具體至投資層面，“三日”可當做“十年”看待，十年河東十年河西，2007年之前的中國經濟擴張，無可諱言是以信貸推動以污染環境為代價的盲目擴張，但現在去產能去槓桿大幅提高環保標準，高端製造業崛起（當然距離製造強國尚遠），經濟增長由科技創新和消費升級兩頭馬車帶動。今時不同往日，如果還用舊眼光看今日中國經濟就是投資者的損失。
自己今年收穫最豐的四隻股票是騰訊(0700)、舜宇(2382)、吉利(0175)和融創(1918)，也扣緊了科技創新和消費升級的主題。雖然股價今年至今升幅巨大，目前評估仍然有不俗增長空間。
Tactical long vs. structural long
The listed corporates: moving up the learning curve, private or SOEs
The well-known fact about China’s growth is the power of credit. The less well-known fact is the power of knowledge and learning. All three major participants in the economy – namely, the enterprises, the government and the households – had moved up the learning curve in the decade since GFC. A broader recognition of this second fact would make Chinese equities a structural long rather than a tactical long, in our view. Our last comparative study of the top two DM and EM equity pools showed that relative to underlying revenue growth, the China-listed non-financial corporates have invested most in R&D and capex vs its three peers since the GFC. Such spending is broad based by sector. Even the SOEs spent heavily on R&D and capex, although their returns have lagged that of the private sector’s listed enterprises. In this note, we detail the top 50 R&D spenders, capex spenders and combined spenders (Fig. 2-Fig. 4) among China’s listed non-financial companies.
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