东吴基金刘元海：科技行情仍可期 当前或逢布局良机

Core Insights - Liu Yuanhai, the Chief Investment Officer of Dongwu Fund, has demonstrated impressive long-term performance in managing the Dongwu Mobile Internet Mixed Fund, with returns of 93.89%, 241.82%, and 335.16% over the past year, three years, and five years respectively, ranking 1 out of 1488 in its category [2] - Despite recent volatility in the technology sector, Liu remains optimistic about the technology market in 2026, viewing current market fluctuations as an opportunity for long-term investors [2][6] Investment Strategy - Liu's investment approach involves a dynamic strategy characterized by focusing on current market trends, monitoring underappreciated sectors, and preparing for future opportunities, ensuring the portfolio remains active and capable of upward movement [5] - The decision-making process within the Dongwu Fund emphasizes collective intelligence, with regular strategy meetings and discussions among team members to minimize individual biases and enhance investment accuracy [10][11] Market Analysis - Liu identifies the recent volatility in the technology sector as primarily driven by trading behaviors rather than fundamental issues, noting that high concentration in tech holdings among public funds does not necessarily indicate a market peak [6][7] - He conducted a thorough analysis of the "AI bubble" debate, concluding that current indicators do not suggest a typical bubble, as capital expenditure, revenue growth, and valuation levels remain healthy [7] Sector Focus - Liu continues to favor the computing power sector, particularly in light of increasing demand for AI applications, and anticipates a new market cycle driven by advancements in AI technology [8] - The smart automotive sector is also highlighted as a significant investment opportunity, with expectations for rapid growth in intelligent vehicle systems by 2026, despite short-term challenges [9] Team Dynamics - The Dongwu Fund's investment team, consisting of over 20 members, fosters a collaborative environment that encourages knowledge sharing and collective decision-making, contributing to the fund's strong performance [10][11] - The team has seen multiple high-performing equity products, with a significant number of funds ranking in the top 25% of their categories over the past year and two years, attributed to their effective research and investment strategies [11]