策略实操系列专题（八）：主题投资：从蓝海到红海

Core Viewpoints - The "thematic investment" strategy has unique advantages in adapting to market volatility and uncertainty, contributing to excess returns during market fluctuations. It focuses on emerging fields that are still in their infancy but show significant investment potential, which are often difficult to measure using traditional valuation methods [3][34][35]. Thematic Investment Concept Analysis - Thematic investment is defined as identifying potential factors that significantly impact economic changes and investing in the benefiting industries and companies. It does not follow traditional industry classification but focuses on specific driving factors for long-term corporate development [34][35]. - Thematic investment differs from growth and value investing, as it enters during the introduction phase, focusing on external events that may influence future corporate performance rather than current earnings [35][36]. Thematic Investment Classification - Thematic investments can be categorized into four types: macro themes, policy themes, industry themes, and event themes. Each type has different characteristics and implications for investment opportunities [39]. Market Conditions Favoring Thematic Investment - Thematic investment strategies are most effective in market conditions where there are no significant investment opportunities, liquidity is relatively loose, and market risk appetite is high. This environment allows for the valuation growth of target assets, which is the primary source of returns from thematic investments [58][59]. Stages of Thematic Investment Development - The development of thematic investments can be divided into three stages: the emergence phase, the evolution phase, and the decline phase. Each stage has distinct characteristics regarding market understanding and investor sentiment [80][83]. Selection of Quality Themes - Quality investment themes typically possess three characteristics: high topic relevance, difficulty in falsification, and continuous catalysts that stimulate market sentiment. These factors contribute to the formation and sustainability of thematic investment trends [89][92]. Future Thematic Investment Hotspots - Future hotspots for thematic investment include: 1. Chinese enterprises expanding overseas to address export and domestic demand pressures, focusing on local operations and integration into local production chains [17][180]. 2. New quality productivity opening new industrial development paths, particularly in digital economy sectors such as AI chips and advanced manufacturing [17][212]. 3. AI terminal applications accelerating benefits for supply chain companies, particularly in the context of new product launches by major tech firms [17][247].