导读：2025年上半年，我们曾经和博道基金的张建胜做过一次访谈 《逆向派成长投资：张建胜的"反脆弱"投资哲学》 。当时的访谈， 就给我们留下了很深的印象。张建胜和绝大多数TMT研究员出身的成长风格基金经理不同，他风险偏好更低，不押细分赛道，甚至带有 一些逆向的价值风格。但这并不影响他的优秀表现，2025年其管理的博道盛彦A收益率45.97%，业绩排名同类前25%，拉长时间来 看，近3年收益率65.38%，同期业绩比较基准收益率20.16%，同类排名前9% （数据来源wind，截至2025.12.31） 。 张建胜的投资特点我们总结为三个关键词： 1） 自上而下 。张建胜的组合，有很明显的个股选择痕迹。他前十大持仓相对集中，换手率不高。每个行业就买1-2只股票。从归因分 析看，张建胜的收益主要来自选股。 展望未来，张建胜认为牛市进入下半场，心态上要更"稳健"，组合相比此前要更均衡，在估值上继续保持"精打细算"的习惯，不跟随市场 过度放飞对估值的要求。 以下，我们先分享一些来自张建胜的投资"金句"： 1. 2026年的投资心态关键词是，"稳健" 2） 行业均衡 。张建胜不押赛道，行业相对均衡，但基本上在偏成长的高 ...

Core Viewpoint - The article emphasizes the transformative opportunities in the innovative pharmaceutical sector, predicting that 2025 will mark a significant year for revenue growth, profit breakthroughs, and valuation increases in the industry [4][5]. Group 1: Innovative Drug Investment Outlook - The innovative drug sector is entering a "three-dimensional screening era" characterized by major disease categories, clinical data validation, and global competition [4]. - 2025 is anticipated to be the starting point for collective revenue growth among innovative drug companies, with 80% of A-share and Hong Kong-listed innovative drug firms expected to see revenue increases following 2024's medical insurance negotiations [5]. - The period from 2025 to 2028 is projected to be crucial for many Chinese innovative drug companies to enter profitability, contrasting with previous years where only a few companies achieved profits [5]. Group 2: Key Investment Areas in Innovative Drugs - Focus areas for investment include: 1. Bispecific antibodies, with the first approved product in China and several in late-stage clinical trials [8]. 2. Antibody-drug conjugates (ADCs), where domestic companies lead in the development of the next generation of ADCs [8]. 3. Targeted therapies, with the global oncology drug market exceeding $150 billion, and a significant share expected to come from domestic small molecules by 2030 [8]. 4. Autoimmune diseases, driven by environmental factors and improved insurance coverage, with a focus on kidney disease drugs showing substantial growth [8]. Group 3: Investment Strategy and Methodology - The investment strategy in the pharmaceutical sector is based on three selection criteria: 1. Focus on large market spaces, such as oncology and metabolic diseases, to mitigate R&D risks [10]. 2. Prefer clear competitive landscapes, such as orphan drugs, with minimal competition expected in the next three years [10]. 3. Target products with optimal clinical data, avoiding those that do not meet top-tier standards [10]. Group 4: Insights from Fund Managers - Fund manager Wu Qingyu emphasizes the importance of absolute return thinking, focusing on high-growth sectors while maintaining valuation discipline [11][12]. - Wu's investment approach combines top-down and bottom-up strategies, selecting high-growth industries and then identifying companies with superior growth rates and matching valuations [15]. - The focus on concentrated holdings is driven by strong research conclusions, aiming for higher alpha returns through precise stock selection [17]. Group 5: Future Investment Directions - Wu Qingyu identifies three key sectors for future investment: 1. AI computing power, driven by increased domestic demand for servers and capital investments from companies like ByteDance [19]. 2. Investment opportunities in "AI new hardware" arising from the integration of AI models with downstream hardware [19]. 3. The automotive sector's trend towards smart technology, with certain domestic manufacturers expected to gain market share [19].

Core Viewpoint - The article highlights the successful investment strategies of fund manager Wu Qingyu, who has achieved significant returns through a focus on absolute returns and a GARP (Growth at a Reasonable Price) investment philosophy [1][2][3]. Group 1: Investment Philosophy - Wu Qingyu emphasizes the importance of absolute return thinking, which combines selecting high-quality assets at reasonable prices to achieve long-term gains [2][3]. - The GARP strategy aligns with Wu's investment approach, focusing on balancing valuation and growth to ensure investments are made at low or reasonable valuations [2][3]. Group 2: Market Strategy - Wu adopts a long-term perspective, prioritizing the intrinsic value of companies over short-term market fluctuations, and is willing to endure temporary volatility for potential long-term gains [3][4]. - He identifies structural opportunities in various industries by analyzing supply-demand mismatches, particularly in sectors like AI, manufacturing, and renewable energy [4][7]. Group 3: Stock Selection and Portfolio Management - Wu employs a combination of top-down and bottom-up approaches in stock selection, focusing on high-growth sectors while adhering to GARP principles [4][5]. - He maintains a concentrated portfolio, believing that strong research backing is essential for high-conviction investments, which can lead to superior returns [6]. Group 4: Future Outlook - Wu is optimistic about the equity market, anticipating a bullish trend supported by global liquidity and domestic economic policies [7]. - He is particularly focused on three key sectors: AI computing, new hardware related to AI, and the automotive industry's shift towards smart technologies [7].