证券之星消息，截止2025年三季度末，基金经理田瑀旗下共管理6只基金，本季度表现最佳的为中泰星 宇价值成长混合A（012001），季度净值涨25.31%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年三季度涨幅 | 第一重仓股 | 白净值比 | | --- | --- | --- | --- | --- | --- | | 中泰星宇价值成长混合A | 18.03 | -2.65% | 25.31% | 中国巨石 | 9.51% | | 012001 | | | | 600176.SH | | | 中泰开阳价值优选混合A | 17.33 | 12.09% | 24.13% | 五根液 | 9.74% | | 007549 | | | | 000858.SZ | | | 中泰兴诚价值一年持有混合A | 2.93 | 7.71% | 13.32% | 中国巨石 | 9.63% | | 010728 | | | | 600176.SH | | | 中泰开阳价值优选混合C | 1.73 | 1.31% | 24.00% | 五根液 | 9.74% | | 011437 | | | | 000858.SZ ...

Core Viewpoint - The article emphasizes the importance of proactive investment strategies, particularly during market downturns, where opportunities to acquire undervalued assets arise [1] Group 1: Investment Philosophy - The investment approach focuses on understanding business models and identifying companies with strong economic moats, rather than chasing market trends or hot sectors [4][5] - The concept of "buying businesses" versus "trading stocks" is highlighted, with a preference for long-term value creation through business growth [4] - The investment strategy is characterized by a deep understanding of the business's competitive advantages and the ability to assess the sustainability of these advantages over time [5] Group 2: Industry Insights - The article discusses the semiconductor industry, particularly the analog chip sector, which is seen as a stable and growing market due to its wide-ranging applications across various sectors [8][9] - The analog chip market is described as having high customer stickiness and low cost proportion, leading to stable demand and significant barriers to entry for new competitors [8] - The shift towards domestic suppliers in the semiconductor industry is noted as a significant opportunity for growth, driven by changes in global trade dynamics [9] Group 3: Case Studies - A specific case is presented where a leading domestic analog chip design company saw its market value drop significantly, providing a buying opportunity for the fund manager [9] - The fund manager's strategy involved accumulating shares during price declines, leading to substantial gains when the market recovered [9] - The article also highlights the fund manager's approach to high-end liquor stocks, where decisions to buy or sell were based on valuation rather than market trends [12][13] Group 4: Market Outlook - The fund manager expresses confidence in finding undervalued opportunities despite overall market valuations not being low, indicating a belief in the potential for significant returns in the long run [15] - The article concludes with a positive outlook on the investment landscape, suggesting that current market conditions may present unique opportunities for value investors [15]

Core Insights - The article emphasizes the importance of proactive investment strategies, particularly during market downturns, highlighting the need for deep research and decisive action when high-quality assets are undervalued [1][2]. Investment Philosophy - The investment approach is defined as "value-oriented management," focusing on understanding the intrinsic value of companies rather than merely trading stocks [2]. - A distinction is made between "buying businesses" and "trading stocks," with the former being the hallmark of true value investors [2]. - The emphasis is on identifying companies with strong competitive advantages and understanding their business models deeply [3]. Business Characteristics - The article describes a good business using the terms "long slope, thick snow, slow change," indicating that the industry should be sustainable, profits should be substantial, and the company's competitive edge should remain stable [4]. - The semiconductor industry, particularly analog chips, is highlighted as a sector meeting these criteria due to its broad downstream demand and high customer loyalty [4][5]. Market Dynamics - The article notes a shift in the global trade landscape, presenting opportunities for domestic semiconductor companies as they seek to replace foreign suppliers [5]. - The investment strategy involves waiting for the right moment to invest when the market undervalues quality companies, as illustrated by a case where a leading domestic analog chip company saw its market cap drop significantly before a rebound [5]. Case Studies - The article discusses the investment in high-end liquor stocks, where the manager sold out during a price surge due to insufficient return potential, only to reinvest when prices became attractive again [6][7]. - The high-end liquor market is characterized by strong brand loyalty and pricing power, making it a good long-term investment despite short-term volatility [7][8]. Conclusion - The article concludes with a reflection on the importance of understanding business models and long-term value to navigate market fluctuations effectively, reinforcing the idea that downturns can present valuable investment opportunities [8][9].

Core Viewpoint - The article emphasizes the importance of proactive preparation in investment, highlighting that significant opportunities are rare and should be seized when they arise, particularly during market downturns when quality assets are undervalued [1]. Group 1: Investment Philosophy - The investment approach is defined as "value-oriented management," focusing on buying companies as businesses rather than merely trading stocks, with a long-term shareholder perspective [3]. - The distinction between "buying businesses" and "trading stocks" is crucial, as true value investors seek returns through business growth rather than price fluctuations [3]. - A high standard is set for the quality of target companies, emphasizing the importance of their ability to outperform peers over time, which is essential for creating shareholder value [3]. Group 2: Research Methodology - The primary source of information for understanding companies and industries is the prospectus, which helps in building a foundational understanding of the business model and competitive advantages [4]. - A detailed analysis of competitive advantages is necessary, focusing on specific business issues and comparing with peers to identify sustainable advantages [4]. Group 3: Industry Insights - The characteristics of a good business are summarized as "long slope, thick snow, slow change," indicating a stable industry with substantial profits and minimal volatility in competitive advantages [6]. - The analog chip industry is identified as a sector meeting these criteria, with widespread downstream demand and high customer loyalty due to low cost impact and significant quality influence [6][7]. - The shift in global trade dynamics presents an opportunity for domestic semiconductor companies to capture market share previously held by foreign firms, benefiting established players in the analog chip sector [7]. Group 4: Investment Strategy - The strategy involves waiting patiently for undervalued opportunities, as demonstrated by a significant investment in a leading domestic analog chip design company when its market value dropped substantially [7]. - The focus is not on trending sectors but on businesses with solid fundamentals that may take time to yield results, emphasizing a long-term perspective [8]. Group 5: Case Study - High-End Liquor - The investment in high-end liquor stocks is highlighted, where the manager initially sold off holdings due to high valuations despite the sector's strong performance [10][11]. - The decision to re-enter the high-end liquor market was based on improved valuation attractiveness, demonstrating a disciplined approach to buying low and selling high [11][12]. - The long-term value of high-end liquor is attributed to its unique business model and scarcity, which are critical for maintaining a competitive edge [12].