嘉实基金蔡丞丰：当前构建投资组合的关键在于聚焦“长期赢家”

Core Viewpoint - The current market is focusing on sectors driven by new momentum, with technology and pharmaceuticals showing strong resilience [1] Group 1: Market Trends - The market rewards defensive high-dividend assets and growth sectors with Chinese advantages, such as technology and pharmaceuticals [1] - A sustainable investment portfolio should focus on "long-term winners," which are companies with sustained competitive advantages that can navigate cycles and continuously generate excess returns [1] Group 2: Investment Strategy - To construct a high win-rate, low volatility, and sustainable investment portfolio, it is crucial to expand the performance elasticity space while ensuring a high win rate [1] - Companies should be selected using stringent criteria, and investors need to maintain sufficient patience for higher long-term profit potential and stability, which also reduces the risks involved [1]