以合理估值为保护 践行基本面成长投资

Core Viewpoint - The current A-share market is in a relatively healthy upward channel, with a focus on quality assets supported by fundamentals, particularly in the technology sector and undervalued stocks [1][8]. Group 1: Market Trends - The investment focus has shifted from thematic stocks to those with solid performance backing, particularly in the artificial intelligence hardware sector [2]. - Despite concerns about valuation bubbles and style switches, many companies in both domestic and overseas computing chains have solid fundamentals that can support their valuations [2][3]. - The market is currently experiencing high volatility, but there is still potential for upward movement in valuations as performance expectations in the AI sector continue to rise [2][3]. Group 2: Investment Strategy - The strategy involves maintaining a balanced portfolio with a mix of high-growth technology stocks and lower-valued assets to control overall valuation levels [4]. - There is a strong emphasis on risk management and the need to monitor macroeconomic indicators to adjust valuation judgments accordingly [4]. - The focus is on quality growth assets with strong fundamentals, while also considering sectors like machinery, lithium batteries, and non-ferrous metals that offer good fundamentals and lower valuations [4][8]. Group 3: Future Outlook - The market is expected to continue its upward trend, supported by favorable policies and a global easing cycle, despite potential short-term volatility [7]. - The outlook for export-oriented companies remains positive, particularly in sectors like machinery and new energy, as demand is expected to grow with the easing of the dollar [8]. - There is skepticism regarding domestic demand assets, as their performance is still in a phase of slight growth, and significant recovery may take longer [8].