今年以来，科技领域持续创新突破，政策环境不断优化。多重因素交织下，科技资产展现出前所未有的 投资魅力与发展潜力。现阶段，"科技叙事"深化中国资产价格重估的"关键变量"有哪些？如何在科技板 块波动中精准把握"高低切换"的投资机会？近日，《证券日报》记者带着这些问题对嘉实前沿创新混合 基金经理何鸣晓进行专访。 三方面看待"关键变量" 今年以来，科技领域实现多项突破，并带动了中国资产价值重估。在何鸣晓看来，推动"科技叙事"深化 的"关键变量"有三方面：一是中国科技力量持续提升，在各领域都取得了重大突破，比如国产模型、国 产算力、半导体先进制程等；二是国内政策对中国科技领域的持续支持，包括对科技创新的引导、科技 企业融资等；三是国内人才厚度持续提升，包括AI算法人员的逐步培养成熟、一代又一代技术进步下 相伴相生的工程师红利等。 尽管科技板块的基本面支撑坚实，但近期个股走势却出现显著分化。对此，何鸣晓表示，当下科技相关 板块表现出一定的波动和分化，但短期波动震荡波动不用过度担心，需要从三方面看待。首先，从全球 市场而言，海外投资者对部分海外原厂商资本开支、存储涨价可持续性的看法存在分歧；其次，我国过 程模型和国产算力正 ...

Core Insights - The article discusses China's rapid rise in the fields of autonomous vehicles and pharmaceutical innovation, highlighting the complex emotions in the West regarding China's technological advancements [1][3][4]. Group 1: Autonomous Vehicles - China is emerging as a leader in autonomous vehicle technology, with manufacturing costs for autonomous taxis being one-third of those of US-based Waymo, and has accumulated millions of kilometers in driving experience [1][4]. - Over 50 cities in China have initiated pilot projects for autonomous taxis, supported by local governments that provide cheap credit and infrastructure for sensor technology [4][6]. - The competitive landscape in China is intense, with many companies facing challenges, but the survivors are expected to become strong export champions [4][6]. Group 2: Pharmaceutical Innovation - China has transitioned from a generic drug manufacturing hub to the world's second-largest innovator in drug development, with a focus on various categories including anti-cancer drugs [1][4]. - The number of clinical trials conducted by Chinese companies accounts for one-third of the global total, with significant reductions in approval times for new drugs [4][6]. - The article suggests that China's low-cost innovation in pharmaceuticals could benefit developing countries, while also eyeing the lucrative US market, which accounts for 70% of global pharmaceutical profits [6][8]. Group 3: Regulatory Environment and Innovation - China's flexible regulatory environment has been a key factor in its innovation success, with rapid reforms in drug approval processes and clinical trial regulations [4][7]. - The article argues that Western countries should reassess their innovation models, as their regulatory frameworks may hinder technological advancement compared to China's agile approach [7][8]. - The competition between China and the West could lead to a hollowing out of industries in Western economies if protectionist measures are implemented without valid concerns [6][8].

Core Viewpoint - The article highlights a significant resurgence in interest from dollar LPs (Limited Partners) towards Chinese investments, particularly in technology sectors, indicating a shift in market sentiment and investment strategies after a period of stagnation [3][4][7]. Group 1: AGM Season and Market Sentiment - The AGM season has become a critical communication mechanism between investment institutions and LPs, with many dollar funds actively scheduling meetings to engage with LPs [2]. - There is a noticeable increase in the enthusiasm and willingness to communicate among LPs, with many expressing a renewed confidence in the Chinese market [3][5]. Group 2: Investment Trends and Fundraising - Dollar funds are experiencing a revival, with significant fundraising activities reported, such as Monolith raising $488 million and Source Code Capital securing $600 million for new funds [6]. - The successful fundraising efforts signal a shift in investment focus from mere business model innovation to technological breakthroughs, attracting renewed interest from dollar LPs [7]. Group 3: Global Interest in Chinese Technology - Global interest in investing in China is at its highest level in three years, with overseas investors actively seeking information on Chinese tech companies [4][8]. - Notable investments include Singapore's Fong Long Group planning to establish a QFLP fund to invest in China's tech sector, indicating a strategic move towards Chinese innovation [4]. Group 4: Sector-Specific Opportunities - There is a growing recognition of the potential in China's AI and robotics sectors, with investors believing that these areas will lead the next wave of technological advancement [8]. - The resurgence of interest in innovative pharmaceuticals is also evident, with many dollar funds completing new fundraising rounds focused on biotech, reflecting strong market confidence [9].

这种现象也暴露了中国机器人产业当下的处境：技术上已经站到前排，但市场信任和品牌认知还在爬 坡。现在咱们的机器人产业，一边是379亿的产业规模、覆盖71个行业的硬实力，一边却要面对"国外的 就是好"的刻板印象；一边是医疗康养、家庭服务这些刚需场景的巨大潜力，一边还得破解"技术太好反 而不像真的"的荒诞质疑。 一个顶尖科技产品，非要用剪零件这种"剖肚自证"的方式，才能证明自己不是真人套壳，想想都让人唏 嘘。这多像《让子弹飞》里的六爷，明明只吃了一碗粉，却要剖开肚子自证清白——冤枉你的人，从来 都比你更清楚你没做错。 这背后其实是中国科技企业躲不开的"自证陷阱"，更是对人性成见的一次考验。咱们的机器人技术早就 不是追随者了，工业机器人连续12年全球销量第一，人形机器人核心部件国产化率超70%，能迈猫步、 做精细动作的技术，本来是值得骄傲的突破。可偏偏有人带着"中国企业做不到"的偏见，把极致逼真当 成"造假"的证据，逼得企业只能用最极端的方式回应。 但换个角度看，这次"剪腿自证"也可能成为行业的转折点。它让更多人看到了中国机器人的真实实力， 也戳破了成见的泡沫。未来的机器人产业，不该再陷入"自证"的内耗，而是要把精力 ...

发表于2024年6月，却在当下登上《美国国家科学院院刊》，然后还被硅谷热议了。 究竟是什么论文？ 答案揭晓：中美科技实力大PK，以及得出的结论是——中国正在成为全球科学领导者。 和以往比比论文量、引用数不同，这项研究通过引入机器学习模型，分析了600万份论文的作者署名模式、通讯作者身份、机构影响力等多重线索，核心 评估了"团队领导者"这一指标。 研究人员表示，通过关注中国科学家在跨国合作中权力地位的变化： （我们）为研究中国在国际科学领域中的地位提供了一个新视角。 而且他们还带来了一系列出人意料的发现——截至2023年，中美合作中中国领导者占比升至45%，且预计在2027-2028年达到相同水平。 预计到2030年，中国将在AI、半导体、能源和材料科学等战略领域实现与美国平起平坐的领导地位。 就是说，比人们预想的更快，中国将在科研力量上超越美国了？ u1s1，虽然经彭博社报道后，外国网友们都在自嘲：西方科学无可争议的主导地位时代即将终结。 中国科学家在国际科研团队中，到底站在什么位置？距离"世界领航者"还有多远？ 而要量化"谁是团队领导者"，可不是简单看作者排序那么简单。 研究团队用了一套「AI+多维度特征」 ...

Core Insights - Global sovereign asset management institutions are significantly increasing their interest in Chinese assets, particularly in the technology sector, driven by the rise of AI innovations like DeepSeek and Alibaba's open-source AI model [1][2][6] - The proportion of surveyed sovereign wealth funds viewing China as a "high priority" or "medium priority" investment destination has risen from 44% to 59% over the past year [1][6] - The Hang Seng China Enterprises Index has increased by approximately 20% year-to-date, reflecting a bullish sentiment towards Chinese tech stocks [4][13] Investment Trends - Approximately 78% of surveyed global sovereign asset managers expect China's technology and innovation-driven sectors to rank among the world's top competitive industries [5] - A majority of traditional asset management institutions plan to increase their allocation to Chinese assets over the next five years, with 88% of Asian funds and 73% of North American funds expressing this intention [5][6] - Key sectors attracting investment include digital technology and AI applications, advanced manufacturing and automation, and clean energy and green technology [5] Market Dynamics - Institutional investors, including major sovereign wealth funds from Saudi Arabia and the UAE, are increasingly confident in China's leading position in AI, nuclear fusion, and quantum computing [2][10] - The shift in investment sentiment towards Chinese assets is occurring despite ongoing concerns about the global economic outlook and potential trade conflicts between China and the U.S. [2][6] - Sovereign asset managers are reassessing their exposure to long-term U.S. Treasury assets due to concerns over U.S. fiscal sustainability and policy volatility [9] Strategic Focus - Sovereign wealth funds are developing investment strategies focused on specific technology ecosystems in China, including semiconductors, cloud computing, AI, electric vehicles, and renewable energy infrastructure [9][10] - The emergence of DeepSeek and its low-cost AI model is expected to drive growth across various sectors, including healthcare, finance, and education, enhancing the appeal of Chinese tech stocks [15] - The investment landscape is shifting as funds from the U.S. market are anticipated to flow into the Chinese market, attracted by favorable valuations and growth potential [15]

Group 1 - China's technological innovation is achieving significant advancements across various fields, establishing itself as a global leader in areas such as AI, quantum computing, and digital technology [1][2] - China is recognized as the global "four crown king" in comprehensive R&D capabilities, leading in international patent applications, top technology clusters, total R&D personnel, and influential academic publications [2] - The "East Data West Calculation" project and other high-tech initiatives are enhancing China's strategic technological frontiers [2] Group 2 - The Chinese technology sector is driving consumption upgrades, with innovations like smart homes and AI-driven products becoming mainstream, thus boosting domestic economic circulation [3] - The rise of domestic alternatives in technology is strengthening China's self-reliance, with companies like BOE achieving a 98% localization rate in OLED screens [3] Group 3 - Foreign investment in China is expected to increase, with predictions that 2025 will be a pivotal year for global investors to reassess China's international competitiveness [4] - Reports from foreign institutions indicate that A-share market valuations are at historical lows, suggesting significant upside potential for investors [4][5] Group 4 - China's innovation ecosystem is becoming more robust, with local governments actively improving the business environment to foster innovation [7] - The Chinese government is providing strong leadership and strategic direction for technological self-reliance and innovation [7] Group 5 - The U.S. attempts to impose technological barriers on China have inadvertently accelerated China's innovation and development in critical technology areas [8][9] - American companies are increasingly concerned about losing access to the Chinese market, which could significantly impact their revenue and R&D investments [8] Group 6 - China's commitment to inclusive technology development is fostering a global "community of shared future," with initiatives aimed at benefiting developing countries [10] - Chinese technological advancements, such as the DeepSeek model, are democratizing AI and breaking the monopoly of advanced computing power [10] Group 7 - The decline of U.S. technological hegemony is evident as Chinese companies emerge as significant players in various sectors, challenging the traditional dominance of American firms [11] - Predictions indicate a decrease in the U.S. manufacturing sector's global market share, highlighting the challenges faced by American industries [11]