不同于单一行业押注或单一因子依赖，蔡志文用多年时间打磨出一张贯穿周期、制造、消费等多个领域 的"投资地图"，地图的核心是三条主线： 在风格切换频繁，热点更迭迅速的资本市场，"追涨杀跌"的博弈往往难敌周期浪潮的冲刷，而坚守长期 价值的投资者，愈发像沙漠里的胡杨——扎根深、立得稳。 汇添富基金蔡志文，正是这样一位以深度价值为信仰，不被短期情绪裹挟，不被热门题材诱惑的基金经 理。他所管理的产品，始终带着低换手、低估值、高股息的鲜明特质，却绝非传统认知中机械的"红利 因子复制器"。 在严密的选股框架之下，他通过稳健的回撤控制、动态的多主线覆盖，巧妙平衡组合的进攻性与防御， 在固收+赛道交出了一份令人惊艳的答卷——其管理的汇添富添添乐双盈A自2023年2月成立以来，累计 回报达19.20%（同期基准13.81%），历史最大回撤仅1.56%。 这份"高回报+低波动"的成绩单，不是运气的偶然馈赠，而是蔡志文多年磨砺的投资体系结出的果，是 汇添富垂直一体化投研平台搭起的台，更是深度价值投资在震荡市中"风雨不动安如山"的生动实践。当 固收+赛道愈发拥挤、回撤考验像暴雨般频繁来袭，蔡志文的投资哲学，正为追求稳健的投资者递上一 把 ...

Core Viewpoint - The article emphasizes the investment philosophy of Cai Zhiwen from Huatai Fund, who focuses on deep value investing, prioritizing long-term value over short-term market trends and emotional fluctuations [2][4]. Investment Philosophy - Cai Zhiwen's investment logic is counter-trend, focusing on low valuation stocks rather than following market trends [4]. - His ideal stock selection criteria include high cash flow, high dividends, and low valuation, along with strong industry positioning and governance [4][6]. - The investment strategy is built on three main lines: controllable upstream resource industries, export chain companies undergoing structural optimization, and traditional industries post-industry consolidation [4][5]. Portfolio Management - The portfolio is diversified across various sectors to mitigate risks associated with market sentiment fluctuations [5]. - Cai Zhiwen maintains a stock pool divided into two categories: large-cap leaders with clear competitive advantages and undervalued small/mid-cap hidden champions [6]. - The investment process involves rigorous validation of stocks based on valuation, industry trends, cash flow stability, and competitive landscape [6][7]. Risk Control - Emphasis on risk control is paramount, with a focus on minimizing drawdowns as a core principle of the investment strategy [9][10]. - The average price-to-earnings ratio of the portfolio is maintained around 10 times, providing a natural defense against market downturns [10]. - Dynamic portfolio adjustments are made based on valuation recovery, industry trends, and emerging undervalued assets [10][11]. Platform Support - The success of Cai Zhiwen's investment approach is supported by Huatai Fund's integrated research platform, which enhances value discovery and investment logic [13][14]. - The company employs a collaborative research model that facilitates information flow and deep industry insights [14][15]. Adaptability and Evolution - Cai Zhiwen's investment strategy is not static; it evolves with market conditions and industry developments, expanding into new sectors like renewable energy and high-end equipment [17][18]. - Continuous learning and communication with research teams enhance the precision of value judgments and adaptability to market changes [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]