WLY(SZ:000858) Zheng Quan Shi Bao·2025-12-17 19:50Group 1 - The core viewpoint emphasizes the importance of investing in products that fulfill basic human needs, particularly in the "mouth economy" which focuses on health and happiness [2] - The chairman of Shenzhen Linyuan Investment Management believes that companies involved in the "mouth economy" are performing well and generating profits, which creates value for the capital market and investors [2] - Long-term rational investment and the establishment of a healthy industry ecosystem are advocated as foundational principles for value investing [2] Group 2 - The analysis indicates that a long-term allocation window for A-shares has emerged due to a convergence of three bottoms: valuation, policy, and capital [3] - From a valuation perspective, the price-to-earnings ratio of the CSI 300 is below the 20% percentile of the past decade, and the dividend yield remains higher than government bonds, enhancing the attractiveness of equity assets [3] - Recent policies such as new regulations on share reductions and guidance on dividends signal a clear optimization of the market ecosystem [3]