Reborn in 2012, building a new energy empire

Chapter 146 Making a Move on the ChiNext Board

In early March, the air was still chilly, but inside the glass curtain wall of the Shanghai Pudong Jiutian Investment office, a scene of efficient operation was already in full swing.

The second phase of the fund has been registered, with 1.5 billion yuan in funds in place, quietly lying dormant, ready to be launched.

Inside the lobby, the newly expanded investment research team injected fresh energy and a slight restlessness into the spacious office area.

On either side of the long table in the conference room, ten faces were focused. Among them were three core members who were already familiar with the business: Zhao Lei, Lin Wei, and Sun Zheng, as well as seven new analysts who joined after the Spring Festival through a rigorous selection process.

They were initially divided into three groups, which together formed the research team of Jiutian Investment after its further expansion.

Jiang Haoran sat in the main seat, his gaze calmly sweeping over everyone. His invisible aura quickly silenced the conference room.

He skipped the pleasantries and got straight to the point. On the screen behind him, a concise market overview was clearly displayed.

"The second phase of the fund is ready." His voice was not loud, but every word was clear. "In the current market, after the rebound at the beginning of the year, the main board has fallen into a stalemate and fluctuation. The mainstream view still revolves around the logic of the recovery of undervalued blue chips and the cyclical recovery."

The laser pointer's red dot moved to another chart next to it, a relatively flat curve with sparse trading volume. "And here, the ChiNext market is still hovering in historically low areas, attracting little attention and almost forgotten by the market."

He paused for a moment, allowing the contrast to resonate, then looked at all the analysts and presented them with the core task: "You have three days. Each team, submit an in-depth analysis report."

He deliberately slowed his speech, "The core question to answer is: In the next two to three years, against the backdrop of China's economic restructuring and technological progress, which industry trends will have the greatest explosive potential?"

Which seemingly marginal or under-recognized niche sectors might harbor significant investment opportunities that transcend current market consensus?

His gaze sharpened: "What I want is not a repetition of past financial reports, nor the pursuit of current hot topics. Forget about the current PE (price-to-earnings ratio) and PB (price-to-book ratio). I want you to cut through the fog and draw a map of possibilities for the future."

This well-structured, broad-minded, and highly open-ended task invigorated the ten analysts present, instantly igniting their innate desire for challenge as researchers.

However, what follows is immense pressure, which goes far beyond ordinary industry tracking or company reviews. It requires them to have forward-looking industry insights and the ability to build entirely new investment logic frameworks.

Time flew by amidst efficient teamwork and intense internal discussions.

The report was delivered to Jiang Haoran's desk as scheduled.

The report, led by Zhao Lei, is solid and substantial, focusing on "upgrading of high-end manufacturing" and "in-depth development of the new energy industry chain".

This report is logically rigorous and data-rich, but its overall approach is still deeply rooted in the industrial upgrading logic that has been partially recognized by the market in the past. It is more like a meticulous cultivation of known trends.

Lin Wei's team, on the other hand, demonstrated a more acute understanding of consumer trends.

Their report clearly points out the "revolutionary reshaping of traditional consumer behavior by the popularization of smart terminals" and mentions the "initial signs of explosive growth in mobile Internet applications," offering a novel perspective.

However, the report has not yet been able to elevate this observation into a systematic and actionable investment framework; it is more of a collection of scattered highlights.

Sun Zheng's team, drawing on their expertise in macroeconomics and commodities, calmly pointed out the potential long-term investment value hidden by pessimism in some commodities sectors that have undergone deep adjustments amid expectations of slowing economic growth. This provided another dimension for considering risks and opportunities.

The three reports, each offering a different perspective, are like three pieces of a jigsaw puzzle, each gleaming with professional brilliance, yet they have not yet pieced together the complete vision of the future in Jiang Haoran's mind.

He knew that the next phase of guidance and integration would be crucial.

Jiang Haoran closed the report, thought deeply, and then convened a team meeting.

Instead of directly refuting any of the reports, he extracted certain clues from the three reports and, combined them with the crystal-clear vision of the future in his mind, asked guiding questions and made connections.

"Zhao Lei mentioned technological advancements, Lin Wei focused on consumer electronics and changes in user habits, and Sun Zheng saw resources and efficiency. Very good, they all touched on the edge." Jiang Haoran drew a large circle on the whiteboard.

"Now, let's connect these points. What is a key, ongoing, and fundamental variable that will profoundly change numerous industries?"

He paused, then answered his own question: "It's the full-blown explosion of mobile internet. This isn't a prediction; it's an accelerating reality."

He pulled up the prepared data: "Smartphone shipments reached hundreds of millions of units last year, with a steep penetration rate curve; 3G networks are mature, and the expectation of 4G licenses being issued this year is very strong; data traffic costs are rapidly declining—what does all this mean?"

He looked at Lin Wei: "This means that the reshaping of consumer behavior mentioned in Lin Wei's report will not be a slow, gradual change, but a revolutionary upheaval. Information access, social interaction, entertainment, shopping—countless scenarios will shift from PCs..."

The shift from offline markets to the tiny screens of mobile phones is irreversible.

Then, he turned his gaze to Zhao Lei: "And the main entities that carry these new applications, new content, and new services are mostly new economy companies that are asset-light, highly creative, and rapidly iterating."

"They may not fit into traditional manufacturing valuation models, but they represent the fastest-growing demand."

"Where will they be concentrated? The main board is more for mature industries, while the ChiNext board, which is positioned to serve growth-oriented and innovative enterprises, is becoming and will become the core pool for these new economy companies."

Finally, he concluded, "Therefore, a crucial strategic direction for our second-phase fund is to proactively and systematically invest in core assets of the new economy on the ChiNext board that will be revalued due to the mobile internet boom."

"Especially in the areas that are closest to money, have the most direct monetization models, and have the fastest user growth: media (especially film and television, games) and internet services."

This coherent deduction linked the scattered highlights in the three analysts' reports into a clear and dazzling logical chain, enlightening them and making them secretly admire the boss's macro and precise vision.

"Based on this strategic direction," Jiang Haoran assigned specific tasks, "Zhao Lei, you will take the lead, with Lin Wei assisting, and immediately conduct a thorough screening of all media (film and television, games, publishing, marketing) and computer (software development, internet services) related companies on the Growth Enterprise Market and the Small and Medium Enterprise Market."

"Don't just look at historical financial reports; focus on: 1. Whether it possesses competitive content IP or the potential to create a blockbuster product; 2. Team background and R&D capabilities; 3. The degree of integration of its business model with the mobile internet and its monetization potential; 4.

Is there a possibility of platformization or ecosystem development?

"Sun Zheng, temporarily step away from the commodity perspective and help us focus on changes in the overall market liquidity environment and risk appetite, providing a reference for our timing and position control," Jiang Haoran said.

"What I need is not just a list of stocks, but a portfolio construction plan based on industry value chain analysis."

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