汇安基金单柏霖：拒绝星辰大海的“泡沫”，产业视角去伪存真

Core Viewpoint - The technology sector is experiencing increased volatility amid external disturbances, leading to a divergence in market performance, prompting investors to reconsider their strategies [1] Group 1: Investment Strategies - The investment team led by Dan Bailin emphasizes maintaining focus on industrial growth amidst market fluctuations, advocating for a strategy of "responding rather than predicting" [1] - The team has made structural adjustments to their portfolio based on the prediction that the focus of computing power in the AI inference era will shift from connectivity to storage, resulting in significant returns for investors [2] - Three main strategies are employed to navigate market volatility: rejecting macro narratives, distinguishing between price fluctuations and value destruction, and emphasizing dynamic portfolio monitoring [3] Group 2: Market Outlook - The investment framework remains steadfast despite market volatility, focusing on structural trends rather than transient macro headlines, with an optimistic outlook based on ongoing industrial waves and breakthroughs in product innovation [4] - The current technological cycle in China is viewed as a significant opportunity, with AI-driven computing power revolution still in its early stages [4] - The investment team prioritizes high-quality stocks with strong performance metrics, avoiding speculative "theme stocks" that lack tangible results [4] Group 3: Investment Philosophy - The investment approach is characterized by a relentless focus on industry dynamics, rigorous individual stock analysis, and a commitment to valuations tied to actual performance [5] - The strategy aims to build resilient portfolios through a bottom-up stock selection logic, continuously seeking quality alpha amid industry transformations [5]