□本报记者王雪青 王国辉，毕盛资产管理有限公司(APS)创始人、董事长兼首席策略官。拥有44年投资经验，曾任花旗信 托日本首席投资官、花旗银行香港高级基金经理及新加坡政府投资公司高级投资官。 "世界正重估中国资产，已经到了不可不投的阶段。"日前，在接受中国证券报记者专访时，毕盛资产 (APS)创始人、董事长兼首席策略官王国辉如是说。 毕盛资产是一家总部位于新加坡的外资机构。创始人王国辉出生于马来西亚，先后在新加坡政府投资公 司(GIC)、花旗等多家海外大型资管公司任职，拥有超过40年的投资经验。这位亲历日本股市泡沫、美 股互联网泡沫、全球金融危机等历史时刻，并屡次在逆向投资中获得成功的国际知名投资者，近年来坚 定地选择"专注中国投资"。 王国辉对中国证券报记者表示，中国经济发展具备"MIT"优势，即制造业(Manufacturing)、创新 (Innovation)和人才(Talent)，这是他持续看好中国市场的原因。 "我坚信，中国最辉煌的岁月还在前方，因为中国的'MIT'属于一流水平。"王国辉的话掷地有声，"今天 的中国已完全不同。这意味着中国资产的风险溢价已大幅下降，很多公司会出现20%-40%的市盈率 ...

Core Insights - The market is currently experiencing a downturn, with over 4,100 stocks declining, making it increasingly difficult to generate profits. However, some investors have managed to avoid significant losses by strategically reallocating their investments into dividend and pharmaceutical sectors, demonstrating the effectiveness of contrarian investment strategies [2]. Group 1: Investment Strategies - The importance of timely profit-taking and strategic positioning in resilient sectors is highlighted, as it allows investors to outperform the market during downturns [2]. - Maintaining a balanced portfolio is crucial; even if one stock experiences temporary losses, it should not significantly impact the overall account performance if the portfolio is well-diversified [4]. - A deep understanding of a company's fundamentals is essential for making informed investment decisions, as many investors buy stocks based on trends or hearsay rather than thorough analysis [4]. Group 2: Market Analysis - The current market is characterized by volatility, making it easier to incur losses while generating profits is challenging. Investors are advised to learn diligently, review their strategies, and manage their positions carefully to avoid pitfalls associated with high-priced stocks [6]. - Technical analysis, particularly through K-line charts, is emphasized as a necessary skill for identifying buying signals and making timely decisions, regardless of personal biases towards specific stocks [6].

Group 1 - The United States is recognized as the world's most innovative and best-performing economy, with a stock market valued at approximately $62 trillion, significantly larger than that of any other country [1] - The ongoing artificial intelligence boom has led to substantial investments in the U.S. stock market, particularly in the "Magnificent Seven" stocks, which have shown impressive returns since early 2023 [1] Group 2 - Investment strategies should consider diversification, especially as U.S. stocks have outperformed international stocks for over 14 years, a trend that may soon reverse [4][7] - The Vanguard Total International Stock ETF (NASDAQ: VXUS) is highlighted as a strong investment option, providing exposure to over 8,600 international stocks, low fees, and effective diversification [6][8] Group 3 - Concerns are raised about the current valuation of the U.S. stock market, with some experts suggesting that the AI stock boom may resemble a market bubble, indicating a potential need for investors to explore international stock options [5]

Core Insights - Jim Rogers, known as the "Commodity King," emphasizes the importance of buying value and selling during market hysteria [2][36] - He began trading in 1968 with a modest capital of $600 and co-founded the Quantum Fund with George Soros in 1973 [3][7] - Rogers advocates for patience and waiting for the right investment opportunities rather than acting out of boredom [9][37] Early Career and Investment Philosophy - Rogers initially worked on Wall Street and began trading while studying at Oxford [5] - He learned from early mistakes, emphasizing the need to understand investments thoroughly before acting [6] - His strategy involves waiting for favorable conditions, akin to "fishing in a barrel" [5][9] Collaboration with Soros - The Quantum Fund was innovative for its time, allowing for simultaneous trading across various markets [7] - Rogers and Soros had a complementary relationship, with Rogers focusing on analysis while Soros executed trades [7] Investment Strategies - Rogers stresses the importance of ensuring investments have high intrinsic value to minimize potential losses [9][36] - He believes in the necessity of a "catalyst" to trigger significant market movements [37] - The concept of market "hysteria" is crucial; he often looks for opportunities to act against prevailing market trends [10][12] Market Behavior and Cycles - Markets follow cyclical patterns, often driven by emotional responses rather than rational analysis [23][24] - Rogers notes that during market extremes, opportunities arise for those willing to act contrary to the crowd [12][13] Risk Management - He advises against buying options, citing a high failure rate for such investments [14][15] - Maintaining both long and short positions is a strategy to mitigate risk [17][19] Key Investment Principles - Rogers emphasizes the importance of common sense in investing, which is often overlooked by the majority [26][41] - Flexibility and readiness to act in any market condition are essential traits for successful investors [31][41] - Investors should be cautious of mainstream opinions and be prepared to think independently [42] Conclusion - The insights from Jim Rogers provide valuable lessons for investors, highlighting the significance of patience, value investing, and understanding market psychology [36][43]

Core Viewpoint - The A-share market has experienced a structural recovery since Q4 2024, with improving market sentiment and alternating investment opportunities across multiple themes [1] Market Performance - As of September 24, the CSI 300 Index has risen by 36.22% over the past year, while actively managed equity fund indices have outperformed with a gain of 53.71% [1] - Among over 4,300 active equity funds, only 58 have achieved returns exceeding 150%, highlighting the exceptional performance of top-tier funds [1] Fund Manager Profile - Zhao Qiang, a seasoned fund manager with 22 years of experience, has demonstrated strong performance in managing public funds since 2014, achieving a return of 162.70% over the past year, ranking 10th among 1,782 peers [2] Investment Philosophy - Zhao Qiang emphasizes value investing, focusing on high-quality growth and long-term investment in superior companies, avoiding short-term market speculation [3][4] - His investment strategy is anchored in a rigorous financial model that prioritizes companies with high and stable ROIC (Return on Invested Capital) [3][5] Selection Framework - Zhao Qiang employs a "Five-Dimensional High-Quality Selection System" to evaluate companies based on high ROIC, sufficient operating cash flow, light asset models, stable demand, and high supply barriers [4] Investment Categories - Companies are categorized into three paradigms based on ROIC dynamics: 1. Stable moat companies with predictable long-term profitability 2. Accelerating growth companies with rising ROIC, indicating high growth potential 3. Fundamental turnaround companies showing rapid ROIC improvement [5] Market Outlook - Zhao Qiang identifies four key investment directions: 1. Technology innovation, particularly in AI, with strong growth potential in domestic companies benefiting from overseas demand [6][8] 2. Innovative pharmaceuticals and medical devices, supported by national policies and market trends [7][8] 3. New consumption trends driven by domestic demand stimulation, particularly among younger consumers [8] 4. Recovery in the manufacturing sector, especially in companies with strong export competitiveness and technology-driven demand [8]

Core Insights - The success or failure of investments primarily hinges on the accurate judgment of profitability, which is rooted in the depth of understanding [1] - Engaging with historical perspectives and diverse knowledge through reading is essential for enhancing cognitive abilities and identifying investment value [1] Group 1: Recommended Readings - "The Possible Futures of the Next 10,000 Days" by Kevin Kelly emphasizes that future changes are not just about technological innovations but also involve transformations in social structures, interpersonal relationships, and personal growth [4] - The film "The Big Short" illustrates how independent judgment against prevailing market consensus can lead to significant financial gains, particularly during the 2008 financial crisis [6] Group 2: Investment Philosophy - Successful investment decisions that yield excess returns often stem from independent judgments that contradict market consensus [7] - Non-consensus views must be based on solid research and factual foundations; mere contrarianism does not guarantee profitability [7] - The psychological pressure associated with non-consensus investments can be immense, as evidenced by the experiences of characters in "The Big Short" who faced significant losses before their insights were validated [7]

Core Insights - The essence of successful investing lies in accurately assessing profitability, which is fundamentally tied to the depth of understanding [1] - Engaging with literature allows investors to expand their cognitive horizons and identify enduring truths amidst change [1] Group 1: Recommended Literature - "The Possible Futures of the Next 10,000 Days" by Kevin Kelly is recommended for its insights into future societal structures, interpersonal relationships, and personal growth, beyond just technological advancements [2] - The book encourages readers to actively shape the future rather than passively accept changes, providing a comprehensive view of potential future scenarios [2] Group 2: Film Recommendation - The film "The Big Short" illustrates how a few individuals foresaw the 2008 financial crisis and profited from it by shorting the housing market, highlighting the concept of non-consensus investing [3] - The film's narrative centers on the subprime mortgage crisis, showcasing how flawed financial products were misrated and sold, leading to a market collapse [3] - Key investment lessons from the film include the importance of independent judgment that contrasts with market consensus, the necessity of thorough research to support non-consensus views, and the psychological challenges faced before being proven right [3]

Core Insights - The investor adopts a contrarian investment style, focusing on high-risk, illiquid options and shares, with a balanced portfolio of approximately 50% in each [1] - The investment strategy emphasizes buying stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are purchasing shares at lower prices [1] - Fundamental analysis is utilized to assess the health of companies, including leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is employed to determine optimal entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1] Investment Strategy - The investor's timeframe for holding positions ranges from 3 to 24 months [1] - A professional background check is conducted on insiders who purchase shares after a sell-off, indicating a focus on insider activity as a signal for potential investment [1] - The investor screens through thousands of stocks, primarily in the US, but may also invest in companies from less stable economies [1]

Core Insights - The individual investor adopts a contrarian investment style, focusing on high-risk, illiquid options and shares, with a balanced portfolio of approximately 50% in each [1] - The investment strategy emphasizes buying stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are purchasing shares at lower prices [1] - Fundamental analysis is employed to assess the health of companies, including leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is utilized to determine optimal entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1] Investment Strategy - The investor's timeframe for holding positions ranges from 3 to 24 months [1] - A thorough screening process is conducted to identify potential investment opportunities, primarily focusing on the US market but also considering shares in less stable economies [1] - Professional background checks are performed on insiders who buy shares post-sell-off to gauge the credibility of their investments [1]

Core Viewpoint - The current market environment presents opportunities for contrarian investors, particularly in non-tech stocks that have seen significant sell-offs despite overall market highs [1][11]. Group 1: Sprouts Farmers Market Inc. (SFM) - Sprouts Farmers Market has experienced a decline of approximately 35% since June, with its stock hitting a relative strength index (RSI) below 18, marking a multi-year low [3][4]. - Despite the stock's decline, Sprouts has reported strong fundamentals, with recent quarterly revenue and EPS exceeding consensus expectations, and comparable store sales showing significant growth [4]. - The company has initiated a $1 billion share repurchase program, indicating management's belief in the stock's value at current levels [4]. - Analyst ratings have been upgraded, with Wells Fargo setting a price target of $180 and Evercore ISI suggesting a target of $190, indicating potential upside of over 50% from current levels [5]. Group 2: Darden Restaurants Inc. (DRI) - Darden Restaurants has seen its shares drop by 20% since June, exacerbated by a disappointing Q1 earnings report that led to a further 10% decline [6][7]. - The stock's RSI has fallen to 20, its lowest in over five years, but analysts believe that the worst may already be priced in [7]. - Major financial institutions like Deutsche Bank, Morgan Stanley, and Evercore ISI have reiterated their Buy ratings, citing Darden's scale, pricing flexibility, and cost discipline as strengths for future growth [8]. - Updated price targets for Darden now reach as high as $240, suggesting nearly 30% upside from current levels, with signs of consolidation following the recent sell-off [8][9]. Group 3: Macro Environment - The broader market context is favorable, with falling interest rates and major indices near record highs, creating a risk-on sentiment among investors [11]. - Both Sprouts and Darden are positioned as attractive opportunities for investors seeking asymmetric upside in the current market landscape [11].