主题基金面面观之三：科技主题基金盘点与风格画像

• The report focuses on the analysis of technology-related indices and their characteristics, including market capitalization styles, industry distribution, and valuation features [1][4][42] - Technology indices are categorized based on their constituent stocks' exposure to the TMT sector, with a minimum threshold of 80% exposure to be classified as technology-related indices [18][20][24] - The report highlights the performance of technology indices across four major technology cycles, with specific indices leading in each cycle, such as the software index and CS Artificial Intelligence index [23][27][39] - Market capitalization styles of technology indices are analyzed, showing differences between large-cap, mid-cap, small-cap, and balanced-cap indices, with examples like the CS Artificial Intelligence index and the Semiconductor Material Equipment index [43][44][47] - Industry distribution analysis reveals varying configurations across indices, such as the dominance of the semiconductor sector in indices like the Integrated Circuit index and the focus on AI-related industries in indices like CS Artificial Intelligence [49][56][58] - Valuation characteristics of technology indices are discussed, with software-related indices showing higher PE ratios compared to others, while Hong Kong-related indices exhibit lower valuations [67][70][71] - The report also examines the concentration of constituent stocks in technology indices, highlighting indices with high concentration levels, such as the China Telecom index and the Semiconductor index [59][60][62] - The analysis includes the performance of active and passive technology-themed funds, showing differences in returns, concentration, and industry allocation between the two types [74][96][115] - Active technology-themed funds demonstrate higher performance variability and greater industry diversification compared to passive funds, which tend to have higher concentration in specific sectors like semiconductors [96][115][124] - The report provides detailed insights into semiconductor and AI-themed funds, including their screening methods, performance, and concentration levels, with examples like the Chip ETF and AI ETF [146][153][191] - Competitive landscape analysis identifies leading fund managers in technology-themed funds, such as HuaXia Fund and Noan Fund, based on their management scale and fund performance [137][189][234]