投资大咖说 | 把握中国股票价值重估大周期——访安联基金程彧

Core Viewpoint - The investment philosophy emphasizes long-term value creation over short-term market trends, with a focus on Return on Equity (ROE) as the key metric for assessing a company's intrinsic value and long-term returns [1][15][16] Investment Philosophy - The investment framework is characterized by a disciplined approach that avoids chasing short-term market fads and instead focuses on the fundamental logic of corporate profit generation [1][15] - ROE is viewed as the "North Star" for understanding a company's essence and driving long-term returns, with a focus on the sustainability and quality of profit growth [1][16] - The investment strategy aims to overcome common behavioral biases in investing through a systematic process, ensuring that investment performance is explainable, predictable, and sustainable [14][17] Market Dynamics - A significant "re-rating" cycle for Chinese stocks is underway, driven by three key factors: the enhancement of technological competitiveness, the improvement of the risk environment, and supportive government policies [18][19] - The rise in technological competitiveness has instilled greater confidence in the future of the Chinese economy, leading to a reassessment of corporate long-term profit potential [18][19] - The improvement in the risk environment allows for better quantification of risks, reducing emotional shocks and valuation discounts in the market [19] Investment Opportunities - The focus is on three main investment themes: artificial intelligence, robotics, and commercial aerospace, which are seen as pivotal in the current economic landscape [20] - In artificial intelligence, the investment focus has shifted from general model competition to specific applications that generate clear business models and cash flows [21] - The robotics sector presents opportunities in core hardware and decision-making AI, with expectations of rapid growth in industrial and commercial applications [21][22] - Commercial aerospace is viewed as a future industry with high barriers to entry, requiring identification of companies that achieve breakthroughs in key technologies and hold significant orders [22]