Core Insights - The article emphasizes the importance of identifying intrinsic commonalities in investment logic to construct portfolios amidst volatile capital markets [1] - The focus is on sustainable future cash flow, particularly in sectors like internet platforms, innovative pharmaceuticals, maritime trade, and export chains [2][5][6] Investment Philosophy - The investment principle revolves around future cash flow that balances growth potential and risk control, with a broader definition of cash flow beyond just financial statements [3] - The manager tracks the ultimate destination of funds post-central bank release, indicating a macro perspective on cash flow sustainability [3] Sector Focus - The internet sector is highlighted for its increasing reliance in daily life, providing stable and growing cash flow opportunities [5] - The innovative pharmaceutical sector is noted for its potential due to overseas companies acquiring early-stage options in China, enhancing cash flow stability [6] - The maritime sector is expected to benefit from enduring trade habits, with increased trade volumes supporting cash flow in shipping and port operations [6] - The export chain is positioned favorably due to the disparity between low actual growth and high nominal growth overseas, allowing domestic exporters to gain revenue advantages [6] Valuation and Portfolio Management - The investment approach includes a balanced industry allocation with slight tilts towards favored sectors, while also seeking undervalued reversal opportunities [4] - Valuation is a primary consideration in selecting specific stocks, with a focus on dynamic tracking to assess the reasonableness of valuations [4] - The manager is cautious about participating in high-valuation opportunities unless justified by performance growth or order matching [4]

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][3]. Investment Philosophy - The investment philosophy centers around the principle that future cash flow should balance growth potential and risk control, with a broader definition that includes tracking the ultimate destination of funds [3]. - The analysis of cash flow is not limited to financial statements but considers macroeconomic factors that influence cash flow sustainability [3]. Sector Focus - The investment manager identifies four key sectors for potential investment opportunities: 1. **Internet Sector**: Increasing reliance on internet platforms for work and life is expected to provide stable cash flow advantages [6]. 2. **Innovative Pharmaceuticals**: The trend of overseas pharmaceutical companies acquiring early-stage options in Chinese innovative drugs is anticipated to create stable cash flow [6]. 3. **Shipping Industry**: Global trade volumes are not decreasing, and the shipping industry is expected to benefit from increased trade activities [6]. 4. **Export Chain**: Export companies are positioned to benefit from nominal growth in overseas markets while maintaining cost advantages domestically [7]. Valuation Assessment - The investment strategy involves a balanced industry allocation with slight tilts towards favored sectors, while also seeking undervalued opportunities that have not yet been recognized by the market [5]. - Valuation is a primary consideration in selecting specific stocks, with a focus on ensuring that performance growth aligns with current valuations [5]. Policy Influence - The investment manager closely monitors policy impacts, particularly in sectors that may benefit from government subsidies, which can provide additional cash flow [4].

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].

□本报记者 王鹤静 面对资本市场的风云变幻，寻找投资逻辑的内在共性将为构建组合提供指向。淳厚基金权益投资部基金 经理陈印从金融思维入手，立足于未来现金流能够尽可能兼顾成长性和确定性的第一性原理，致力于挖 掘成长与周期风格中的估值抬升机会。 日前，陈印接受了中国证券报记者的专访。围绕着未来现金流可持续增长这一重要投资思路，陈印认 为，未来社会工作生活愈发倚重的互联网平台、获得海外商务拓展的创新药公司、贸易增长惠及的海运 链以及出口链公司等，都是目前的重点关注方向。 关注未来现金流 为拓展自己的投资能力圈，陈印以金融思维为切口，在中观层面积极挖掘行业之间的共通之处。总结下 来，陈印的投资第一性原理就是，未来现金流能够尽可能兼顾成长性和风险控制。 对于现金流的定义，陈印并不狭义地局限于财务报表当中披露的现金流情况，而是将视野放得更加宏 观，跟踪资金的最终去向。 "回过头来看，A股市场每个阶段的成长股，背后都有未来现金流的确定性在里面。以今年以来涨幅靠 前的光模块标的为例，虽然涨幅已经足够大，但是我们能看到业绩是可以兑现的，支撑因素就是其客户 充分的支付意愿，总体上使得行业大概率能够保障未来持续的现金流入。并且，这些 ...