医药周报 20260223: 春节期间医药行业重点事件梳理 glmszqdatemark 医药行情回顾&分析&近期判断 1）行情回顾：节前一周（2.9-2.13）医药生物指数环比-0.81%，跑输创业板指数和沪深 300 指数。在所有行业中，节前一周（2.9-2.13）医药涨跌幅排在第 20 位。医药本周缩量 调整，节前交易平淡。结构上看，脑机接口方向表现不错。医药成交总额 4011.15 亿元， 沪深总成交额为 104636.79 亿元，医药成交额占比沪深总成交额比例为 3.83%（2013 年 以来成交额均值为 7.09%）。 2）原因分析：我们认为医药板块近期市场关注度较低，行业整体缺乏显著催化剂，行情仍 以结构性机会为主，前期内部的板块轮动也未能形成持续趋势。我们认为脑机接口或因侵 入式三类证进展预期等多重利好因素表现相对不错。近一段时间医药板块的行情持续验证 我们此前判断，创新产业链和科技创新四大"从 0 到 1"方向路都有演绎，创新药产业逻 辑强，核心标的逐步进入价值赔率区间，中长期维度强化布局。 3）近期观点：医药这轮产业时代底层逻辑是创新和出海，2025 年市场交易的是创新药通 过 BD 出海 ...

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints of the Report - The report aims to select the current growth - value funds in the market for investors with allocation needs. The growth - value strategy focuses on buying companies with competitive advantages at a reasonable price to earn compound growth. The growth - value fund pool shows both stability and offensiveness, with an annualized return of 18.30% from February 2, 2015, to February 6, 2026, and an excess return of 9.31% relative to the partial - stock fund index. The excess return mainly comes from stock selection, and the new portfolio has increased its position in the cyclical sector [1][2][12]. 3. Summaries According to the Directory 3.1 Growth Value Fund Pool Concept Introduction and Historical Performance - **Growth Value Investment Concept Introduction**: The growth - value strategy, popularized by Buffett, prefers companies with excellent business models and strong financials. The current PB_ROE factor return is rising, and the dispersion remains at a high level, indicating that the PB_ROE strategy still has investment advantages [10]. - **Growth Value Fund Pool: High Annual Win Rate**: From February 2, 2015, to February 6, 2026, the growth - value fund pool has an annualized return of 18.3%, an excess return of 9.31% relative to the partial - stock fund index, an annualized volatility of 20.74%, and an annualized Sharpe ratio of 0.88. It can obtain excess returns in bull markets and control drawdowns in market declines. Stock selection is the main source of excess returns, and the portfolio can outperform the partial - stock fund index in most years. In the new adjustment, the portfolio shows high - momentum and high - elasticity attributes, with a significant increase in the cyclical sector [12][14][16]. 3.2 Growth Value Fund Pool Definition and Screening - **Definition of Growth Value Funds**: Growth - value funds are defined by the relatively low - valuation characteristics of their holdings. The research objects are active equity funds, with specific requirements for sample capacity, concentrated holdings, and value exposure. Funds with negative average factor exposures in the PB_ROE factor during the management period and in the past year, ranking in the top 1/3, are defined as growth - value funds [23]. - **Selection of Growth Value Fund Pool**: The selected growth - value funds are those with high and stable industry + stock - selection + dynamic returns. Based on the comprehensive ranking of the momentum and IR of industry + stock - selection + dynamic returns in the past 12 months, the top 10 funds are selected equally weighted. The new portfolio includes 10 funds such as嘉实资源精选 A and银河价值成长 A [24]. 3.3 Multidimensional Analysis of Portfolio Funds - **嘉实资源精选 A**: It believes that resource stocks are not traditional cyclical stocks but have growth attributes. The investment logic focuses on "supply vulnerability constraints + structural growth in demand" [26]. - **银河价值成长 A**: It balances value and growth factors in investment, selects companies with both value and growth potential, and aims for long - term and stable appreciation of fund assets [28]. - **东方兴瑞趋势领航 A**: It focuses on in - depth research on corporate fundamentals, selects high - quality companies with reasonable prices, and pursues sustainable and stable returns [31]. - **华商上游产业 A**: The fund manager takes the industry life cycle as the core clue for investment decisions, focuses on the "cyclical + manufacturing" fields, combines a stable and flexible strategy, pursues absolute returns and risk control, and pays attention to macro and policy guidance [33]. - **中欧周期优选 A**: It analyzes from multiple perspectives of macro, meso, and micro to capture the long - term value of enterprises [35]. - **景顺长城周期优选 A**: Its investment style focuses on multiple indicators such as macro - economy, policy, and liquidity, prefers cyclical industries like non - ferrous metals and energy, and adjusts investment strategies based on historical data analysis [37]. - **融通产业趋势精选 A**: It deeply studies industry development trends, combines macro and micro analyses, pursues balanced and flexible asset allocation, emphasizes the balance between fundamentals and valuation, and adheres to a long - term investment concept [39]. - **新华行业周期轮换 A**: It combines top - down and bottom - up analysis methods, with a thinking mode of "macro - determining the direction, industry - seeking prosperity, and micro - screening companies" [42]. - **华夏景气驱动 A**: It emphasizes in - depth research on industry fundamentals, focuses on marginal changes in individual stocks and industries, and constructs an investment portfolio by selecting high - quality stocks with upward - trending industries and growth space [45]. - **中信保诚周期优选 A**: No specific analysis content is provided in the report.

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.64 CNY per share as of February 13, 2026 [2]. Core Insights - The company is transitioning from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium micro-alloy, aiming to create multiple growth curves across various industries [6][7]. - The global demand for wheels is expected to rise, with an estimated 530 million wheels needed by 2025, driven by trends in lightweighting and cost reduction [6][37]. - The Avatar niobium micro-alloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, Vickers hardness, density, and cost, making it suitable for both passenger and commercial vehicles [8][48]. Summary by Sections 1. Transition and Transformation - The company has evolved through three stages: initial growth in steel wheels, a pivot to the Avatar project, and a current focus on the Avatar low-carbon wheel business, which has now entered a growth phase [16][24]. - The company has successfully completed the transition to Avatar low-carbon wheels, covering various vehicle types and re-establishing its growth trajectory [25][36]. 2. Market Demand and Trends - The global wheel demand is projected to increase steadily, with the automotive OEM market being the primary driver, particularly for new vehicle sales [37][38]. - The trend towards lightweighting in the automotive industry is significant, with aluminum wheels currently dominating the market, but the Avatar niobium micro-alloy is positioned to capture market share due to its performance and cost advantages [41][51]. 3. New Materials Platform - The company is building a new materials platform based on the Avatar niobium micro-alloy, which is adaptable across various industries, including electric two-wheelers and commercial aerospace [6][12]. - The Avatar micro-alloy's properties allow it to meet the lightweighting, cost, and aesthetic demands of modern vehicles, positioning it as a competitive alternative to aluminum wheels [51][54]. 4. Financial Projections - Revenue forecasts for the company indicate significant growth, with expected revenues of 33.58 billion CNY in 2024, 44.38 billion CNY in 2025, and 66.14 billion CNY in 2026 [2][12]. - The net profit attributable to shareholders is projected to rise sharply, from 230 million CNY in 2024 to 924 million CNY by 2027, reflecting a strong recovery and growth in core business operations [2][12].

Inflation Data Summary - January CPI in the U.S. showed a year-on-year increase of 2.4%, below the expected 2.5% and previous value of 2.7%[2] - Core CPI remained steady at 2.5%, matching expectations but down from 2.6% previously[2] - The decline in energy inflation was a key driver for the lower CPI, with international oil prices weakening year-on-year[2] Market Reactions - The mild inflation data alleviated concerns about the Federal Reserve's liquidity tightening, providing temporary relief to capital markets[2] - Following the release of the CPI data, market expectations for interest rate cuts were pushed forward, with projections indicating potential cuts as early as June[2] - Precious metals, particularly gold, saw significant gains, with prices reaching around $5000 per ounce[2] Economic Indicators - The manufacturing PMI returned to the expansion zone, indicating positive momentum in the manufacturing sector[2] - Non-farm payrolls exceeded market expectations, contributing to a shift in market sentiment regarding Federal Reserve policies[2] Seasonal Factors - January typically experiences seasonal inflationary pressures, but the CPI's moderation was notable given these trends[2] - The end of holiday discounts and the timing of corporate price adjustments usually contribute to inflationary increases at the start of the year[2] Risks and Considerations - Potential risks include significant changes in U.S. trade policies and geopolitical factors that could lead to increased market volatility[3]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.64 CNY per share as of February 13, 2026 [2]. Core Insights - The company is transitioning from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium micro-alloy, aiming to create multiple growth curves across various industries [6][7][12]. - The global demand for wheels is expected to rise, with an estimated 530 million wheels needed by 2025, driven by trends in lightweighting and cost reduction [6][37]. - The Avatar niobium micro-alloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, Vickers hardness, density, and cost, making it suitable for both passenger and commercial vehicles [8][48]. Summary by Sections 1. Transition and Transformation - The company has evolved through three stages: initial growth in steel wheels, a transformative phase starting in 2012 with the Avatar project, and a current focus on the Avatar low-carbon wheel business [16]. - The company has successfully completed the transition to Avatar low-carbon wheels, with production and customer expansion leading to a return to growth in its core business [24][25]. 2. Market Demand and Trends - The global wheel demand is projected to increase steadily, with lightweighting and cost reduction being major trends influencing the market [37][41]. - The Avatar niobium micro-alloy is positioned to meet the growing demand for lightweight and cost-effective solutions in the automotive sector, particularly in the context of electric vehicles [51][54]. 3. New Materials Platform - The company is building a new materials platform based on the Avatar niobium micro-alloy, which has applications across various industries, including electric two-wheelers, intelligent robotics, commercial aerospace, and low-altitude flying vehicles [12][27]. - The company has established a comprehensive system integrating talent, materials, processes, equipment, and patents to create a strong competitive advantage [8][13]. 4. Financial Projections - Revenue forecasts for the company are as follows: 33.58 billion CNY in 2024, 44.38 billion CNY in 2025, 66.14 billion CNY in 2026, and 88.96 billion CNY in 2027, with corresponding net profits of 0.23 billion CNY, 0.97 billion CNY, 4.56 billion CNY, and 9.24 billion CNY [2][6]. - The earnings per share (EPS) are projected to increase significantly, reaching 0.93 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 543 in 2024 to 14 by 2027 [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The deep - value fund pool has a long - term stable performance, with an annualized return of 12.63% from February 2, 2015, to February 6, 2026, and an annualized excess return of 10.02% compared to the CSI 300. It also has an annualized volatility of 19.98% and an annualized Sharpe ratio of 0.63, indicating high - return stability. The excess return mainly comes from dynamic adjustment, style, and stock - picking, and it shows strong absolute returns even in a growth - dominant market. The current portfolio has increased its holdings in the consumer sector and reduced those in the manufacturing sector [7][12][15]. 3. Summary by Directory 1.1 Deep - Value Investment Concept Introduction - Deep value is a "cigarette - butt" investment method from Graham. Value investment can be divided into deep value, growth value, and prosperity value. It emerged during the 1929 - 1933 US economic depression. However, the current PB factor return has slightly declined, and the dispersion has decreased, weakening the value - style allocation advantage [7][10]. 1.2 Deep - Value Fund Pool: Stable Historical Returns and High Risk - Return Ratio - From February 2, 2015, to February 6, 2026, the deep - value fund pool had an annualized return of 12.63%, an annualized excess return of 10.02% compared to the CSI 300, an annualized volatility of 19.98%, and an annualized Sharpe ratio of 0.63. It showed stable annual absolute returns, and the excess return mainly came from dynamic adjustment, style, and stock - picking. It prefers low - momentum, low - elasticity, and low - volatility styles, with prominent value attributes and a current bias towards small and mid - cap stocks. The industry allocation is mainly in finance and cyclical sectors, and the new period has increased consumer sector holdings and reduced manufacturing ones [7][12][15]. 2.1 Definition of Deep - Value Funds - Deep - value funds are defined by the absolute low - valuation characteristics of their holdings. The research objects are active equity funds, with a sample size of fund managers with over 1 - year tenure and current scale over 100 million yuan, excluding fixed - term and holding - period products. The funds should have an average equity position of over 60% since the current fund manager took over and an average proportion of the top ten heavy - holding stocks in stock investments of over 35%. Funds with positive average factor exposures of heavy - holding stocks during the management period and in the past year in the BP factor and ranking in the top 1/3 are defined as value - type funds [23]. 2.2 Screening of the Deep - Value Fund Pool - The deep - value fund pool is screened by selecting funds with high expected net profits of holdings. The current portfolio includes funds such as HSBC Jintrust New Power A, Wanjia Select A, etc., with details of fund codes, managers, scales, and this - year's returns provided [24]. 3. Multi - Dimensional Analysis of Portfolio Funds - **HSBC Jintrust New Power A**: Pursues good companies at good prices, uses the DCF cash - flow model for valuation, and internalizes various factors to obtain alpha through in - depth research [26]. - **Wanjia Select A**: Has strong judgment of the macro - economic environment, an absolute - return mindset, and focuses on valuation. Its holdings have low - valuation characteristics, and recent holdings are concentrated in the coal sector, with trading and long - tail holdings contributing relatively high returns [28]. - **Xinyuan Digital Economy A**: Aims to achieve low volatility, focuses on risk control, reduces fund drawdowns through position adjustment and industry diversification, and pursues long - term stable asset appreciation [31]. - **Anxin Enterprise Value Selection A**: Holds the concept of buying and holding good companies at good prices for a long time, focuses on finding companies with sustainable profitability, competitive advantages, and reasonable valuations, and combines industrial and financial perspectives [33]. - **Huatai - Peregrine Growth Smart Selection A**: Considers the safety margin as the cornerstone of investment, evaluates the downside risk of investment targets through multiple indicators, dynamically adjusts the portfolio according to macro factors, controls the single - industry position, diversifies in the manufacturing sector, focuses on the manufacturing field, and promotes a floating - fee mechanism [37]. - **ICBC Value Selection A**: Emphasizes investing within familiar industries and companies, focuses on traditional industries such as public utilities, large finance, and manufacturing for a long time, and believes that it can better grasp the industrial cycle and enterprise value within the ability circle [40]. - **ICBC Innovation Power**: Adheres to the value - investment concept, focuses on finding companies with long - term stable profitability and reasonable valuations, and selects companies based on in - depth research of fundamentals [43]. - **ICBC New Wealth**: Focuses on multi - dimensional balanced allocation of industries and styles, avoids over - concentration in a single industry or stock, and evaluates individual stocks from three dimensions of business model, competitive advantage, and life cycle, combining quantitative and qualitative analyses [45]. - **Harvest Industry Selection A**: Focuses on digging the intrinsic value of enterprises, emphasizes buying high - quality assets at a reasonable or undervalued price, and internalizes factors such as a company's competitive advantage, business model, and industry space into the valuation system through methods like the DCF cash - flow model to protect the safety margin [48].

Group 1 - The long-term growth investment strategy focuses on allocating to industries that can achieve sustained and stable profit growth over 5-10 years or longer, with representative sectors including food and beverage, and pharmaceuticals [10][11] - Selected long-term growth sectors are primarily concentrated in non-ferrous metals and electric power and public utilities [10] - The historical excess returns of the long-term growth fund pool have been stable, with an annualized return of 14.11% from February 7, 2014, to February 6, 2026, outperforming the equity fund index by 3.98% [13] Group 2 - The definition of long-term growth funds is based on the attributes of the held industries and stocks, requiring that growth stocks constitute an average of over 60% of the top holdings over the past year [22] - The screening of the long-term growth fund pool focuses on funds with strong profitability, higher management efficiency, and expected higher dividends [23] - The latest long-term growth fund pool includes funds such as Huaxia Consumption Upgrade A, Great Wall Brand Selection A, and Penghua Quality Growth A, with varying scales and returns [2][23] Group 3 - The long-term growth fund pool has shown strong industry allocation and stock selection capabilities, with a preference for large-cap and growth-oriented stocks [7] - The latest fund composition has significantly reduced holdings in cyclical, manufacturing, and pharmaceutical sectors, with approximately 86% of the portfolio allocated to consumer sectors [19][20] - The fund pool's performance has been affected by short-term fluctuations in the consumer sector, but it has demonstrated resilience during market downturns [13]

Group 1 - The core investment strategy focuses on selecting sectors with low penetration rates and high expected growth potential, particularly in emerging growth areas driven by technological or business model innovations [6][9] - The selected emerging growth sectors are primarily concentrated in machinery, TMT (Technology, Media, and Telecommunications), and new energy industries [9][11] - The emerging growth fund pool has demonstrated strong elasticity and higher risk, with an annualized return of 17.80% from February 7, 2014, to February 6, 2026, outperforming the equity fund index by 7.67% [11][14] Group 2 - The definition of emerging growth funds is based on the attributes of the holdings, requiring that growth stocks constitute over 60% of the top holdings, with a minimum of 30% in emerging growth stocks [22] - The screening process for the emerging growth fund pool emphasizes funds that closely follow trends and have higher momentum and market sentiment [23] - The fund pool's performance has shown significant contributions from industry allocation, with a strong ability to generate excess returns through effective sector selection [14][20] Group 3 - The fund pool's style is characterized by high market attention, momentum, growth, and volatility, with a relatively neutral market capitalization style [17] - The allocation has shifted primarily towards TMT sectors, with increased exposure in recent years, particularly since 2023 [20] - The historical performance of the emerging growth fund pool indicates strong returns in specific years, such as 2020, where it achieved a 116.40% return compared to the equity fund index [15][16]

Group 1: Report's Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The report defines core assets in A - shares from four perspectives: track leaders, resource endowments, excellent business models, and technological advantages, and selects core - asset funds for investors' reference. From February 2, 2015, to February 6, 2026, the fund pool had an annualized return of 9.14% and a portfolio annualized Sharpe ratio of 0.51. The core - asset portfolio achieved excess returns in most years, with excess returns mainly coming from industry and stock selection, and a style more inclined to large - cap quality investment. The current long - term industry allocation is mainly in consumption, cycles, and finance, with a significant increase in the latest cycle - sector holdings and a reduction in consumption - sector allocation [7]. Group 3: Summary According to the Directory 1 Core Asset Fund Pool Concept Introduction and Historical Performance 1.1 Core Asset Investment Concept Introduction - Core assets are companies with core competitive advantages, excellent financial indicators, and stable governance. The report looks for core - asset enterprises from four perspectives: track leaders, resource endowments, excellent business models, and technological advantages, aiming to form a regularly updated core - asset stock pool. The industry distribution of the core - asset stock pool follows macro - economic changes, shifting from the financial and cycle sectors to a relatively balanced distribution of consumption, TMT, and manufacturing [10][13]. 1.2 Core Asset Fund Pool: Low Portfolio Volatility - From February 2, 2015, to February 6, 2026, the fund pool had an annualized return of 9.14% and a portfolio annualized Sharpe ratio of 0.51. The core - asset portfolio achieved excess returns in most years, especially in volatile, bear, and structural bull markets. The excess returns mainly came from stock selection and industry allocation, but it was not dominant in dynamic returns. The configuration style is large - cap high - quality investment, with relatively low portfolio elasticity and growth, prominent value attributes, and strong profitability of holdings. The current industry allocation is mainly in cycles and consumption, with a significant increase in the latest cycle - sector holdings and a reduction in consumption - sector allocation [16][18][24]. 2 Core Asset Fund Pool Definition and Screening 2.1 Definition of Core - Asset Type Funds - The definition is based on the relatively low - valuation characteristics of holdings. The research objects are active equity funds, with a sample of fund products and fund managers. The requirements include a tenure of over 1 year, a current scale of over 100 million yuan, exclusion of fixed - open and holding - period products, an average equity position of over 60% since the current fund manager took office, an average proportion of the top ten heavy - holding stocks in stock investment of over 35%, an average proportion of core - asset stocks in heavy - holding stocks of over 50% since the current fund manager took office, an average proportion of core - asset stocks in heavy - holding stocks of over 60% in the past year, and a minimum heavy - holding proportion of over 40% [27]. 2.2 Core Asset Fund Pool Screening - Select funds with low exposure to the heavy - holding beta factor in the past 12 months and a high ratio of operating cash flow TTM to total market value. Construct relevant factor combinations and select the top 10 funds by factor score with equal weight. The current portfolio holding list includes 10 funds such as Southern Component Selection A, with scale data as of December 31, 2025, and performance data as of February 6, 2026 [28]. 3 Multidimensional Analysis of Portfolio Funds - Southern Component Selection A focuses on the growth style, invests in multiple growth tracks such as electronics and machinery, and has outstanding stock - picking ability, suitable for investors who can tolerate short - term market fluctuations [30]. - Dacheng Selective Value - Added A adheres to a value - growth balanced strategy, focuses on consumer leaders, high - dividend technology, and consumer - technology hardware, has stable long - term stock - picking ability and good drawdown control, but is limited in elasticity during extreme style switches [32]. - Penghua Strategy Preferred focuses on the mid - cap growth style, focuses on "cycle + growth" tracks such as non - ferrous metals and power equipment, and is suitable for investors seeking long - term stable returns [35]. - Taiping Flexible Allocation uses a top - down multi - factor analysis method to dynamically adjust the investment ratio of assets such as stocks, bonds, and stock index futures to reduce risks and maximize returns [36][37]. - Nord New Prosperity A advocates a long - term investment concept, focuses on excavating high - quality enterprises with continuous growth potential, and obtains returns through medium - and long - term holding [39]. - ICBC New Blue - Chip A looks for undervalued assets in industries with low market attention, focuses on industry supply - side changes and improvement opportunities in supply - demand relationships, and lays out at the market's expected low point [41]. - Penghua Extended Growth has a bottom - up investment style, dilutes timing, diversifies industries but concentrates on individual stocks, and uses a self - built model to lock in the "certainty" of performance growth [43]. - HSBC Jintrust Consumption Dividend uses a combination of top - down and bottom - up methods, analyzes the macro - economic environment, policy orientation, and industry development trends to judge the prosperity of different consumer sub - industries, and preferentially allocates industries in the upward cycle or with long - term growth potential [46][47]. - Southern Quality Preferred A believes that the essence of investment is to judge the difference between the intrinsic value and market price of assets, and emphasizes finding "undervalued" opportunities through in - depth research [49]. - Dacheng Core Value Selection A adheres to the value - investment concept, looks for high - quality enterprises with intrinsic value through in - depth analysis of enterprise financial conditions, free cash flow, competitive barriers, and long - term profitability, and aims for long - term holding [52].