Core Viewpoint - The interview with Mo Qiao, a fund manager at Ping An Fund, emphasizes the importance of deep research and a robust investment framework to navigate market noise and identify investment opportunities [3][4]. Group 1: Fund Performance - Mo Qiao's representative fund, Ping An Enjoy Flexible Allocation Mixed Fund, achieved a return of 21.18% in 2024, ranking in the top 5% among 425 funds, while the CSI 300 index rose by 14.5% and the equity mixed fund index by 3.5% during the same period [3]. - In 2025, during a challenging market for value-style products, the fund maintained a positive return of 24.57% [3]. - The maximum drawdowns for the fund were 15.8% in 2024 and 12.8% in 2025 [3]. Group 2: Investment Philosophy - Mo Qiao aims for an annualized return of 15% over the next decade, highlighting that few fund managers achieve this consistently [4]. - He identifies five core areas for investment: artificial intelligence, autonomous driving, robotics, commercial aerospace, and solid-state batteries [4]. - The investment strategy is described as "using DCF as the principle and four methods as the tools," focusing on deep research to define value ranges [4][5]. Group 3: Research Methodology - The DCF model's effectiveness relies on accurately predicting future growth variables, which necessitates extensive research to clarify a company's intrinsic value range [5]. - Mo Qiao emphasizes that intrinsic value is not a single point but a range, and deep research is essential to refine this understanding [5]. - He follows the Kelly Criterion for dynamic position adjustment based on stock prices relative to their intrinsic value range, advocating for a flexible approach to investment [5][6]. Group 4: Value Investment Strategy - Mo Qiao critiques the focus on low P/E and P/B ratios, warning that it can lead to "value traps," and asserts that price comparisons to intrinsic value are more critical [6]. - He insists on investing only in high-quality companies, as they have a higher probability of maintaining excellence compared to poor companies [6]. - The strategy includes a focus on "absolute left-side investment," prioritizing undervalued quality companies, especially in sectors with low economic sentiment [9]. Group 5: Research Impact - Mo Qiao's research approach is characterized by detailed documentation, producing extensive reports that cover all aspects of a company, from business models to competitive dynamics [7][8]. - This method allows for a deep understanding of various industries, even those previously unexamined, enabling quick adaptation to new market conditions [8]. - The investment style, combining deep research with flexible strategies, has garnered trust from both institutional and individual investors, creating a self-reinforcing cycle of research, cognition, and trust [9].

Core Viewpoint - The article highlights the investment philosophy of Mo Qiao, a fund manager at Ping An Fund, who emphasizes deep research and dynamic positioning over macro predictions and market trends [1][2]. Investment Philosophy - Mo Qiao's core investment philosophy revolves around the dynamic matching of value and price, rejecting the traditional view of never selling good companies [2][3]. - He integrates the Kelly formula into his investment practice, adjusting positions based on the proximity of stock prices to their value ranges [2][3]. - The focus is on long-term value space rather than short-term growth rates, with a preference for assessing companies based on their dividend yield for safety margins [2][3]. Investment Framework - Mo Qiao's investment framework is summarized as "Dao and Qi Distinction," where "Dao" refers to the DCF principle and "Qi" encompasses four differentiated strategies [3][6]. - The strategies include extreme depth of research to determine value ranges, dynamic position adjustments following the Kelly formula, focusing on price-value comparisons rather than low PE/PB, and investing in quality companies [3][6]. Research Methodology - The depth of research involves creating extensive notes for each holding, covering business models and industry dynamics, which enhances stock-picking capabilities and decision-making [7][10]. - The approach emphasizes understanding the underlying logic of industries and companies, allowing for targeted research and investment decisions [10]. Market Approach - Mo Qiao avoids pure thematic investments and market timing, focusing instead on individual stock selection based on current value assessments [3][4]. - The strategy includes dynamic position adjustments based on market conditions, with a focus on absolute returns and controlling drawdowns [5][6]. Industry Focus - The investment strategy prioritizes low-cycle industries, as they often present better pricing opportunities during downturns [10][11]. - Mo Qiao's approach includes analyzing industries through global benchmarks and focusing on companies with strong governance and growth potential [9][10]. Response to Market Trends - In the context of popular sectors like AI and robotics, Mo Qiao remains cautious, emphasizing the importance of intrinsic value over speculative price movements [11][12]. - The strategy involves reducing positions in overvalued stocks driven by market hype while increasing stakes in undervalued quality companies [11][12].