大变化！“从0到1”成主流，公募新投资观曝光

Core Viewpoint - The public fund industry is gradually embracing the "from 0 to 1" investment philosophy, moving away from traditional metrics like valuation and cash flow as performance improves and market sentiment shifts [1][2][3]. Group 1: Investment Philosophy Shift - Public funds are increasingly recognizing the positive feedback loop of "from 0 to 1" investments, leading to deeper exploration of opportunities in this area [3]. - Traditional investment metrics such as cash flow and valuation have historically marginalized the "from 0 to 1" approach, especially under the influence of older fund managers [3][4]. - A notable shift is observed as younger fund managers gain influence, leading to a diversification of investment philosophies within the public fund sector [4]. Group 2: Market Sentiment and Performance - The popularity of industry sentiment indicators has created a logical basis for exploring "from 0 to 1" investments, despite traditional sectors underperforming [5]. - The performance of dividend-themed funds has been lackluster, with the CSI Dividend Index only rising about 3% this year, while the ChiNext Index surged by 45% [5]. - Many traditional sectors, despite showing profit growth, are failing to attract investment due to a lack of imaginative potential as perceived by the market [5][6]. Group 3: Growth Potential of "From 0 to 1" - Companies in the "from 0 to 1" phase often exhibit high growth rates, making them attractive under current market conditions, even if they lack traditional financial metrics [6]. - The potential for rapid revenue growth in emerging sectors, such as humanoid robotics, aligns well with the current focus on industry sentiment and growth [6][7]. - The investment landscape is expected to see significant developments in the humanoid robotics sector, with anticipated advancements in production and application [7][8]. Group 4: Risk and Opportunity - The allure of high elastic returns from "from 0 to 1" investments is tempered by the need to assess market risk preferences [7]. - Emerging technologies like solid-state batteries, AI, and robotics are highlighted as key areas for capturing excess returns, with a focus on their transformative potential for society [8].