安联基金程彧：用规则化投资捕获成长和价值的双重机会

Core Viewpoint - The article discusses the return of active equity investment and how it can generate excess returns, emphasizing the importance of a structured investment approach in the context of the ongoing technological revolution and China's economic transformation [1][2]. Group 1: Investment Strategies - The investment strategy employed by Allianz Fund combines dividend value and technology growth using a barbell approach, allowing for investment in both "old economy" dividend stocks and "new economy" AI and technology innovations [1][2][16]. - Allianz Fund's research director, Cheng Yu, highlights the importance of forming earnings forecasts that exceed market expectations as a means to capture investment opportunities, particularly in the overseas computing power industry [2][15]. Group 2: Macroeconomic Context - Cheng Yu identifies four macroeconomic factors influencing the current investment landscape: the global fourth industrial revolution, ongoing geopolitical tensions, China's economic transformation, and the high-quality development phase of the Chinese capital market [5][7]. - The article suggests that high-dividend assets will benefit from the high-quality development of the capital market, while high-growth technology assets will gain strategic importance amid geopolitical tensions [7][8]. Group 3: Market Outlook - The article predicts that the revaluation of Chinese assets will continue, driven by improvements in the long-term competitiveness of the Chinese economy and clearer corporate earnings prospects [8][9]. - Cheng Yu expresses optimism about the future of Chinese technology, citing significant advancements in sectors such as semiconductors, biopharmaceuticals, and artificial intelligence, which are expected to bolster investor confidence [10][11]. Group 4: Research and Investment Framework - Allianz Fund emphasizes a rule-based active investment approach, aiming for stable and predictable investment outcomes through a disciplined investment process [14][15]. - The fund's research framework includes a deep focus on Return on Equity (ROE) and the underlying drivers of long-term profitability, which aids in making informed investment decisions [15][16].