Zheng Quan Shi Bao·2025-06-29 18:03Group 1 - The core attractiveness of Hong Kong stocks lies in "good companies," with sectors like internet, new consumption, and innovative pharmaceuticals showing strong performance this year [1] - The Fuqua Blue Chip Select Fund, managed by Fuqua's investment director Ning Jun, reported a return of over 45% in the past year, ranking among the top in its category [1] - Ning Jun emphasizes the importance of competitive barriers as a key factor for long-term company value and growth potential [2][3] Group 2 - Ning Jun's investment strategy has evolved to include a "high dividend + quality growth" barbell approach, reflecting a shift in focus from solely bottom-up stock selection to incorporating macro and mid-level factors [3][4] - The portfolio includes a balanced mix of companies, such as Pop Mart and software firm Inspur, indicating a unique stock selection style that is ahead of the market [4] - The current market environment is seen as a value recovery phase for Hong Kong stocks, with internet and innovative pharmaceutical sectors still relatively undervalued [6]