1.中国孕育着巨大的机会/ China Offers Huge Opportunities
中国科技创新能力持续提升，战略高技术不断突破，基础研究国际影响力大幅增强。
China's technological innovation capabilities continue to improve, strategic high-tech breakthroughs continue, and the international influence of basic research has greatly increased

2.新消费与消费升级/ New Consumption and Consumption Evolution
改革开放以来，中国出现了三次消费升级，推动了经济高速发展，消费结构带动了产业升级。产业升级的不同阶段产生了各自优秀的企业，紧随时代发展脉搏去寻找和投资新的优秀企业。比如，传统 零售业与互联网、移动支付等信息技术紧密结合，催生了大量优秀企业，使零售与最终消费者完美衔接，增加了消费者福利，带来了新消费。
Since the reform and open-door policy, there have been three phases of consumption evolution in China, which has brought rapid economic development, and the consumption structure has driven industrial transformation. The different stages of industrial transformation have produced respective outstanding companies, and they are constantly looking for and investing in new great enterprises. For example, the traditional retail industry is closely integrated with the Internet, mobile payment and other information technologies, which has spawned a large number of extraordinary enterprises, perfectly connected the retail business with end consumers, increased consumer welfare, and brought out new consumption.

3.基于对世界经济格局变化和国际、国内利益分配格局调整的理解，结合各行业发展阶段、景气度及主要经营模式的变化，寻找在既往行业格局变迁中经历了必要考验和目前处于有利位置，并根据过往业绩形成了有远见和可执行战略、卓越运营，并且目前经营态势较好、竞争格局有力、发展布局合理的企业作为我们的投资标的。
Based on the understanding of the changes in the world economic structure and the adjustment of international and domestic benefit distribution patterns, combined with changes in the development stages, prosperity and main business models of various industries, our investment targets is a search for companies that have undergone necessary tests and are currently in a favorable position and have formed a visionary and executable strategy inspired from past performance, with excellent operation, and are currently operating in a good condition, coupled with strong competitiveness, and a sustainable development planning.

4.这些投资标的往往顺应了行业竞争格局变迁和市场环境的深刻变化，能够较好的平衡产品组合的综合盈利能力和营收增长之间的关系，在追求快速发展的过程中又保持了较好的资产综合利用效率， 维持了较好的增长和财务安全之间的辩证关系。
These investment targets often conform to changes in the industry's competitive landscape and profound changes in the market environment, and can better balance the relationship between the comprehensive profitability of the product portfolio and revenue growth, in the process of pursuing rapid development, it has kept a better comprehensive utilization efficiency of assets while maintaining a dialectical relationship between better growth and financial security.

5.基金拟通过对这些投资标的过往的盈利能力、资产利用效率及财务能力等各方面进行反应其商业实质的深入分析，研究投资标的的商业模式、财务能力，找到那些财务质量高、成长确定性强、有清晰增长路径、谨慎财务模型且估值合理的企业作为投资目标。
The fund intends to conduct an in-depth analysis of past profitability, asset utilization efficiency, and financial capabilities of these companies to reflect their business essence, study the business model and financial capabilities, to find those with high financial quality and growth certainty with strong, clear growth paths, prudent financial models yet with reasonable valuations.

6.对行业和企业的研究是研究工作的出发点和重点，但也会根据市场行情采用一定的技术分析来验证我们与市场的看法是否一致。
Research on industries and companies is the starting point and focus of our research, but we will also adopt certain technical analysis based on market conditions to verify whether our views with the market are consistent.