科技成长产业变革趋势下基金产品投资策略评价与优选

Investment Strategy Transformation - The rapid development of AI, exemplified by DeepSeek, has reshaped investment logic in the tech sector, transitioning from "value stocks" to "growth stocks" in A-shares and Hong Kong stocks[15] - The proportion of holdings in the Sci-Tech Innovation Board has increased from 10.31% in H1 2021 to 41.78% in H2 2023, indicating a significant shift towards "hard tech" investments[18] - The financing balance for the AI index increased by 314.09 billion CNY in Q4 2024, a rise of 48.03%, reflecting a shift in market sentiment towards left-side positioning[23] Performance Comparison - Active tech funds have outperformed passive funds, with an annualized return of 8.98% for active funds from January 2014 to April 2025, compared to 3.85% for passive tech funds[2] - The timing strategy for the CSI TMT index shows a total win rate of 52.36%, with an excess annualized return of 11.39%[2] Sector Diversification - The market is witnessing a diversification of tech sub-sectors, with the concentration of the top three and five tech industries decreasing significantly during recent bullish phases[29] - The investment strategy is evolving from focusing on single sectors to embracing multiple emerging fields, raising the bar for stock-picking capabilities of active tech funds[29] Manager Selection Criteria - Future successful fund managers should focus on reverse investment strategies and industry trends, leveraging a combination of top-down and bottom-up approaches[31] - Managers with a strong technical background or deep academic research in AI are better positioned to navigate the complexities of the evolving tech landscape[31]