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 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].

熟悉汇添富的人都知道，他们一直主打主动权益投资这张牌，素有"选股专家"之称。数年前，基于对资产配置趋势的前瞻判断，汇添富就开始将主动权益 投资能力积极延伸至固收+等领域，是在固收+业务上起步较早、发展较快、规模较大的公司。 在公募基金高质量发展的背景下，汇添富始终在思考，如何提升投资者获得感，更好满足中低风险偏好投资者"稳健但不平庸"的收益需求。正如公司总理 经张晖所说，越是在市场面临多重因素变化的时间内，越是要脚踏实地，坚守成立以来一以贯之的投资理念，更强调投资研究的规则化，全面检视和不断 优化投资决策和管理流程，持续强化团队建设。 在波谲云诡的市场中，汇添富旗下一批风格清晰稳定的固收+产品脱颖而出，过去一年，不论是低波动、中波动、还是高波动组合，都能在严控回撤的前 提下取得亮眼业绩。这也吸引了广大机构和个人投资者关注，多只产品份额较上年末实现成倍增长。 表1汇添富低中高波固收+产品稳中有进类型 | 类型 | 名称 | 过去一年涨幅 | 业绩基准 | 最大回撤 | | --- | --- | --- | --- | --- | | 低波 | 汇添富保鑫 | 5.49% | 4.24% | -1.01% | ...

熟悉汇添富的人都知道，他们一直主打主动权益投资这张牌，素有"选股专家"之称。数年前，基 于对资产配置趋势的前瞻判断，汇添富就开始将主动权益投资能力积极延伸至固收+等领域，是 在固收+业务上起步较早、发展较快、规模较大的公司。 在公募基金高质量发展的背景下，汇添富始终在思考，如何提升投资者获得感，更好满足中 低风险偏好投资者"稳健但不平庸"的收益需求。正如公司总理经张晖所说，越是在市场面临 多重因素变化的时间内，越是要脚踏实地，坚守成立以来一以贯之的投资理念，更强调投资 研究的规则化，全面检视和不断优化投资决策和管理流程，持续强化团队建设。 在波谲云诡的市场中，汇添富旗下一批风格清晰稳定的固收+产品脱颖而出，过去一年，不论 是低波动、中波动、还是高波动组合，都能在严控回撤的前提下取得亮眼业绩。这也吸引了 广大机构和个人投资者关注，多只产品份额较上年末实现成倍增长。 | 类型 | 名称 | 过去一年涨幅 | 业绩基准 | 最大回撤 | | --- | --- | --- | --- | --- | | 低波 | 汇添富保鑫 | 5.49% | 4.24% | -1.01% | | | 汇添富添添乐双盈 | 5.7 ...

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].