就在今天，中泰资管旗下基金的2025年3季报已全部出炉。 这个季度，结构化行情持续演绎，我们见证了上证综指创下十年新高，也正体会着市场情绪的起起落落。 此刻，充分了解基金经理的应对和筹谋布局，仍是我们对持有人的由衷建议。 以下是我们对于部分产品季报观点的摘编汇总，方便大家快速阅读。 姜 诚 3季度市场整体表现不错，但也有结构性分化，在银行股的拖累下，大盘价值风格甚至有所下跌。我们组 合中的股票也涨跌互现，在长期判断不变的情况下，涨得多的就减一些，跌得多的就加一些，整体仓位变 化不大，除了基于上述原则的交易和为应对申赎进行的被动交易之外，主动交易频率较低。 市场涨势喜人，有观点认为主要是资金面推动的水牛，对此我们并不赞同。以人工智能为引领的各个行业 多面临需求的快速爆发，新能源领域的需求扩张也超预期，除地产和高端白酒外，基本面向好是普遍现象 。我们认为这一轮有基本面向好的因素，而不只是水牛。 我们的组合表现相对"迟钝"，不止是净值涨速较慢，组合本身变化也不大，这与投资框架有关。以基本面 为核心的投资者中，有的关注需求的一阶导数（增长率），有的更关注二阶导数（加速度），而我们致力 于对未来分红的现值求积分，增速和 ...

细心的投资者可能会发现，公募基金的基金年报和半年报都会披露"基金份额净值增长率"和"加权平均净值利润率"这两个指标。前者对 应的是基金在该报告期内的赚钱水平；后者则反映的是持有人整体的收益率。不少情况下，二者会有不小的差异。 基金赚钱、基民不赚钱是多年来行业热议的话题。尽管解决这一难题并不容易，但仍有一些行之有效的思考和做法，值得市场关注。 "如何让持有人的收益率趋近于基金净值的收益率，是基金业再次赢得信任的关键，也是我作为基金经理一直努力的目标。"中泰资管副 总经理姜诚如是说。 由姜诚管理的中泰星元灵活配置混合A成立于2018年12月5日，截至2025年6月30日，份额净值增长率为168.24%，大幅跑赢同期业绩比较 基准增长率（21.73%），体现了价值投资者穿越牛熊周期的能力（注1，过往业绩不代表未来收益）。 更值得一提的，是姜诚的回撤控制能力。上述产品自成立以来的最大回撤仅17.18%，而同期沪深300指数的最大回撤为45.60%（注2，过 往业绩不代表未来收益）。 作为备受关注的百亿基金经理，姜诚凭借稳健的投资风格和穿越牛熊的投资收益得到市场的认可。相比打造一根"好看"的收益曲线，他 更关注的是基民 ...

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 ...