永赢基金钱厚翔：把握2026“盈利接棒”新周期，锚定业绩是关键｜2025华夏机构投资者年会

Core Insights - The forum focused on the theme of "vitality and resilience, innovation and empowerment," aiming to address contemporary challenges and explore future pathways [2] - Fund managers discussed the shift from "valuation recovery" to "profitability takeover" as the market stabilizes and policy shifts towards endogenous growth and high-quality development [3][4] Investment Strategy - The investment logic for high-growth sectors has undergone structural reshaping, emphasizing real revenue growth, margin improvement, and free cash flow generation rather than relying solely on valuation expansion [3][5] - Key investment themes for 2026 include technology growth, overseas expansion, and cyclical recovery, with a focus on market share concentration and confirmation of profitability turning points [4][5] Portfolio Management - Effective portfolio management in a volatile market involves diversifying sources of returns and controlling systematic risks through low-correlation multi-strategy combinations [6][7] - The "multi-strategy methodology" aims to mitigate risks, particularly tail risks, by employing strategies with different return characteristics [7] Investor Recommendations - Investors are advised to return to fundamentals and adopt a patient capital approach, focusing on core assets with global competitiveness, stable dividends, and reasonable valuations [8] - The market environment is expected to shift from "broad and loose" to "steady and precise," making reliance on valuation expansion a potential challenge [8]