永赢基金王乾： 执行价值逆向策略 挖掘长周期资产

Core Viewpoint - The article discusses the investment philosophy of Wang Qian, a fund manager at Yongying Fund, who emphasizes value investing and maintaining a stable investment style despite market fluctuations [1][3]. Group 1: Investment Philosophy - Wang Qian adheres to a long-term value investment perspective, focusing on buying high-quality assets at reasonable prices to provide sufficient safety margins for the portfolio [1][2]. - The evaluation of high-quality assets includes multiple dimensions, with a strong competitive edge being a key criterion. Different industries may have varying sources of competitiveness [2]. - Wang Qian prioritizes safety margins when purchasing assets, indicating a disciplined approach to valuation and a willingness to wait for better entry points when assets are overvalued [2]. Group 2: Market Conditions and Strategies - Despite the current dominance of technology growth styles in the market, Wang Qian maintains a rational and objective mindset, believing that style rotation is a natural market phenomenon [3]. - The rise of domestic index investing has led to increased investor demand for clarity and stability in fund strategies, which Wang Qian recognizes as essential for building long-term trust with clients [3]. - Wang Qian's portfolio is balanced across various sectors, including chemicals, food and beverages, non-bank financials, and agriculture, reflecting a strategy that anticipates a shift from cyclical to domestic demand-driven industries as the economy recovers [4]. Group 3: Future Outlook - The recent "anti-involution" policies have positively impacted midstream industries such as photovoltaics, lithium batteries, and chemicals, promoting price recovery and improving corporate profits and household income [4]. - Wang Qian suggests that the market may experience a style rebalancing process rather than an immediate shift, with macroeconomic indicators showing signs of improvement [4]. - The Yongying Value Return Mixed Fund, led by Wang Qian, was officially launched on October 13, with the firm committing 10 million yuan to subscribe to its Class A shares, reflecting confidence in the long-term stability of the Chinese capital market [5].