明泽投资马科伟：相信“一万小时定律” 追求认知的复利

Core Insights - The investment style of the company is likened to a patient "tea taster," focusing on finding deeply rooted and uniquely fragrant "good tea" [1] - The founder, Ma Kewai, transitioned from being a witness to a participant in the capital market, leveraging his extensive financial experience in government and large industrial groups to understand economic operations and corporate ecosystems [1][4] - The company emphasizes a lifelong methodology based on the "10,000-hour rule," advocating for systematic learning, in-depth research, and continuous review to amplify "cognitive compounding" [1][9] Investment Approach - The company began its investment journey in the environmental protection sector, achieving a comprehensive understanding of the securities research system within three years [5][6] - A systematic investment framework has been established, characterized by "three objects + six elements + one veto + ESG full-process evaluation" [7][8] - The "three objects" include trends, deviations from trends, and structures, which are fundamental to the company's strategy [7] Market Insights - The company identifies that the current macroeconomic landscape is undergoing significant changes, with emerging economies, particularly China, becoming key growth drivers [7][8] - The company believes that the long-term upward trend of the A-share market remains intact despite short-term adjustments [8] Learning and Adaptation - The company has expanded its capability from environmental protection to non-bank financial services, high-end manufacturing, consumption, and healthcare, based on systematic cognitive migration [9] - Continuous learning is emphasized, with a focus on building a "learning organization" and regularly updating research outputs to align with market developments [10] Future Outlook - The company anticipates a "long-term steady progress" trend in the capital market during the "14th Five-Year Plan" period, focusing on new productive forces and structural opportunities [10][11] - Key areas of interest include technological innovation, AI, and sustainable investment practices, reflecting a commitment to ethical standards and societal impact [8][10]