富国基金张峰：解码港股投资防守反击，掘金高确定性成长机遇

Core Viewpoint - The twelfth Fuqua Forum highlighted the resilience of the Hong Kong stock market despite foreign capital outflows, supported by continuous inflows from the southbound capital and increased share buybacks by listed companies [3][5]. Group 1: Market Performance - The Hang Seng Index has achieved an annualized return of 12% in RMB terms over the past three years, indicating a strong performance [3]. - The AH premium index has risen to 134, showcasing the value proposition of Hong Kong stocks [3]. Group 2: Investment Strategy - The core investment strategy proposed is GARP (Growth at a Reasonable Price), focusing on three dimensions: 1. Performance growth, targeting high-certainty profit sectors such as domestic chip replacements and smart driving [5]. 2. Cash flow and dividends, selecting stable operations with dividend yields above 4%, particularly in telecommunications and energy [5]. 3. Valuation and governance, avoiding companies with high leverage and low transparency, prioritizing those with sound governance and a price-to-book ratio below the 30th percentile [5]. Group 3: Investment Philosophy - The company emphasizes a bottom-up stock selection approach centered on fundamentals, aiming for long-term investment returns [7]. - The investment portfolio is constructed by selecting industries with significantly higher profit levels than benchmark indices, which are also in a sustained favorable economic cycle, to achieve long-term excess returns [7]. Group 4: Performance and Future Outlook - Fuqua Fund has demonstrated strong long-term performance, with its actively managed equity products achieving a cumulative return of 953.86% over nearly two decades, ranking among the industry leaders [7]. - The company plans to continue enhancing its professional investment capabilities to help investors capture certain opportunities amid global changes, contributing to the high-quality development of China's capital market [7].