Core Insights - The article highlights the investment strategy of Deng Xinyi, a fund manager at Nuoan Fund, who emphasizes the importance of early identification of investment opportunities in the technology sector, particularly in artificial intelligence (AI) [1][6]. Investment Experience - Deng Xinyi has a background in self-operated investment at a foreign trade trust company, focusing on new energy, new materials, and environmental protection, witnessing the rapid development of China's new energy vehicle industry [2]. - The transition from new energy to technology investments has been marked by a systematic understanding of the changes from internet to mobile internet, recognizing the empowerment brought by technological advancements [2]. Investment Strategy - The core investment strategy revolves around technology growth, with a focus on identifying high-growth investment targets across different industries [3][4]. - The strategy incorporates macroeconomic data tracking, industry policy analysis, and micro-level research on individual stocks to identify competitive advantages and market share [3]. Identifying Opportunities - A unique approach to identifying forward-looking investment opportunities involves reading academic papers, which can reveal technological applications and market readiness before they are fully priced in by the market [5]. - The AI sector is viewed as a significant driver of the current technology wave, comparable to the mobile internet era, with ample investment opportunities and time for strategic positioning [6]. Company Characteristics - Companies that leverage AI capabilities to transform productivity across various sectors are prioritized, especially those with strong customer data and ecosystem barriers [7]. - The distinction between "shovel-type" companies (providing tools) and application-based companies is crucial for investment focus [7]. Stock Selection - Stock selection is based on technological foundations and the ability to match industry changes, alongside valuation assessments to identify stocks with significant return potential [8]. - Continuous industry research and tracking of high-frequency data are essential for evaluating investment opportunities and risks dynamically [8]. Market Dynamics - The article discusses the challenges faced in 2023, including market pullbacks in the AI sector, prompting a reassessment of the industry's genuine demand and the manager's investment capabilities [10][11]. - The importance of distinguishing between fluctuations caused by technological changes versus pricing changes is emphasized, as this can guide strategic adjustments in investment positions [11]. Fund Management - Active equity funds are positioned as tools for investors to engage in industry investments, with advantages in timely capturing investment opportunities and flexibility in portfolio adjustments compared to passive ETFs [12].
诺安基金邓心怡： 做科技投资 前瞻才能获取超额收益
Zhong Guo Zheng Quan Bao·2025-11-16 20:13