何理表示，尽管公司在2016年就已成立，但团队对新事物始终保持着热情与接纳度。方法论上，投研团 队系统性覆盖前沿领域，并建立稳定的产业与专家网络。"AI赛博坦"与强制性的回溯复盘机制相结合， 确保了每一个观点和交易都可追溯、可分析，推动认知在快速迭代中及时纠偏与深化。 对美股某AI硬件公司的成功投资，堪称这一理念与投资体系结合的范例。何理回顾说，在2022年开始 建仓，初始逻辑是将其视为周期下行阶段的优质硬件公司。"随着对AI认知的深化，我们系统性地提升 了对其长期价值的评估，并在上涨初期进行了加仓。"此后，该股持续大涨，公司通过持续评估"质价 比"，动态调整了部分仓位至其他更具性价比的标的。 在充满不确定性的资本市场中，私募机构如何构建可持续的竞争优势？止于至善投资创始人、总经理何 理的答案是将主观洞察、量化工具与人工智能技术深度融合，锻造一个不断进化、追求"理性共识"的科 学投资体系。近日，在接受中国证券报记者专访时，何理详细介绍了其"只以合理价格投资卓越公司"的 理念，并分享了如何借助体系化力量，在全球市场波动中捕捉机遇、管理风险的经验。 合理定义价值与风险 "价值投资可以简单理解为好资产加好价格，缺一 ...

● 本报记者 王辉 何理将AI定位为团队的"数字同事"和投资体系的内在组成部分。"AI赛博坦由研究、交易、风控、回溯 四大子体系融合而成，AI几乎参与了公司每一个环节的构建、运行与迭代"，"在这个开发过程中，AI的 作用无可替代，它极大地提升了效率，并促进了更优方案的诞生。我们的开发模式是与AI持续讨论， 这使我们能够快速迭代。"何理称。 何理表示，尽管公司在2016年就已成立，但团队对新事物始终保持着热情与接纳度。方法论上，投研团 队系统性覆盖前沿领域，并建立稳定的产业与专家网络。"AI赛博坦"与强制性的回溯复盘机制相结合， 确保了每一个观点和交易都可追溯、可分析，推动认知在快速迭代中及时纠偏与深化。 对美股某AI硬件公司的成功投资，堪称这一理念与投资体系结合的范例。何理回顾说，在2022年开始 建仓，初始逻辑是将其视为周期下行阶段的优质硬件公司。"随着对AI认知的深化，我们系统性地提升 了对其长期价值的评估，并在上涨初期进行了加仓。"此后，该股持续大涨，公司通过持续评估"质价 比"，动态调整了部分仓位至其他更具性价比的标的。 在充满不确定性的资本市场中，私募机构如何构建可持续的竞争优势？止于至善投资创始人 ...

Core Viewpoint - The company, Zhiyu Zhishan Investment, adopts a unique investment philosophy of "investing in excellent companies at reasonable prices" and utilizes its proprietary AI investment system for global asset allocation [1] Group 1: Company Overview - Zhiyu Zhishan Investment has been active in the capital market since its establishment in 2016, successfully entering multiple whitelist programs for brokers, trusts, and listed companies, and joining the China Internet Association's AI Working Committee in 2023 [2] - The founder, He Li, emphasizes that the core identity of the company is the deep integration of AI technology into investment research practices, positioning the firm as a "global value investment practitioner" [2] Group 2: AI Investment System - The company's AI system, named "AI Cybertron," integrates four key components: research, trading, risk control, and backtesting, and is continuously evolving [2] - Recent advancements include incorporating subjective investment frameworks into the AI backtesting system, allowing for traceability of every transaction and research conclusion, addressing the issue of "forgetting errors" in subjective investing [2] - The system also employs a quantitative trading approach within the subjective investment track, ensuring that investment decisions are based on rational team consensus and AI insights rather than individual biases [2] Group 3: Investment Strategy - The company follows a bottom-up approach to portfolio construction, validated by a top-down perspective, with a focus on five core sectors: technology innovation, consumption, pharmaceuticals, manufacturing, and cyclical industries [3] - The investment team promotes a flat collaboration model and encourages cross-research and repeated coverage to ensure depth and diversity in research [3] - The team selects companies that exhibit strong competitiveness, high growth potential, significant value creation, and reasonable pricing [3] Group 4: Market Response and Adaptation - In response to market fluctuations, the company has adopted a strategy of "left hand AI, right hand new consumption," while also investing in lithium mines, innovative pharmaceuticals, and non-bank financial sectors [4] - The investment decisions are based on the principle of safety margin in value investing, where companies with similar qualities are allocated higher levels of investment based on greater safety margins [4] - The company has integrated options tail strategies into its private equity products to better manage short-term market volatility and leverage the "fat tail effect" from significant market fluctuations [4] Group 5: Internal Mechanism and Future Plans - He Li reflects on missed opportunities, such as a leading gold consumption stock in the Hong Kong market, attributing it to teamwork gaps and complacency, and plans to optimize the internal investment research mechanism [5] - In a competitive private equity landscape, the company remains committed to its philosophy of investing in excellent companies at reasonable prices, leveraging its AI system to uncover global investment opportunities while managing tail risks with options strategies [5] - The company aims to deliver a balanced portfolio with "anti-fragile" capabilities, which is seen as a differentiating customer experience and a unique advantage for a non-headquartered subjective investment firm [5]

Core Viewpoint - The company emphasizes the importance of long-term adaptability and global investment strategies in the face of significant market changes, leveraging technology and expanding into international markets [1][2]. Group 1: Investment Strategy - The company has restructured its investment system using artificial intelligence technology, named "AI Cybertron," and has expanded its investment scope to include markets in South Korea, India, and Singapore [1]. - The investment portfolio currently includes high-quality companies from A-shares, Hong Kong stocks, U.S. stocks, and other international markets, reflecting a global investment approach [2]. - The core research team consists of seven members, with five being overseas returnees, enhancing the team's global research capabilities [2]. Group 2: Focus Areas - The company is particularly optimistic about the technology sector, especially artificial intelligence, and plans to build a global investment portfolio centered around AI [4]. - Investment in the technology sector is categorized into scientific technology and business innovation, with a focus on areas such as AI computing, autonomous driving, and quantum computing [4]. - In business innovation, the company is looking at investment opportunities in SaaS, fintech, and platform economy sectors driven by AI technology [5]. Group 3: Investment Philosophy - The company adheres to value investing principles but recognizes the need for flexibility in adjusting positions based on market sentiment and using derivative tools to enhance portfolio stability [3]. - The selection criteria for investment targets include strong competitiveness, high growth potential, and significant value creation [3]. - The company aims to create absolute returns for investors by exploring derivative tools to improve position adjustment flexibility and enhance portfolio resilience [3].