Cao Mingchang, a China-Europe fund, has always called himself a "conservative investor", which is related to his experience. Before becoming a stock researcher and fund manager, Cao Mingchang worked as a bond researcher for some time. This experience has created his investment style background of "low risk preference". For a long time, Cao Mingchang has always adhered to the traditional logic of value investment and always has a distinctive style, no matter in the market suitable for growth style or value style.