汇添富基金马磊：从“科技大爆炸”到“飞轮正循环”

Core Viewpoint - The article emphasizes that the global market is entering a "TECH BIG BANG" era, with technology becoming the strongest trend in the A-share market, as predicted by Ma Lei from Huatai PineBridge Fund. Despite the volatility in tech stock investments, the AI industry has gained consensus and initiated a new tech market rally since mid-July 2024 [1][2]. Fund Performance - In the past year, three out of four funds managed by Ma Lei have doubled their returns, significantly outperforming their benchmarks [2]. - The performance of the funds is as follows: - Huatai PineBridge Beijing Stock Exchange Innovation Selected Two-Year Open A: 216.48% vs. 70.59% - Huatai PineBridge Autonomous Core Technology One-Year Holding Mixed A: 153.02% vs. 69.27% - Huatai PineBridge CSI Chip Industry Index Enhanced Initiation A: 131.87% vs. 127.24% - Huatai PineBridge Digital Future Mixed A: 91.29% vs. 70.59% [3]. Research Team and Strategy - The success of Ma Lei in AI investments is attributed to a well-structured research team at Huatai PineBridge Fund, which emphasizes global perspectives and in-depth industry research. The team conducts annual overseas research trips, particularly in Silicon Valley, to engage with leading tech companies [4][5]. - The research team has expanded significantly, doubling in size over the past three years, and is now one of the largest tech research teams in the industry. This team includes both seasoned veterans and emerging talents, creating a stable talent pipeline [5][6]. AI Industry Insights - The AI industry has entered a "flywheel" effect, where increased computational power leads to better models, which in turn opens up more applications and generates high-quality data, creating a positive feedback loop [12]. - The emergence of the "Strawberry" model has accelerated AI innovation, contrary to initial fears of "computational deflation." This model has significantly improved the performance of large language models [11][10]. Investment Philosophy - The investment strategy focuses on identifying "true growth companies" within the tech sector, emphasizing the importance of understanding the competitive landscape and the underlying conditions driving technological advancements [15][16]. - The company adopts a diversified investment approach, selecting 2 to 3 core themes and 5 to 7 stocks within each theme to maintain a balance between risk and return [20][19]. Future Outlook - For the second half of the year, the company is optimistic about three key areas: 1. Global AI technological innovation, with a focus on the rapid development of large models and multi-modal applications [21][22]. 2. Self-sufficiency in hard technology, particularly in semiconductor manufacturing and chip production, which is becoming increasingly important amid complex international political dynamics [23]. 3. Hong Kong stock market technology, which includes leading companies in various tech sectors that are well-positioned for growth [23].