知行合一 将持有人体验放在首位

Core Viewpoint - The ideal product for investors is one that they occasionally remember but mostly forget, focusing on risk-reward ratio and client experience rather than extreme rankings or market hype [1][4] Investment Philosophy - The investment philosophy emphasizes a long-term perspective, prioritizing safety margins and a steady return over time, rather than just achieving high net asset values [1][3] - The manager's experience with large fund management has shaped a calm and steady investment approach, especially during market volatility [1][2] Market Approach - The manager adopts a "left-side" and "contrarian" investment strategy due to the challenges of managing large funds, focusing on long-term value rather than short-term market emotions [2][3] - A macro-long-term perspective combined with mid-level industry analysis is used to identify promising sectors, ensuring a robust decision-making framework [2][3] Valuation Focus - Valuation is critical in determining risk-reward ratios, with an emphasis on static and dynamic return on equity (ROE) assessments and caution against seemingly low price-to-earnings ratios during industry peaks [2][3] Sector Insights - The manager has a positive long-term outlook on the A-share market, believing it to be undervalued, supported by China's manufacturing and technological advancements [4][5] - The focus on non-ferrous metals is driven by a long-term view on the decline of the dollar's credit system, identifying resource commodities as beneficial investments [5][6] Technology Sector Caution - The manager remains cautious about certain technology stocks, drawing parallels between the current AI wave and the 2000 internet bubble, highlighting risks associated with financing environments [6]