain value creation, while also being cautious about external risks [10][12] - The fund managers are committed to maintaining a balance between risk and return, utilizing deep research to identify companies with sustainable competitive advantages [10][12] Group 3: Sector-Specific Insights - The technology sector, particularly AI, is experiencing significant breakthroughs, with domestic companies benefiting from reduced costs and improved efficiency [15][17] - The healthcare sector, especially innovative drugs and devices, is showing potential for valuation recovery despite ongoing pressures from policy changes [16] - The fund is also focusing on the full AI industry chain, with increased investments in semiconductor equipment and AI middleware [17][18] Group 4: Economic Outlook and Policy Impact - The domestic economy is showing signs of recovery, with room for stimulus policies, but external demand fluctuations pose risks to overall economic recovery [7][22] - The ongoing trade tensions are expected to create a challenging environment for exports, but the resilience of the domestic economy and available policy tools provide a buffer [22][27] - The investment approach will continue to adapt to macroeconomic changes, focusing on undervalued assets and sectors supported by policy initiatives [27][31]

好投资是信任与认知的双重胜利， 期 待我们始终走在双向奔赴的路上。 姜 诚 一季度市场似乎缺乏清晰的基本面主线，在技术进步的背景下，人工智能和机器人相关领域有不错表现。 因为我们组合中的标的整体价格变化不大，所以整体仓位和结构也变化不大，仅在个别标的价格有显著波 动时进行了"被动"应对。 四月是传统的财报季，叠加贸易战的影响，市场或许会更聚焦于政策对基本面的长中短期影响。但 我们 更专注于为资产进行称重，而非过度关注阶段性波动。我们不会对企业的利润曲线求解一阶导数（利润增 长率）或者二阶导数（增长率的变化率），而是试图对长期分红的现值求解"积分"，所以不太关心增速， 更关心竞争格局和竞争优势的结构性变化。 在结构性变化的维度内，我们的组合有喜有忧，忧的是一些 行业的差竞争格局持续的时间较长，这对长期价值有杀伤；喜的是重点品种的竞争优势在潮水退却后变得 更加明显。简而言之，弱β叠加强α，让我们暂无修订长期结论的必要。对贸易战的前景，很难做出准确 判断，但我们仍有底气，原因有两方面：一是我国完备的产业链和巨大的内需给经济提供了韧性；二是可 运用的政策空间还有很大余量。所以不必急于做判断，后续的操作仍是以多看少动为 ...