南方基金范佳瓅：在产业趋势中寻找确定性的“出海”舵手

Core Insights - The article emphasizes the importance of "global industrial chain restructuring" and "Chinese enterprises going abroad" as key investment themes, which are based on deep industry observation and long-term certainty rather than mere market trends [1][3] Investment Philosophy - The investment methodology of the fund manager, Fan Jialiang, focuses on identifying structural industry trends and selectively investing in companies with differentiated competitive advantages [1][3] - Fan's approach to overseas expansion of Chinese enterprises is characterized as "cluster-style going abroad," where core enterprises lead upstream and downstream collaboration for overseas capacity layout, creating stronger competitive barriers [4] Market Challenges and Opportunities - Researching overseas enterprises presents inherent challenges such as difficulty in information acquisition and complexity in cross-border operations, but these challenges create value opportunities for in-depth research [2][4] - Many high-quality companies' valuations do not fully reflect their long-term growth potential in overseas markets, presenting opportunities for professional investors [2] Currency and Economic Perspectives - Fan offers a different perspective on concerns regarding the RMB exchange rate, suggesting that reliance on low-cost subsidies is unsustainable, and potential currency changes may drive Chinese enterprises to upgrade their industries towards product differentiation and brand recognition [2][5] Fund Allocation and Strategy - The investment strategy is reflected in the management of the Southern Zhiyuan Mixed Fund, which has a 26.03% allocation in Hong Kong Stock Connect as of the end of Q4 2025, focusing on sectors that benefit from global supply chain restructuring and emerging market consumption upgrades [5] - The top ten holdings of the fund are centered around "upstream resources" and "overseas consumption/manufacturing," showcasing a concentrated investment style aligned with identified trends [5] Long-term Vision - Fan represents a type of fund manager who prioritizes understanding long-term industry changes over short-term market fluctuations, aiming to identify potential winners that can transition from "Made in China" to "Global Brands" over the next five to ten years [3][5]