（来源：猫头鹰研究院） 转自：猫头鹰研究院 封面来源｜AI生成 在今年科技、创新药等成长赛道狂飙的行情中，深度价值风格可能会在一时间有点黯淡。 例如，在2022、2023年A股处于周期低谷期间，他所开始接手管理的汇添富品牌力（A：012993；C：012994）、汇添富战略精选中小盘（A：017801； C：017802）2只产品，在长期收益上也非常出色。 优秀的中长期表现，足以打破市场对深度价值的刻板印象，也引出一个关键问题： 但事实并非如此。那些真正理解价值本质、兼具研究深度与策略弹性的投资者，往往不会缺席市场机遇。 汇添富的蔡志文便是其中的典型代表，他以"深度价值"为锚，通过独特的选股框架、跨市场布局，在A股处于低谷周期时实现低回撤，在复苏周期中亦能 稳步跟上市场节奏，用业绩证明了深度价值风格的生命力。 从业绩表现来看，蔡志文管理的产品展现出鲜明的"攻防兼备"特征。 | 蔡志文主动权益产品业绩 | | | | | --- | --- | --- | --- | | 产品定位 | 基金名称 | 任职日期 | 任朗期间亚绩 区间：自任职至2025/09/12 | | | | | 单位:% | | 主动权益 ...

Core Viewpoint - In a volatile capital market, "stability" has become a core demand for investors, with Cai Zhiwen of Huatai Fund adhering to deep value investment principles and achieving a cumulative return of 17.81% since the establishment of the fund in February 2023, outperforming the benchmark of 13.14% [1][2] Investment Philosophy - The investment philosophy of Huatai Fund emphasizes deep fundamental analysis, selecting high-quality securities for medium to long-term investment to achieve stable growth and high long-term returns [3] - Cai Zhiwen's investment framework is rooted in selecting undervalued companies with strong competitive advantages and governance, focusing on "industry, company competitiveness, and corporate governance" [3][4] Investment Strategy - Cai Zhiwen actively seeks sectors with upward fundamentals, valuing long-term industry trends over short-term market fads, and prioritizes companies with strong competitive moats [4][5] - The investment strategy includes a focus on companies that return value to shareholders, emphasizing governance and transparency, with many holdings offering high dividend yields [5][6] Research Methodology - The investment approach combines "deep value" with "fixed income+" through a structured research methodology, avoiding market fads and relying on data-driven analysis [6][7] - Two independent stock selection systems are established: one focusing on value growth (PEG-ROIC) and the other on absolute value (high cash flow, high dividends, low valuation) [6][7] Risk Management - A three-tier risk control system is implemented to manage drawdowns, emphasizing strict selection criteria at the buying stage to minimize risks [9][10] - The investment process includes a mechanism for tracking fundamentals, allowing for informed decisions during market fluctuations [10] Platform Support - The success of Cai Zhiwen's "fixed income+" practice is supported by Huatai Fund's integrated research platform, fostering collaboration among fund managers and researchers [11][12] - The company promotes a culture of openness and sharing, enabling efficient coverage of various sectors and enhancing investment decision-making [11][12] Product Strategy - Huatai Fund's multi-strategy product system aims to address the challenges faced by retail investors, matching products to different risk-return profiles [12][13] - The "fixed income+" products are designed to meet investor demands for stability while providing opportunities for enhanced returns through equity components [12][13]

截至7月18日，汇添富国企创新增长股票A近三个月复权单位净值增长率为5.45%，位于同类可比基金141/167；近半年复权单位净值增长率为0.70%，位于同 类可比基金155/167；近一年复权单位净值增长率为-1.92%，位于同类可比基金160/166；近三年复权单位净值增长率为-25.73%，位于同类可比基金 133/159。 AI基金汇添富国企创新增长股票A（001490）披露2025年二季报，第二季度基金利润324.88万元，加权平均基金份额本期利润0.013元。报告期内，基金净值 增长率为0.97%，截至二季度末，基金规模为3.76亿元。 该基金属于标准股票型基金。截至7月18日，单位净值为1.588元。基金经理是蔡志文，目前管理6只基金。其中，截至7月18日，汇添富品牌力一年持有混合 A近一年复权单位净值增长率最高，达15.4%；汇添富国企创新增长股票A最低，为-1.92%。 基金管理人在二季报中表示，我们对中国经济中长期的韧性有坚定信心，我们预计接下来宏观经济将逐步企稳改善。A 股和港股市场的整体估值处在历史较 低水平，在利率不断下降的背景下优质权益资产的吸引力仍在持续上升，因此我们继续看好权益 ...