Core Insights - The article emphasizes the importance of "global industrial chain restructuring" and "Chinese enterprises going abroad" as key investment themes, which are based on deep industry observation and long-term certainty rather than mere market trends [1][3] Investment Philosophy - The investment methodology of the fund manager, Fan Jialiang, focuses on identifying structural industry trends and selectively investing in companies with differentiated competitive advantages [1][3] - Fan's approach to overseas expansion of Chinese enterprises is characterized as "cluster-style going abroad," where core enterprises lead upstream and downstream collaboration for overseas capacity layout, creating stronger competitive barriers [4] Market Challenges and Opportunities - Researching overseas enterprises presents inherent challenges such as difficulty in information acquisition and complexity in cross-border operations, but these challenges create value opportunities for in-depth research [2][4] - Many high-quality companies' valuations do not fully reflect their long-term growth potential in overseas markets, presenting opportunities for professional investors [2] Currency and Economic Perspectives - Fan offers a different perspective on concerns regarding the RMB exchange rate, suggesting that reliance on low-cost subsidies is unsustainable, and potential currency changes may drive Chinese enterprises to upgrade their industries towards product differentiation and brand recognition [2][5] Fund Allocation and Strategy - The investment strategy is reflected in the management of the Southern Zhiyuan Mixed Fund, which has a 26.03% allocation in Hong Kong Stock Connect as of the end of Q4 2025, focusing on sectors that benefit from global supply chain restructuring and emerging market consumption upgrades [5] - The top ten holdings of the fund are centered around "upstream resources" and "overseas consumption/manufacturing," showcasing a concentrated investment style aligned with identified trends [5] Long-term Vision - Fan represents a type of fund manager who prioritizes understanding long-term industry changes over short-term market fluctuations, aiming to identify potential winners that can transition from "Made in China" to "Global Brands" over the next five to ten years [3][5]

Core Insights - The article emphasizes the ability of fund managers to distinguish between noise and signals in a market flooded with information, showcasing the investment approach of Fan Jialing from Southern Fund, which focuses on long-term industrial trends [1] Group 1: Investment Framework - Fan Jialing's investment methodology is centered on identifying sustainable "era trends" driven by global political and economic changes, rather than chasing short-term market fluctuations [1] - The investment strategy is reflected in the quarterly reports of the Southern Zhiyue Mixed Fund and Southern Development Opportunity One-Year Holding Mixed Fund, demonstrating a coherent application of this approach [1] Group 2: Globalization of Chinese Industries - The current investment focus is on the "global restructuring of industrial chains," particularly the globalization of Chinese advantageous industries, which is characterized by a shift from traditional commodity exports to a "full industrial chain and cluster" approach [2] - This transition is seen as a necessary evolution for Chinese enterprises, moving from "cost output" to "system output," with emerging markets presenting significant opportunities due to the acceleration of a multipolar global landscape [2] Group 3: Research and Risk Management - Fan Jialing acknowledges the high research barriers associated with overseas investments, viewing the difficulty of information acquisition as an opportunity for professional investors to uncover value [3] - The investment strategy involves selecting companies with "product differentiation" capabilities rather than merely cost leaders, while also diversifying across regions and industries to manage uncertainty [3] Group 4: Portfolio Representation - The investment philosophy is clearly reflected in the management of the Southern Zhiyue Mixed Fund, which has a significant allocation to Hong Kong stocks, focusing on sectors directly benefiting from globalization and supply chain restructuring [4] - The Southern Development Opportunity One-Year Holding Mixed Fund similarly emphasizes holdings in companies like Zijin Mining, Yun Aluminum, and Pop Mart, illustrating a consistent core investment theme across different products [4] Group 5: Long-term Vision - Fan Jialing exemplifies a "blueprint-type" fund manager, creating a map of era trends based on in-depth industrial research and making precise investments within that framework [5] - The ongoing focus is on identifying which industrial trends will be certain and irreversible over the next five to ten years, and which companies are likely to emerge as the biggest winners [5]