外资牛散陈发树300天坚守冷门股，背后逻辑何在？

Core Viewpoint - The article discusses the investment strategy of Chen Fashu, a prominent foreign investor, who has maintained a position in lesser-known stocks for over 300 days, diverging from the trend of investing in popular sectors like AI and new energy [1]. Group 1: Holdings Overview - Chen Fashu's significant holdings include three lesser-known stocks: Bichuang Technology, Leidian Weili, and Xinhua Du, with a total holding value of 2.412 billion yuan [3]. - Xinhua Du, a core enterprise under Chen, has seen a 41.15% year-on-year revenue growth in Q3 2024, indicating a clear growth path despite not being in a hot consumer sector [3]. - The average holding period for these stocks is 54 months, reflecting a long-term investment approach that contrasts with the market's short-term trading mentality [3]. Group 2: Core Logic for Holding - Chen's strategy is supported by the 2025 policy direction and technological breakthroughs, aligning with national strategies that encourage foreign investment in high-tech sectors [4]. - The 2025 government report emphasizes quantum technology as a key future industry, with related companies benefiting from a 15% corporate tax rate [4]. - The selected stocks are positioned in high-tech fields with significant barriers to entry, indicating their potential for long-term growth rather than short-term speculation [4]. Group 3: Market Signals - The investment style is shifting towards mid-cap hard technology stocks, which are seen as having greater potential than popular large-cap stocks [5]. - The ongoing policy support for lesser-known sectors is expected to yield higher returns as these areas avoid intense competition [5]. - Chen's average holding period of 54 months aligns with the regulatory encouragement for long-term value investment, suggesting that patience can lead to capturing long-term value [5]. Group 4: Common Misconceptions - The notion that "lesser-known stocks are worthless" is incorrect; the selected stocks have solid fundamentals and are supported by policies, showing stable growth [6]. - The average return of -3.38% and a 50% success rate indicate that not all lesser-known stocks will yield profits, emphasizing the need for careful evaluation [6]. - Chen's strategy of holding stocks despite price stagnation is a proactive choice based on the company's fundamentals rather than a passive loss [6].