中泰玉衡价值优选混合A

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目前中国股市远达不到泡沫化的状态!中泰姜诚最新发声:我们要时刻瞄准,但不需要频繁开枪
聪明投资者· 2025-08-19 07:03
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].
不出手的耐心!姜诚最近交流细剖超额收益的来源……
聪明投资者· 2025-06-23 06:34
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].