I recently came across an interesting data point: in the top three-year returns ranking of private equity funds with assets in the hundreds of billions, the subjective stock strategy took first place, and it ranked second on the overall list. Seeing this, I couldn’t help but feel a bit emotional.

The market changes so rapidly in recent years. Styles shift from one side to the other in the blink of an eye. Quantitative strategies have been very popular over the past two years, and new technologies like AI and large models are redefining industry logic and investment approaches. Global geopolitical situations and policy adjustments add even more uncertainty to capital markets. In such an environment, the difficulty of subjective stock investing goes without saying.

But here’s the interesting part: what are the tactics of truly successful subjective strategy teams? They’re not following the trend, nor are they betting on market sentiment. Instead, they use a global perspective to view China’s high-quality companies, examining them within the context of the global industrial landscape. When faced with the wave of AI, they didn’t blindly chase the trend but carefully discerned— which companies truly have technological barriers, which ones have real commercial implementation capabilities. These are fundamental research efforts that require patience and meticulous work, rejecting the temptation of short-term speculation.

A mindset shift is needed: quantitative and subjective, AI and fundamentals are not mutually exclusive. Quantitative methods have their advantages, and subjective analysis also offers depth. AI technology isn’t here to replace fundamental research but to serve as a new tool for uncovering value.

Investing has no final destination. The future opportunity lies in—embracing technological change while using in-depth research to navigate market fluctuations. In the wave of global asset allocation and AI empowerment, find those companies with genuine long-term value. That’s the path to stability.