Core Viewpoint - The current A-share market is experiencing significant structural changes, with the technology sector, particularly AI, leading the rally, achieving a 46.72% increase in the Sci-Tech Innovation Board Index as of October 15 this year [1]. Technology Sector - The strong performance of the technology sector, especially the AI industry chain, is driven by accelerated domestic and international AI development, with a notable increase in the iteration speed of large models and a growing number of paying users [2]. - The high demand for computing power has created a "flywheel effect," positively impacting various segments, including GPUs, optical modules, and semiconductors [2]. - While many AI-related stocks have seen significant price increases, some non-mainstream stocks lack fundamental support and may exhibit bubble-like valuations, indicating potential risks of correction [3]. Market Rotation - The expectation of "high cutting low" in the market is hindered by the lack of clear catalysts for low-position sectors, leading to investor hesitation between "chasing highs" and "bottom fishing" [4]. - However, there are still investment opportunities in low-position sectors, particularly in cyclical and consumer sectors, which can be explored through a cautious approach based on macroeconomic data improvements [4]. Investment Strategy - The core holdings are primarily focused on technology and renewable energy, particularly in the AI and semiconductor sectors, with an emphasis on sustainable profit models [5]. - The investment strategy involves dynamic adjustments based on market conditions and sector valuations, shifting focus from previously high-performing segments to downstream semiconductor equipment and design [5]. Renewable Energy - In the renewable energy sector, there is a significant focus on energy storage and solid-state batteries, with both domestic and international markets experiencing high growth [6]. Future Market Outlook - Key areas to watch include sectors with strong policy support, such as computing infrastructure and renewable energy exports, as well as self-sufficiency sectors to mitigate overseas risks [7]. - The overall macroeconomic environment is expected to remain stable, with strong policy support, although a trend recovery may require more time or stronger measures [8]. - The ongoing global AI technology wave and domestic innovation vitality are anticipated to create structural opportunities in the market [8][9].

中国基金报记者： 近期科技板块表现极为强势，尤其是AI产业链，你认为这波行情的持续性 如何？背后的驱动因素又有哪些？ 于浩成： 最近科技板块，特别是AI产业链的强势表现，确实吸引了众多目光。从驱动因素来 看，国内外AI发展都在加速。以美国为例，大模型的迭代速度明显加快，智能化水平不断提 升，终端付费用户数量快速增长。这种增长反过来又带动了对算力的巨大需求，形成了一 个"飞轮效应"。算力环节的高景气已经从GPU、光模块、PCB开始，逐步传导至存储、半导 体设备甚至电力环节。所以，我认为这轮科技行情是有较好的基本面基础的，并具有一定的 持续性。 中国基金报记者 ： 估值方面，目前部分科技股估值已经不低，你怎么看，是否存在泡沫风 险？ 【导读】泓德基金于浩成：结构性行情中探寻投资"黄金锚点" 中国基金报记者 李树超 近期A股市场结构变化显著，科技板块一骑绝尘，AI引领的科技股行情强势爆发，成为本轮市 场上涨中的最强主线，今年以来截至10月15日，科创综指已实现46.72%的涨幅。与此同 时，板块轮动频繁，"高切低"预期与实际状况落差引发讨论。 泓德基金基金经理、成长组组长于浩成认为，本轮科技行情有着较好的基本面支撑 ...