汇添富基金马磊：从“科技大爆炸”到“飞轮正循环”

Core Viewpoint - The article emphasizes that the global AI large model has entered a "flywheel" positive feedback loop, integrating computing power, models, applications, and data, which is driving a new wave of technological innovation and investment opportunities in the tech sector [3][11][17]. Group 1: Market Trends and Performance - The tech sector has become the strongest industry trend in the A-share market, validating previous predictions about a "Tech Big Bang" [3][4]. - Three out of four funds managed by the company achieved over 100% returns in the past year, significantly outperforming their benchmarks [4][5]. - The performance of the funds reflects a strong investment strategy focused on AI and technology sectors [4][5]. Group 2: Research and Team Structure - The company has established a robust technology research team with a global perspective, conducting annual overseas research trips since 2011 to enhance their understanding of the tech landscape [6][7]. - The research team has expanded significantly during market downturns, doubling in size over the past three years, which has strengthened their competitive edge in tech investments [8][31]. - The team employs a detailed division of labor, categorizing the AI industry into four segments: chips, cloud, end, and network, with dedicated researchers for each segment [7][31]. Group 3: Investment Strategy - The investment strategy focuses on identifying "true growth companies" within the tech sector, emphasizing the importance of understanding the underlying technology and market dynamics [20][22]. - The company avoids concentrated investments in a single sector, instead diversifying across 2-3 core themes and selecting 5-7 stocks within each theme to balance risk and opportunity [24][25]. - The emphasis is placed on long-term value creation, with a disciplined approach to evaluating companies based on their future profit potential rather than short-term market fluctuations [24][26]. Group 4: Future Outlook - The company anticipates accelerated global AI innovation, with significant investments expected in AI models and related technologies in the coming years [27][28]. - There is a strong focus on self-sufficiency in hard technology, particularly in semiconductor manufacturing, as geopolitical tensions increase the need for domestic production capabilities [29]. - The Hong Kong stock market is viewed as a promising area for investment, featuring leading tech companies that are well-positioned for growth [29].