随着中国股市证券投资市场的稳步发展，我们处于一个机会澎湃的年代。中国 经济增长的韧性，和中国优秀企业逐渐成为全球行业龙头的趋势，为我们进行价值 投资奠定了基础。坚持正确的价值投资理念，陪伴优秀的企业成长。 近年来资本市场处于新环境，海外资金通过沪港通、深港通进入 A 股市场，逐 渐改变了 A 股估值逻辑；国内供给侧改革推进，提升了龙头公司市场份额和盈利能 力；金融监管趋严与新股发行加速，中小市值个股稀缺性不再，外延并购模式受到 影响。机构投资者话语权提升，价值投资获得重视，投资者纷纷寻找业绩增长确定 性，关注上市公司核心竞争力和内生增长能力。 据统计显示，2017 年各市场指数分化，价值型蓝筹股表现抢眼，题材概念股大 幅下跌。上证综合指数全年上涨 6.56%，沪深 300 指数上涨 21.78%，上证 50 指数 涨幅达到 25.08%，而创业板指数下跌 10.67%。港股市场由于之前属于价值洼地， 2017 年吸引到众多南下资金和海外资金，恒生指数全年大涨 35.99%。被视为蓝筹 股的代表指数—沪深 300 指数成份股中，有 88 只涨幅超过 30%，其中海康威视、贵 州茅台、美的集团、中国平安等 20 只个股涨幅超过 100%。而创业板股票中有超过 半数的个股全年跌幅超过 20%。 价值投资重新成为 2017 年资本市场的热词，带动市场投资风格和逻辑的改变， 投资者更加关注上市公司的核心竞争力。在此环境下，一直坚定价值实践的 D 基金 资产管理脱颖而出。据统计显示，2017 年 D 系列的 13 只偏股混合基金平均复权净 值增长率为 51.36%。名列市场前茅。实践证明，中国股市价值投资新实践取得了一 定的成果。价值投资在中国市场有较好的生存土壤，能够大概率获得长期回报。坚 持长期价值投资，分享上市公司成长带来的长期收益。 关键词：价值投资；资本市场；长期收益；证券投资I ABSTRACT With the steady development of securities investment market in China's stock market, we are in an era of opportunity. The resilience of China's economic growth and the tendency of China's excellent enterprises to become global industry leaders have laid the foundation for our value investment. Adhere to the correct concept of value investment, accompany outstanding business growth. In recent years, the capital market has been in a new environment. Overseas funds have entered the A-share market through Shanghai-Hongkong and Shenzhen-Hongkong Communications, gradually changing the valuation logic of A-shares; domestic supply-side reform has promoted the market share and profitability of leading companies; financial supervision has become more stringent and the issuance of new shares has accelerated, and the scarcity of small and medium-sized market capitalization stocks has disappeared. The purchase pattern is affected. Institutional investors'right to speak has been enhanced, value investment has been valued, investors have been looking for certainty of performance growth, concern about the core competitiveness of listed companies and endogenous growth capacity. According to statistics, in 2017, the market index differentiation, value-based blue chips performance eye-catching, theme stocks dropped sharply. The Shanghai Composite Index rose 6.56%, the Shanghai-Shenzhen 300 Index rose 21.78%, the Shanghai 50 Index rose 25.08%, and the GEM index fell 10.67%. The Hang Seng Index surged 35.99% in 2017 as the Hong Kong stock market, previously a low-value area, attracted a lot of southward and overseas funds. Eighty-eight stocks in the Shanghai-Shenzhen 300 index, regarded as the representative of blue chips, rose more than 30%, including 20 stocks in Haikangweishi, Guizhou Maotai, Mei Group and Ping An, China, which rose more than 100%. More than half of the GEM stocks fell by more than 20% throughout the year. Value investment has become a hot word in the capital market in 2017, which leads to the change of investment style and logic. Investors pay more attention to the core competitiveness of listed companies.In this environment, DFH asset management, which has been steadfast in value practice, stands out. According to statistics, in 2017, the average growth rate of the 13 series of equity funds of the D series increased by 51.36%. Rank the top of the market .Practice has proved that the new practice of value investment in China's stock market has achieved certainII results. Value investment has a better survival in the Chinese market, and it can get a long-term return. Adhere to long-term value investment and share the long-term benefits brought by the growth of listed companies. KEYWORDS: Value investment; capital market; Long-term income; Portfolio investment1 目 录 第一章 绪论...................................................................................................1 第一节 研究背景与研究意义 ........................................................................................1 一、价值投资问题的提出............................................................................................1 二、研究目的与意义....................................................................................................2 第二节 研究综述 ............................................................................................................3 一、国外研究综述........................................................................................................3 二、国内研究综述........................................................................................................5 第三节 研究主要内容和思路 ........................................................................................6 第二章 价值投资在国内外的发展...............................................................7 第一节 价值投资在国外的发展状况 ............................................................................7 一、价值投资相关理论................................................................................................7 二、价值投资在国际股市中的发展............................................................................7 第二节 价值投资在国内的发展状况 ............................................................................9 一、价值投资在国内的发展........................................................................................9 二、国内价值投资的几个误区..................................................................................10 第三章 价值投资在我国证券市场中的制约与机遇.................................12 第一节 经济与政策环境的制约 ..................................................................................12 第二节 市场制度环境的制约 ......................................................................................13 一、发行制度的缺陷..................................................................................................13 二、退市制度的软约束..............................................................................................14 第三节 中国证券市场具有价值投资的机遇 ..............................................................15 一、中国正从世界大国迈向世界强国......................................................................15 二、中国的快速发展是新时代的投资机遇..............................................................15 第四节 国内市场的特点总结 ......................................................................................15 第四章 坚持价值投资的 D 基金的案例分析............................................182 第一节 D 基金的基本情况.......................................................................................... 18 第二节 坚持价值投资的 D 基金投资过程和绝对收益 ............................................. 18 第三节 D 基金价值投资策略分析.............................................................................. 23 一、理念上 D 基金始终坚持价值投资..................................................................... 23 二、操作上 D 基金长期贯彻价值投资..................................................................... 23 第五章 结论与展望.....................................................................................25 第一节 主要结论与建议.............................................................................................. 25 第二节 存在的不足与展望.......................................................................................... 27