Open Source Securities' Wei Jixing: Tech investment shifts from "speculating on concepts" to "counting orders"

Wei Jixing, chief strategist at the Open Source Securities Research Institute, pointed out that the current tech sector correction is mainly a phased rebalancing after extreme crowding in the earlier period, as well as the market's repricing of earnings delivery capability; the long-term industrial logic of domestic substitution has not changed. And with the improvement of the trading structure and the entry of state-owned funds to absorb supply, the room for further market decline is already limited. At the stock-selection level, Wei Jixing emphasized that the certainty of industry trends does not equal the certainty of individual stock value; the core is "having orders, having moats, having delivery": first, whether orders market share; second, whether R&D and product iteration can build moats; third, whether revenue and profit can mutually support valuation. But three types of targets need to be guarded against: concept-hype stocks lacking core technology support, enterprises that rely on policy support but lack real commercialization orders, and companies whose performance has not yet been delivered while valuation has already excessively priced in distant expectations.