广发基金刘彬：与变化共舞把握科技制造产业趋势

Core Insights - The essence of growth investment is to adapt to changes, requiring continuous learning and understanding of industry trends [1][2] - Liu Bin's investment strategy is based on deep industry research, focusing on long-term growth and the combination of cyclical and growth sectors [1][2] Investment Philosophy - Liu Bin believes that short-term market pricing is often efficient, but there are discrepancies in long-term industry trend understanding, leading to early investment opportunities [2] - The investment portfolio is characterized by a "large-cap growth" style, avoiding stocks with a market capitalization below 100 billion [2] - Liu Bin emphasizes the importance of industry penetration rates and technological advancements, identifying significant returns during phases of rising penetration [2] Portfolio Management - The investment approach includes diversifying across multiple sectors with favorable economic conditions to capture various industry trends [3] - Liu Bin maintains a balanced allocation across different industry stages, with the top ten sectors comprising around 60% of the portfolio [3] Focus on Core Competitiveness - The future source of excess returns is expected to come from the continuous release of engineer dividends, with China having advantages in engineer numbers and R&D costs [4] - R&D investment is a critical metric for stock selection, alongside cost control capabilities, which encompass supply chain management and production efficiency [5] Sector Focus - Liu Bin's expertise lies in the "technology manufacturing" sector, with a focus on hard tech industries such as TMT, electronics, new energy, and automotive [6] - The automotive sector, particularly in electric vehicles, is seen as a significant growth area, with Chinese brands poised for substantial profits [6] - The AI industry is also a key focus, with an emphasis on domestic computing power and storage, as well as the potential of robotics as a transformative industry [7]