基金经理研究系列报告之七十三：西部利得中证人工智能：主动与量化有机结合，共同把握AI投资机会

Group 1: Report Investment Ratings - The report does not mention the industry investment rating. Group 2: Core Views - The management model of Western Lide CSI Artificial Intelligence combines active and quantitative strategies organically to capture AI investment opportunities. The quantitative strategy aims to create a portfolio with strict exposure control, while the active strategy focuses on identifying investment opportunities in niche AI sectors [1][13]. - Since 2025, the performance of Western Lide CSI Artificial Intelligence has closely followed the benchmark index, with a slight lead in returns. It can moderately generate excess returns compared to passive index products and has relatively controllable risks compared to active equity products [1]. - The other products managed by the fund managers also have distinct characteristics. Western Lide Quantitative Optimization One - Year Holding has high turnover, a diversified portfolio, and focuses on small - cap stocks, while Western Lide Juhe has high turnover, high concentration, and obvious industry rotation features [1]. Group 3: Summary by Directory 1. Western Lide CSI Artificial Intelligence: Combining Active and Quantitative Strategies to Seize AI Investment Opportunities 1.1 Management Team - The fund is co - managed by Zhai Zijian (quantitative fund manager) and Wu Haijian (active fund manager). Zhai has an investment manager tenure of 1.73 years, manages 3 products with a total scale of 1.391 billion yuan, and started managing this fund on November 30, 2024. Wu has an investment manager tenure of 3.21 years, manages 2 products with a total scale of 408 million yuan, and started managing this fund on January 2, 2025 [1][5]. - Both managers have achieved good performance in their separately managed products. Zhai's other two products significantly outperformed the benchmark in 2025, and Wu's Western Lide Juhe achieved an excess return of over 15% compared to the benchmark in the first half of 2025 [6]. 1.2 Product Investment Framework - The quantitative part uses a multi - strategy framework including multi - factor and machine - learning strategies, with similar weightings. The goal is to create a portfolio with strict exposure control, limiting style deviations to within ±1% and keeping tracking errors low [13][14]. - The active part aims to identify investment opportunities in niche AI sectors. The research team conducts systematic tracking of the AI track, and the fund manager selects sectors with high prosperity and large space through top - down industry comparisons [14]. - The combination of quantitative and active strategies is an organic cooperation. When there are no clear investment opportunities, the product mainly relies on the quantitative strategy; when opportunities arise, it actively deviates and uses quantitative methods to control the deviation [16]. 1.3 Product Overview - Western Lide CSI Artificial Intelligence was established in June 2021, with a management fee of 1.20% and a custody fee of 0.20%. It is the only AI - themed enhanced fund in the market [18]. - The fund aims to achieve long - term stable appreciation of assets by controlling the daily average tracking deviation and annualized tracking error from the performance benchmark, with a target daily average tracking error of no more than 0.5% and an annualized tracking error of no more than 8% [18]. 2. Product Performance and Characteristics: Following the Index Closely in H1 2025 with Moderate Position Deviation 2.1 Performance - In the first half of 2025, the product achieved a 6.80% return, slightly leading the benchmark index's 6.26%. The net value trend was basically consistent with the index, with low tracking error [1][22]. - Compared with passive index products and active equity products, it can moderately generate excess returns and has relatively controllable risks [25]. 2.2 Product Holdings - Based on the top ten重仓 stocks in 25Q1, the product's holdings generally follow the index distribution with small - scale over - or under - weighting of individual stocks. Some stocks were over - weighted by about 0.4%, while others were under - weighted by about 1.2% [30]. 3. Summary of Other Products Managed by the Fund Managers 3.1 Western Lide Quantitative Optimization One - Year Holding - It has high turnover (over 10 times in 2024) and a highly diversified portfolio (the proportion of the top 30 stocks is less than 25%) [34]. - It focuses on small - cap stocks, with a small - cap allocation ratio ranging from 70% to 90% in each period, and does not over - allocate to micro - cap stocks [34]. - The heavy - position stocks rotate quickly, with a short heavy - position cycle (less than 2 quarters) and low weights (the highest single - stock weight is no more than 1%). Trading contributes significantly to excess returns [38][40]. 3.2 Western Lide Juhe - It has high turnover (over 10 times in each period and over 20 times in 2024) and a relatively concentrated portfolio (the proportion of the top ten heavy - position stocks is mostly over 60%) [49]. - It has a balanced market - cap style, with a relatively even allocation of large, medium, and small - cap stocks, and obvious industry rotation characteristics [52]. - Trading is the main source of excess returns, and the product has strong industry and stock - selection capabilities, stable hidden trading capabilities, and outstanding performance in upward markets [55][60].