Core Viewpoint - The article emphasizes the resilience and effectiveness of the "deep value" investment style, particularly through the strategies employed by Cai Zhiwen of Huatai-PineBridge, who has successfully navigated market fluctuations and achieved strong performance in both downturns and recovery phases [2][11]. Performance Overview - Cai Zhiwen's managed products have shown significant performance, with returns of 89.03% for Huatai-PineBridge External Growth Theme Stock A since December 2019, 47.81% for Huatai-PineBridge Brand Power One-Year Holding Mixed A since March 2022, and 59.74% for Huatai-PineBridge Strategic Selected Small and Medium Cap Value Three-Year Holding A since March 2023 [3][4]. Investment Framework - The investment framework includes two main criteria: "PEG-ROIC" for growth stocks, where PEG should be less than 0.75 for A-shares and 0.5 for Hong Kong stocks, and ROIC should exceed 15% [3][4]. - The second criterion is "Two Highs and One Low," focusing on high ROIC, high dividends, and low valuations to identify stable value stocks [4]. Research Methodology - Cai Zhiwen invests nearly 200 days annually in industry research, engaging with experts and employing methods like "cross-industry verification" and "long-term tracking" to build a unique understanding of value [5][12]. - In the home appliance sector, he identified leading companies with stable market shares that have achieved consistent performance through product upgrades and overseas market expansion [5][6]. Sector Insights - In the oil industry, Cai Zhiwen identified a leading oil company with low valuation and high dividend yield, benefiting from a lack of new production capacity globally [6]. - In the renewable energy sector, he noted a shift in the battery industry characterized by halted overseas expansions and emerging demand, leading to increased pricing power for leading companies [7]. Cross-Market Strategy - Cai Zhiwen's strategy extends beyond traditional sectors, leveraging the unique attributes of the Hong Kong market, where quality stocks often experience significant price corrections due to short-term market sentiment [9][10]. - His rigorous selection criteria for Hong Kong stocks include additional requirements such as a dividend yield greater than 5% and a cash flow coverage ratio above 1.2 [10]. Product Design and Investor Solutions - The product offerings are categorized into equity products, such as Huatai-PineBridge External Growth and Huatai-PineBridge Brand Power, and fixed income plus products, catering to different investor needs [13][14]. - The design of holding periods ranges from open-ended to one-year and three-year holding periods, allowing investors to match their risk preferences and liquidity requirements [15]. Conclusion - Cai Zhiwen's deep value investment approach is characterized by a systematic and adaptable framework that transcends market cycles, focusing on fundamental understanding and strategic positioning to uncover value opportunities [17][18].

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]

Core Viewpoint - The AI Fund Huatai Fuhua State-Owned Enterprise Innovation Growth Stock A (001490) reported a profit of 3.2488 million yuan for Q2 2025, with a net value growth rate of 0.97% during the period, and a total fund size of 376 million yuan as of the end of Q2 2025 [3][17]. Fund Performance - As of July 18, the fund's unit net value was 1.588 yuan, with a near-term performance of 5.45% over the last three months, ranking 141 out of 167 comparable funds [4]. - The fund's performance over the past six months showed a growth rate of 0.70%, ranking 155 out of 167, while the one-year performance was -1.92%, ranking 160 out of 166 [4]. - Over the last three years, the fund's growth rate was -25.73%, ranking 133 out of 159 [4]. Risk Metrics - The fund's Sharpe ratio over the last three years was -0.4232, ranking 152 out of 159 comparable funds [10]. - The maximum drawdown over the last three years was 35.44%, with the highest single-quarter drawdown occurring in Q1 2021 at 20.87% [12]. Investment Strategy - The fund maintained an average stock position of 84.18% over the last three years, compared to a peer average of 87.99%. The highest stock position was 92.25% at the end of H1 2022, while the lowest was 80.25% at the end of H1 2024 [15]. Holdings Concentration - As of the end of Q2 2025, the fund had a high concentration in its top ten holdings, which included Zijin Mining, China Merchants Bank, Yangtze Power, CATL, COSCO Shipping Holdings, Northern Huachuang, Juhua Co., XCMG, Hangzhou Bank, and China National Offshore Oil [20].