Newsletter summary
Zhao Qiyuan, manager of Huabao overseas technology stock fund, believes thatVideopokerpayoutsThe expectation of the Federal Reserve to cut interest rates and the expansion of the AI industrial chain will benefit US technology stocks.VideopokerpayoutsAnd continue to be optimistic about the medium-and long-term performance of technology giants under the wave of AI, emphasizing the concept of value investment and focusing on companies with a deep moat.
Text of news flash
Last year, thanks to the optimization of fundamentals, US technology stocks rebounded significantly. This year, the Fed is expected to start cutting interest rates, which will be good for the U. S. technology sector. At the same time, the upsurge of ChatGPT is promoting the expansion of the AI industrial chain, providing rich investment opportunities for investors. Zhao Qiyuan, fund manager of Warburg overseas Technology stocks (QDII-LOF), said that they will continue to adhere to the concept of value investment and look for companies with a deep moat in order to achieve medium-and long-term excess returns. Zhao Qiyuan has invested in research in institutions such as Morgan Stanley and Heart of Children Asia Capital. Ten years of overseas research and accumulation has given him a global investment vision. Since joining the Warburg Fund in 2019, Zhao Qiyuan has devoted himself to overseas research in the field of science and technology, and hopes to share the dividends of the rapid development of global innovation and technology through forward-looking layout. Zhao Qiyuan's investment concept always takes value investment as the core. In investment research, he gradually established his own research direction, focused on the field of science and technology, and worked hard to integrate the concept of value investment into technology stock investment. He believes that the key to value investment is to buy high-quality companies at a reasonable price, which lays a solid foundation for his investment career. In the investment research framework of overseas technology industry, Zhao Qiyuan stressed the importance of bottom-up and top-down analysis. On the one hand, starting from the fundamentals of the company, he deeply analyzed the key factors such as the development trend of the industry, the competition pattern of the company, the strategic vision of the management and so on. On the other hand, he also believes that the impact of the macro environment on technology stocks can not be ignored, and we need to pay close attention to the Fed's interest rate negotiations, interest rate changes and other factors. In recent years, the impact of the macro environment on science and technology stocks has become more and more significant. Technology stocks are usually volatile, and Zhao Qiyuan chooses to focus on the medium-and long-term value of the enterprise. He stressed that in order to bring medium-and long-term excess returns to investors, it is necessary to return to the nature of earnings, that is, the growth of corporate performance. In the process of investment, we should maintain independent judgment and pay close attention to the fundamentals of the company. If the company's long-term development space is clear, it should be firmly held. Sometimes, it even requires reverse thinking. In addition, as there is no limit on the rise and fall of US stocks, it is prone to large fluctuations, so it is very important to control the position. Reviewing the development trend of US technology stocks, Zhao Qiyuan pointed out that the overall trend of the US technology stock bull market has not changed since 2000. In recent years, the rise of artificial intelligence has attracted more and more attention from the market. Among them, FAAMG, made up of Facebook, Apple, Amazon, Microsoft and Google, is not only a witness to the 10-year bull market in US stocks, but also a promoter and creator. Zhao Qiyuan is full of confidence in the future of US tech giants. He mentioned that Amazon, as the global e-commerce leader and cloud service provider, has ushered in a period of explosive profits in the past two years. Google, as the leader of the global search engine, despite the challenge of OpenAI, its business cooperation with Apple is expected to be the next breakthrough in its artificial intelligence business. Nvidia, as the world's largest semiconductor company by market capitalization, has grown from a graphics acceleration chip designer to a global system-level AI platform hardware supplier after more than 30 years of development. In recent years, Warburg Fund has increased its forward-looking layout in the areas of cutting-edge and disruptive technology. Zhao Qiyuan manages funds that focus on overseas science and technology, with different priorities. Warburg NASDAQ Select Fund selects stocks with good quality, deep moat and industrial development trend in the Nasdaq 100 Index, whose "market science and technology" characteristics are very obvious, while Warburg overseas Technology Stock (QDII-LOF) places more emphasis on subversive innovation investment. Looking ahead, Zhao Qiyuan said that the rapid rise in US inflation from 2021 to 2022 led the Federal Reserve to keep raising interest rates, which suppressed the valuations of US technology stocks. For now, however, the Fed announced the end of the rate-raising cycle in December. In March this year, the Federal Reserve kept the federal funds rate at 5.Videopokerpayouts.25% to 5%VideopokerpayoutsWith no change between .5%, market expectations for the Fed to cut interest rates this year are relatively strong. On the whole, the US market is still a macro year this year, and we need to closely track the changes in the US economic situation and deeply study and track key stocks in order to achieve excess returns. In the long run, Zhao Qiyuan is optimistic about the performance of American technology giants in the AI wave, as well as other small and medium-sized enterprises that have benefited from the AI revolution.