以合理价格挖掘高质量资产——访永赢基金权益研究部总经理王乾

Core Viewpoint - The article emphasizes the importance of a value investment strategy that focuses on buying high-quality assets at reasonable prices while maintaining a low concentration and turnover rate in the investment portfolio [3][4][5]. Group 1: Investment Strategy - The investment framework prioritizes deep analysis of a company's long-term value, integrating asset quality, valuation levels, and fundamental trends [3][5]. - The strategy of "low concentration, low turnover" has shown advantages in recent market conditions, helping to reduce portfolio volatility through risk diversification and strict control of safety margins [5][6]. - The experience of public fund investors is closely related to volatility levels, not just absolute returns, highlighting the importance of long-term holding of quality assets [5][6]. Group 2: Market Outlook - The current macroeconomic environment necessitates a balance between asset quality and valuation safety margins, with a focus on high-quality assets in domestic demand sectors as they show increasing value [6][8]. - The A-share market is characterized by structural trends, with growth assets outperforming, particularly in sectors like AI and innovative pharmaceuticals, while cyclical stocks also present investment opportunities [7][8]. - The article outlines three main themes for the second half of the year: "anti-involution" policies promoting quality competition, structural highlights in domestic demand recovery, and the development of new productive forces [8][9]. Group 3: Sector Focus - The "anti-involution" policy is expected to shift industry competition from price wars to quality competition, benefiting midstream manufacturing and upstream raw materials sectors [8]. - The recovery of domestic demand is supported by policies that stimulate durable goods consumption and manufacturing investment, with real estate stabilization playing a crucial role [8]. - New productive forces, particularly in AI, biomedicine, and high-end manufacturing, are anticipated to provide significant investment opportunities and contribute to excess returns [9].