Core Viewpoint - The article emphasizes the importance of value investing and the need for a stable investment style amidst market fluctuations, highlighting the perspective of Wang Qian, a fund manager at Yongying Fund [1][3]. Group 1: Investment Philosophy - Wang Qian advocates for a long-term value investment approach, focusing on buying high-quality assets at reasonable prices to ensure sufficient safety margins for fund holders [1][2]. - The evaluation of high-quality assets involves multiple dimensions, with strong competitiveness being a key criterion, varying by industry [2]. - Wang Qian prioritizes safety margins over blindly following "good companies," emphasizing the importance of valuation discipline [2]. Group 2: Market Strategy - Wang Qian combines a contrarian strategy with long-term holding, suggesting that this approach can be effective despite potential short-term sacrifices in relative returns [2]. - He acknowledges the current dominance of technology growth styles but maintains a rational outlook, emphasizing the need for patience and adherence to established strategies [3]. - The rise of index investing has led to increased investor demand for clarity and stability in fund strategies, which Wang Qian recognizes as essential for building long-term trust with clients [3]. Group 3: Market Outlook - Following the "9.24" market rally in 2024, liquidity in the market has improved, leading to a positive wealth effect and potential opportunities in cyclical and domestic demand assets [3][4]. - The "anti-involution" policies have positively impacted midstream industries like photovoltaics and lithium batteries, promoting price recovery and improving corporate profits and household incomes [4]. - Wang Qian's portfolio is balanced across various sectors, including chemicals, food and beverages, non-bank financials, and agriculture, indicating a strategic positioning for economic recovery [4]. Group 4: Fund Development - The Yongying Value Return Mixed Fund, led by Wang Qian, was officially launched on October 13, with the firm committing 10 million yuan to subscribe to Class A shares during the fundraising period [5].

Core Viewpoint - The article discusses the investment philosophy of Wang Qian, a fund manager at Yongying Fund, who emphasizes value investing and maintaining a stable investment style despite market fluctuations [1][3]. Group 1: Investment Philosophy - Wang Qian adheres to a long-term value investment perspective, focusing on buying high-quality assets at reasonable prices to provide sufficient safety margins for the portfolio [1][2]. - The evaluation of high-quality assets includes multiple dimensions, with a strong competitive edge being a key criterion. Different industries may have varying sources of competitiveness [2]. - Wang Qian prioritizes safety margins when purchasing assets, indicating a disciplined approach to valuation and a willingness to wait for better entry points when assets are overvalued [2]. Group 2: Market Conditions and Strategies - Despite the current dominance of technology growth styles in the market, Wang Qian maintains a rational and objective mindset, believing that style rotation is a natural market phenomenon [3]. - The rise of domestic index investing has led to increased investor demand for clarity and stability in fund strategies, which Wang Qian recognizes as essential for building long-term trust with clients [3]. - Wang Qian's portfolio is balanced across various sectors, including chemicals, food and beverages, non-bank financials, and agriculture, reflecting a strategy that anticipates a shift from cyclical to domestic demand-driven industries as the economy recovers [4]. Group 3: Future Outlook - The recent "anti-involution" policies have positively impacted midstream industries such as photovoltaics, lithium batteries, and chemicals, promoting price recovery and improving corporate profits and household income [4]. - Wang Qian suggests that the market may experience a style rebalancing process rather than an immediate shift, with macroeconomic indicators showing signs of improvement [4]. - The Yongying Value Return Mixed Fund, led by Wang Qian, was officially launched on October 13, with the firm committing 10 million yuan to subscribe to its Class A shares, reflecting confidence in the long-term stability of the Chinese capital market [5].

Core Viewpoint - The article discusses the investment philosophy of Wang Qian, a fund manager at Yongying Fund, who emphasizes value investing and maintaining a stable investment style despite market fluctuations [1][2][3] Investment Philosophy - Wang Qian advocates for long-term value investing, focusing on buying high-quality assets at reasonable prices to provide sufficient safety margins for fund holders [1] - The primary criterion for purchasing assets is the safety margin, with a disciplined approach to valuation, avoiding overpaying for "good companies" [2] - A combination of contrarian strategies and long-term holding is seen as an effective approach, even if it may lead to short-term relative underperformance [2] Market Perspective - Despite the current dominance of technology growth styles, Wang remains optimistic about value investing, recognizing that market style rotations are a natural occurrence [3] - The recent improvement in market liquidity and the positive impact of policies aimed at reducing competition in certain sectors are expected to benefit cyclical and domestic demand assets [3][4] Asset Allocation - Wang's portfolio is diversified across various sectors, including chemicals, food and beverage, non-bank financials, and agriculture, reflecting a balanced approach to investment [4] - The article notes that the hidden return rates of cyclical stocks are attractive, but further improvement in the fundamental economic environment is necessary for these assets to perform well [5] Fund Launch - The Yongying Value Return Mixed Fund, led by Wang Qian, was officially launched on October 13, with the firm committing 10 million yuan to subscribe to the fund's Class A shares, indicating confidence in the long-term stability of the Chinese capital market [5]