嘉实基金梁铭超：把握反内卷时代的价值机遇

Core Viewpoint - The investment strategy summit held by Harvest Fund on January 23, 2026, highlighted opportunities arising from the "anti-involution" and "expanding domestic demand" policies, focusing on asset allocation and investment timing [1][6]. Group 1: Investment Opportunities - The "anti-involution" trend presents observable opportunities, primarily driven by production cuts and price increases, benefiting industries such as steel, photovoltaics, aquaculture, and chemicals over the past six months to a year [3][8]. - Three deep investment clues emerge from the "anti-involution" trend: 1. Transition from non-market to market competition, where companies will shift from price competition to technological competition, increasing R&D investments to enhance product quality [4][9]. 2. The national income doubling plan may favor companies that focus on value-added growth, particularly in labor-intensive sectors like food delivery and internet platforms, despite short-term pressures from labor cost inflation [4][9]. 3. The "anti-involution" will suppress ineffective investments, leading the market to prioritize company quality, cash flow generation, and dividend levels, which are suitable for long-term investment strategies [4][9]. Group 2: Market Dynamics and Strategies - In a market with ample liquidity, the correlation between January and February's rising stocks and the annual main trends is often inconsistent, making it challenging to derive fundamental logic from short-term price increases [5][9]. - Some stocks that have already risen may represent "pre-selection" for new main directions for the year, indicating sustainable new logic [5][9]. - Investors who missed the initial market surge should focus on tracking new rising stocks and identifying quality candidates for future accumulation, as exemplified by the chemical sector, which has not shown significant fundamental improvement yet [5][9].