鹏扬基金张勋：把准经济与产业发展时代脉搏

Core Viewpoint - The public fund industry is returning to its roots, with equity investment presenting new development opportunities, as emphasized by Zhang Xun, Assistant General Manager and Equity Research Director of Pengyang Fund [1] Group 1: Investment Philosophy - Zhang Xun emphasizes an "absolute return mindset + discipline" in investment, reflecting a deep understanding of regulatory guidance and a focus on investor interests [2] - The shift in investment philosophy includes a greater emphasis on performance benchmarks, safety margins in research, and a comprehensive consideration of tracking errors alongside returns in portfolio management [2] Group 2: Active Management Value - Active equity funds are seen as irreplaceable in capital markets, with Zhang Xun arguing that active and passive investments complement each other [3] - Active fund managers play a crucial role in value discovery and asset pricing through in-depth research and analysis, guiding market funds towards quality enterprises [3] - The current economic transition in China presents structural opportunities for active equity funds to leverage their stock-picking advantages [3] Group 3: Investment Focus Areas - Zhang Xun identifies four key areas with high "cost-performance" potential: leading manufacturing companies benefiting from the "anti-involution" trend, adjusted consumer sectors, traditional industries with solid competitive advantages, and resilient "going abroad" sectors [5] - The investment strategy focuses on technology, reform, international expansion, and security, while also considering the high-quality development of traditional industries and the strengthening of emerging sectors [4] Group 4: Market Outlook - The market's future drivers will stem from both macroeconomic factors, such as global monetary policy and advancements in AI, and microeconomic factors, particularly the performance of listed companies [4] - The past year's market dynamics have centered around technology and liquidity expectations, leading to high valuations for many stocks, necessitating careful evaluation moving forward [4]