"4000"是今年一个很神奇的数字。 虽然比金价突破 4000美元/盎司晚了一点，上证指数也在前段时间站上了4000点，然后大家一起 在"4000"上下徘徊。 这样极致又震荡的市场环境，对持有人来说，钱包稳不住，心态就更稳不住了，很想找人说说话 …… 在本次《深夜食堂》的系列节目中，我们就遇到了一位 "高精度"输出的基金经理——国泰基金张容赫。 一方面可能因为他 自带幽默与好口才；另一方面，可能是因为他在投资中 "既要、又要、还要"的性格，看 得多、想得多。 他既要通过限制仓位、回撤、投资风格，构建一个客户持有体感不错的组合，又要重视各类持有人的差异化 诉求，还要兼顾排名目标。 因此在面对每个问题时，他一定是先理逻辑，再谈结论，甚至有时更多的是观察，而没有结论。 这与他的投资决策也很相似，先把边界画清楚，再在框架内追求 "能打的组合"。 在张容赫看来， "组合管理就是一个多约束下的结构优化问题"。 为了更清晰地白描这位难以一言概之的基金经理，在本期深夜食堂录制前， 我们与 张容赫 做了 一次 深入 访谈 。 （点此查看 《走近张容赫，更理解了"稳"是一种被低估的能力》 ） 此外，张容赫尤其重视持有人体验， " ...

Core Insights - Technology stocks have dominated market trends in recent years, yet some fund managers have achieved impressive performance without relying on them since September 24, 2022 [1] - Zhang Ronghe, a fund manager at Guotai Fund, has consistently outperformed mainstream indices and benchmarks, demonstrating a balanced investment approach [1][5] - As of September 14, 2023, Zhang's managed fund, Guotai Blue Chip Select A, achieved a return of 52.81% over the past year, while Guotai Central Enterprise Reform yielded a return of 37.12% during the bear market of 2023 [1] Fund Management Overview - Zhang Ronghe has 13 years of industry experience, with 4 years in investment management, specializing in macro strategy research [2][3] - He currently manages three funds: Guotai Central Enterprise Reform, Guotai Blue Chip Select, and Guotai Zhaoxiang Six-Month Holding Period Fund [4][6] - Since Zhang took over, the funds have shown significantly better metrics in terms of maximum drawdown and volatility compared to their peers [5] Fund Characteristics - Guotai Central Enterprise Reform focuses on investments benefiting from central enterprise reforms, with a performance benchmark of 80% of the CSI Central Enterprises Composite Index and 20% of the CSI Comprehensive Bond Index [7] - Guotai Blue Chip Select has a broader stock selection, including some Hong Kong stocks, and both funds lean towards large-cap value styles while still achieving substantial returns in a tech-dominated market [7][11] - The Guotai Zhaoxiang fund is a "fixed income plus" product, with an equity allocation around 15%, achieving a return of 11.55% since Zhang's management began [7] Investment Strategy and Market Outlook - Zhang's investment strategy emphasizes stability and a focus on sectors benefiting from policy support, such as public utilities and transportation [9][13] - The second quarter report indicates a low turnover rate and minimal structural changes in the portfolio, reflecting a cautious approach to market conditions [12] - Zhang predicts that 2026 will outperform 2025, with a focus on cyclical assets and sectors that are likely to benefit from domestic policy shifts [18][19] - He expresses confidence in the new fund, Guotai Qiming, which will invest in both A-shares and Hong Kong stocks, with a personal investment of 2 million yuan [15]

9月15日，国泰启明回报即将重磅发售。对于产品特征、基金经理投资策略以及后续市场观点等投资者 比较关心的问题，我们做了整理，希望能为大家答疑解惑。 1．为什么说当下市场适合布局主动权益基金？ 主动权益基金本身具备较大的弹性。2025年以来，随着市场持续回暖，主动权益基金取得了非常优秀的 表现，几乎全部的普通股票基金和偏股混合基金都取得正收益，平均收益超27%。拉长期限来看，主动 权益基金整体收益率和相对沪深300指数的超额收益率也非常可观。自2009年以来的17年中，主动权益 基金指数有10年跑赢沪深300。 | 普通股票型基金2025YTD 收益情况统计 | | | --- | --- | | 基金数量 | 1038 | | 正收益基金数量 | 1029 | | 正收益基金占比 | 99% | | 平均收益 | 27.91% | | 中位数 | 24.72% | 数据来源：Wind，数据截至2025年8月31日，我国股市运作时间较短，过往表现不代表未来。主动权益 基金在2010、2011、2013、2015、2018、2019、2020、2021、2022、2025年至今跑赢沪深300。 2．如何看待当前A ...