卢玉珊倾向于从更长远的视角观察市场。她将寻找"主航道"视为决策的起点，即关注那些在经济结构变 化、技术演进和社会发展中，可能具备较长期趋势的领域，而非仅聚焦于短期热点。 在市场波动中寻找"主航道" 在复杂多变的市场中，南方基金卢玉珊的投资方法体现出一种追求均衡与持续的风格。她的思路侧重于 构建一个能够适应多种情景的体系，以应对未来的不确定性，核心在于辨识趋势、精选企业和分散风 险。 通过分散与均衡管理风险 在她的投资方法中，对风险的关注与对收益的追求同样重要，这通常表现为"均衡成长"的风格： ·保持行业分散：单一行业在她的组合中配置通常不会太高，以降低对单一领域的依赖。 ·适时灵活调整：她会根据市场情况，动态评估股票和债券等资产的性价比，对仓位进行相应管理。 ·注重控制回撤：上述方法的一个目标是使组合在市场调整时，净值波动能够相对平缓一些。 总结 总体而言，卢玉珊的投资方法可以被看作是一套构建长期稳健性的体系。它不依赖于对短期行情的精准 判断，而是通过"把握趋势方向、聚焦企业价值、做好风险管理"三方面的结合，形成一套旨在穿越周 期、可持续增值的思路。对于投资者而言，理解这样的方法，或许有助于从一个更平和的视角 ...

Core Viewpoint - Lu Yushan from Southern Fund is recognized for her ability to navigate market cycles with a "balanced growth" investment philosophy, focusing on selecting great companies at reasonable prices rather than relying on single-sector bets [1] Investment Philosophy - The core of Lu Yushan's investment framework is to identify great companies in the main industry channels, integrating macroeconomic insights with in-depth company analysis [1] - Her methodology combines top-down and bottom-up approaches, tracking macroeconomic trends while conducting rigorous financial analysis and field research to quantify a company's competitive advantages [1] - Lu Yushan has a unique understanding of "innovation," assessing its true value from practical angles of "experience improvement" and "cost optimization," aiming to buy at reasonable prices with a high margin of safety [1] Investment Style - Lu Yushan's "balanced growth" style emphasizes both growth potential and reasonable or even low valuation levels when selecting stocks, focusing on opportunities that are temporarily overlooked or in a turnaround phase [2] - The two foundational principles of her style are balance and diversification, aimed at reducing net asset value volatility and adapting to rapid market style rotations [2] - She places significant emphasis on maintaining stable net asset values, striving for long-term resilience rather than short-term explosive growth [2] Evidence of Philosophy - Lu Yushan's investment philosophy is reflected in her management of the Southern Core Competitive Mixed Fund, where she adjusted her strategy in response to market conditions, focusing on low-valuation cyclical industries to capture absolute return opportunities [3] - In her fourth-quarter report for 2025, she maintained her investment approach by not fixating on past hot sectors but instead adapting to changes in industry prosperity and optimizing her portfolio structure [3] - Throughout her investment career, Lu Yushan has consistently demonstrated a calm, long-term approach, using deep research to replace trend chasing and balanced allocation to mitigate single risks [3]

Group 1 - The A-share market in 2025 experienced a significant structural differentiation, leading to a robust upward trend, with expectations for a solid "spring rally" in 2026 [1][6] - The manager of Huashang Fund, Haiyang, employs a dual strategy of "balanced growth + quantitative empowerment" to navigate the spring rally effectively [1][6] - Haiyang remains optimistic about the macroeconomic state improving as counter-cyclical economic policies are gradually implemented, anticipating a recovery in quality small and mid-cap stocks as risk appetite increases [1][6] Group 2 - In 2025, the A-share market revealed clear structural opportunities, with major alpha concentrated in growth and cyclical sectors [4][10] - The first quarter saw a notable spring rally driven by thematic trends in the technology sector, with significant valuation increases in sub-sectors like robotics, low-altitude economy, and AI applications [4][10] - The investment strategy focused on high-quality industry leaders, favoring mid to large-cap stocks while reducing exposure to small-cap factors to mitigate volatility risks [4][10] Group 3 - Looking ahead to 2026, most broad market indices are expected to maintain reasonable valuation levels, with ongoing technological innovation and favorable liquidity conditions [5][11] - The market is anticipated to continue showcasing structural opportunities in both cyclical and technological sectors, with a positive outlook for small and mid-cap quality stocks as risk preferences recover [5][11] - Haiyang plans to maintain a diversified quantitative allocation strategy to ensure stable returns through product portfolio configuration [5][11]