Harmony HuiYi Lin Peng: Value Investment, Reasonable Valuation to Enhance Investment "Survival Rate"

China Securities Network News (Reporter Xu Jinzhong) On the evening of August 5, Lin Peng, chairman and general manager of Harmony Huiyi, shared his latest views on the current market at the medium-term investment strategy meeting. Lin Peng said that the investment of Harmony Huiyi will continue the true color of value investment and reasonable valuation, so that investment can go longer and improve the "survival rate" for investment.

Lin Peng pointed out that the macroeconomic performance since the beginning of this year is very interesting, The Chinese economy and the overseas economy have not been synchronized, China's economy has begun to recover significantly since the second half of last year under the good epidemic response, and the overseas economy has only begun to have a relatively obvious recovery this year. Under the continuous disturbance of the epidemic, in terms of monetary policy, the world is more consistent in relatively loose monetary policy.

Back to the capital market, Lin Peng pointed out that on the whole, the funds in the market are very abundant, so that the market funds are worried about those damaged sectors such as the epidemic and policies, and rush to those industries encouraged by policies, thus causing a very huge difference in the stock price structure in the market. In the face of such a market, as a veteran of value investment, how does Lin Peng lay out his investment? Lin Peng said that although the current valuation "seems to be a very old-fashioned and outdated investment concept", value investment and reasonable valuation are a great improvement in the "survival rate" of investment. Lin Peng pointed out that in the long run, the low-value investment style may not have a clear advantage in terms of yield, "but I believe that for a portfolio, for a fund manager, the survival rate of this style is higher than that of high PE style."

Lin Peng said that investment is changing, but the basic values and concepts of Harmony Huiyi are solid and consistent. Lin Peng said that investment needs to focus on excellent companies, such companies have "four characteristics": to conform to the direction of social development; to have reasonable business logic; to be virtuous, to do their best to create value for all parties; in the current emotional environment, excellent enterprises should also be cautious actors. After finding excellent companies, Lin Peng believes that it is necessary to insist on buying at a reasonable price and insisting on maximizing long-term value.