兴证全球基金陈聪： 锚定业绩比较基准 践行“稳中求胜”成长投资

Core Viewpoint - The article highlights the investment strategy of Chen Cong, a new generation active equity fund manager at Xingzheng Global Fund, focusing on growth investment in sectors like innovative pharmaceuticals, internet, new consumption, and technology hardware [1][3]. Investment Strategy - Chen Cong emphasizes a bottom-up research approach, aiming to outperform performance benchmarks by focusing on four to five promising industries [2]. - The investment philosophy prioritizes cost-effectiveness and reasonable valuations, with a high requirement for liquidity in selected targets [2]. - Chen Cong's growth style is cautious; he avoids over-investing in uncertain opportunities and takes profits when holdings become overvalued [2]. Focus Areas - Chen Cong targets four main investment directions: internet, innovative pharmaceuticals, new consumption, and technology hardware [3]. - In the internet sector, he sees leading companies as the most reliable sources of returns, especially with the anticipated rollout of AI applications [3]. - The innovative pharmaceutical sector, despite a significant rebound in stock prices, still has many leading companies undervalued compared to their fair value models [3]. - The new consumption sector is gaining traction, with quality companies in both Hong Kong and A-share markets, particularly in niches like pets, beauty, and snacks [3]. - The technology hardware sector in A-shares is seen as advantageous, with a focus on semiconductors and high-end manufacturing [3]. Performance Goals - The floating fee rate fund aims for relative return capabilities that exceed performance benchmarks, aligning with Chen Cong's philosophy of pure relative returns and balanced allocation [4]. - The performance benchmark for the fund is structured as 60% of the CSI 300 Index return, 20% of the Hang Seng Index return (adjusted for valuation), and 20% of the China Bond Composite Index return [4][5]. - Chen Cong intends to leverage his experience in Hong Kong stocks to identify undervalued and high-quality industry opportunities [5].