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].

Core Viewpoint - Ping An Fund has announced the appointment of Duan Haifeng as a new fund manager for the Ping An New Xin Preferred Mixed Fund, indicating a strategic move to enhance fund management expertise [1][2]. Group 1: Fund Information - Fund Name: Ping An New Xin Preferred Mixed Securities Investment Fund [2] - Fund Abbreviation: Ping An New Xin Preferred Mixed [2] - Fund Main Code: 018714 [2] - Fund Management Company: Ping An Fund Management Co., Ltd. [2] - Announcement Basis: According to the "Publicly Raised Securities Investment Fund Information Disclosure Management Measures" [2]. Group 2: Manager Details - Type of Manager Change: Appointment of a new fund manager [2] - New Fund Manager: Duan Haifeng [2] - Other Co-Managing Fund Managers: Zhang Xiaoqian, Mo Huang [2]

| 基金名称 | 平安新鑫优选混合型证券投资基金 | | --- | --- | | 基金简称 | 平安新鑫优选混合 | | 基金主代码 | 018714 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 莫克 | | 共同管理本基金的其他基金经理姓名 | 张晓泉 | | 离任基金经理姓名 | | （责任编辑：康博） 莫艽曾担任广发基金管理有限公司研究员。2021年4月加入平安基金管理有限公司，现担任研究中 心高级研究员，同时担任平安安享灵活配置混合型证券投资基金、平安灵活配置混合型证券投资基金基 金经理。 平安新鑫优选混合A/C成立于2023年8月15日，截至2025年10月20日，其今年来收益率为37.81%、 36.94%，成立来收益率为41.15%、38.62%，累计净值为1.4115元、1.3862元。 中国经济网北京10月21日讯 今日，平安基金公告，平安新鑫优选混合增聘莫艽。 ...