突传噩耗！王宗合，辞世！

Core Viewpoint - Wang Zonghe, former deputy general manager and fund manager of Penghua Fund, passed away on December 29, 2025, marking the loss of a significant figure in the investment community [1]. Group 1: Career and Achievements - 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]. - He served as a research analyst and assistant fund manager before becoming a fund manager in December 2010, and later as deputy general manager in January 2021 [3]. - At his peak, Wang 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 first day in 2020 [3]. Group 2: Investment Philosophy - Wang was known for his long-term bullish stance on the liquor industry, famously stating, "Through storms for thirteen years, walking alongside Moutai" [3]. - His investment strategy prioritized selecting stocks that met the high standards set by Warren Buffett and Charlie Munger, focusing on companies with high barriers to entry, sustainable ROE, and significant compounding effects [4]. - He also favored investing in companies with clear trends over a three to five-year horizon, avoiding bets on growth at high valuations [4].