对谈景顺长城新生代基金经理：如何掘金新时代？

Core Viewpoint - The article discusses the insights and investment philosophies of four emerging fund managers from Invesco Great Wall Fund, highlighting their unique styles and approaches to identifying investment opportunities in various industries [1][25]. Group 1: Investment Philosophies of Fund Managers - Zeng Yingjie focuses on identifying high-quality companies by analyzing industry trends and competitive advantages, particularly in the automotive and new energy sectors [4][6]. - Wang Kaiduan employs a cyclical and balanced investment approach, emphasizing independent thinking and avoiding industry rotation and timing bets [9][10]. - Liu Lisi prioritizes deep research and concentrated holdings, believing that thorough understanding leads to better investment decisions and long-term gains [14][16]. - Zhang Feipeng, an expert in the internet sector, emphasizes the importance of differentiation in business models and focuses on a limited number of high-quality companies [19][21]. Group 2: Zeng Yingjie's Investment Strategy - Zeng categorizes industry trends into four phases based on penetration rates, identifying optimal investment windows during the acceleration of growth [6]. - He emphasizes the importance of product quality, management capability, and the ability to evolve as key factors in assessing high-quality companies [7]. - Zeng is optimistic about new technologies in the new energy sector, storage demand, and the growth of intelligent driving [6][7]. Group 3: Wang Kaiduan's Investment Framework - Wang's investment framework is influenced by his background in machinery, focusing on macro and micro cycles to identify investment opportunities [9][10]. - He divides the industry lifecycle into six stages, from demand introduction to recovery, and tailors his investment strategy accordingly [10][11]. - Wang uses a "black and white list" approach to filter companies, concentrating on those with strong competitive advantages and sound financials [12][13]. Group 4: Liu Lisi's Research-Driven Approach - Liu believes that deep research is essential for generating excess returns, focusing on companies where he has pricing power and a long-term investment horizon [15][16]. - He emphasizes the importance of tracking and validating investment opportunities through extensive research [17][18]. - Liu's investment style is characterized by a diversified portfolio across technology, manufacturing, and cyclical sectors, while maintaining a focus on high-quality companies [18]. Group 5: Zhang Feipeng's Focus on Internet Sector - Zhang's investment strategy is shaped by his extensive experience in the internet industry, where he identifies companies with strong differentiation capabilities [19][21]. - He employs a systematic process for evaluating potential investments, ensuring a high level of understanding before committing capital [22]. - Zhang is particularly interested in the impact of AI on traditional internet businesses and seeks companies that can leverage these innovations for growth [23].