Tan Donghan believes that the core of investment is the understanding of business model, valuation, competition pattern and future industry trend. The analysis framework is a combination of top-down meso industry analysis and bottom-up company micro analysis. Through the top-down analysis of the trend and structure of long-term economic endogenous growth, as well as the guidance and regulation of medium and short-term policies, it establishes the position and general structure of the portfolio, and grasps the main line of Industrial Development; and then from bottom to top, it focuses on the advantageous enterprises with long-term competitiveness for in-depth research System tracking and heavy position holding. Investment in growth stocks must have a long-term vision. As long as the growth path of the company is in line with the expectations at that time, there is no band in the middle, and patience is a more appropriate strategy. Tan Donghan said.
For the current market and future market investment opportunities, Tan Donghan said that the recent market style swing, but does not have the conditions for style switching. The basis of this bull market is that under the background of the epidemic, global liquidity is abundant and the economy is in recession. Therefore, the market has selected industries and companies with long-term stable growth and little impact by the epidemic. The main lines of this bull market are medicine, consumption, science and technology, namely the so-called long-term assets. Looking forward to the future, the impact of the epidemic will continue, and the situation of liquidity and economic environment will continue. Therefore, the high probability market will return to the main line selected before, namely, medicine, consumption, technology and other industries. From the perspective of industrial trends, Tan Donghan said that the core driving logic of the three industries is the same. They are consumption upgrading on the demand side and industrial upgrading on the supply side. They are all large industries in line with Chinas current economic transformation and upgrading direction.
It is worth noting that since its establishment 15 years ago, ICBC Credit Suisse has formed the investment research characteristics of industry fund as the link, promoting the deep integration of investment and research based on the perfect investment and research system and years of practice. Each research team has rich experience, and senior researchers are the group leaders to conduct research guidance and ensure that Investment and research are deeply integrated. According to galaxy securities data, the 15 industry theme funds under ICBC Credit Suisse achieved more than 50% revenue in the first three quarters of this year, covering Pharmaceutical, consumer, technology and other industries, and the performance of 13 industry themed bull based funds has doubled in recent two years. ICBC healthy life hybrid is expected to fully integrate the strong investment and research advantages of ICBC Credit Suisse on the gold core track, so as to help investors better and more comprehensively grasp the market investment opportunities.
Source: editor in charge of mass news: Chen Tiqiang_ NB6485