用追求绝对收益的思路做成长股，一位芒格信徒交出自己的A股投资答卷！

Core Viewpoint - The article discusses the investment philosophy of Fang Jian, a fund manager at Yinhua Fund, who aims to reconcile high growth potential with absolute returns in the context of the A-share market's volatility [2][4]. Investment Philosophy - Fang Jian's investment framework is rooted in the principles of value investing, emphasizing the purchase of high-quality companies at reasonable prices and holding them long-term to benefit from their growth [5]. - The traditional approach of "buy and hold" is challenged by the high volatility of the A-share market, prompting Fang to develop a dynamic management mechanism to adapt to market conditions [5][8]. Dynamic Management Mechanism - The dynamic management mechanism consists of three levels of discipline: 1. Valuation awareness and contrarian approach, where Fang sets a valuation "anchor" to guide profit-taking and reinvestment during market extremes [7]. 2. Market sentiment perception and response, where Fang actively adjusts positions based on market emotions and investor behavior [7]. 3. Strict risk control operations, where core holdings are reassessed during significant price corrections to determine the underlying reasons for the decline [7]. Performance Metrics - The implementation of the dynamic management mechanism has yielded significant results, with the Yinhua Huixiang fund achieving a return of 71.74% since its inception on December 5, 2023, and a relative benchmark excess return of 37.94% [8]. Investment Framework - Fang Jian's investment strategy focuses on identifying high-growth sectors, particularly those in the "growth phase" of the industry lifecycle, which are expected to see significant growth over the next 3-5 years [9]. - A scoring model is used to evaluate industries based on their growth potential, and a separate model assesses potential companies based on various criteria, including market position and management quality [9][10]. Trust Mechanism - The newly launched Yinhua Zhixiang Mixed Fund incorporates a floating management fee structure that aligns the interests of investors and fund managers, encouraging long-term holding and linking fees to actual investor returns [11][12]. - This innovative fee structure aims to create a transparent "trust contract" between the fund manager and investors, fostering a deeper relationship and commitment to shared success [14].