永赢基金王乾：在估值与质量的平衡中追求长期稳健回报

Core Viewpoint - The article emphasizes the investment philosophy of Yongying Fund's Wang Qian, focusing on value investing by purchasing high-quality companies at reasonable or undervalued prices, while maintaining a long-term perspective [1][2]. Investment Philosophy - Wang Qian adheres to a research-based approach, emphasizing deep analysis of long-term corporate value and understanding market cycles across various industries [2]. - The core source of long-term excess returns in Wang Qian's investment framework is high-quality assets, with a focus on balancing asset quality and valuation levels [2]. - Wang Qian prefers to buy high-quality companies at reasonable prices rather than deeply discounted flawed assets, highlighting the importance of weighing asset quality against price [2]. Market Outlook - Wang Qian holds an optimistic view on blue-chip assets in the A-share market, noting improved market liquidity since the introduction of a series of incremental policies last September [3]. - He believes that many cyclical and high-quality domestic demand assets remain undervalued, presenting rich investment opportunities as the economy stabilizes and recovers [3]. Investment Strategy - The investment strategy remains stable and coherent, focusing on sectors such as consumption, manufacturing, and finance, despite the value strategy facing headwinds this year [2]. - Wang Qian emphasizes the importance of maintaining discipline within the investment circle and having a clear understanding of the risks and sources of returns associated with investments [3]. Active Management Perspective - Despite the rise of passive investing, Wang Qian remains optimistic about the prospects of active management, citing that the growth of passive products may weaken market pricing efficiency [3]. - He points out that, based on experiences from mature overseas markets, active management has never exited the historical stage, and strong long-term management capabilities are essential [3]. Future Plans - Yongying Fund plans to continue increasing its focus and investment in value-oriented products to better meet the diverse financial needs of investors [3].