蓝小康 / Lan Xiaokang

蓝小康 is introduced in Vol.112 一次非共识的2024反思和2025展望 | 对话蓝小康X牟一凌 as a [[ZhongouFund|中欧基金]] fund manager reflecting on 2024 and 2025 through valuation, policy, cash flow, and global-order change. The episode positions him as a buyer-side voice whose non-consensus view is that China’s asset pricing must be understood through order reconstruction, distribution changes, supply ecology, and company duration rather than only through short-term stimulus.

His 2024 reflection emphasizes staying invested during January/February and September market stress, while acknowledging that he could have paid more attention to consumption before policy shifted toward that area. He also says he spent the year learning more about macro, security, and order questions, which becomes the basis for his later arguments about New Order Asset Pricing, Labor-Share Consumption Rebalancing, and State-Owned Enterprise Social Value.

Key Claims

• Company value still depends on durable cash flows, long-term profit, and duration.
• A healthier supply ecology can make surviving companies more valuable even if capital’s share of distribution stops rising.
• [[StateOwnedEnterpriseSocialValue|央国企 social value]] should affect valuation when public-service durability and policy alignment are real.
• Fund investors should understand a manager’s values, worldview, style weaknesses, and reasonable return range rather than reducing the manager to a static style label.

Connections

• 中欧基金 / Zhongou Fund — institutional affiliation in the source.
• 牟一凌 / Mou Yiling — dialogue counterpart.
• Active Management Style Evolution, State-Owned Enterprise Social Value, Labor-Share Consumption Rebalancing, and New Order Asset Pricing — main concepts attached to his remarks.
• 起朱楼宴宾客 / Qizhulou Yan Binke — source show.