Investment Framework - The core of the investment framework is a "bottom-up stock selection" approach, with a stricter definition of "leading companies" than the market's general understanding [1][3] - Leading companies must be the most advanced in their industry, hold the top position in their niche, and have the potential to expand globally [3][7] Stock Selection Criteria - Companies must demonstrate strong competitive advantages and a significant market capitalization potential post-internationalization [3][7] - Two pools of candidates are established: the first pool includes over 100 stocks in the top tier of their industries, while the second pool tracks 300 to 400 quality companies [7] Portfolio Construction - The investment style is characterized by high stock concentration, with a focus on dynamic adjustments to risk-reward ratios to control drawdowns [8] - The proportion of semiconductor stocks has been reduced to below 50% to avoid reliance on a single industry's beta [6] Market Analysis and Strategy - The investment strategy has evolved to include a more cautious approach, avoiding linear extrapolation of market trends and focusing on sustainable demand in downstream applications [5][10] - Current observations indicate that the global semiconductor industry is in the latter half of an upcycle, with domestic market dynamics potentially aligning more closely with international trends [5][10] Focus on Technology Growth - The emphasis is on identifying certainty in technology growth sectors, particularly in AI and semiconductors, with a detailed understanding of industry trends and user experience alignment [9][10] - Specific areas of interest within AI include edge computing and software applications that enhance productivity, such as AI-assisted coding and legal services [9][10]