Core Insights - The article emphasizes the importance of sustainable future cash flow as a key investment principle, focusing on sectors that are expected to benefit from this trend [1][2]. Group 1: Investment Philosophy - The investment philosophy centers around the principle that future cash flow should balance growth potential and risk control [2]. - Cash flow is viewed from a macro perspective, tracking the ultimate destination of funds rather than being limited to financial statements [2]. - The performance of growth stocks in the A-share market is linked to the certainty of future cash flows, with examples like optical module stocks demonstrating this principle [2][3]. Group 2: Sector Focus - The four main sectors identified for investment opportunities include: - **Internet Sector**: Increasing reliance on internet platforms for work and life leads to stable cash flow advantages [4]. - **Innovative Pharmaceuticals**: Overseas companies are acquiring early-stage options for innovative drugs in China, providing stable cash flow to this sector [5]. - **Shipping Sector**: Global trade volumes remain stable, with opportunities arising from transshipment trade, supporting cash flow in the shipping industry [5]. - **Export Chain**: Export companies benefit from nominal growth in overseas economies while maintaining cost advantages domestically, enhancing competitiveness [5]. Group 3: Valuation and Portfolio Management - The investment strategy involves a balanced industry allocation with slight tilts towards favored sectors, while also identifying undervalued reversal opportunities [3]. - Valuation is a primary consideration in selecting specific stocks, with a focus on dynamic tracking to assess the reasonableness of valuations [3]. - Adjustments to the portfolio are made when performance growth or future orders do not align with current valuation increases [3].