2026年初的A股市场，又一次见证了风格的较量与轮动。市场格局从2025年科技板块"一枝独秀"的结构，转向顺周期、资源品与内需消费等多 点开花、轮番发力的相对均衡状态。 步入新的一年，市场环境更趋复杂多变。在此背景下，那些能够穿越牛熊、持续创造阿尔法的主动管理能力，显得尤为珍贵。这要求基金经 理不仅具备对历史行情的深刻理解，更需要动态跟踪政策与资金流向等关键信号，在风格切换时灵活调整配置，更好平衡踏空与回调的风 险。而永赢基金权益投资部联席总经理李文宾，正是这样一位在复杂市场中持续证明自己的优秀投资人。 "看企业先看商业模式及其落地能力，关注订单是否真实、现金流是否健康、管理层是否务实"，从实业一线锤炼出的投资视角，让他始终坚守 "高质量成长股投资" 的核心方法论，从上市公司盈利释放节奏、盈利可持续性、盈利质量三个核心维度筛选标的，坚定聚焦企业的真实内在 价值。 行业配置的"节奏感"：始终与时代共振 读懂李文宾的投资，会发现他的超额收益更多是源于对产业演进的深刻洞察，源于与时代产业变迁同频的节奏把握。 2024年9月初，当市场仍在迷茫中徘徊，他从股市风险偏好、股债性价比及新质生产力发展现状等多维度研判，判断A ...

Core Viewpoint - The article highlights the diligent efforts of active fund managers, particularly focusing on Li Wenbin, who has been actively seeking investment opportunities despite the challenges faced by active equity funds in recent years [1][29]. Group 1: Active Fund Management - Active fund managers have been working hard behind the scenes, especially during a period when active equity funds have underperformed compared to the market from 2022 to 2024 [1][3]. - Li Wenbin has demonstrated strong industry judgment, successfully identifying strategic investment opportunities in sectors like artificial intelligence, semiconductor materials, and biomedicine, achieving significant returns [3][21]. - The performance of Li Wenbin's funds, such as the Yongying Technology Driven A with a return of 64.22% and the Yongying Ruijian Progress A with a return of 40.21%, showcases the potential of active management [3][29]. Group 2: Industry Challenges and Strategies - The rise of passive funds has led to a need for active funds to differentiate themselves, focusing on unique product designs and absolute return thinking [5][8]. - The article discusses the importance of adapting to market changes and the necessity for fund managers to maintain a focus on investor returns rather than merely chasing performance rankings [8][10]. - The active equity market is seen as having clear strategic opportunities, particularly in the context of China's asset revaluation and the impact of policy guidance and technological breakthroughs [4][21]. Group 3: Investment Philosophy - Li Wenbin emphasizes a dual approach in stock selection, focusing on both stable companies and high-quality growth stocks, with a strong emphasis on ESG management and financial health [13][14]. - The investment strategy includes a rigorous process of verifying investment logic and adjusting forecasts based on market realities, highlighting the importance of adaptability in investment management [18][19]. - The article notes that the lack of a short-selling mechanism in the A-share market can lead to rapid loss of excess returns once a method becomes widely accepted [9]. Group 4: Future Outlook - The article suggests that the current A-share market presents structural opportunities driven by technological innovation and national defense considerations, with a focus on artificial intelligence as a leading sector [21][22]. - The ongoing global military revolution emphasizes the importance of information, automation, and intelligence in military equipment, which aligns with investment strategies in the defense sector [23]. Group 5: Personal Commitment - Li Wenbin's commitment to continuous learning and hard work is highlighted, with over 300,000 words of study notes accumulated in a year and a half, reflecting a dedication to improving investment strategies [25][28]. - The culture at Yongying Fund emphasizes enhancing investor experience and long-term growth over merely increasing fund size, indicating a shift in focus within the industry [10][11].

Group 1 - The core point of the news is that the fund manager Fan Yan at Wanguo Fund has committed to invest at least 2.5 million yuan in the newly launched Wanguo Balanced Investment Mixed Fund, alongside the company and its senior management [1][2][3] - Since the beginning of 2025, a total of 113 public fund companies have engaged in self-purchase of their own fund products, indicating a trend in the industry [4] - The self-purchase behavior of fund companies can enhance fund scale and investor confidence, indirectly promoting the expansion of fund size [5] Group 2 - Fan Yan's management of the Wanguo Stable Growth Fund has led to significant growth in fund size, increasing from 3.409 billion yuan at the end of Q4 last year to 7.461 billion yuan by the end of Q1 this year [2][3] - The new fund, Wanguo Balanced Investment Mixed Fund, has a performance benchmark that increases the reference weight of the CSI 300 Index return to 70%, indicating a shift in investment strategy compared to the Wanguo Stable Growth Fund [3] - The top ten holdings of the Wanguo Stable Growth Fund have seen substantial increases in positions, with some exceeding 100% in the first quarter [2][3]