继贾成东3个月亏损10%之后，大成基金价值派领军人物徐彦，因其新发产品大成兴远启航混合A近乎"零操作"的运作方式，遭遇投资者质疑引发投资人关 注。天天基金数据显示，截止8月19日，徐彦管理的大成兴远启航混合基金目前净值尚不足1，成立半年依然在水下，最新净值0.9994（A类份额）、 0.9968（C类份额）。 公开资料显示，该基金成立于2025年3月11日，初始募集规模为7.57亿元半年时间过去了，规模缩水至6.27亿，缩水比例达17%。值得注意的是，基金净值 始终徘徊于1元面值附近，规模下降的主因可能并非投资亏损，而是投资者因产品长期无收益选择主动赎回。 在东方财富网平台，基民也是骂声一片，正所谓"我在大成兴远启航躲牛市"。而引起基民不满的核心在于，尽管市场自年初以来走出了一段强势行情，徐 彦管理的这只新基金却几乎完全踏空。有基民表示：踏空了，5个月了，咋都不见动静，这么好行情，手续费都还亏。 | 6 | 0 | S大成兴远启航混合AS越来越垃圾 | 基民r5Z1C7 | 08-18 19:42 | | --- | --- | --- | --- | --- | | 26 | 0 | 是不是要离职的节奏 | ...

Core Viewpoints - The article summarizes the insights from fund managers based on their Q1 2025 reports, focusing on their investment strategies and market outlooks [1]. Group 1: Fund Manager Perspectives - Fund managers typically cover two main areas in their reports: a review of past investments and future market outlooks, with the latter being more significant [3]. - Different fund managers exhibit varying levels of detail in their reports, influenced by their investment styles, such as value or growth [3]. - The deep value style emphasizes low valuations and high dividend yields, primarily investing in sectors like finance, real estate, and energy [4][5]. - Growth value style focuses on companies with strong profitability and cash flow, often holding stocks for the long term [10]. Group 2: Deep Value Style Insights - Deep value style has shown strong performance from 2021 to 2024, while it underperformed in 2019-2020 [6]. - Fund managers express confidence in their holdings despite market uncertainties, citing factors like geopolitical changes and technological advancements as influential [7]. - The current market environment is characterized by structural changes, with some sectors facing prolonged competition, while others show clear competitive advantages [7]. Group 3: Growth Value Style Insights - Growth value managers highlight the resilience of high-frequency economic data and improved financing conditions, suggesting a positive outlook for the second quarter [12]. - They emphasize the importance of focusing on domestic economic transformation and internal demand rather than external pressures [12][13]. - Fund managers are adjusting their portfolios to capitalize on sectors like AI and healthcare, anticipating a shift in consumer behavior and market dynamics [15][16]. Group 4: Balanced Style Insights - The balanced style seeks to combine growth potential with valuation, often looking for stocks that offer good value relative to their growth prospects [26]. - Fund managers maintain a diversified approach, focusing on sectors with favorable valuations and growth potential, such as healthcare and technology [29][30]. - They express optimism about domestic consumption policies and liquidity, which may support market performance despite external uncertainties [30]. Group 5: Growth Style Insights - The growth style prioritizes companies with high revenue and profit growth, often accepting higher valuations for strong growth potential [39][40]. - Fund managers are actively seeking opportunities in emerging industries, such as renewable energy and technology, which are expected to drive future growth [41].