Group 1: Core Insights - The core engine of building a technology-driven nation is technology innovation and high-end manufacturing, with sectors like semiconductors, chips, innovative drugs, and robotics gaining momentum this year [1] - The investment opportunities in the technology manufacturing sector are highlighted as the market focuses on quality companies and balanced industry allocation to achieve growth returns across cycles [1] Group 2: Market Analysis - Following a recent peak in A-share indices, the market is undergoing a healthy consolidation phase, which is beneficial for sustainable development [2] - Since September 24, 2024, the market has shown significant structural differentiation, with technology growth sectors leading the way, indicating that A-share valuations still have room for recovery compared to global markets [2] Group 3: Long-term Optimism Factors - The transition of China's economic development from labor and engineering advantages to technology innovation is reshaping the underlying capabilities of technological advancement [3] - Key long-term factors driving market trends include the formation of a unified national market, strong manufacturing competitiveness, and the combination of AI technology with China's vast engineering resources [3] Group 4: Investment Strategy - The investment approach emphasizes selecting high-quality growth companies, with a focus on cash flow discount models for valuation, allowing for reasonable assessments even for unprofitable firms [4] - The investment philosophy prioritizes long-term sustainable returns from excellent companies, adhering to principles of quality over short-term gains [4] Group 5: Performance Metrics - The performance of funds managed by the company has shown significant long-term excess returns, with notable growth rates in net asset values compared to benchmarks [5] Group 6: Future Opportunities - The company sees potential in manufacturing going overseas and a reversal in domestic demand, with a focus on companies that can build commercial barriers and enhance global market share [6] - Specific sectors like AI, autonomous driving, and pharmaceuticals are identified as having long-term investment value [6] Group 7: Investment Participation - Given the competitive nature of the technology manufacturing sector, the company advises investors to consider professional fund management or systematic investment approaches to effectively share in the sector's growth [7]
嘉实基金孟夏： 以“质量”与“均衡”穿越科技制造新周期
Zhong Guo Zheng Quan Bao·2025-09-28 20:54