● 长城基金管理有限公司 岁末回首，2025年无疑是中国公募基金行业发展史上具有里程碑意义的一年。随着《推动公募基金高质 量发展行动方案》正式落地，行业步入以投资者回报为导向的高质量发展新征程。 恰逢行业变革之时，长城基金始终坚持以投资者为本，恪守持有人利益至上原则，既全力推动行动方案 在业务实践中落地生根，更紧扣"五篇大文章"战略指引，在服务国家发展大局中勇担使命，以专业深度 与服务温度谱写高质量发展的崭新篇章。 筑牢投研内核 夯实长期价值创造根基 投研一体化改革是长城基金近年的重点突破方向。通过构建高效协同的组织机制，公司凝聚起基金经理 与研究员的信任协作共识，实现了对数百个细分子行业的深度覆盖。"发现-分享-转化"的高效闭环，确 保了优质投资机会能迅速转化为投资成果，为投资业绩的可持续性提供了坚实保障。 投研能力是基金公司的核心竞争力，更是履行财富保值增值使命、服务实体经济的关键支撑。行动方案 明确要求公募机构强化"平台式、一体化、多策略"的投研体系建设。长城基金将投研建设置于战略核心 位置，在严守合规底线的基础上，通过系统化布局与机制创新，持续锻造专业内核。 为践行服务国家战略、赋能实体经济的使命，长 ...

即将过去的2025年，科技产业历经诸多变革，助推科技股成为贯穿全年的行情主线。年末之际，人工智能、芯片、新能源等科技主题的行情波动明显放 大。随着AI泡沫之争再起，新一年的科技投资脉络成为市场关注焦点。 迷雾之中，长城基金2026年度投资策略会如约而至。赵凤飞、尤国梁、梁福睿、龙宇飞、韩林、刘疆等多位深耕"科技+"领域的基金经理，聚焦科技投资 领域的热门问题展开深度探讨。 以下为本次策略会中长城基金"科技+"基金经理分享的部分精彩观点： 赵凤飞：2026年的市场风格将更加均衡：一是算力板块内海外与国产算力趋向均衡，二是AI领域内算力与应用趋向均衡，三是科技板块内AI与商业航 天、量子计算等非AI赛道趋向均衡。 尤国梁：前不久的可回收火箭发射相当于商业航天产业的"成人礼"，直接为卫星互联网、太空算力、6G等未来赛道铺好了运力底座，一个全新的万亿级 市场正在被打开。 梁福睿：面对国内集采、海外药价管控带来的全球医药通缩压力，只有具备全球化能力、能迭代现有治疗方式的创新药与器械企业，才能突破发展瓶颈。 龙宇飞：医药行业核心竞争力标准持续演进：十几年前比拼商业化能力，5-10年前转向产品研发与产品力，如今则要求研发与 ...

Core Insights - China's vast market advantage is driving economic growth from both supply and demand sides, with new consumption trends and technological advancements emerging this year [1] - The integration of technology into daily life is creating new consumer products and experiences, enhancing the overall consumer landscape [1] Group 1: Technological Integration in Consumer Products - Innovations such as QR code ordering, robotic baristas, and interactive music experiences are blending technology seamlessly into everyday activities [3][4] - Consumers are increasingly engaging with technology, as evidenced by older demographics actively seeking new experiences and products [6][8] - Retail environments are evolving, featuring interactive experiences with robots and DIY workshops, which attract consumer interest [10][13] Group 2: Emotional and Functional AI Products - The rise of AI pets reflects a growing consumer willingness to invest in emotional companionship, with products designed to respond to user interactions and preferences [16][21] - Companies are adapting their product development strategies to include insights from various fields, such as psychology and animation, to enhance user experience [23][28] - Functional products like AI glasses are gaining traction, with significant market growth projected, driven by the need for real-time translation and communication solutions [29][34] Group 3: Market Growth and Industry Collaboration - The smart glasses market in China is expected to see explosive growth by 2025, with a 148% year-on-year increase in retail volume in the first half of this year [38] - Collaborative efforts among companies in the semiconductor and optical sectors are crucial for innovation, leading to improved product performance and affordability [36][38] - Over 80% of global smart glasses suppliers are based in China, highlighting the country's competitive advantage in supply chain integration and rapid delivery capabilities [38]

Core Insights - The "Technology+" trend is reshaping various industries, injecting vitality into sectors such as manufacturing, healthcare, energy, and agriculture [1] - Longcheng Fund is focusing on deep research and investment in technology sectors, including new energy, new materials, semiconductors, biotechnology, artificial intelligence, military industry, and healthcare [1] Group 1: Market Performance and Trends - In Q3, the A-share market showed steady growth with significant structural differentiation, particularly in the communication, electronics, and non-ferrous metals sectors, driven by strong overseas AI demand and capital expenditure expectations [2][3] - The macroeconomic environment in China is improving, with expectations of continued government policies to stabilize the economy and enhance overall development [2] Group 2: Sector Focus and Investment Strategies - Investment strategies are centered around identifying opportunities in sectors like non-ferrous metals, electronics, machinery, and power equipment, with a focus on AI hardware and related technologies [2][4] - The U.S. is experiencing a strong cycle of technological innovation, particularly in AI, which is driving demand for high-performance computing chips [3][4] Group 3: Long-term Growth and Innovation - Longcheng Intelligent Industry Fund is focusing on software, AI applications, domestic computing power, semiconductor equipment, and manufacturing, identifying companies with technological advantages and growth potential [4] - The emphasis on AI applications and autonomous control in semiconductor materials and military semiconductors is expected to yield significant investment opportunities [6][7] Group 4: Robotics and AI Applications - The robotics sector is anticipated to see substantial growth, particularly in core component manufacturing and integration, with expectations for significant advancements by 2025 [5] - AI applications are expected to enter a phase of practical implementation, with ongoing investments in infrastructure and technology driving growth [7][8]