基金投资策略系列之三：科技成长产业变革趋势下基金产品投资策略评价与优选-西南证券

Group 1 - The core viewpoint is that the rapid development of artificial intelligence (AI) is reshaping the investment logic in the technology sector, transitioning from a narrative of "value stocks" to "growth stocks" [1][25][26] - The investment strategy in the technology sector is evolving, emphasizing a combination of top-down and bottom-up approaches to capture fundamental changes and opportunities within the industry [1][28] - The proportion of holdings in "hard technology" within public funds has increased significantly, with the share of Sci-Tech Innovation Board stocks rising from 10.31% in H1 2021 to 41.78% in H2 2023, indicating a shift in investment focus [1][29] Group 2 - Active technology funds have shown superior long-term performance compared to passive funds, with an annualized return of 8.98% from January 2014 to April 2025, significantly outperforming passive technology indices [2][10] - A timing strategy based on the CSI TMT Index has been developed, utilizing five effective indicators, achieving a total success rate of 52.36% and an excess annualized return of 11.39% [2][10] - The differentiation in technology sub-sectors is increasing, with a higher degree of industry dispersion, which poses greater challenges for fund managers who previously relied on concentrated positions in single sectors for returns [1][39][42] Group 3 - The investment strategies of active technology funds are categorized into five types, each suited to different market phases, including Beta-type funds focusing on high positions, Alpha-type funds selecting high-growth stocks, and flexible rotation funds [3][11] - The market sentiment, as reflected by financing balances, indicates a shift towards left-side layout trends, with a significant increase in financing balances for AI indices, suggesting a growing bullish sentiment [1][35][33] - The performance of technology stocks is increasingly driven by their ability to convert R&D investments into cash flow and technological barriers, marking a transition from speculative narratives to application-driven evaluations [1][27][26]