First(SH:603806) 聪明投资者·2025-10-20 03:34Core Viewpoint - The article emphasizes the investment philosophy of Qi He, a fund manager at E Fund, drawing parallels between his investment strategies and the resilience demonstrated by Rafael Nadal in tennis. It highlights the importance of patience, focus, and adaptability in navigating the rapidly changing market landscape [2][3]. Group 1: Investment Performance - As of June 30, 2025, Qi He's managed funds total 14.724 billion, with the E Fund Environmental Theme achieving a return of 316.09% since its inception on December 27, 2017, translating to an annualized return of 20.15% and a year-to-date return of 37.58% [3][4]. - Compared to the Shanghai and Shenzhen 300 index, which returned 14.48%, and the power equipment sector, which returned 89.97%, Qi He has significantly outperformed both benchmarks [3]. Group 2: Investment Strategy - Qi He categorizes competitive advantages into five types: brand power and network effects; product uniqueness; product and cost differentiation; cost advantage; and pure scale advantage, with a focus on the first, third, and fourth types in the A-share market [5][6]. - He prefers to invest in companies with strong alpha during periods of low industry beta, entering markets before consensus on winners is established [7]. Group 3: Valuation Approach - Qi He employs relative valuation methods, comparing companies based on their development stage, historical valuations, and peer comparisons within the industry [8]. - He has developed numerous valuation models for various companies, enhancing his understanding of their operational details and market conditions [8]. Group 4: Industry Focus and Adaptation - The article notes that Qi He has evolved his focus from traditional manufacturing to smart manufacturing, particularly in the context of technological advancements [9][23]. - Despite challenges in the renewable energy sector, Qi He continues to seek opportunities within this space while also expanding into related industries such as electronics and automotive [23][24]. Group 5: Team and Management Structure - E Fund's investment research team provides robust support for Qi He, emphasizing deep foundational work and long-term tracking of companies to avoid short-term volatility impacts [27][28]. - The "big platform + small team" management model allows for specialized focus while integrating resources across research, compliance, and risk management [28]. Group 6: Future Outlook - Qi He anticipates investment opportunities arising from systemic reforms and the international expansion of Chinese manufacturing, particularly in sectors like clean energy and advanced manufacturing [28][30]. - The article outlines specific sectors where Qi He sees potential, including core suppliers in technology evolution and companies with strong product advantages in international markets [29][30].