Core Insights - The article discusses the investment philosophy of Wang Qian, a fund manager at Yongying Fund, who emphasizes value investing despite the current market favoring technology growth styles [1][3]. 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 includes multiple dimensions, with strong competitiveness 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]. Market Perspective - Despite the current dominance of technology growth styles, Wang Qian maintains a rational and objective outlook, recognizing that style rotation is a natural market phenomenon [3]. - The rise of index investing has led to increased investor demand for clarity and stability in fund strategies, which Wang Qian acknowledges as essential for building long-term trust with clients [3]. Asset Allocation Strategy - 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 recovery in the economy [4]. - The article highlights the positive impact of recent "anti-involution" policies on midstream industries like photovoltaics, lithium batteries, and chemicals, which may enhance profitability and consumer income [4]. Future Outlook - Wang Qian suggests that once the macroeconomic fundamentals show positive changes, cyclical and domestic demand assets may present significant opportunities for performance [4]. - The article notes that the current market liquidity has improved, which could lead to a gradual shift in market styles as economic conditions evolve [4].

Core Viewpoint - Despite a strong rebound in the U.S. stock market following a 25% decline earlier this year, short positions in the S&P 500 and Nasdaq 100 indices continue to rise, indicating that investors may be employing a contrarian strategy to hedge risks or express doubts about the sustainability of the recovery [1] Group 1: Short Position Trends - According to S3 Partners, the short position in the S&P 500 has increased from 5.4% at the beginning of the year to 5.8% [1] - The short position in the Nasdaq 100 has expanded from less than 5.2% to approximately 6.1% [1] Group 2: Market Performance Comparison - The S&P 500 index has seen a year-to-date increase of only 6%, which is significantly lower than the average gains of 15%-20% in major global markets [1] - S3 Partners highlights that only a few major global indices have underperformed the S&P 500, contributing to its lagging growth compared to the global average [1]