止于至善投资何理：构建“理性共识” 追求“合理价格”

Group 1 - The core idea presented is the integration of subjective insights, quantitative tools, and artificial intelligence to create a scientific investment system that seeks "rational consensus" [1] - The definition of "reasonable price" is based on discounted future free cash flows and identifying a "consensus value range" through in-depth research, with investments made when market prices show significant discounts [2] - The company aims to construct a "anti-fragile" investment portfolio using options and other tools to benefit from market volatility rather than suffer from it [2] Group 2 - The AI system, referred to as "AI Cybertron," is deeply integrated into the company's operations, enhancing efficiency and enabling rapid iteration of research and decision-making processes [3] - The investment in a specific AI hardware company exemplifies the successful application of the investment philosophy, with initial investments made during a downturn and increased as understanding of the company's long-term value grew [4] - The investment portfolio is globally diversified, covering A-shares, Hong Kong stocks, and U.S. stocks, with a focus on sectors like AI and innovative pharmaceuticals [5][6] Group 3 - In the AI sector, the company sees no overall bubble but warns of overheating at the individual stock level, particularly emphasizing the importance of storage in the computing segment [5] - The company believes that leading domestic pharmaceutical firms have advantages in developing best-in-class (BIC) drugs, while smaller overseas firms may be more flexible in first-in-class (FIC) drug development [6] - The new core assets identified for 2026 include AI technology innovation companies, new consumer companies providing "emotional value," and resource and energy companies with scarcity in the changing global supply landscape [6]