施罗德基金谢恒：均衡配置下的价值成长

Core Viewpoint - The forum titled "Return of Active Equity" highlighted discussions on how active equity can generate excess returns, featuring insights from prominent fund managers in the industry [1]. Group 1: Active Equity Insights - The forum included a roundtable discussion with fund managers from Morgan Asset Management, Allianz Fund, and Schroders, focusing on investment strategies such as "old vs. new economy," "growth vs. value," and "technology vs. quality" [1]. - Fund manager Xie Heng emphasized a balanced approach to investment, avoiding concentration in specific sectors while recognizing opportunities in domestic and overseas computing power [1][3]. Group 2: Investment Strategies - Xie Heng noted that the active equity products managed by the company are benchmarked against a composite of the CSI 800 Index (80%), the Hang Seng Index (10% adjusted for RMB), and a one-year fixed deposit rate (10%) [3][7]. - The company maintains strict risk control mechanisms to prevent fund managers from overly concentrating investments in a few sectors, adhering to a long-standing investment principle [3]. Group 3: Technology and Market Trends - The company has identified significant opportunities in the AI sector, particularly in the supply chains of technology giants and upstream metal sectors, which are expected to benefit from supply constraints and increasing demand [1][10]. - Xie Heng highlighted the importance of closely tracking industry and technological changes, advocating for a diversified investment approach in early-stage tech sectors and a more focused strategy in mature stages [5][6]. Group 4: Future Outlook - Looking ahead to 2026, the company is optimistic about two main areas: the AI sector, particularly related to Google, and upstream resources, where supply shortages are likely to persist [8][10]. - The company believes that the current AI trend differs fundamentally from past internet bubbles, as AI operates on a centralized model rather than a decentralized network effect [10].