财通资管包斅文：着眼“低渗透、高景气” 捕捉科技产业爆发拐点

Group 1 - The core viewpoint emphasizes the rapid development and iteration of the technology industry, highlighting the challenges faced by technology investment fund managers in grasping trends amidst changes [1] - The investment methodology summarized by the fund manager includes a combination of policy analysis and industry validation, focusing on capturing key turning points in industries with low penetration and high prosperity [1][4] - The manager's investment focus is on two main opportunities: domestic computing infrastructure and AI applications, driven by the digital economy wave [1][5] Group 2 - The fund manager's previous experience in insurance asset management has significantly influenced their investment philosophy, emphasizing the balance between absolute and relative returns [2] - The manager identifies three core competencies required for investing in technology growth stocks: pricing ability, maintaining a calm mindset in volatile markets, and solid research skills [2] - The investment approach involves a dual focus on industry trends and structural opportunities while controlling downside risks in the investment portfolio [2] Group 3 - The investment philosophy is rooted in a forward-looking global perspective combined with detailed industry research, emphasizing the importance of continuous tracking of policy directions and market liquidity [3] - The methodology includes a top-down macro view ("look up at the sky") and a bottom-up detailed research approach ("look down at the road"), focusing on investing in good companies at good prices within promising industries [3] Group 4 - The fund manager prefers left-side positioning in investments, focusing on low penetration and high prosperity sectors, particularly those driven by policy support and industry explosions [4] - An example provided is the accelerated penetration of domestic semiconductors from 2019 to 2021, indicating a trend towards increased domestic technology in smartphones [4] Group 5 - The two main investment lines currently emphasized are AI-centric opportunities, including domestic computing infrastructure and AI applications, and sectors following the logic of domestic substitution, such as industrial software and advanced lithography equipment [5] - In the AI application sector, both consumer (toC) and business (toB) areas show clear growth potential, with significant user and revenue growth in multimodal applications and hardware terminals [5] - The domestic market for AI training is experiencing rapid growth, driven by advantages in data and application scenarios, with promising prospects for reasoning-side computing power [5]