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][2][3] Investment Philosophy - Wang Qian advocates for long-term value investing, focusing on buying high-quality assets at reasonable prices to provide sufficient safety margins for fund holders [1] - The primary criterion for purchasing assets is the safety margin, with a disciplined approach to valuation, avoiding overpaying for "good companies" [2] - A combination of contrarian strategies and long-term holding is seen as an effective approach, even if it may lead to short-term relative underperformance [2] Market Perspective - Despite the current dominance of technology growth styles, Wang remains optimistic about value investing, recognizing that market style rotations are a natural occurrence [3] - The recent improvement in market liquidity and the positive impact of policies aimed at reducing competition in certain sectors are expected to benefit cyclical and domestic demand assets [3][4] Asset Allocation - Wang's portfolio is diversified across various sectors, including chemicals, food and beverage, non-bank financials, and agriculture, reflecting a balanced approach to investment [4] - The article notes that the hidden return rates of cyclical stocks are attractive, but further improvement in the fundamental economic environment is necessary for these assets to perform well [5] Fund Launch - 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 the fund's Class A shares, indicating confidence in the long-term stability of the Chinese capital market [5]