阿尔法工场研究院·2025-12-01 00:06Core Viewpoint - The article emphasizes that artificial intelligence (AI) is transforming the global economy and presents a significant investment opportunity for investors through various fund options, particularly ETFs and public/private funds [1]. ETF Investment - ETFs are highlighted as an efficient tool for investors who prefer to follow industry trends without the hassle of selecting fund managers. The main focus of AI investment in A-shares is on "computing power infrastructure" and "application end" [2]. - Core broad-based ETFs include the AI ETF (515980) and AI ETF (515070), which track the China Securities Artificial Intelligence Index. These ETFs cover leading companies across the AI value chain, including chip manufacturers (e.g., Cambricon, Haiguang Information), large models and algorithms (e.g., iFlytek), and application scenarios (e.g., Hikvision, Kingsoft) [3][4]. - Segment-specific ETFs such as Cloud Computing 50 ETF (516630) and Communication ETF (515880) focus on computing power hardware and high-speed network facilities that support AI data transmission, respectively. The rationale is that hardware providers often see early performance returns in the AI development phase [5][6][7][8]. Public Funds (Active Equity) - Public funds rely on professional stock selection to seek alpha. The A-share market experiences rapid style rotation, and skilled fund managers can rotate investments within the AI value chain based on fundamental research [9][10]. - Focus on veteran managers in the "digital economy" and "TMT" sectors, particularly those with a track record during the mobile internet wave from 2013-2015. These managers tend to select companies with real performance rather than mere narratives [11][12]. - Quantitative public funds, such as those tracking the CSI 500 or CSI 1000 indices, excel in the active mid- and small-cap companies within the AI sector, often outperforming benchmark indices [13]. Private Funds - Private funds are characterized by greater flexibility in position management and the use of derivatives for risk hedging. They can effectively manage volatility in the AI sector by controlling drawdowns during declines and capitalizing on gains during upswings [14][15]. - Notable institutions include Huanfang Quantitative, Jiukun Investment, and Yifan Investment, which leverage deep learning to uncover market patterns and opportunities that active management may overlook [16]. - The article also highlights the importance of investing in global AI leaders through local private funds, as the U.S. maintains a dominant position in high-end computing and foundational models [18]. Recommended Fund Analysis - The Keywise Penguin No. 1 fund is recommended for its strong reputation and global investment scope, covering major tech markets and key AI players like Nvidia, Microsoft, and TSMC. The fund's strategy includes both long and short positions to protect net value during market fluctuations [19][20][21]. Investment Strategy Summary - The article concludes with a tailored investment strategy for different investor types, recommending ETFs for conservative investors, public funds for those seeking alpha, and the Keywise Penguin No. 1 for high-net-worth individuals looking for global exposure to AI assets [22].