林园：抓住人最基本的需求，是投资的重要方向

Group 1 - The core viewpoint of the article emphasizes the importance of investing in products that fulfill basic human needs, particularly in the "mouth economy" which focuses on health and happiness [1][2] - The chairman of Shenzhen Linyuan Investment Management, Lin Yuan, advocates for long-term rational investment and believes that the Chinese capital market will become increasingly competitive globally, similar to China's manufacturing sector [2] - Lin Yuan highlights that the current stock prices of some traditional industries are very low, indicating that a turning point is approaching, which will reveal the true value of the Chinese capital market [2] Group 2 - Lin Yuan analyzes that a long-term allocation window for A-shares has emerged due to a confluence of three bottoms: valuation, policy, and funds, suggesting limited downside for the market [3] - From a valuation perspective, the price-to-earnings ratio of the CSI 300 is below the 20% percentile of the past decade, and the dividend yield remains higher than government bonds, enhancing the attractiveness of equity assets [3] - Recent policies, such as new regulations on share reductions and guidance on dividends, signal a clear optimization of the market ecosystem [3] - The current low yield on wealth management products, which has fallen below 3%, and the historical low ratio of margin financing indicate favorable conditions for capital inflow [3]