全市场风格猎手，解码鹏华王子建的“三叉戟”投资哲学

Core Viewpoint - The A-share market in 2025 is experiencing a divergence between technological growth sectors like artificial intelligence and innovative pharmaceuticals, and traditional economic recovery assets, posing unprecedented challenges for fund managers in terms of industry coverage and strategy flexibility [1] Group 1: Market Performance - As of July 16, 2025, the net value of fund products in the market has doubled, with many funds achieving over 30% returns, primarily driven by concentrated positions in one or two popular sectors [1] - The performance of funds is characterized by a "single bet" approach, which can lead to rapid gains but also quick losses, highlighting the scarcity of diversified market players [1] Group 2: Fund Manager Strategy - Wang Zijian, a fund manager at Penghua Fund, has successfully built a comprehensive market capability by adapting to different market environments, achieving a net value growth rate of 32.18% for Penghua Vision Select A in the first half of 2025 [2] - The fund's net value increased from 0.9575 yuan at the beginning of 2025 to 1.5801 yuan by August 6, 2025, reflecting effective market timing and strategic adjustments [2] Group 3: Investment Philosophy - Wang Zijian emphasizes that investment portfolios should reflect significant global changes, utilizing a flexible strategy based on industry comparisons to capture marginal changes [3] - His approach includes assessing the cyclical position of industries, identifying major marginal changes, and quantifying the upward potential of sectors, particularly those at historical valuation lows [3] Group 4: Portfolio Management - The portfolio of Penghua Vision Select A shows a clear all-market style with a low concentration in the top ten holdings, spanning over five industries, and has recently focused on innovative pharmaceuticals to capitalize on valuation recovery [4] - Wang Zijian prioritizes risk control over generating returns, avoiding stocks with significant financial flaws or governance risks, and emphasizes thorough research before adding stocks to the portfolio [4] Group 5: Future Outlook - Looking ahead, Wang Zijian aims to continue delivering excess returns for investors, focusing on long-term opportunities in innovative pharmaceuticals, robotics, and artificial intelligence, while also monitoring sectors like military trade and nuclear fusion for potential growth [5]