"Her Power" | Galaxy Fund's Shi Wenqi: Upholding integrity and focusing on quality growth, embracing the new consumption cycle with a long-term perspective

In traditional understanding, strength is often associated with rigidity and sharpness, but the capital markets are never short of sharpness. Female fund managers are redefining professional strength by combining firmness and flexibility. The current “her power” breaks this binary opposition—firmness means sticking to principles and bottom lines, while flexibility signifies wisdom and guidance. Together, they forge an investment path that balances intensity and warmth between net value curves and long-term value.

“In thriving industries, we select core companies with strong competitive advantages and barriers from the bottom up, aiming to generate returns for the portfolio through the growth of high-quality holdings,” summarized Shi Wenqi of Galaxy Fund.

Galaxy Fund Stock Investment Department Fund Manager Shi Wenqi

With nine years of securities industry experience and three years managing public funds, Shi Wenqi joined Galaxy Fund Management Co., Ltd. Research Department in February 2016 and is now a fund manager in the stock investment department. Since July 2022, she has served as the fund manager of the Galaxy Modern Service Theme Flexible Allocation Mixed Securities Investment Fund. From March 2023, she has been the fund manager of the Galaxy Growth Select One-Year Holding Period Mixed Securities Investment Fund.

Describing her investment style in one word, it would be “conservative.” She relies on solid fundamental research, maintains a keen sense of industry trends, and continuously compares the performance and valuation attractiveness of her targets dynamically. Focusing on core industry trends, she ultimately selects stocks that can traverse cycles based on their own growth, independent of market style and capital preferences.

She believes that women, as the main consumer group, have a more acute perception of consumption trends. Female investment research may be more meticulous in marginal changes and earnings forecast adjustments, and women tend to invest with patience over the long term.

In long-term investing, stock prices are highly correlated with corporate earnings growth. Long-termism can mitigate short-term valuation fluctuations and share in corporate growth dividends. Risk control is a key premise of portfolio management—she prioritizes valuation safety margins before considering upside potential, favoring targets that combine offense and defense.

“The core of navigating cycles is controlling drawdowns during poor market performance and amplifying flexibility during strong markets. We avoid chasing hot topics, resist emotional biases, and strive to do our best within our framework and capabilities,” said Shi Wenqi of Galaxy Fund.

Shi Wenqi pointed out that by 2026, she is optimistic about the synchronized recovery of mass consumption and service consumption. Mass consumption, driven by necessity and cost-effectiveness, makes high-dividend stocks like food and beverages attractive for allocation; service consumption is showing significant recovery, with large increases in travel and hotel bookings during the Spring Festival holiday. Consumption has shifted from material satisfaction to emotional value and cost-performance, but risks such as weaker-than-expected recovery and industry price wars should be watched.

Regarding AI and quantitative methods, she views them as tools to improve research efficiency, not as changes to the fundamental deep-investment framework. AI enhances data processing, while quant strategies amplify short-term market volatility, which can create opportunities after mispricing or overestimation—testing valuation judgment and resolve.

In team management, she relies on diverse mechanisms such as morning meetings, thematic discussions, and cross-review sessions to ensure efficient information flow; analysts closely monitor core holdings and promptly feedback market changes; the consumer sector team engages in cross-industry exchanges to uncover common logic and quickly adapt to market shifts.

Looking ahead, she hopes that both her investments and life will be “grounded and illuminated,” maintaining enthusiasm and curiosity to build long-term high-quality funds. She expresses gratitude to investors: “Thank you for your trust and support. I will continue to focus on industry logic and select high-quality stocks to deliver steady performance and repay your confidence.”

Editor: Xu Nannan, Xu Nan