泉果基金刚登峰：十六载穿越牛熊的投资进化论

Core Viewpoint - The current economic transformation in China is nearing completion, presenting a favorable investment period in A-shares and Hong Kong stocks, particularly in technology, new energy, and cyclical industries [1][7]. Group 1: Investment Philosophy - The investment framework developed by the company emphasizes a bottom-up stock selection approach, focusing on high-quality and growth-oriented companies [2][3]. - The core selection criteria prioritize the company's competitive strength, including business model, competitive barriers, governance structure, and profitability [2]. - The company has adapted its investment strategy to include a focus on industry trends, recognizing that companies in an upward industry trend can better leverage their competitive advantages [3][6]. Group 2: Performance Metrics - The "泉果思源" fund, managed by the company, achieved a unit net value growth rate of 30.37% over the past year, significantly outperforming the benchmark of 15.66% [3][10]. - The fund's performance since inception shows a return of 22.25% compared to a benchmark return of 22.58% [10]. Group 3: Future Investment Focus - The company is optimistic about the A-share market, with a focus on three main investment directions: technology, new energy, and cyclical stocks [7][8]. - In the technology sector, the company is particularly interested in consumer electronics, domestic computing power, and internet/software sectors, which are expected to benefit from the AI wave [8]. - In the new energy sector, the company sees potential in the lithium battery supply chain and offshore wind power, anticipating significant growth driven by strong demand [8][9]. Group 4: Industry Trends - The company identifies the recent strength in the non-ferrous metals sector as a result of improved supply-demand fundamentals, with industrial metals like copper and aluminum expected to see price stability due to long-term capital expenditure constraints [9][10]. - Traditional industries such as chemicals and paper have improved their competitive landscape following capacity reductions, with some products nearing supply-demand balance [10].