嘉实基金：汇聚长钱活水精准赋能自主可控产业突围

Group 1: Core Views - The importance of self-controllable core technologies is emphasized, as seen in major national projects like the C919 aircraft and Beidou satellites, which are crucial for industrial security and national strategy [1] - Public funds play a significant role in guiding investments towards strategic industries, thus supporting technological independence and innovation [1] Group 2: Semiconductor Industry - The semiconductor industry is identified as a foundational pillar for digital economy development, national defense, and industrial upgrades, with a focus on creating a self-sufficient ecosystem from design to manufacturing [2] - The Chinese semiconductor sector has accelerated since the establishment of the National Integrated Circuit Industry Investment Fund in 2014, driven by external challenges and the launch of the Sci-Tech Innovation Board [2][3] - As of 2024, the allocation of electronic industry investments by the company reached 5.75%, marking it as the highest sector allocation within the Shenwan industry classification [3] Group 3: Investment Products and Performance - The company has launched several ETFs focused on the semiconductor industry, including the Sci-Tech Chip ETF, which has grown to over 31.8 billion yuan, making it the largest ETF in this category [4] - The Sci-Tech Chip ETF has achieved a remarkable annual growth rate of 101.83% in the past year, reflecting strong market performance [5] - Active funds have also shown impressive results, with the company's green theme fund achieving a net value increase of over 93.18% in the past year [5] Group 4: High-End Equipment and Rare Earths - High-end equipment is highlighted as a critical measure of a country's industrial and defense capabilities, with a focus on domestic substitution and innovation in key sectors [6][8] - The company has established a Rare Earth ETF to capitalize on the long-term growth potential of the rare earth industry, which has seen a near one-year increase of 104.13% [7][11] Group 5: Future Outlook - The Chinese chip industry is expected to enter a golden development period, driven by favorable policies, market advantages, and continuous financial support [6] - The company aims to leverage its deep research capabilities to guide investments in strategic industries, particularly in semiconductors and high-end equipment, to capture significant investment opportunities [9]