寻找领军企业在科技赛道“闷头深耕”——访泰信基金董季周

Core Insights - The investment framework emphasizes a "bottom-up stock selection" approach, with a strict definition of "leading companies" that must be industry leaders and capable of global expansion [2][6] - The investment strategy has evolved to include a cautious approach to profit forecasting, avoiding linear extrapolation of market trends [4][5] - The focus is on identifying "alpha" opportunities by selecting companies with strong competitive advantages and significant market potential [6][8] Investment Strategy - The investment style features high stock concentration, with a dynamic adjustment of risk-reward ratios to control drawdowns [2][6] - The current allocation to the semiconductor sector is kept below 50% to avoid reliance on a single industry's beta [5][8] - Two pools of potential investments are maintained: one with over 100 leading companies and another tracking 300-400 quality firms [6] Market Analysis - The global semiconductor industry is in the latter half of an upcycle, with domestic demand influenced by government subsidy policies in sectors like home appliances and automotive [5][8] - The AI sector is viewed through a practical lens, focusing on the alignment of foundational model capabilities with user experience and productivity enhancements [7][8] - Specific areas of interest within AI include edge computing applications and software solutions that leverage AI for efficiency improvements [7][8]