信璞归江的持有人信：以一颗“拥有资产”的心，很多投资就变得简单……

Core Viewpoint - The letter from the private equity manager emphasizes a conservative investment strategy that focuses on high-quality traditional industries while cautiously approaching emerging sectors, resulting in strong long-term returns despite market volatility [4][10]. Group 1: Investment Strategy - The investment approach is characterized by a "conservative practice," focusing on holding quality companies in traditional industries, which has led to substantial returns over the past decade [4]. - The fund has achieved a cumulative return of ***% and an annualized return of ***% since its inception, outperforming the CSI 300 index, which rose less than 70% during the same period [4]. - The strategy includes selling stocks during valuation bubbles and repurchasing during downturns, maintaining a balanced portfolio with a stable ROE around 15% [4][18]. Group 2: Market Insights - The letter discusses the importance of understanding disruptive forces from new technologies and business models that could impact cash flow-generating companies [6]. - It highlights the shift in asset classes, with a recent increase in internet stocks exceeding 20% of the portfolio, reflecting a strategic pivot towards undervalued sectors [10][12]. - The competitive landscape is becoming clearer, with companies focusing on dividend distribution and share buybacks, supported by a more favorable regulatory environment [12]. Group 3: Economic Context - The letter notes that China's fixed capital formation has exceeded 40% of GDP over the past 20 years, indicating a historical limit to the economy's capacity [28]. - It emphasizes the need for a long-term low-interest-rate environment to utilize stable cash flows for societal benefits, which is essential for sustaining China's low-interest and high-dividend strategies [29]. - The economic recovery is anticipated as the country transitions from a period of consolidation to growth, urging investors to reassess their asset allocations between Chinese and U.S. markets [47].