Core Viewpoint - The article emphasizes the importance of "margin of safety" in dividend investing, suggesting that it is a prudent approach to navigate uncertainties in both investment and life [1][2]. Group 1: Dividend Investment Strategy - The selection criteria for dividend stocks include both long-term and current high dividend yields, which inherently provide a higher probability of safety margin [1]. - Long-term high dividend stocks are identified through in-depth research, indicating strong profitability and willingness to distribute dividends, typically found in mature companies with reduced capital expenditure needs [1]. - Current high dividend yields often correlate with lower valuations, allowing for the identification of suitable investment targets even under pessimistic long-term profitability assumptions [1]. Group 2: Risk Management and Investment Approach - The company sets buy prices with a margin of safety and establishes detailed observation and exit indicators, focusing on changes that could impact long-term profitability [2]. - Monitoring cost advantages relative to peers is crucial for assessing long-term profitability, and adjustments to investment strategies are made accordingly [2]. Group 3: Market Conditions and Performance - The article acknowledges the challenges faced during recent market downturns, highlighting that while external performance metrics may show declines, internal rates of return on holdings may actually improve [4]. - The current market conditions serve as a test for the commitment to dividend investing, prompting a reflection on whether the appeal lies in the strategy itself or merely in short-term gains [5]. Group 4: Investment Philosophy - The essence of investing is framed as a partnership with time and a focus on value creation rather than chasing price fluctuations, reinforcing the notion that short-term performance is less significant compared to long-term goals [5].

Core Viewpoint - The AI Fund Zhongtai Hongli Value One-Year Holding Mixed Fund (014772) reported a profit of 38.7855 million yuan for Q2 2025, with a net asset value growth rate of 5.38% during the period [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.452 yuan, with a one-year cumulative net value growth rate of 22.12%, ranking 103 out of 256 comparable funds [3][4]. - The fund's three-month net value growth rate was 8.88%, and the six-month rate was 12.09%, ranking 152 out of 256 and 88 out of 256 respectively [4]. - Over the past three years, the fund achieved a net value growth rate of 49.39%, ranking 4 out of 239 comparable funds [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.9271, placing it 5 out of 240 in its category [9]. - The maximum drawdown over the past three years was 16.43%, with the largest single-quarter drawdown occurring in Q3 2024 at 11.63% [12]. Investment Strategy - The fund maintained a high average stock position of 92.86% over the past three years, compared to a category average of 85.64% [15]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio for nearly two years, with major holdings including China State Construction, China Merchants Bank, and Gree Electric Appliances [19]. Fund Management - The fund is managed by Jiang Cheng and Wang Tao, who have both achieved positive returns across the two funds they manage over the past year [3]. - The fund's overall position slightly decreased in Q2 2025 as a result of assessing reinvestment risks and opportunity costs [3].

Core Viewpoint - The article emphasizes the importance of not only beta returns but also alpha returns in achieving superior performance in dividend-themed funds, highlighting the exceptional performance of the Zhongtai Dividend Preferred Fund [2][3]. Performance Summary - Since its establishment on March 24, 2022, the Zhongtai Dividend Preferred Fund has achieved a net value growth rate of 36.85%, significantly outperforming its benchmark growth rate of 7.02%, resulting in an excess return of 29.83% [2][3]. - The fund's performance is compared to various indices, showing a substantial advantage over the CSI Dividend Index (5.10%) and the CSI Dividend Total Return Index (23.98%) [3]. Investment Philosophy - The fund manager, Wang Tao, asserts that high short-term dividends do not guarantee long-term returns, emphasizing the need for both long-term and immediate high dividends in dividend investment [5]. - Companies that can provide long-term high dividends typically exhibit strong profitability and a willingness to distribute dividends, with preferred sectors including banks, utilities, and mature manufacturing industries [6]. Active Management Strategy - The key to constructing an actively managed alpha strategy lies in thorough research and selection of investment targets that fit the dividend investment framework, aiming to buy at "value" prices [7]. - The fund's current holdings reflect a higher allocation to bank stocks compared to the CSI Dividend Index, while coal stocks have been reduced due to declining internal rates of return [8]. Market Outlook - Wang Tao expresses caution regarding the crowded nature of dividend investment strategies, noting that rising stock prices can lead to declining internal rates of return, but adjustments to the portfolio are made accordingly [9]. - The ideal dividend-focused fund should have high internal rates of return and quality holdings with sufficient safety margins, ultimately delivering long-term returns to investors [10].