Guided by long-term value investing principles, the portfolio is structured around three core themes—dividend income, computing power and energy demand, and primary-secondary market synergy—to build a diversified blue-chip allocation across banking, energy, and technology sectors.
The founder's secondary market asset allocation centers on long-term value investing as its core philosophy. Rather than chasing short-term market trends, the approach is grounded in deep analysis of macroeconomic trends, structural industry shifts, and valuation safety margins, with a focused allocation across three sectors: banking, energy, and technology.
Each sector allocation is supported by a clear underlying thesis: the banking sector is valued for the certainty of high-dividend income, the energy sector is a bet on the rigid power demand driven by the computing revolution and shifting geopolitical landscape, and the technology sector leverages industry insights accumulated through primary equity investments to achieve primary-secondary market synergy. Together, the three sectors form a balanced portfolio structure combining offense and defense.
Core holdings consist of major state-owned banks and high-quality joint-stock commercial banks. The allocation thesis for the banking sector rests on its dividend attributes as a "bond-like" asset—major state-owned banks consistently maintain 5%–7% dividend yields with stable and predictable distributions, offering exceptional allocation value in a declining interest rate environment.
As systemically important financial institutions, state-owned banks benefit from clear asset quality floors and ample provision coverage ratios, maintaining stable distribution capacity even during economic fluctuations. In a low-interest-rate, low-growth macro environment, high-dividend bank stocks serve as the "certainty yield" anchor of the entire portfolio as core ballast positions.
The allocation focuses on leading traditional energy companies and power infrastructure targets. The energy sector thesis is built on two structural trends:
First, the explosive growth of AI computing power is creating unprecedented electricity demand. Global data center power consumption is projected to more than double in the next five years, with a single large-scale AI training cluster consuming electricity comparable to a mid-sized city. Regardless of how AI technology pathways evolve, the underlying energy supply remains an irreplaceable necessity, making energy companies the "pick-and-shovel" providers of the AI revolution.
Second, persistent global geopolitical instability continues to elevate the strategic value of energy security. In the complex landscape of regional conflicts, supply chain restructuring, and energy transition, leading energy companies with resource endowments and production capacity advantages will see their strategic value and valuation floors repriced upward.
The allocation targets technology companies with meaningful technical moats and long-term growth potential. The technology sector thesis differs from simply "chasing growth stocks"—it is grounded in the founder's deep industry knowledge accumulated through primary equity investments, enabling investment synergy between primary and secondary markets.
Through deep primary market participation in sectors such as data compliance, enterprise SaaS, FinTech, Industrial IoT, digital twins, and AI marketing, the founder possesses first-hand knowledge of the technology maturity, commercialization pathways, and competitive dynamics of these sub-sectors. This informational edge creates a significant cognitive advantage in secondary market stock selection—enabling more accurate assessment of listed technology companies' true technical moats, business model sustainability, and valuation reasonableness.
The core of primary-secondary market synergy lies in this: primary market post-investment tracking, industry exchanges, and technical due diligence provide continuously updated industry insights, while secondary market liquidity offers more flexible allocation and exit windows. The two form a positive feedback loop, mutually enhancing investment judgment.