Core Insights - The Shanghai Composite Index has surpassed 3800 points, indicating a rapid rotation of market hotspots across different sectors, characterized by structural features rather than a uniform rise in all stocks [1] - Fund manager Shen Li has demonstrated a unique advantage in recent structural market conditions, with three of the four equity products he manages achieving a net value doubling in the past year [1] - Shen Li's investment philosophy focuses on finding growth within value and discovering value within growth, with a continued emphasis on AI computing power and overseas manufacturing [1][4] Investment Strategy - Shen Li has developed a differentiated investment approach that combines value discovery for resilience with dynamic expansion to capture cross-sector opportunities, forming a methodology based on "win rate + odds + industry prosperity" [2] - The strategy emphasizes identifying undervalued or overlooked companies with intact long-term growth logic, rather than chasing high-flying stocks outside of the established capability circle [2] - Shen Li maintains a principle of "buy low, sell high" while expanding his capability circle from consumer and pharmaceutical sectors to technology [2] Portfolio Management - The core of Shen Li's strategy is risk avoidance, focusing on companies in stable economic cycles rather than those in clear downtrends, which enhances portfolio resilience during market fluctuations [3] - Portfolio structure optimization is crucial, with a balanced approach to industry concentration to control volatility while seizing cross-sector opportunities [3] - The shift in strategy has led to a decrease in turnover rate, indicating increased stability in holdings and a foundation for long-term returns [3] Sector Focus - Shen Li is concentrating investments on AI computing power and overseas manufacturing, viewing these sectors as the primary "fishing grounds" for investment opportunities [4] - The AI computing sector is seen as being in the early stages of penetration, with significant growth expected over the next three to five years despite current low demand [5] - In overseas manufacturing, Chinese companies are transitioning from product exports to global brand and channel development, enhancing their competitive advantages [6] Resource Investment - Shen Li identifies investment opportunities in cyclical stocks by capturing new trends in supply and demand, particularly in metals like copper, gold, and lithium, which are evolving into long-term growth sectors [6] - The trend of Chinese companies "going out" is accelerating, with increasing control over mineral resource exploration and development, leading to a tightening supply and faster-growing demand for metals [6]