Core Viewpoint - The company, Zhiyu Zhishan Investment, adopts a unique investment philosophy of "investing in excellent companies at reasonable prices" and utilizes its proprietary AI investment system for global asset allocation [1] Group 1: Company Overview - Zhiyu Zhishan Investment has been active in the capital market since its establishment in 2016, successfully entering multiple whitelist programs for brokers, trusts, and listed companies, and joining the China Internet Association's AI Working Committee in 2023 [2] - The founder, He Li, emphasizes that the core identity of the company is the deep integration of AI technology into investment research practices, positioning the firm as a "global value investment practitioner" [2] Group 2: AI Investment System - The company's AI system, named "AI Cybertron," integrates four key components: research, trading, risk control, and backtesting, and is continuously evolving [2] - Recent advancements include incorporating subjective investment frameworks into the AI backtesting system, allowing for traceability of every transaction and research conclusion, addressing the issue of "forgetting errors" in subjective investing [2] - The system also employs a quantitative trading approach within the subjective investment track, ensuring that investment decisions are based on rational team consensus and AI insights rather than individual biases [2] Group 3: Investment Strategy - The company follows a bottom-up approach to portfolio construction, validated by a top-down perspective, with a focus on five core sectors: technology innovation, consumption, pharmaceuticals, manufacturing, and cyclical industries [3] - The investment team promotes a flat collaboration model and encourages cross-research and repeated coverage to ensure depth and diversity in research [3] - The team selects companies that exhibit strong competitiveness, high growth potential, significant value creation, and reasonable pricing [3] Group 4: Market Response and Adaptation - In response to market fluctuations, the company has adopted a strategy of "left hand AI, right hand new consumption," while also investing in lithium mines, innovative pharmaceuticals, and non-bank financial sectors [4] - The investment decisions are based on the principle of safety margin in value investing, where companies with similar qualities are allocated higher levels of investment based on greater safety margins [4] - The company has integrated options tail strategies into its private equity products to better manage short-term market volatility and leverage the "fat tail effect" from significant market fluctuations [4] Group 5: Internal Mechanism and Future Plans - He Li reflects on missed opportunities, such as a leading gold consumption stock in the Hong Kong market, attributing it to teamwork gaps and complacency, and plans to optimize the internal investment research mechanism [5] - In a competitive private equity landscape, the company remains committed to its philosophy of investing in excellent companies at reasonable prices, leveraging its AI system to uncover global investment opportunities while managing tail risks with options strategies [5] - The company aims to deliver a balanced portfolio with "anti-fragile" capabilities, which is seen as a differentiating customer experience and a unique advantage for a non-headquartered subjective investment firm [5]

Core Viewpoint - The company emphasizes the importance of long-term adaptability and global investment strategies in the face of significant market changes, leveraging technology and expanding into international markets [1][2]. Group 1: Investment Strategy - The company has restructured its investment system using artificial intelligence technology, named "AI Cybertron," and has expanded its investment scope to include markets in South Korea, India, and Singapore [1]. - The investment portfolio currently includes high-quality companies from A-shares, Hong Kong stocks, U.S. stocks, and other international markets, reflecting a global investment approach [2]. - The core research team consists of seven members, with five being overseas returnees, enhancing the team's global research capabilities [2]. Group 2: Focus Areas - The company is particularly optimistic about the technology sector, especially artificial intelligence, and plans to build a global investment portfolio centered around AI [4]. - Investment in the technology sector is categorized into scientific technology and business innovation, with a focus on areas such as AI computing, autonomous driving, and quantum computing [4]. - In business innovation, the company is looking at investment opportunities in SaaS, fintech, and platform economy sectors driven by AI technology [5]. Group 3: Investment Philosophy - The company adheres to value investing principles but recognizes the need for flexibility in adjusting positions based on market sentiment and using derivative tools to enhance portfolio stability [3]. - The selection criteria for investment targets include strong competitiveness, high growth potential, and significant value creation [3]. - The company aims to create absolute returns for investors by exploring derivative tools to improve position adjustment flexibility and enhance portfolio resilience [3].