从“科技大爆炸”到“飞轮正循环”：汇添富基金马磊的投资方法论

Core Viewpoint - The evolution of investment narratives in the technology sector, from "TECH BIG BANG" to "AI big model flywheel," reflects a deepening understanding of the macro and micro dynamics of technological innovation and its implications for investment strategies [1][3][7] Group 1: Investment Narratives - "TECH BIG BANG" was introduced in August 2024, highlighting AI as a major technological revolution driven by breakthroughs in computing power, algorithm evolution, and industry application expansion [3] - The transition to "AI big model flywheel" in 2025 indicates a shift from a focus on computing power and models to a feedback loop involving computing power, models, applications, and data, suggesting a systemic evolution rather than isolated breakthroughs [3][7] - The research perspective evolved from macro-level questions of "why" to micro-level inquiries of "how," expanding the focus from upstream hardware supply to downstream application efficiency and commercialization pathways [3][4] Group 2: Research and Organizational Implementation - A structured research framework is essential for translating investment narratives into actionable insights, with a focus on an AI-centric industry division across four levels: chip, cloud, end, and network [4] - The integration of research and fund management responsibilities is emphasized, creating a closed-loop system of research, trading, and review to enhance information flow and reduce errors [5] - The methodology includes global research and systematic learning, with increased investigations in North America, Japan, South Korea, and Southeast Asia, covering themes like AI servers and semiconductor manufacturing [5] Group 3: Performance and Verification - As of October 10, 2025, the total scale of funds managed by the company is approximately 5.566 billion, with notable performance metrics such as a 119.05% return for one fund, ranking 78 out of 4183 in its category [6] - The company advocates for a standardized approach to performance evaluation, emphasizing the importance of consistent metrics and comparisons to accurately reflect investment effectiveness [6] - The company acknowledges the volatility of the technology sector and stresses the importance of continuous research and organizational stability to navigate uncertainties and maintain long-term performance [7]