南方基金卢玉珊：锚定主航道 以均衡赴长跑

Core Viewpoint - Lu Yushan from Southern Fund is recognized for her ability to navigate market cycles with a "balanced growth" investment philosophy, focusing on selecting great companies at reasonable prices rather than relying on single-sector bets [1] Investment Philosophy - The core of Lu Yushan's investment framework is to identify great companies in the main industry channels, integrating macroeconomic insights with in-depth company analysis [1] - Her methodology combines top-down and bottom-up approaches, tracking macroeconomic trends while conducting rigorous financial analysis and field research to quantify a company's competitive advantages [1] - Lu Yushan has a unique understanding of "innovation," assessing its true value from practical angles of "experience improvement" and "cost optimization," aiming to buy at reasonable prices with a high margin of safety [1] Investment Style - Lu Yushan's "balanced growth" style emphasizes both growth potential and reasonable or even low valuation levels when selecting stocks, focusing on opportunities that are temporarily overlooked or in a turnaround phase [2] - The two foundational principles of her style are balance and diversification, aimed at reducing net asset value volatility and adapting to rapid market style rotations [2] - She places significant emphasis on maintaining stable net asset values, striving for long-term resilience rather than short-term explosive growth [2] Evidence of Philosophy - Lu Yushan's investment philosophy is reflected in her management of the Southern Core Competitive Mixed Fund, where she adjusted her strategy in response to market conditions, focusing on low-valuation cyclical industries to capture absolute return opportunities [3] - In her fourth-quarter report for 2025, she maintained her investment approach by not fixating on past hot sectors but instead adapting to changes in industry prosperity and optimizing her portfolio structure [3] - Throughout her investment career, Lu Yushan has consistently demonstrated a calm, long-term approach, using deep research to replace trend chasing and balanced allocation to mitigate single risks [3]