Core Viewpoint - The interview emphasizes the importance of focusing on high Sharpe ratio assets and maintaining a stable portfolio structure rather than relying on market timing to achieve steady returns [3][4]. Portfolio Construction - The current equity and convertible bond positions are set at 20% and 10% respectively, determined by the product's positioning and performance benchmarks [5]. - The strategy prioritizes structural optimization over market timing, focusing on industry allocation and stock selection rather than attempting to predict market movements [5][6]. - The approach to stock investment involves selecting high dividend or high ROE stocks, aiming for consistent returns from dividends and growth [7][11]. Strategy Evolution - The strategy is shifting from purely chasing dividend stocks to finding assets that offer both stable dividends and sustainable growth potential, especially in sectors like finance and utilities [11]. - The focus is on companies with strong domestic operations and growth potential in international markets, providing a favorable risk-reward profile [11]. Risk Control - The risk management framework includes maintaining a diversified portfolio across different sectors and styles to mitigate macroeconomic risks [15][16]. - The target drawdown for the portfolio is set around 4%, with adjustments made based on the underlying reasons for market declines [16]. - The investment philosophy emphasizes understanding business models and intrinsic value, avoiding companies driven solely by market sentiment [17].