永赢基金蒋卫华：重点关注新消费、创新药与出海领域

Group 1 - The core investment logic in the new consumption sector is "high-quality supply creates demand," with many consumer companies achieving sustainable profit growth through product innovation, channel optimization, and model upgrades after three years of industry adjustment [1] - The company remains optimistic about the trend of leading companies in the trendy toy sector, noting that despite short-term stock price increases, the demand explosion in strong consumer markets like Europe and the U.S. is just beginning, and these companies have matching performance growth trends and valuation levels [1] - In the innovative drug sector, China's leading pharmaceutical companies are now capable of developing globally competitive drugs, and recent acquisitions by multinational pharmaceutical companies are beginning to adopt global fair pricing, pushing industry valuations towards reasonable levels [1] Group 2 - The restructuring of global supply chains is benefiting companies with overseas capabilities, which are seizing market share through cost control and rapid response advantages [2] - The recovery of the consumer sector is not uniform but shows clear structural characteristics, with a focus on global expansion in new consumption, valuation recovery in innovative drugs, and order fulfillment in overseas companies to find investment opportunities [2] - The company aims to identify "true growth" stocks in the differentiated industry landscape while adhering to the principle of "selecting growth stocks while considering valuation" to create long-term stable returns for investors [2]