市场来到4000点整数关口。波动常态化、热点轮转不时让投资者眼花缭乱。 让投资者不用纠结"择时" "客户体验，是我管理组合的核心标尺。"对话中，张容赫反复强调这一点。 在他看来，投资者购买基金的本质需求很明确："投资者购买公募产品，是希望在权益市场实现资产保 值增值。市场向好时追求增值，市场不佳时重在保值，这是基本方向。" 张容赫对"好体验"有两个具体标准：一是尽量避免组合出现大幅、长期的亏损，争取让收益率曲线像稳 步爬坡一样尽量平滑地向上延伸；二是帮助投资者省去"择时"的烦恼，不管市场如何变化，都能安心持 有，不用反复纠结于买卖时点。 布局逻辑： 对普通投资者而言，相比追逐转瞬即逝的热点概念，如何避免大起大落、获得长期平稳的持有体验，或 许才是更迫切的需求。 国泰基金基金经理张容赫，正是投资中"稳"艺术的坚定践行者。 在国泰基金新一期对话节目《深夜食堂》中，张容赫拆解了"稳"的底层逻辑——不是被动"躺平"，而是 基于宏观研判的主动布局；不是放弃收益，而是以更宽的视野、更长的周期、更均衡的组合争取更可持 续的回报。 当指数走势震荡、科技股分化波动，他这套"稳"字当头的方法论，或许能为投资者在当前市场下找到更 ...

市场来到4000点整数关口。波动常态化、热点轮转偶尔让投资者眼花缭乱，"求稳"常常被贴上"过于保 守""缺乏爆发力"的标签。对普通投资者而言，相比追逐转瞬即逝的热点概念，如何避免大起大落、获 得长期平稳的持有体验，或许才是更迫切的需求。 国泰基金基金经理张容赫，恰恰是投资中"稳"艺术的坚定践行者。 在国泰基金新一期对话节目《深夜食堂》中，张容赫拆解了"稳"的底层逻辑——不是被动"躺平"，而是 基于宏观研判的主动布局；不是放弃收益，而是以更宽的视野、更长的周期、更均衡的组合争取更可持 续的回报。 当上证指数时隔多年重返4000点又震荡回落，当科技股分化波动、赚钱难度上升，他这套"稳"字当头的 方法论，或许能为投资者在当前市场下找到更清晰的方向。 在他看来，投资者购买基金的本质需求很明确，"他们购买公募产品，本质是希望在权益市场实现资产 保值增值。市场向好时追求增值，市场不佳时重在保值，这是基本方向。" 他对"好体验"有两个具体标准：一是尽量避免组合出现"大幅"、"长期"的亏损，争取让收益率曲线像稳 步爬坡一样尽量平滑地向上延伸；二是帮助投资者省去"择时"的烦恼，不管市场如何变化，都能安心持 有，不用反复纠结于买 ...

在波动市场中，"稳"是一种被低估的力量——国泰基金张容赫认为，它并非保守，而是主动管理，旨在 优化持有体验，助力投资行稳致远。 "宏观和市场判断是我们的核心，决定了我们的组合思路。" "我们的核心出发点，是希望持有人的投资体验能更好一些，尽量避免出现明显的、大幅的、持续时间 较长的亏损，使收益率曲线整体保持平稳向上的态势，从而为持有人带来更舒适的投资感受。" "无论市场如何变化，我们希望投资者都能安心地将资金配置于权益市场，无需为择时这类复杂的大类 资产判断而困扰。" 由国泰基金精心打造的系列基金对话节目《深夜食堂》，在这个深秋夜晚，为投资者带来一场关于投资 中"稳"力量的深度对话。 在信息爆炸、热点频换的当下市场中，"稳"往往被误读为保守或缺乏弹性。然而，在国泰基金基金经理 张容赫眼中，稳并非"不作为"，而是基于对经济周期与行情趋势的深刻理解，依托深厚的投研积累，在 市场的起伏中尽力为持有人创造更优的投资体验。 尤其是自10月以来，权益市场波动明显加剧，曾备受追捧、被寄予厚望的科技股出现显著分化和震荡。 在这样的环境中，如何理解"稳"的价值？又该怎样在不确定中捕捉确定性？本期《深夜食堂》，让我们 一同聆听张 ...

（原标题：深夜食堂第十三季｜对话国泰基金张容赫："稳"是一种被低估的力量） 摘要：在波动市场中，"稳"是一种被低估的力量——国泰基金张容赫认为，它并非保守，而是主动管 理，旨在优化持有体验，助力投资行稳致远。 "宏观和市场判断是我们的核心，决定了我们的组合思路。" "我们的核心出发点，是希望持有人的投资体验能更好一些，尽量避免出现明显的、大幅的、持续时间 较长的亏损，使收益率曲线整体保持平稳向上的态势，从而为持有人带来更舒适的投资感受。" 尽管市场在某些阶段成交活跃、指数表现亮眼，但全A股涨幅中位数远低于指数涨幅，表明行情分化明 显、赚钱效应并不普遍。 此时，"稳"的力量更显重要——从波动率出发，控制组合波动，方能在震荡中行稳致远。 "今年出于对宏观经济、海外经济以及流动性的判断，我们整体组合的仓位属于中性水平，但整体回撤 应该说是显著低于市场平均水平的，较好完成了'稳定'的目标。" "无论市场如何变化，我们希望投资者都能安心地将资金配置于权益市场，无需为择时这类复杂的大类 资产判断而困扰。" 由国泰基金精心打造的系列基金对话节目《深夜食堂》，在这个深秋夜晚，为投资者带来一场关于投资 中"稳"力量的深度对话。 ...

摘要：在波动市场中，"稳"是一种被低估的力量——国泰基金张容赫认为，它并非保守，而是主动管 理，旨在优化持有体验，助力投资行稳致远。 "宏观和市场判断是我们的核心，决定了我们的组合思路。" "我们的核心出发点，是希望持有人的投资体验能更好一些，尽量避免出现明显的、大幅的、持续时间 较长的亏损，使收益率曲线整体保持平稳向上的态势，从而为持有人带来更舒适的投资感受。" "无论市场如何变化，我们希望投资者都能安心地将资金配置于权益市场，无需为择时这类复杂的大类 资产判断而困扰。" 由国泰基金精心打造的系列基金对话节目《深夜食堂》，在这个深秋夜晚，为投资者带来一场关于投资 中"稳"力量的深度对话。 在信息爆炸、热点频换的当下市场中，"稳"往往被误读为保守或缺乏弹性。然而，在国泰基金基金经理 张容赫眼中，稳并非"不作为"，而是基于对经济周期与行情趋势的深刻理解，依托深厚的投研积累，在 市场的起伏中尽力为持有人创造更优的投资体验。 尤其是自10月以来，权益市场波动明显加剧，曾备受追捧、被寄予厚望的科技股出现显著分化和震荡。 在这样的环境中，如何理解"稳"的价值？又该怎样在不确定中捕捉确定性？本期《深夜食堂》，让我们 一同 ...

摘要：在波动市场中，"稳"是一种被低估的力量——国泰基金张容赫认为，它并非保守，而 是主动管理，旨在优化持有体验，助力投资行稳致远。 "宏观和市场判断是我们的核心，决定了我们的组合思路。" "我们的核心出发点，是希望持有人的投资体验能更好一些，尽量避免出现明显的、大幅的、 持续时间较长的亏损，使收益率曲线整体保持平稳向上的态势，从而为持有人带来更舒适的 投资感受。" "无论市场如何变化，我们希望投资者都能安心地将资金配置于权益市场，无需为择时这类复 杂的大类资产判断而困扰。" 由国泰基金精心打造的系列基金对话节目《深夜食堂》，在这个深秋夜晚，为投资者带来一 场关于投资中"稳"力量的深度对话。 在信息爆炸、热点频换的当下市场中，"稳"往往被误读为保守或缺乏弹性。然而，在国泰基 金基金经理张容赫眼中，稳并非"不作为"，而是基于对经济周期与行情趋势的深刻理解，依 托深厚的投研积累，在市场的起伏中尽力为持有人创造更优的投资体验。 此时，"稳"的力量更显重要——从波动率出发，控制组合波动，方能在震荡中行稳致远。 投资界有一句名言："万物皆周期。"宏观研究是张容赫长期深耕的专业领域。具体来说，首 要工作是判断宏观要素，比 ...

Market Overview - The A-share market experienced a low opening but rose to surpass the 4000-point mark on the Shanghai Composite Index, which was last seen on August 18, 2015, marking a gap of 3723 days [1][4] - The index closed at 3988.22 points after a period of fluctuations [1] Market Sentiment - Market sentiment was optimistic, with the 4000-point level seen as a significant psychological barrier that could attract more retail investment [4] - However, there were cautious voices suggesting that after reaching 4000 points, short-term policy adjustments might occur to prevent overheating in the market [4] Fund Managers' Perspectives - Fund managers expressed a consensus that the overall bullish market framework would continue, despite potential short-term corrections due to profit-taking and high valuations in some sectors [5][10] - Key sectors to watch include leading companies in anti-involution industries such as photovoltaics, new energy vehicles, and chemicals, as well as consumer sectors like meat and dairy products [5] Economic Outlook - The macroeconomic environment is characterized by a transition from rapid growth to structural adjustments, with CPI remaining below 1% and PPI showing negative growth in several months [7] - The focus is on domestic circulation, with high-end manufacturing emerging as a structural highlight amid ongoing global trade tensions [7] Investment Strategy - The equity market is viewed as the optimal allocation direction, with a focus on technology growth sectors and a selective approach to undervalued companies [6][8] - The investment strategy emphasizes identifying companies with strong earnings growth and reasonable valuations, aiming for stable operations and enhanced returns [5][8] Future Market Trends - The market is expected to experience continued volatility after briefly surpassing the 4000-point mark, with divergent views on future trends [15] - Long-term optimism is supported by the "15th Five-Year Plan," which aims to optimize China's economic transformation and enhance market dynamics [15]

Group 1 - The core viewpoint of the article highlights the strong performance of actively managed equity funds in 2023, with a significant number of funds achieving positive returns and impressive average yields [1][2] - As of August 31, 2023, 99% of ordinary equity funds and 98% of mixed equity funds reported positive returns, with average returns of 27.91% and 27.66% respectively [1][2] - Over the long term, actively managed equity funds have outperformed the CSI 300 index in 10 out of the last 17 years, with five years showing double-digit excess returns [1][2] Group 2 - The article attributes the strong performance of actively managed equity funds in 2023 to the structural market conditions, emphasizing the importance of sector and stock selection [2][3] - Fund managers with deep industry insights and research capabilities are better positioned to capitalize on market opportunities during volatile conditions [3] Group 3 - The selection of actively managed equity funds is fundamentally about choosing the right fund manager, as their decisions directly impact fund performance [3][4] - The article introduces Zhang Ronghe, the proposed fund manager for the Guotai Qiming Return Mixed Fund, highlighting his extensive macroeconomic research background and investment philosophy [4][5] Group 4 - Zhang Ronghe's investment strategy focuses on macroeconomic fundamentals, selecting industries that benefit from economic cycles, and then choosing individual stocks based on specific indicators [5][6] - His management of the Guotai Blue Chip Selection Fund has yielded a 46.40% return over the past year, showcasing his ability to manage diverse risk-return profiles [6][8] Group 5 - Zhang Ronghe emphasizes risk control and client experience in his investment management, aiming to minimize drawdowns and enhance investor satisfaction [7][8] - His approach includes monitoring domestic policy fluctuations and overseas risks, focusing on cyclical sectors and core assets that are expected to perform well in the upcoming economic environment [9]

Core Viewpoint - The article discusses the investment strategy and performance of Zhang Ronghe, a fund manager at Guotai Fund, highlighting his unique approach to portfolio management and market analysis [4][48]. Group 1: Investment Strategy - Zhang Ronghe emphasizes a macroeconomic and expectation gap approach, prioritizing macro factors such as economic trends and liquidity conditions in his investment decisions [15][16]. - He focuses on identifying "mispriced" stocks, particularly those with poor price performance but strong fundamentals, diverging from traditional value or trend investing [21][22]. - The portfolio management is characterized by a multi-constraint optimization approach, where various factors such as product settings, client risk tolerance, and performance metrics are considered [28][30]. Group 2: Portfolio Performance - Since Zhang Ronghe took over the Guotai Blue Chip Select Fund, it has shown a return of 48.52% with an excess return of 18.55%, demonstrating strong downside protection [8][20]. - The fund maintains a relatively high equity position, around 60%-95%, and has shown resilience during market downturns, with a notable recovery after significant market drops [5][6][4]. - The top holdings in the portfolio consist of established blue-chip stocks, with each accounting for only about 2% of the total net value, indicating a diversified approach [7][8]. Group 3: Market Analysis - Zhang Ronghe's market outlook is characterized by a contrarian perspective, often identifying positive factors when the market sentiment is negative and vice versa [18][19]. - He believes that the market's consensus can often lead to mispricing, and he actively seeks to exploit these discrepancies [20][19]. - His analysis includes a focus on the cyclical nature of market expectations, adjusting his strategy based on prevailing sentiment and macroeconomic indicators [20][21]. Group 4: Client Management - Zhang Ronghe prioritizes client experience in his portfolio management, ensuring that clients are well-informed and comfortable with the investment strategy [34][36]. - He acknowledges the importance of communication and transparency, especially when the fund underperforms or misses market opportunities [35][36]. - His approach to risk management involves understanding client psychology and ensuring that they can tolerate market fluctuations [36][37].