Core Viewpoint - The article highlights the investment strategy of Shen Li, a fund manager at Caitong Fund, who has achieved consistent positive returns in the volatile A-share market since taking over the Caitong New Vision Mixed Fund in January 2021, with a year-to-date return exceeding 66% as of September 18, 2023 [1] Investment Strategy - Shen Li's investment approach is characterized by a "dual avoidance" strategy, which avoids excessive pursuit of short-term economic cycles and mechanical reliance on static low valuations [3] - The strategy involves a two-layer screening mechanism: a top-down approach that requires industry prosperity to remain stable and a bottom-up focus on key factors such as profitability certainty and risk-reward ratio [4] Market Outlook - Shen Li believes the market is currently in a phase of repair and deepening, with sentiment indicators returning to normal levels and moving towards optimism without reaching overheating [5] - He identifies several key sectors for future investment, including AI, semiconductors, and high-quality manufacturing companies that have undergone value reassessment [5][6] Sector Analysis - AI is expected to attract significant capital inflows in the coming years, with hardware being the main axis of the industry cycle, drawing parallels to the strong internal momentum seen in the liquor industry in 2018 [5] - The semiconductor industry is entering a second upward cycle, characterized by improved development quality compared to the previous cycle from 2019 to 2021 [5] - High-quality manufacturing companies that have established new barriers in global capacity layout are favored, as they are expected to open up new growth curves [6] - In the consumer sector, price competitiveness is becoming a crucial criterion for selecting companies, with a focus on high-value products that meet certain consumer demands [7]

Core Insights - The article highlights the investment strategy of Shen Li, a fund manager at Caitong Fund, who has achieved consistent positive returns in the volatile A-share market since taking over the Caitong New Vision Mixed Fund in January 2021, with a return rate exceeding 66% as of September 18, 2023 [1] - Shen Li's investment approach focuses on a balanced strategy that avoids being confined to "growth" or "value" labels, seeking resilient targets in growth and flexible spaces in value [1][2] Investment Strategy - Shen Li categorizes mainstream investment strategies into three types: left-side deep value, right-side thematic trends, and a middle-ground approach focused on cyclical and prosperity research, opting for a non-typical path that leans towards growth within value or vice versa [2] - His strategy emphasizes "dual avoidance," steering clear of excessive pursuit of short-term prosperity and mechanical reliance on static low valuations [2] - A two-layer screening mechanism is employed: a top-down approach requiring industry prosperity to not decline, and a bottom-up focus on key factors such as profitability certainty, growth continuity, and risk-reward ratio [2] Market Outlook - Shen Li perceives the current market as being in a deepening recovery phase, with sentiment indicators returning to normal levels and moving towards optimism, but not yet overheating [5] - He identifies several sectors for potential investment, including AI, which is expected to attract significant capital inflows in the coming years, particularly in hardware [5][6] - The semiconductor industry is seen as entering a second upward cycle, characterized by improved development quality compared to the previous cycle [6] - Companies in the manufacturing sector that have successfully expanded globally are viewed as having undergone a value reassessment, with new competitive barriers established [6] Consumer Sector Insights - Shen Li emphasizes the importance of price-performance ratio in selecting consumer companies, suggesting that the trend of household deleveraging may create structural opportunities for consumption recovery [6] - In the traditional liquor sector, while overall industry pressure exists, leading companies with channel optimization and market share enhancement capabilities are expected to see further valuation recovery post-industry consolidation [6]

Core Insights - The article highlights the investment strategy of Shen Li, a fund manager at Caitong Fund, who has achieved consistent positive returns in the volatile A-share market since taking over the Caitong New Vision Mixed Fund in January 2021, with a return rate exceeding 66% as of September 18, 2023 [1] - Shen Li's investment approach focuses on a balance between growth and value, avoiding the constraints of traditional labels, and seeks resilient targets within growth and flexible spaces within value [1][2] Investment Strategy - Shen Li categorizes mainstream investment strategies into three types: left-side deep value, right-side thematic trends, and a middle-ground approach focused on cyclical and prosperity research, opting for a non-typical path that leans towards growth within value or value within growth [2] - His strategy emphasizes "dual avoidance," steering clear of excessive pursuit of short-term prosperity and mechanical reliance on static low valuations [2] - A two-layer screening mechanism is employed: a top-down approach requiring industry prosperity to remain stable, and a bottom-up focus on key factors such as profitability certainty, growth continuity, and risk-reward ratio [2] Market Outlook - Shen Li perceives the current market as being in a deepening recovery phase, with sentiment indicators returning to normal levels and moving towards optimism without reaching overheating [5] - He identifies several key sectors for investment, including AI, semiconductors, and high-quality manufacturing companies that have undergone value reassessment [5][6] - The AI sector is expected to attract significant capital inflows, with hardware being the main axis of the industry cycle, drawing parallels to the 2018 liquor industry [5] - The semiconductor industry is entering a second upward cycle, characterized by improved development quality compared to the previous cycle [5][6] - High-quality manufacturing companies that have established global production capabilities are seen as having new competitive barriers, with a focus on those with product and brand competitiveness [6] - In the consumer sector, the trend of price sensitivity is highlighted, with opportunities arising from structural recovery in consumption, particularly in high-value products [6]

新华财经上海9月12日电 上证指数站上3800点，市场热点在不同板块和概念之间快速轮动，具有明显的 结构性特征，并非所有股票都会同步上涨。在此背景下，财通基金基金经理沈犁以其鲜明的价值成长风 格和左侧思考特质，在近年来的结构性行情中展现出独特的优势。尤为引人注目的是，他管理的其中1 只权益产品实现了连续六个会计年度正收益。 新华财经数据显示，截至9月11日，沈犁管理的4只权益产品中有3只——财通新视野混合、财通景气行 业混合、财通多策略升级混合均实现近一年净值翻倍，其中财通新视野灵活配置混合基金A近一年收益 率126.71%，2025年以来收益率为64.9%，且2019年至2024年底的六个完整会计年度均实现了正收益。 沈犁表示，他的投资风格可以概括为在"在价值中寻找成长，在成长中发现价值"，后续仍将重点聚焦于 AI算力、出海制造两大产业链，继续深耕"鱼多的地方"。 用"价值投资"挖掘成长标的 在A股市场的周期性波动中，沈犁构建出自己的差异化投资路径：既通过价值挖掘力求韧性，又能在动 态拓展中捕捉跨领域机遇，逐步形成了"胜率（即确定性）+赔率（即成长空间）+行业景气度"三重维 度的方法论体系。 "市场主流的景 ...