Core Viewpoint - The article discusses the concept of "deep value" investment style, emphasizing its focus on understanding the logic behind competitive advantages and long-term trends of companies, rather than merely chasing short-term market trends [1][14]. Group 1: Investment Framework - The "deep value" framework proposed by Cai Zhiwen is based on a "three-dimensional resonance" approach, which includes pursuing "low valuation + high quality + high dividend" at the individual stock level, leveraging industry leader advantages and mispricing opportunities at the market level, and designing products that match investor needs [1][2]. - Cai Zhiwen's stock selection system is summarized as "the east is not bright, the west is bright," focusing on three main lines: controllable upstream resource industries, export chain enterprises undergoing structural optimization, and traditional industries in a clearing cycle [2][3]. Group 2: Stock Selection and Portfolio Management - Cai Zhiwen categorizes his stock pool into two types: large-cap leaders with clear moats and extremely low valuations, and small to mid-cap hidden champions with strong fundamentals but lower market attention [2][3]. - The investment strategy emphasizes a combination of low valuation and growth potential, aiming for assets that provide both valuation protection and profit elasticity through industry cycles [3][14]. Group 3: Risk Control Mechanisms - The risk control framework consists of three stages: pre-investment, during investment, and post-investment monitoring, ensuring a comprehensive risk management approach [6][7][10]. - The pre-investment phase focuses on avoiding "value destruction" companies with low free cash flow and high valuations, while the during-investment phase emphasizes balanced diversification across industries with low correlation [5][6]. Group 4: Performance Metrics - Cai Zhiwen's managed products exhibit controlled drawdowns and long-term stability, with metrics showing superior performance compared to peers, such as a maximum drawdown of -18.08% versus -32.87% for the average peer [4][5]. - The products managed by Cai Zhiwen have achieved significant returns, with the "Huitianfu Brand Power" product returning 58.29% over three years, significantly outperforming its benchmark [13]. Group 5: Product Types and Structures - The products managed by Cai Zhiwen are categorized into equity products, focusing on deep value stocks, and fixed income plus products, which combine equity and fixed income strategies for lower volatility [11][12]. - The design of holding periods for products varies, with options for open-ended, one-year, and three-year holding periods to cater to different liquidity and investment needs [12][13].

Core Viewpoint - The A-share market has experienced a prolonged period of volatility since 2021, with structural opportunities emerging but overall profitability remaining insufficient. The rise of "fixed income +" funds has been driven by uncertainties from geopolitical conflicts and trade frictions, with a renewed focus on macroeconomic narratives as of 2025 [1][2]. Group 1: Fund Performance and Strategy - The "fixed income +" fund category saw a significant growth of over 120 billion yuan in the first quarter of 2023 [2]. - The fund "Huitianfu Tiantianle Shuangying," managed by Cai Zhiwen, has achieved a cumulative return of 12.94% since its inception, outperforming its benchmark of 10.33% [2]. - Cai Zhiwen's investment approach combines deep value investing with a focus on risk management, aiming to minimize drawdowns while achieving stable returns [5][8]. Group 2: Investment Methodology - Cai Zhiwen employs a dual investment framework: a growth stock investment system using PEG-ROIC metrics and a value stock selection method based on high cash flow, high dividends, and low valuations [5][7]. - The criteria for stock selection include a ROIC greater than 15% and a PEG ratio below 0.75, ensuring a focus on companies with strong profitability and growth potential [6]. - In managing "fixed income +" products, Cai Zhiwen emphasizes stable returns and risk control, primarily investing in state-owned and central enterprise bonds while avoiding lower-rated credits [8][10]. Group 3: Equity Asset Allocation - Cai Zhiwen's equity investment strategy focuses on three main themes: controllable upstream resources, the global expansion of Chinese manufacturing, and the optimization of competition in traditional industries [12][13]. - The first theme highlights structural investment opportunities in resource sectors, including precious metals and traditional energy, driven by supply-demand dynamics [12]. - The second theme emphasizes the undervaluation of export sectors, with many companies trading at P/E ratios between 10-15, presenting significant investment opportunities [13]. - The third theme addresses the competitive landscape post-supply-side reforms, where leading firms leverage technological advancements to enhance their market positions [13].