A股港股仍处宝贵布局时期 投资主战场聚焦三大领域

Group 1 - The core viewpoint is that despite the current market adjustments, both A-shares and Hong Kong stocks represent a favorable investment period in the long term, as the core factors suppressing the equity market are gradually entering a phase of adjustment [1][2] - Economic recovery is supported by the diminishing impact of the real estate sector, a diversified export structure, and the gradual recovery of manufacturing supply-demand relationships [2] - The capital market is experiencing changes in its institutional environment, with a more restrained financing pace and increased emphasis on dividends and buybacks by listed companies, indicating a focus on investor returns [2] Group 2 - The investment framework emphasizes the interrelation of technology, new energy, and cyclical sectors, focusing on the position of industries within their respective cycles [3][4] - In technology investments, the focus is on certainty and the ability to deliver results, particularly in sectors benefiting from the AI wave, such as internet and consumer electronics [3] - New energy investments are driven by supply-demand structural changes, with a focus on sectors nearing critical points in their cycles, rather than being influenced by market sentiment [3] Group 3 - The core of the investment strategy is to seek value across different industrial cycles rather than betting on a single direction, allowing for better adaptability in structural market conditions [4] - The quality of companies is prioritized, with a focus on those with clear competitive advantages and sustainable growth potential, which can endure through cycles [5] - The approach to left-side positioning is more cautious, emphasizing participation during clearer industrial trends and balancing return elasticity with risk control [6] Group 4 - The importance of research collaboration is highlighted, with the value of research lying in its ability to support real investment decisions, ensuring patience and restraint in structural markets [6]