鹏华基金原副总经理王宗合辞世，一直看好白酒行业

Core Viewpoint - Wang Zonghe, former deputy general manager and fund manager of Penghua Fund, passed away on December 29, 2025, marking the end of a significant career in the investment industry [1][5]. Group 1: Career Overview - Wang Zonghe held a master's degree in finance from Renmin University of China and joined Penghua Fund in May 2009, focusing on research in sectors such as food and beverage, agriculture, and retail [3][7]. - He served as a research analyst and assistant fund manager before becoming a fund manager in December 2010, and was appointed deputy general manager in January 2021 [3][7]. - At one point, he managed a total fund size of 55.4 billion yuan, with the Penghua Craftsmanship Selected Mixed Fund achieving a record subscription of 137.1 billion yuan on its launch day in 2020 [3][7]. Group 2: Investment Philosophy - Wang was known for his long-term bullish stance on the liquor industry, famously stating, "Through storms for thirteen years, I walk alongside Moutai" [3][7]. - He adhered to the "80/20 rule," focusing on the top 20% of outstanding companies within leading industries, selecting the best among them for investment, with liquor being a prime example [3][7]. - His primary investment strategy involved selecting stocks that met the high standards set by Warren Buffett and Charlie Munger, emphasizing high barriers to entry, sustainable ROE, and significant compounding effects for long-term holding [4][8]. - As a secondary strategy, he preferred investing in companies with clear trends visible within three to five years, avoiding bets on growth at high valuations [4][8].