深圳商报·读创客户端记者 詹钰叶 平安基金基金经理莫艽 如何在板块轮动的喧嚣市场中寻找机会？投资者又要如何守住本质与初心？平安基金新生代基金经理莫 艽在接受专访时，分享了他如何穿透市场"噪音"，坚守核心投资框架的思考。 公开资料显示，莫艽是清华大学机械工程本硕出身，拥有7年证券从业经验、近2年投资管理经验。这位 新生代基金经理的代表作是平安安享灵活配置混合基金：银河证券数据显示，该基金2024年的回报为 21.18%，业绩排名前5%（18/425），同期沪深300的涨幅为14.5%、偏股混合基金指数涨幅为3.5%；在 2025年价值风格产品逆风期里，该基金仍保持了24.57%的正收益。回撤方面，平安安享灵活配置混合 2024年、2025年最大回撤分别为15.8%、12.8%。 以DCF为"道"，深度研究等四大方法为"器"，更多采用终局思维 "于我个人而言，人生的第一阶段目标，是在未来十年，能够取得年化复合15%的收益率（非承诺业 绩），成为市场上第一梯队的基金经理。"莫艽解释称，将15%作为目标，是因为长期来看，全市场能 做到十年年化15%以上的基金经理凤毛麟角。 他认为科技革命触手可及，人工智能AI、自动驾 ...

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].