央企投资新范式：主题指数基金如何抢占万亿赛道？

Core Insights - The strategic value of state-owned enterprises (SOEs) is being redefined amid a sluggish global economic recovery and deep domestic economic adjustments, with multiple factors driving SOE investments from traditional valuation logic to a new paradigm [1] - Public funds are rapidly capturing this trend, with the total scale of SOE-related funds exceeding 300 billion yuan in 2023, reflecting a shift in investment logic and strategic positioning [1] - Bosera Fund is leveraging a diversified product system and AI technology to create a differentiated advantage in the SOE value reassessment era [1] Group 1: Policy and Market Dynamics - The dual forces of policy catalysis and industrial upgrading are reshaping the valuation system of SOEs, with the State-owned Assets Supervision and Administration Commission (SASAC) emphasizing market value management [2] - In 2024, SOE assets are projected to exceed 90 trillion yuan, with strategic emerging industry investments reaching 2.7 trillion yuan, marking a 21.8% year-on-year increase [2] - New indices like the CSI SOE Innovation-Driven Index and the CSI National New SOE Modern Energy Index have emerged to cover core assets in technology innovation and green transformation [2][3] Group 2: Product Diversification and Performance - Bosera Fund's SOE Innovation-Driven ETF and Modern Energy ETF have become important tools for investors, offering low thresholds and high liquidity to capture industrial upgrade dividends [4] - The SOE Innovation-Driven ETF has shown impressive performance, with net value growth rates of 2.8%, 40.88%, and 65.29% over the past year, three years, and five years, respectively, all exceeding benchmark returns [5] - The Modern Energy ETF, launched in July 2023, has a clear investment strategy focused on energy and public utility sectors, achieving a net value growth rate of 15.92% since inception [5] Group 3: Investment Philosophy and Technological Integration - Bosera Fund's investment philosophy prioritizes strategic over financial accounting, recognizing the potential for value reassessment in traditional resource factors and the importance of nurturing strategic emerging industries [6] - The firm has initiated AI technology exploration since 2018, establishing an AI laboratory in 2023 to enhance its investment research capabilities across various business functions [7] - The AI-driven investment research engine has achieved significant results, including smart factor allocation and deep learning factor mining, contributing to differentiated alpha generation [7] Group 4: Future Outlook and Commitment - The essence of SOE value reassessment is the capital market's revaluation of the transformation and upgrading of the real economy, with Bosera Fund committed to providing diversified products for investors to share in reform dividends [8] - The firm aims to write a new paradigm for SOE value investment through digital transformation and a long-termism approach, contributing to the high-quality development of SOEs [8]