Core Viewpoint - The market is experiencing an innovation-driven bull market, with sectors such as AI, innovative pharmaceuticals, and new consumption witnessing significant growth in "Chinese-style innovation" [1][6]. Group 1: Investment Strategy - The investment strategy is based on a three-dimensional model combining macroeconomic cycle assessment, industry rotation allocation, and in-depth stock analysis [1][4]. - The approach emphasizes a dynamic balance in asset allocation, avoiding extreme positions typical of either growth or value investing [4][5]. - The investment framework is characterized by a focus on economic cycles and industry trends, selecting 3 to 5 high-prospect industries for targeted investment each year [4][6]. Group 2: Performance Metrics - The net value growth rate of the fund managed by the company reached 19.18% in the past six months and 18.70% over the past year [3]. - The fund's performance ranked in the top 5% of its peers over the past two years, indicating strong relative performance [3]. Group 3: Market Adaptation - The company adjusts its stock positions flexibly, reducing equity exposure from 91% in Q2 2023 to 67% by the end of Q4 2023, effectively managing drawdowns during uncertain market conditions [6]. - In 2024, the company increased stock positions again, successfully capturing market opportunities [6]. Group 4: Key Investment Themes - The company identifies three key investment themes with contemporary relevance: AI, innovative pharmaceuticals, and new consumption, which are seen as driving forces of the current market [5][6]. - The innovative pharmaceutical sector is highlighted as undergoing significant transformation, approaching the standards of developed countries [6].
民生加银尹涛： 投资要有时代感 市场正经历一场创新驱动的牛市
Zheng Quan Shi Bao·2025-09-14 18:02