【寻访金长江之十年十人】星石投资江晖：内需空间广阔，消费是未来10年大趋势

Core Viewpoint - The article emphasizes the ongoing dual easing policies in China, focusing on domestic demand and consumption as the main investment strategy for the next decade, while highlighting the resilience of the Chinese economy against external pressures [2][4][7]. Group 1: Investment Strategy - The future investment strategy in A-shares will focus on "domestic demand as king, emphasizing consumption," which is seen as a major trend for the next 10 years [2][8]. - The multi-fund manager team system at Star Stone Investment has been successfully implemented for 10 years, allowing for high portfolio operation without significant market timing, achieving effective volatility control [2][16]. - The "fund manager secondary recommendation mechanism" encourages collaboration among fund managers, enhancing the quality of investment decisions [2][15]. Group 2: Economic Context - The U.S. faces significant fiscal pressure with a national debt of $36 trillion, leading to challenges in balancing economic growth and deficit reduction [3]. - China has prepared adequately for external economic pressures, with a diversified industrial layout and significant technological advancements reducing previous vulnerabilities [4][6]. - The current broad deficit rate in China may reach 8.4%, comparable to the pandemic period, indicating strong policy responses to economic challenges [7]. Group 3: Market Trends - The narrative of "East rising, West declining" is gaining traction, with capital flows shifting from the U.S. to China, driven by technological breakthroughs and supportive policies [5][6]. - The consumption sector is expected to see significant growth, with the potential for the proportion of household consumption in GDP to rise from around 40% to 70% over the next 10-20 years [8][10]. - Key investment themes include consumer services, high-growth consumer goods, innovative pharmaceuticals, and AI-driven applications, all poised for recovery as the economy improves [10][11].