作者 |郑理 来源 | 独角金融 王宗合在2020年市场大热阶段实现了业绩、规模齐飞，一度管理超500亿元的基金规模，并跻身行业头 部权益基金经理行列。 图源：罐头图库 他的职业生涯，在2020年7月8日迈入了令人瞩目的巅峰。这一天，由他挂帅的鹏华匠心精选混合基金首 发，单日认购资金如洪流般涌来，高达1371亿元，一举创下公募基金发行史上的认购纪录，让他登上 了"国民基金经理"的宝座。 王宗合曾是市场上为数不多的长期坚定看好白酒行业的基金经理。 2025年12月30日下午，一则沉重的消息在金融圈传开。据《每日经济新闻》、"第一财经"等多方信源确 认，鹏华基金前副总经理、曾管理规模高达500亿的基金经理王宗合，于12月29日因病逝世，追悼会定 于12月31日举行。 这位曾被誉为"国民基金经理"的公募老将，职业生涯亲历了公募基金的"狂飙时代"，2020年7月8日，王 宗合的标志性产品鹏华匠心精选混合，更是创下了千亿资金一日抢购的纪录。 早在2023年2月至同年4月，王宗合陆续卸任了在管的全部产品，2024年2月8日，因身体原因，王宗合离 任副总经理职务。此前就有消息传出，他去美国治病了。如今他的离世，令无数同行与 ...

12月30日，据多家媒体报道，鹏华基金前基金经理王宗合于12月29日因病逝世。 不过，2021年下半年，随着白酒板块出现震荡行情，王宗合转向增持医药、新能源、银行等板块。然而，在大 盘"抱团股"行情退去以后，王宗合在管的多只产品出现了大幅回撤，他也曾被基民质疑"产品持仓雷同""高位接 盘"，从大起转向大落。 2023年2月，王宗合卸任了鹏华成长价值等4只业绩靠后的基金。2月4日，鹏华成长价值、鹏华优质回报两年定开 发布基金经理变更公告，因公司安排，王宗合自同日起不再担任上述两只产品的基金经理。其中，鹏华成长价值 由原先共同管理的基金经理梁超继续管理，而鹏华优质回报两年定开由原先共同管理的基金经理王璐继续管理。 2023年3月，他又陆续卸任鹏华消费优选、鹏华养老产业等5只代表产品；在2023年4月卸任鹏华匠心精选的基金经 理后，王宗合已无在管产品。 2024年2月8日，鹏华基金管理有限公司发布公告，其副总经理王宗合因个人身体原因辞职离任，离任日期2024年2 月6日。 王宗合曾是市场上为数不多的十几年如一日始终看好白酒行业的基金经理，其较为出圈的一句话是："风雨十三 年，茅台同行路"。谈及原因时，他曾表示，自己 ...

2020年7月8日，王宗合拟任基金经理的鹏华匠心精选混合首发，单日认购金额高达1371亿元，刷新当时公募基金发行认购历史纪录，被业内称为"国民基 金经理"。 Wind数据显示，截至当年三季度末，其在管规模暴涨至554.26亿元，较二季度末增长超400亿元，在管产品增至10只，带动鹏华基金的混基规模从700多亿 元翻倍增至1400亿元。截至离任前，其代表产品鹏华消费优选、鹏华养老产业任职回报分别达244.7%和211.4%，年化回报均超10%。 每经编辑｜段炼 12月30日，据多家媒体报道，鹏华基金前基金经理王宗合于12月29日因病逝世。 公开资料显示，王宗合是金融学硕士，毕业于中国人民大学，曾在招商基金从事食品饮料、商业零售、农林牧渔、纺织服装、汽车等行业的研究。2009年 5月加盟鹏华基金，从事食品饮料、农林牧渔、商业零售、造纸包装等行业的研究工作，2010年12月起正式任基金经理，2021年1月起任鹏华基金副总经 理。历任管理基金数21只，管理规模也一度突破500亿元，旗下管理时间最长的基金超过12年。 图片来源：中国基金报 王宗合管理资金规模位列行业权益基金经理第一梯队，是业内"顶流"。 王宗合曾是市场 ...

12月30日，据智通财经报道，鹏华基金原副总经理、知名基金经理王宗合于12月29日因病逝世，其追悼 会定于12月31日举行。这位曾管理超500亿资金、并创下公募基金发行认购历史纪录的"顶流"基金经理 的离世，引发了业界的广泛悼念与追忆。 采写：南都·湾财社记者 罗曼瑜 王宗合的职业生涯巅峰期堪称公募基金"造星时代"的缩影。2019年，他精准把握白酒行业行情，管理的 鹏华消费优选、鹏华养老产业等产品业绩亮眼，双双斩获金牛基金奖项，使其跻身"股混双料金牛基金 经理"行列。2020年7月，其掌舵的鹏华匠心精选混合基金首发当日吸引1371亿元认购资金，创下公募基 金发行史上的认购纪录。Wind数据显示，截至2020年三季度末，他的在管基金总规模飙升至554.26亿 元，较二季度末增长超400亿元，带动鹏华基金混基规模翻倍突破1400亿元。 在投资理念上，王宗合以价值投资为核心，秉持"二八定律"聚焦头部行业龙头企业，留下"风雨十三 年，茅台同行路"的行业名言。他曾公开表示，选股严格遵循巴菲特和芒格标准，优先布局高壁垒、 ROE可持续、具备复利效应的企业，同时规避高估值成长股投资风险。业绩表现上，其管理的鹏华消费 优选、 ...

来源：重仓 12月30日，记者从业内获悉，鹏华基金原副总经理、基金经理王宗合于2025年12月29日辞世。 公开资料显示，王宗合为中国人民大学金融学硕士，2009年5月加盟鹏华基金，从事食品饮料、农林牧 渔、商业零售等行业研究工作，历任研究员、基金经理助理，2010年12月起，担任基金经理；2021年1 月起，任鹏华基金副总经理，旗下管理时间最长的基金超过12年。 作为昔日"顶流"，王宗合的基金管理总规模一度达554亿元。其中，鹏华匠心精选混合基金曾在2020年 首发当日实现1371亿元的认购资金，创下了公募基金发行认购历史纪录。 2023年，王宗合陆续卸任多只基金；2024年2月，王宗合因个人身体原因，离任鹏华基金副总经理职 务，不再转任其他岗位。 王宗合曾是市场上为数不多的十几年如一日始终看好白酒行业的基金经理，其较为出圈的一句话 是："风雨十三年，茅台同行路"。谈及原因时，他曾表示，自己遵循"二八定律"，会首先考虑20%的优 秀头部公司集中在哪些行业，再从中挑选最优秀的头部公司进行投资，而白酒就是全市场的头部行业。 王宗合还曾表示，在管理组合时，他的优先策略是选择严格符合巴菲特和芒格选股标准的股票，即高 ...

（原标题：突传！王宗合，辞世！） 【导读】鹏华基金原副总经理、基金经理王宗合逝世 中国基金报记者 忆山 编辑：赵新亮 校对：纪元 制作：小茉 12月30日，记者从业内获悉，鹏华基金原副总经理、基金经理王宗合于2025年12月29日辞世。 审核：陈墨 公开资料显示，王宗合为中国人民大学金融学硕士，2009年5月加盟鹏华基金，从事食品饮料、农林牧 渔、商业零售等行业研究工作，历任研究员、基金经理助理，2010年12月起，担任基金经理；2021年1 月起，任鹏华基金副总经理，旗下管理时间最长的基金超过12年。 作为昔日"顶流"，王宗合的基金管理总规模一度达554亿元。其中，鹏华匠心精选混合基金曾在2020年 首发当日实现1371亿元的认购资金，创下了公募基金发行认购历史纪录。 2023年，王宗合陆续卸任多只基金；2024年2月，王宗合因个人身体原因，离任鹏华基金副总经理职 务，不再转任其他岗位。 王宗合曾是市场上为数不多的十几年如一日始终看好白酒行业的基金经理，其较为出圈的一句话 是："风雨十三年，茅台同行路"。谈及原因时，他曾表示，自己遵循"二八定律"，会首先考虑20%的优 秀头部公司集中在哪些行业，再从中挑选最 ...

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].

Core Viewpoint - The article emphasizes the "Pareto Principle" in investing, highlighting that a small percentage of key decisions and time periods contribute significantly to overall returns, suggesting that wealth accumulation relies on making the right choices and being present during critical return periods [2][3]. Group 1: Value Investors and the Pareto Effect - Value investors focus 80% of their efforts on identifying the 20% of companies that possess sustainable competitive advantages, thereby ignoring short-term market noise and concentrating on long-term factors such as business model sustainability and cash flow health [3][4]. - The strategy of value investors is to accept periods of low returns while remaining vigilant for opportunities when high-quality assets are undervalued due to market panic [5][6]. Group 2: Long-Termism in Value Investing - Long-termism is a rational response by value investors to the 80/20 distribution, allowing them to maintain focus on enduring value rather than short-term fluctuations [6][5]. - The quote from Benjamin Graham illustrates that while short-term market movements are driven by emotions, long-term performance reflects true value, reinforcing the importance of patience in investment [5]. Group 3: Staying Present to Capture Returns - The article provides data on the S&P 500 index, showing that missing the top 20 trading days from 2005 to 2023 would significantly reduce annualized returns from approximately 7.42% to 5.5%, and missing the top 100 days could lead to near-zero returns [9]. - In emerging markets, the disparity in returns is even more pronounced, with significant gains concentrated in a small fraction of time, emphasizing the need for investors to remain engaged during these critical periods [9][10]. - The concept of "being present" is crucial for value investors, as it ensures they do not miss out on key moments when market prices align with intrinsic value [10].

Core Insights - The report highlights significant changes in human resource management practices among Chinese companies over the past six years, indicating a shift from aggressive hiring and firing to a more cautious approach focused on retaining core talent [1][6]. Group 1: Employee Turnover - The employee turnover rate has remained relatively high, fluctuating between 18% and 20% over the past six years, suggesting that companies typically replace about 20% of their workforce annually [3]. - The non-voluntary turnover rate, or layoff rate, has been between 10% and 12.5%, showing a parabolic trend with peaks in 2022 and 2024, indicating a previous wave of layoffs that has since stabilized [3]. - Future layoffs are expected to become a norm but will likely remain stable rather than escalating [3]. Group 2: Recruitment Trends - Recruitment rates have been on a downward trend, decreasing from a peak of 19.6% to 15.9%, marking the largest drop in six years [4]. - The net talent inflow rate, which was positive at 2%-5% from 2020 to 2023, has dropped to 0.6% in 2024, with a negative net inflow of -2.1% for the first time, reflecting a lack of confidence in the economic recovery [5]. - The social recruitment rate, which typically constitutes about 80% of total recruitment, has also declined to 12.9%, indicating a reduced enthusiasm for hiring and a preference for cost-effective new hires [5]. Group 3: Talent Management Strategy - Companies are shifting their focus from the quantity of workforce to the quality of core talent, adopting a "small in, small out" approach during economic downturns [6]. - The emphasis on the "80/20 rule" suggests that a small percentage of employees generate the majority of value, leading to a more intensive focus on core talent management [6]. - Companies are increasingly prioritizing internal talent mobility over extensive training, becoming more selective in hiring and proactive in talent optimization [7].

Core Insights - The article emphasizes the importance of focusing on the critical few rather than the trivial many to achieve extraordinary results, suggesting that success often stems from strategic adjustments rather than sheer effort [2][10][22] Group 1: Statistical Distributions - Normal distribution is commonly used to summarize data, but it often leads to misconceptions about the nature of success and outcomes [3][5][6] - Pareto distribution, or the 80/20 rule, illustrates that a small percentage of actions often leads to the majority of results, highlighting the need to concentrate resources on the most impactful areas [7][10][12] Group 2: Practical Applications - Personalized marketing efforts yield better results than mass marketing, as targeted communications resonate more with potential customers [11][12] - Investing in relationships with key individuals can provide greater returns than broad advertising strategies, emphasizing the value of quality over quantity in networking [13][18] Group 3: Customer Focus - Companies should prioritize their most valuable customers, as they contribute significantly to growth and success, rather than spreading resources thinly across all clients [14][15][16] - The concept of having a few deep, meaningful relationships is more beneficial than having numerous superficial connections [18][21] Group 4: Value of Unconventional Thinking - The article argues that true value lies in areas often overlooked by others, where small, intelligent actions can yield disproportionately large returns [22][23][25] - The perception of "luck" is framed as the result of being prepared and strategically positioned to seize opportunities when they arise [25][26]