安信基金总经理刘入领：拥有稳定现金流的上市公司股票估值有望提升

Group 1 - The conference on high-quality development of funds was held in Shenzhen, gathering top experts and leaders from academia, private equity, and brokerage firms to discuss new paths for the fund industry [1] - Anxin Fund's General Manager Liu Ruling emphasized the focus on active management despite the rapid growth of ETFs and passive index products, indicating that the core energy will remain on enhancing active investment capabilities [3] - Liu Ruling stated that the core mission of public funds is to serve the high-quality development of the national economy, highlighting the importance of reasonable pricing for securities to optimize resource allocation in the capital market [3] Group 2 - Liu Ruling analyzed that active management can significantly increase the probability of positive returns for investors and shorten the time needed to achieve profitability, especially in a volatile market [3] - He expressed cautious optimism about the overall market trend, noting that many stocks are undervalued and that reduced spending by listed companies could lead to increased cash flow and higher returns for shareholders [3][4] - Liu Ruling highlighted that the public fund industry has historically shown positive returns, with the ability to regain excess returns likely in the future [4]