中证深访 | 中欧瑞博吴伟志：以四季理论为指挥棒，放眼全市场投资

Market Overview - The market has shown a rebound after a brief adjustment, with the Shanghai Composite Index nearing 3900 points and the ChiNext Index surpassing 3100 points, reaching new highs [1] - The current market structure is characterized by significant differentiation, with an overall temperature in the 40-50 degree range, indicating it is not overheated [2][10] - According to the four-season theory, the market is still in the spring-summer phase and has not yet transitioned to autumn or winter [2][11] Investment Strategy - The company has increased allocations in cyclical, technology, and pharmaceutical sectors while reducing exposure to high-dividend sectors [1] - Future investment opportunities will focus on artificial intelligence (AI) and innovative pharmaceuticals [1][13] Investment Philosophy - The founder emphasizes a growth-oriented investment style, identifying three key characteristics of growth stocks: significant future revenue and profit growth potential, strong business models with pricing power, and excellent management [5][6] - Growth stocks are further categorized into four types: new economy growth stocks, market share gainers, stable profit growth stocks, and cyclical growth stocks [6] Team Structure - The investment decision-making process is supported by a team-based research system, which includes a fundamental research team, a quantitative research team, and an international investment department [8][9] - The team structure allows for specialization and comprehensive coverage of market sectors, enhancing the firm's adaptability to market changes [9] Market Sentiment and Future Outlook - The company does not observe signs of market overheating, such as extreme valuation levels or investor euphoria, indicating a continued positive outlook [13] - The investment strategy will maintain a high allocation towards technology, pharmaceuticals, and cyclical sectors, with a focus on AI, innovative drugs, and gold [13]