大佬杨东：对诡异凶险的热门股说“不”

Core Viewpoint - The article discusses the recent performance and strategic outlook of Ningquan Asset, highlighting the cautious approach taken by the team amidst a heated market environment in Hong Kong and A-shares [1][2]. Group 1: Performance Overview - As of June 30, Ningquan Asset's net value reached a historical high, outperforming the CSI 300 index by nearly 5 percentage points this year and over 55 percentage points since inception [4]. - The investment strategy emphasizes risk control and a balanced style, reflecting a thoughtful approach to market volatility [5][6]. Group 2: Market Insights - The second quarter saw Hong Kong stocks outperforming A-shares, with a notable occurrence of H-shares trading at a discount, a trend expected to continue for an extended period [9]. - Ningquan's portfolio has a significant allocation to Hong Kong stocks, but the team did not participate in the hot new consumption stocks, indicating a focus on their investment capability [10][11]. Group 3: Long-term Trends - Two long-term market predictions were shared: the trend of Hong Kong stocks outperforming A-shares will persist, and the overall stock market is expected to experience a volatile upward trajectory [13][14]. - The team noted that the increasing frequency of A/H price discrepancies suggests a structural shift in market dynamics, with many A-share companies opting for secondary listings in Hong Kong [15]. Group 4: Investment Strategy - Since 2021, Ningquan's portfolio includes a unique category labeled "other assets," which represents the use of derivatives for hedging market risks [16][17]. - The firm has shown a strong preference for sectors such as real estate, basic chemicals, electric equipment, telecommunications, and public utilities, with a focus on stable income-generating assets within the real estate sector [18][20].