证券之星消息，截止2025年四季度末，基金经理谭冬寒旗下共管理9只基金，本季度表现最佳的为工银 领航三年持有混合（018446），季度净值跌5.02%。 谭冬寒在担任工银医药健康股票A（006002）基金经理的任职期间累计任职回报177.8%，平均年化收益 率为14.62%。期间重仓股调仓次数共有58次，其中盈利次数为36次，胜率为62.07%；翻倍级别收益有7 次，翻倍率为12.07%。 以下为谭冬寒所任职基金的部分重仓股调仓案例： 2、博腾股份（300363）调仓案例： 谭冬寒管理的工银医疗保健股票基金在21年1季度买入博腾股份，在持有1年又0个季度后在22年1季度卖 出。持有期间的估算收益率为94.05%，持有期间博腾股份在2021年到2022年的年报归属净利润增幅达 282.78%。 3、凯莱英（002821）折戟案例： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 重仓股调仓示例详解： 1、英科医疗（300677）翻倍案例： 谭冬寒管理的工银医疗保健股票基金在20年1季度买入英科医疗，在持有1年又0个季度后在21年1季度 ...

Core Viewpoint - The article discusses the investment strategies and performance of fund manager Sheng Zhenshan, highlighting his unique approach to risk management and asset allocation in a volatile market environment [2][3][6]. Group 1: Market Environment and Fund Performance - The market has experienced significant fluctuations from early 2024 to mid-2025, with a notable drop below 2700 points and subsequent recovery [2]. - A set of equity mixed funds and ordinary stock funds was analyzed, focusing on those with a maximum drawdown of 10% and a scale exceeding 100 million, achieving returns above 8% in 2025 [2]. - Sheng Zhenshan's fund, "Industrial Bank Selected Return," achieved a maximum drawdown of 8.1% and a recovery time of only 11 days, with a return of 29.43% since its management began [3]. Group 2: Investment Philosophy and Strategy - Sheng Zhenshan emphasizes risk management as a core principle, shaped by his early experiences in unfavorable market conditions [6][20]. - His investment approach is characterized by a balanced asset allocation strategy, avoiding extreme bets and maintaining a diversified portfolio [7][11]. - The focus is on identifying undervalued assets through a dynamic valuation process, considering both growth and valuation aspects [8][9]. Group 3: Sector Focus and Asset Allocation - Sheng Zhenshan's portfolio is heavily weighted towards aviation and gold stocks, diverging from traditional sectors like energy and utilities [4]. - He adopts a supply-side perspective to assess industry cycles, prioritizing sectors with potential for capital improvement rather than those experiencing rapid growth [10][29]. - The investment strategy includes holding a diversified basket of low-correlation assets to mitigate risks and enhance returns [11][43]. Group 4: Insights on Specific Assets - The article discusses Sheng Zhenshan's views on gold, indicating a long-term bullish outlook despite short-term volatility, with a focus on the underlying asset's future value rather than immediate profits [50][52]. - In the aviation sector, he believes that current valuations are low, and the industry is nearing a recovery phase, making it an attractive investment opportunity [56][57]. - The approach to dividend stocks emphasizes the importance of sustainable earnings and dividends over mere historical performance [58][59].

Group 1 - The core viewpoint is that despite recent fluctuations in gold prices, gold remains a valuable asset for investment due to global uncertainties, with significant increases in gold stock prices and related ETFs this year [1][3] - Gold stocks have seen substantial price increases in 2023, with notable gains for companies such as Chifeng Jilong Gold Mining (up 77.13%), Western Gold (up 59.13%), and Hunan Gold (up 47.7%) as of April 24 [1] - Several funds have heavily invested in gold stocks, with examples including ICBC Credit Suisse's fund holding 8 million shares of Zhaojin Mining and Penghua China 50 fund having a 9.99% allocation to Shandong Gold [1][2] Group 2 - The manager of Penghua China 50 fund highlighted a focus on upstream resource assets, particularly gold, as they are sensitive to market changes and provide solid returns during economic downturns [2] - Gold-related ETFs have experienced both performance and share growth in 2023, with several ETFs seeing net value increases close to 30% and significant share increases, such as Huashan Gold ETF gaining 36.49 million shares [2] - From a long-term perspective, gold is seen as having significant allocation advantages due to rising risk aversion in stock markets, ongoing central bank gold purchases, and expectations of interest rate cuts by the Federal Reserve [3]