鹏扬基金吴西燕：在稳健与创新之间寻找平衡

Core Viewpoint - The investment strategy should balance policy guidance and industry fundamentals, with a focus on high-end manufacturing globalization, new consumption, and innovative pharmaceuticals as long-term growth drivers [1][5]. Group 1: Consumer Market Insights - The consumer market is expected to have strong confidence and growth momentum due to policy support, but brand promotion must align with positioning to avoid blind cross-industry ventures [2]. - Brand building plays a crucial role in boosting consumer confidence and expanding domestic demand, requiring careful maintenance and alignment with appropriate channels [2]. - The sectors of "new consumption" and "emotional consumption" are viewed positively for their growth potential as policy plans continue to be implemented [2]. Group 2: Traditional Industries - Traditional industries like kitchen appliances and automotive lighting have investment value due to improved industry structure and efficiency, despite being affected by cyclical factors [2]. - The kitchen appliance sector, while growing slowly and constrained by the real estate cycle, benefits from a favorable competitive landscape leading to high return on equity (ROE) [2]. - The automotive lighting industry is experiencing growth driven by the upgrade of new energy vehicles, with increased unit value and profit margins due to early investments in the sector [3]. Group 3: Investment Strategy - The current market preference for high-growth sectors and the pressure on blue-chip stock valuations highlight the risks associated with chasing hot themes [4]. - A solution proposed is to identify long-term growth potential through in-depth research and invest when there is a perceived safety margin in stock prices [4]. - In a market environment dominated by quantitative strategies, active management investors should focus on solid companies with sustainable performance to endure long-term [4]. Group 4: Future Outlook - Three key areas are highlighted for future investment: globalization of high-end manufacturing, emerging consumer products, and innovative pharmaceuticals [5]. - High-end manufacturing is expected to gain investment value as Chinese companies enhance their global competitiveness through a complete domestic supply chain and ongoing technological upgrades [5]. - Emerging consumer products are projected to maintain a growth advantage within the overall consumer sector, presenting investment opportunities [5]. - Despite recent adjustments, the long-term logic for innovative pharmaceuticals remains strong, supported by robust internal demand and upcoming clinical data releases from representative companies [5].