成长赛道共振“十五五”，如何通过主动型基金参与？

Core Viewpoint - The article discusses the ongoing structural differentiation in the A-share and Hong Kong stock markets, highlighting a shift in capital flow towards storage and energy storage sectors, while previously popular sectors like optical modules are experiencing volatility [5][6]. Group 1: Market Trends - Over the past ten months, AI has been the dominant market theme, with various segments experiencing explosive growth at different stages of the economic cycle [6]. - The investment landscape is transitioning from beta to alpha, indicating a need for active management to capture excess returns amid increasing volatility [7][8]. - The "4A strategy" has emerged, focusing on AI, aluminum, adiabatic storage, and array modules, with particular interest in storage and module themes recently [6][8]. Group 2: Fund Performance - Recent analysis of fund reports reveals that Guangfa Fund has notable active management funds in three growth sectors: new energy, technology, and innovative pharmaceuticals [8]. - Guangfa Carbon Neutrality Theme Fund has achieved a return of 68.66% year-to-date, significantly outperforming its benchmark by 38 percentage points [13]. - The top holdings of Guangfa Carbon Neutrality include major players in the North American storage market, such as Sungrow Power and Canadian Solar, which have seen substantial price increases [14][15]. Group 3: New Energy Sector - The new energy sector is experiencing a revival after a prolonged downturn, with solid-state batteries, energy storage, and wind power gaining market attention [11][13]. - The demand for energy storage is expected to grow significantly, driven by the increasing power requirements of AI data centers, which could match the output of a medium-sized nuclear power plant by 2027 [10]. - Guangfa Fund's focus on energy storage and offshore wind indicates a strategic positioning for future growth, with a high stock allocation in these areas [13][16]. Group 4: Technology Sector - The AI industry is highlighted as a key investment area, with Guangfa's funds focusing on both overseas and domestic computing power chains [19][20]. - Guangfa New Emerging Growth Fund targets overseas computing power, while Guangfa Vision Fund emphasizes domestic computing power, indicating a dual approach to capitalize on AI growth [20][21]. - The potential market size for domestic chips could reach 10 trillion yuan if fully localized, suggesting significant growth opportunities in the sector [20]. Group 5: Innovative Pharmaceuticals Sector - The innovative pharmaceutical sector is positioned as a core component of China's healthcare strategy, with Guangfa's funds actively investing in this area [23][24]. - Guangfa Healthcare Fund has a balanced portfolio with significant holdings in both A-shares and H-shares, focusing on long-term growth in innovative drugs [24][27]. - The fund manager's strategy includes a mix of long-term holdings and tactical trading, reflecting a nuanced approach to capitalizing on market opportunities [24][25]. Conclusion - The recent "14th Five-Year Plan" emphasizes strategic emerging industries, including new energy and AI, which are expected to drive long-term growth [28]. - Guangfa Fund's active management in sectors like new energy, AI, and innovative pharmaceuticals provides investors with effective tools for capitalizing on these growth opportunities [28].