兴证全球基金隋毅：定价是投资中最重要的事

Group 1 - The core viewpoint emphasizes the importance of deep research and understanding in the pharmaceutical industry, which can lead to better investment decisions and outcomes [1][2][3] - The investment framework is based on pricing, which serves as the foundation for industry and company comparisons, ultimately leading to the selection of long-term value investment companies [5][12] - The transition from a research role to an investment role presents challenges, particularly in understanding macroeconomic factors that have become increasingly relevant to the pharmaceutical sector [9][11] Group 2 - The pharmaceutical industry encompasses various asset types, including cyclical, manufacturing, consumer, and technology, providing diverse investment opportunities even during market downturns [2][11] - The successful investment in a company during a market panic was attributed to extensive research and a deep understanding of the company's fundamentals, leading to a contrarian investment recommendation [2][3] - The focus on pricing is crucial, as different valuation levels can significantly impact risk and expected returns, with a preference for investments that are undervalued [4][6][12] Group 3 - The investment strategy aims for a diversified portfolio across industries, although there is currently a higher allocation to the pharmaceutical sector due to accumulated knowledge and experience [5][7] - The understanding of what constitutes a "good business" is multifaceted, involving both growth rates and competitive advantages, which are essential for long-term sustainability [15] - The electronic industry is identified as a key area of focus, with confidence in domestic companies' capabilities in technology and innovation, despite the challenges of the sector [14]