10月21日，武商集团涨5.49%，截至发稿，报10.57元/股，成交2.34亿元，换手率2.94%，总市值81.28亿 元。 资料显示，武商集团股份有限公司位于湖北省武汉市江汉区解放大道690号，成立日期1991年11月2日， 上市日期1992年11月20日，公司主营业务涉及经营中高档百货和量贩超市业务。主营业务收入构成为： 商品零售业务84.77%，其他(补充)14.68%，房地产业务0.55%。 从武商集团十大流通股东角度 数据显示，中泰证券资管旗下1只基金位居武商集团十大流通股东。中泰星元灵活配置混合A （006567）二季度持有股数893.19万股，持股数量与上期相比不变，占流通股的比例为1.16%。根据测 算，今日浮盈赚取约491.25万元。 中泰星元灵活配置混合A（006567）成立日期2018年12月5日，最新规模46.45亿。今年以来收益 6.26%，同类排名6349/8162；近一年收益7.43%，同类排名6088/8024；成立以来收益181.78%。 中泰星元灵活配置混合A（006567）基金经理为姜诚。 截至发稿，姜诚累计任职时间11年78天，现任基金资产总规模126.06亿元，任职 ...

Core Viewpoint - The article discusses the disparity between the fund's net value growth rate and the weighted average net value profit rate, emphasizing the importance of aligning investor returns with fund performance to regain trust in the fund industry [3][4]. Group 1: Fund Performance Metrics - The net value growth rates and weighted average net value profit rates for the fund managed by Jiang Cheng are presented, showing significant variations over the years, with the highest growth rate of 41.78% in 2020 and a negative growth of -7.18% in 2023 [4][13]. - Jiang Cheng's fund, Zhongtai Xingyuan Flexible Allocation Mixed A, achieved a net value growth rate of 168.24% since its inception, significantly outperforming the benchmark growth rate of 21.73% [5][13]. Group 2: Risk Management and Investment Philosophy - Jiang Cheng's investment strategy focuses on conservative investment, which has resulted in a maximum drawdown of only 17.18% for his fund, compared to a maximum drawdown of 45.60% for the CSI 300 index [5][6]. - The article highlights the importance of low volatility in investments, which helps investors maintain their positions and avoid panic selling during market fluctuations [7][11]. Group 3: Investor Communication and Engagement - Jiang Cheng emphasizes the need for frequent communication with investors to build trust and reduce information asymmetry, which includes writing investment notes and participating in live Q&A sessions [10][11]. - The article notes that the average holding period for investors in Jiang Cheng's fund is 782 days, indicating a high level of investor patience and commitment [11].

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 A-share market is suitable for value investing, where stock prices serve as an external variable to assess potential returns rather than a variable to predict [2][25][26]. Group 1: Market Performance and Investment Strategy - As of August 18, the Shanghai Composite Index reached a nearly ten-year high, closing at 3728.03 points, with the A-share market capitalization surpassing 100 trillion yuan, marking a historical peak [2]. - The current stock prices are not as cheap as they were ten months ago, and some stocks have seen a decline in implied returns. However, the Chinese stock market is not in a bubble state when viewed alongside the Hong Kong market [2][55][56]. - The investment strategy emphasizes patience and a different perspective, focusing on long-term value rather than short-term market fluctuations [8][16][39]. Group 2: Fund Performance and Manager Insights - The fund managed by Jiang Cheng has shown a year-to-date return of 6.03%, with a three-year return of 23.77% and a five-year return of 74.68%, indicating stable performance [3]. - Jiang Cheng maintains a conservative approach, focusing on traditional sectors such as banking, chemicals, construction, and real estate, with a long-term investment horizon [3][5]. - The investment philosophy includes a significant emphasis on understanding the underlying value of assets and avoiding value traps, dedicating 20% of research efforts to identifying potential pitfalls in existing holdings [20][22]. Group 3: Value Investment Principles - Value investing is defined as an investment behavior aimed at acquiring asset value, with cash returns being the primary measure of value creation [23]. - The market's price volatility can create more opportunities for value investing, as it allows investors to buy undervalued assets [25][26]. - Safety margin is viewed as a conservative attitude, acknowledging the unpredictability of future market conditions and focusing on protecting against adverse scenarios [18][19]. Group 4: Market Dynamics and Long-term Outlook - The current market environment presents both pressures and opportunities, with a need for caution at the micro level while maintaining optimism at the macro level [58][59]. - Continuous learning and adaptation to new market dynamics are essential for identifying long-term investment opportunities, especially in emerging sectors like AI and innovative pharmaceuticals [40][43][45]. - The investment approach encourages a focus on long-term goals and the ability to tolerate short-term market fluctuations without being overly influenced by them [52][63].

Core Viewpoint - The core competency of value investors often lies in patience, particularly the patience to refrain from making impulsive decisions [18][19]. Group 1: Performance and Strategy - The performance of the managed products has been relatively stable, with several funds outperforming the market despite a lackluster overall performance in 2023 [2][3]. - The top holdings remain consistent, primarily in traditional sectors such as banking, chemicals, construction, and real estate, with a significant portion of the portfolio allocated to these industries [2][3]. - The long-term annualized return of the flagship product managed since December 2018 exceeds 16% [4]. Group 2: Investment Philosophy - The source of excess returns is attributed to a combination of establishing a forward-looking advantage in information, deeper analysis, and different perspectives [8]. - The investment approach emphasizes acquiring high-quality assets at low prices, which is more feasible when the majority do not share the same valuation standards [5][6]. - The belief that good stocks and returns are achieved through endurance and patience is a recurring theme [20]. Group 3: Market Insights - The current market environment has seen prolonged low performance in cyclical industries, which has exceeded most investors' expectations [10]. - The concept of "this time is different" is highlighted as a cautionary note, indicating that prolonged low performance can delay cash returns and diminish value over time [11]. - The outlook for the real estate sector suggests that risks may not be fully cleared, with a preference for a cautious approach until 2025 [13]. Group 4: Sector Analysis - In the banking sector, while the long-term contraction of interest margins is not yet over, the current pricing remains acceptable based on long-term perspectives [14][15]. - The construction industry has shown signs of cash flow improvement, aligning with expectations, which reduces concerns [15]. - The chemical sector faces challenges with many companies operating at a loss, yet some are still managing to generate profits through cost-cutting measures [15]. Group 5: Emerging Trends - The development of AI is viewed as an irreversible trend, although its immediate impact may be overestimated [16]. - The investment strategy involves a cautious approach to emerging sectors, emphasizing the need for thorough research and understanding of price dynamics [22].

5月13日，武商集团连续3个交易日下跌，区间累计跌幅-3.06%。武商集团股份有限公司是湖北省最大的综合性商业企业,其前身是创建于1959年的中苏友好 商场(后更名武汉商场)。 财报显示，中泰证券(上海)资管旗下中泰星元灵活配置混合A为武商集团前十大股东，今年一季度不变。今年以来收益率0.92%，同类排名1144(总2271)。 | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | 2.37% | 2.40% | 1.67% | 1.24% | 0.92% | | 同类平均� | 1.89% | 3.40% | -0.56% | -1.06% | 2.60% | | 沪深300 | 2.30% | 3.89% | -0.23% | -5.22% | -0.98% | | 同类排名 3 | 172 2294 | 1321 2291 | 647 2282 | 679 2254 | 1144 2271 | | 四分位排名 2 | | | | 图片来源: ...

Group 1 - Hualu Hengsheng has experienced a decline for four consecutive trading days, with a cumulative drop of -3.17% [1] - The company was listed on the Shanghai Stock Exchange in June 2002 [1] - Zhongtai Securities (Shanghai) Asset Management's Zhongtai Xingyuan Flexible Allocation Mixed A fund is among the top ten shareholders of Hualu Hengsheng, having increased its holdings in the fourth quarter of last year [1] Group 2 - The performance of Zhongtai Xingyuan Flexible Allocation Mixed A fund this year has yielded a return of -1.27%, ranking 1310 out of 2307 in its category [1] - The fund manager, Jiang Cheng, has a strong academic background with a bachelor's degree in finance from Tsinghua University and a master's degree in finance from Shanghai University of Finance and Economics [3][4] - Jiang Cheng has extensive experience in asset management, having held various positions in different financial institutions since 2006 [3][4] Group 3 - Zhongtai Securities (Shanghai) Asset Management was established in August 2014 and is led by Chairman Huang Wenqing and General Manager Xu Jiandong [4] - The company has three shareholders: Zhongtai Securities Co., Ltd. (60%), Shenzhen Paitena Investment Enterprise (Limited Partnership) (24%), and Shenzhen Qianhai Shanxiao Investment Enterprise (Limited Partnership) (16%) [4]

Group 1 - Midea Group (000333.SZ) released its 2024 annual report on March 29, 2025, with 1,673 institutional investors disclosing holdings of 4.481 billion shares, accounting for 58.53% of the total share capital [1] - The top ten institutional investors hold a combined 50.12% of Midea Group's shares, with a slight decrease of 0.44 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 103 funds increased their holdings, with a holding increase ratio of 0.13%, while 203 funds decreased their holdings, with a decrease ratio of 0.54% [2] - A total of 385 new public funds were disclosed this period, while 911 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction ratio of 0.21% [2]