广发基金孙迪：在科技制造浪潮中，捕捉真正具备“先进性”的企业

Core Viewpoint - The concept of "advanced" in investment transcends mere technology, embodying a depth of understanding and foresight in industry trends, company barriers, and global competitiveness [1] Group 1: Understanding "Advanced" - The definition of "advanced" encompasses multiple dimensions, including the industry lifecycle stage, company barriers, profitability, and global competitiveness [1][2] - The industry must be in a growth phase with significant market potential for a company to be considered advanced [2] - A company's competitive barriers, which may arise from technological breakthroughs or customer relationships, are crucial for maintaining an advantageous position in the market [2][3] Group 2: Profitability and Global Competitiveness - Strong profitability is a financial manifestation of advanced status, with a focus on companies that can escape homogenized competition and price wars through genuine innovation [3] - The ultimate test of advanced status is a company's ability to compete on a global scale, integrating into global supply chains and competing with industry giants [3] Group 3: Investment Strategy - The investment strategy involves a "three-layer screening" approach to identify and dynamically allocate opportunities [4][5] - The first layer focuses on major industry trends that can significantly alter lifestyles, such as AI and renewable energy, which present long-term investment opportunities [4] - The second layer targets traditional manufacturing and cyclical growth sectors when major industry opportunities are absent, identifying turning points based on supply and demand changes [4] - The third layer involves investing in high-quality companies with reasonable valuations during stable cycles to benefit from steady earnings growth [5] Group 4: Market Insights and Focus Areas - The current market is characterized by rapid sector rotation, yet the underlying trend favors strong industry directions, particularly in innovative pharmaceuticals and AI [7] - The AI industry is still in its early stages, with significant potential for growth, particularly in hardware infrastructure [7] - Within the semiconductor sector, the focus is on wafer manufacturing due to high barriers and ongoing demand, while also monitoring promising areas in chip design [8]