基金经理研究系列报告之七十九：诺安基金邓心怡：把握核心产业驱动力，捕捉人工智能产业赛道机会

Report Industry Investment Rating No relevant information provided. Report's Core View - The report focuses on Dun Xinyi of Nuoyuan Fund, who manages technology - related active equity products. Her core idea is to use algorithms as the source and algorithm iteration as the key driver to dynamically adjust the investment portfolio in the evolution of the AI industry. Her representative product, Nuoyuan Steady Return, has excellent performance, and she has outstanding stock - selection and industry - allocation abilities [2][13][14]. Summary According to the Table of Contents 1. Nuoyuan Fund Dun Xinyi - Grasping the Core Industry Driving Force and Capturing Opportunities in the AI Industry Track - Background: Dun Xinyi has about 3.2 years of investment manager experience, has managed 7 products in total, and currently manages 4 products with a total scale of 2.009 billion yuan. Her fund manager index has historically outperformed the CSI 300 Index [2][9]. - Investment Philosophy: In the evolution of the AI industry, Dun Xinyi adheres to using algorithms as the source and algorithm iteration as the key driver to determine the configuration rhythm of hardware, applications, and terminals. Her investment method is to dynamically adjust the investment portfolio around changes in model capabilities. She focuses on the application of AI in the pharmaceutical industry and the robotics industry [13][14]. - Representative Product: Nuoyuan Steady Return, established in September 2014, has been managed by Dun Xinyi since June 2023. The product aims to achieve long - term stable investment returns through flexible asset allocation, with a management fee rate of 0.6% and a custody fee rate of 0.20% [2][16]. 2. Performance Analysis of Nuoyuan Steady Return - Performance: Since June 3, 2023 (as of August 31, 2025), the annualized return of Nuoyuan Steady Return reached 14.71%, ranking in the top 16% among active equity funds. The annualized Sharpe ratio was 0.51, and the Calmar ratio was 0.29, ranking approximately in the top 30% and top 40% respectively [19]. - Relative Performance: Since its establishment until August 2025, Nuoyuan Steady Return has outperformed the CSI Technology Index, with an interval return of 35.67%, while the CSI Technology Index only rose 30.26% during the same period. From September 2024 to August 2025, the monthly winning rate was 67.7%, and the average monthly excess return was 1.99% [25][29]. 3. Investment Feature Analysis of Nuoyuan Steady Return - Industry Distribution: The product's holdings are concentrated in the technology innovation sector, with moderate adjustments in sub - industries within the sector. For example, it increased the allocation of the communication sector in H1 2024 and decreased the allocation of the computer and media sectors, then increased the allocation of computer and media in H2 2024 [31]. - Holding Characteristics: The product has a moderately concentrated stock - holding pattern, with the top ten holdings accounting for over 50% and the top thirty holdings accounting for over 80%. The holding period is short, and the fund manager actively changes positions, with a turnover rate always above 15 times since H2 2023. The market - value style is flexible, with a recent bias towards medium - and large - cap stocks [34][39]. - Income Source: Using the Brinson model, it is found that both stock - selection and trading can contribute significant excess returns. The fund has a strong ability to obtain relative returns in the technology innovation sector [42][46]. - Product Feature Summary: The product focuses on the technology innovation sector, makes moderate adjustments within the sector, has a short holding period, high stock - holding concentration, and active position - changing [50]. 4. Fund Manager's Ability Circle - The product has a relatively high concentration in both industries and stocks, with the stock concentration decreasing moderately recently and the industry concentration remaining high. The stock - selection ability is outstanding, ranking in the top 10% among similar products in the long - term, except for H1 2024 when the cross - sectional holding performance was poor due to market fluctuations. The industry - allocation ability is also excellent, with the performance of the deployed sectors leading the overall market return [52][53].