□本报记者 王雪青 2026年1月4日，中欧瑞博公众号更新了新一年的策略展望——这是吴伟志亲笔写下的第140篇"伟志思 考"。 从2014年到2026年，12年来，他几乎从不停笔：最早写"投资像种庄稼""别拔苗助长"，后来用"春夏秋 冬"标注市场的季节更替，再用"树粮菜"拆解不同投资风格的收益与代价。他把一位基金经理最难被量 化的资产——思想——沉淀成一套可追溯、可复盘、可传承的方法论；也把一家机构的成长轨迹，写成 一份长期的运行日志。 2014年7月初，A股在阶段底部徘徊。吴伟志却旗帜鲜明地提出："这里是播种的时节，我们会保持较高 的仓位。"这一年，"伟志思考"多次用"播种"来形容投资策略，核心表达是"底部确认""保持耐心""不要 在犹豫纠结中错过春播好时机"。随后，A股市场开启了一段趋势性上涨行情。 事后来看，吴伟志"从估值、利率与政策态度"综合判断市场"土壤已变"的框架，与桥水强调的"宏观因 子驱动资产价格"有异曲同工之妙。 更难的是在市场高潮中感知风险。2015年，吴伟志在市场快速上涨中提示"下车"。2015年5月，他撰文 称，"珍惜涨潮时光""更重要的是能够在退潮之前或退潮初期及时下车"。 2015 ...

Core Viewpoint - The current market environment, characterized by volatility and rapid shifts in investment hotspots, necessitates a focus on long-term stability rather than chasing fleeting trends [1] Group 1: Investment Philosophy - The essence of investing in public funds is to achieve asset preservation and appreciation in the equity market, with a focus on smooth and steady returns [2] - A good investment experience is defined by minimizing significant and prolonged losses while allowing investors to hold their positions without the stress of timing the market [2] Group 2: Strategic Approach - The investment strategy is based on macroeconomic analysis, identifying undervalued opportunities from cyclical turning points rather than engaging in short-term trading [3] - The manager emphasizes the importance of asset turnover and trading volume to assess market sentiment and identify potential investment opportunities [3] Group 3: Dynamic Adjustment - The investment approach involves flexible adjustments to the portfolio in response to market style changes, reducing exposure to overvalued assets while increasing weight in undervalued ones [4] - The manager's patience in waiting for the right market conditions, as seen in the strategic positioning in brokerage stocks, highlights the importance of maintaining a balanced portfolio [5] Group 4: Market Context - The recent fluctuations in the Shanghai Composite Index, which briefly surpassed 4000 points before retreating, illustrate the structural characteristics of the current market [6] - The focus on stability is crucial in a volatile market, with the aim of achieving lower overall drawdowns compared to the market average [6]