西部利得基金董伟炜：保持理性、不亢奋、不恐慌 情绪稳定是A股盈利的重要来源

Core Insights - The article emphasizes the importance of a comprehensive investment experience through various market conditions for the growth of fund managers, highlighting the balance between offensive and defensive strategies in investment management [1] Group 1: Investment Philosophy - The investment philosophy of the fund manager is centered around a "first principles" approach, focusing on customer experience and the need for reasonable long-term returns and good process experiences [4] - The manager aims to provide a packaged investment solution that does not require clients to time the market or choose styles, ensuring a smoother investment experience [5] Group 2: Investment Framework - The fund manager has developed a "three-in-one" investment framework consisting of an investment decision system, a risk control system, and mindset, which are interdependent and essential for effective investment management [3] - The investment decision system combines top-down and bottom-up approaches to identify quality assets with good fundamentals and reasonable valuations, while the risk control system focuses on managing drawdowns through a combination of active and passive measures [3] Group 3: Market Outlook - The fund manager maintains a relatively optimistic outlook for the market in 2026, drawing parallels to the entrepreneurial market from 2013 to 2015, but notes that the current technological wave has higher intrinsic value [6] - Key investment areas include AI, which is seen as a long-cycle technological revolution, and sectors with rapid growth potential such as commercial aerospace, robotics, and high-quality consumer goods that cater to emerging demands [6]