9年时间中7次战胜市场，他是如何做到的？

Core Viewpoint - Value investing is a timeless strategy that, when applied consistently, can lead to long-term market outperformance. The framework of value investing is akin to a "axiom" that adapts to the characteristics of great companies in different eras [1]. Group 1: Investment Philosophy - The essence of stock investment lies in "achieving ownership value appreciation through intrinsic growth" [1]. - Cash flow is increasingly recognized as a critical component of investment returns, a concept emphasized by the fund manager years ago [1]. - Value investing focuses on the company's inherent value rather than market sentiment or style factors, making it a robust approach to outperforming indices [13]. Group 2: Performance Metrics - The Penghua Strategy Select Fund, managed by Yuan Hang, achieved a net value growth rate of 103.57% from August 13, 2015, to June 3, 2025, significantly outperforming the CSI 300 Index, which returned 18.42% during the same period [2]. - Over nine complete years from 2016 to 2024, the fund outperformed the Wind Active Equity Fund Index in seven of those years, demonstrating a high relative return success rate [3]. - In the structural bull markets of 2019 and 2020, the fund consistently outperformed the CSI 300 Index by at least 25% each year [7]. Group 3: Investment Strategy - Yuan Hang's investment strategy is characterized by a focus on high-quality cash flow generation and the purchase of undervalued stocks, which are expected to recover in valuation once external challenges are resolved [15][16]. - The investment approach emphasizes a broad selection range, covering stable growth, dividend value, quality growth, and cyclical growth companies [18]. - Key selection criteria include the company's business model, competitive advantage, management quality, and sufficient margin of safety [19][20][21]. Group 4: Market Insights - Yuan Hang identifies two distinct market phenomena: trend phenomena, which align with long-term evolution, and cyclical phenomena, which diverge from it [27]. - He highlights three investment opportunities in the current environment: financial sectors benefiting from monetary easing, consumer and industrial sectors undergoing upgrades, and structural growth opportunities in TMT (Technology, Media, and Telecommunications) [28]. Group 5: Fund Management Approach - The Penghua Co-Winning Future Mixed Fund features a performance benchmark composed of 70% CSI 300 Index, 10% Hang Seng Index, and 20% Zhongzheng Composite Bond Index, reflecting a comprehensive view of China's economic structure [33]. - Yuan Hang's investment framework aligns closely with fundamental value investing principles, focusing on high-quality growth and valuation recovery, which has been historically validated [33][37].