嘉实基金孟夏：以“质量”与“均衡”穿越科技制造新周期

Core Insights - The article emphasizes the critical role of technological innovation and high-end manufacturing in building a strong technological nation, highlighting the accelerated development in sectors like semiconductors, chips, innovative pharmaceuticals, and robotics, which have become focal points for investment opportunities [1] Market Analysis - Following a recent peak in A-share indices, the market has entered a phase of consolidation, which is viewed as a healthy correction that supports sustainable growth. The technology growth sector has been leading the market, and A-share valuations remain within a reasonable range, indicating potential for further recovery [2][3] - The shift from labor and engineer dividends to technological innovation dividends marks a significant change in China's economic development, with the technology sector's market capitalization now exceeding that of the banking and real estate sectors combined [3] Investment Strategy - The investment approach focuses on high-quality growth companies, with an emphasis on long-term sustainable returns driven by the continuous growth of excellent enterprises. The manager employs a discounted cash flow (DCF) model for valuation, which allows for reasonable assessments even for unprofitable companies [4] - The manager's funds have shown significant long-term excess returns, with notable performance metrics such as a 54.63% net asset value growth for the past year, outperforming benchmarks [5] Future Opportunities - The manager sees potential in the manufacturing sector's international expansion and the reversal of domestic demand, identifying high-quality companies capable of establishing competitive advantages in global markets as key investment opportunities [6] - The technology sectors, including artificial intelligence, autonomous driving, and pharmaceuticals, are highlighted as having long-term investment value [6] Investment Participation - Given the competitive nature of the technology manufacturing sector, the article suggests that ordinary investors should consider investing through professional fund managers or systematic investment plans to effectively share in the sector's growth [7]