We focus on the industry and the companys prosperity, but we also focus on the companys valuation. The medium and long-term logic of many value-based core assets is stable and clear. After falling, their valuation is also in a very attractive position. We are optimistic about the core assets of the optional consumer industry represented by the leading home appliance companies. The competitive advantages and barriers of the leading home appliance companies are very significant, and the valuation is very attractive for the overseas comparable enterprises. The completion improvement is just a catalyst. We pay more attention to the revaluation brought by the internationalization of valuation. In addition, we are also optimistic about the core assets of the large financial industry and the growth space of some high-quality companies in the consumer manufacturing industry.
We believe that core assets are not so-called gusts of wind, but the main line of A-share long-term investment. The core assets are not only limited to food and beverage and pharmaceutical biology, but also include high-quality enterprises in various industries. There will also be a systematic revaluation of Chinas core assets against overseas leading companies. From the stability ranking of the companys growth process, we expect that the revaluation of core assets will start from the necessary consumption, then to the optional consumption, financial industry, manufacturing industry, and finally to the price cycle industry. At present, we focus on value-based core assets in optional consumption, big finance and consumer manufacturing industries. (Tian Junwei, fund manager of Tianhong culture emerging industry and other funds)