Core Insights - The article emphasizes the shift in investor mindset from "seeking quick gains" to "seeking stability," highlighting the importance of long-term investment and the power of compounding returns [1] - Zhang Ming, a fund manager at Anxin Fund, has consistently achieved superior investment performance over the past seven years, focusing on a "slow and steady" investment approach [1][5] Performance Summary - Anxin Enterprise Value Selection has outperformed the CSI 300 Index and the CSI A500 Index for seven consecutive years from 2018 to 2024, even during market downturns [1][17] - As of March 31, 2025, the fund has delivered a cumulative return of 125.97% and an annualized return of nearly 11% since Zhang Ming took over management [5][4] Investment Philosophy - Zhang Ming is a strong proponent of value investing, adhering to the principle of buying good companies at favorable prices and holding them for the long term [6][8] - His investment strategy involves a low turnover rate, emphasizing that true returns come from the growth of a company's intrinsic value over time [6] Stock Selection Criteria - Zhang Ming employs a PB-ROE model to identify high-quality companies with low price-to-book ratios and high return on equity, focusing on sectors that provide strong ROE [8][9] - His portfolio demonstrates a clear advantage of "low PB + high ROE," indicating a focus on undervalued stocks with solid profitability [9] Risk Management and Resilience - The fund has shown strong drawdown control, with a maximum drawdown of 22.12% compared to the 45.42% drawdown of the broader market index during the same period [15] - In challenging market conditions in 2022 and 2023, the fund only experienced declines of 5% and 1%, respectively, showcasing its resilience [15] Future Outlook - Zhang Ming's active equity management currently stands at approximately 3.5 billion, indicating potential for growth in fund size [16] - A new fund, Anxin Preferred Value Mixed Fund, is set to launch, which may attract attention given Zhang Ming's track record and investment philosophy [16]