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 emphasizes the importance of value investing and the need for a stable investment style amidst market fluctuations, highlighting the perspective of Wang Qian, a fund manager at Yongying Fund [1][3]. Group 1: Investment Philosophy - Wang Qian advocates for a long-term value investment approach, focusing on buying high-quality assets at reasonable prices to ensure sufficient safety margins for fund holders [1][2]. - The evaluation of high-quality assets involves multiple dimensions, with strong competitiveness being a key criterion, varying by industry [2]. - Wang Qian prioritizes safety margins over blindly following "good companies," emphasizing the importance of valuation discipline [2]. Group 2: Market Strategy - Wang Qian combines a contrarian strategy with long-term holding, suggesting that this approach can be effective despite potential short-term sacrifices in relative returns [2]. - He acknowledges the current dominance of technology growth styles but maintains a rational outlook, emphasizing the need for patience and adherence to established strategies [3]. - The rise of 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]. Group 3: Market Outlook - Following the "9.24" market rally in 2024, liquidity in the market has improved, leading to a positive wealth effect and potential opportunities in cyclical and domestic demand assets [3][4]. - The "anti-involution" policies have positively impacted midstream industries like photovoltaics and lithium batteries, promoting price recovery and improving corporate profits and household incomes [4]. - Wang Qian's portfolio is balanced across various sectors, including chemicals, food and beverages, non-bank financials, and agriculture, indicating a strategic positioning for economic recovery [4]. Group 4: Fund Development - 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 Class A shares during the fundraising period [5].