Group 1: Report's Core View - Build an active technology-themed fund pool, classify it into balanced technology funds and single-track technology funds based on historical allocations, and select high-quality funds through quantitative and qualitative methods. Recommended funds include Invesco Great Wall Quality Longevity, Caitong Asset Management Digital Economy, Harvest Hong Kong Internet Industry Core Assets, China Europe Intelligent Manufacturing, and Baoying Technology 30 [1] Group 2: Industry Investment Rating - Not provided in the report Group 3: Summary by Directory 3.1 Science and Technology Industry Theme Fund Sample Pool - The screening criteria for industry theme funds include fund type, stock position, establishment time, fund size, and industry position. A total of 531 technology theme funds are screened, with 299 having a scale of no less than 200 million yuan, covering 77 public fund managers and 191 fund managers, with a total scale of 42.6439 billion yuan [12][13] 3.2 Science and Technology Industry Theme Fund Selection 3.2.1 Science and Technology Industry Theme Fund Classification - Divide technology theme funds into single-track technology funds and balanced technology funds based on the average allocation in four technology sub - industries. Further classify balanced technology funds based on historical technology allocations, and conduct label classifications such as position flexibility, Hong Kong stock investment, and turnover rate [21] 3.2.2 Selection Method - Quantitative and Qualitative Indicators - Quantitatively score and rank funds, selecting those with comprehensive scores in the top 35% in the past one - year and three - year periods. Qualitatively select funds based on factors such as fund manager performance consistency, historical returns and drawdowns, investment years, background, and institutional shareholding changes [22][24] 3.2.3 Science and Technology Theme Fund Selection Pool - Select 5 balanced technology funds: Invesco Great Wall Quality Longevity, Caitong Asset Management Digital Economy, Harvest Hong Kong Internet Industry Core Assets, China Europe Intelligent Manufacturing, and Baoying Technology 30. Select 3 single - track technology funds: Taixin Xinxuan, Yongying Semiconductor Industry Smart Selection, and Huaxia Sports Culture [25] 3.3 Science and Technology Industry Theme Fund In - depth Analysis 3.3.1 Industry Allocation: Different Sub - Tracks - Analyze the industry allocations of balanced technology funds. In the technology sector, the allocation proportions of different funds vary in different periods. In terms of specific industries, each fund has its own focus, and there are also differences in non - technology industry allocations [29][32][33] 3.3.2 Operational Characteristics: Different Investment Styles - Technology theme selected funds have high positions with differences in Hong Kong stocks, high industry concentration focusing on the technology industry, differences in top - ten stock concentration, relatively few holdings, different turnover rates, and differences in price - to - earnings ratios of heavy - position holdings [38][39] 3.3.3 Latest Quarterly Report: AI Remains the Main Line, Computing Power + Applications - According to the 25Q2 quarterly report, Invesco Great Wall Quality Longevity, Caitong Asset Management Digital Economy, and Baoying Technology 30 allocate both computing power and application ends; Harvest Hong Kong Internet Industry Core Assets and China Europe Intelligent Manufacturing focus on AI applications. Each fund has its own emphasis in the AI application end [49] 3.3.4 Fund Managers: Different Backgrounds and Styles - The backgrounds and investment concepts of the five fund managers vary. Some have sell - side TMT research experience and are good at bottom - up stock selection, while others have different investment focuses and styles [53] 3.3.5 Historical Performance: The Alpha of Technology Theme Funds is Not Significant - Since 2024 (as of August 15, 2025), the average return of technology theme funds is 31.45% with a maximum drawdown of - 25.73%. The performance and maximum drawdown of the technology index are 30.35% and - 26.77% respectively. The excess return and excess drawdown are 1.10% and 1.04% respectively. The excess return and excess drawdown of the selected technology theme funds are 34.51% and 0.61% respectively [55] 3.3.6 Scale and Institutional Shareholding: The Scale of Caitong Asset Management Digital Economy Increases Significantly with a High Institutional Shareholding Ratio - In 25Q2, the scale of all selected technology theme funds increased. Caitong Asset Management Digital Economy and Invesco Great Wall Quality Longevity had relatively large scale increases. Only Baoying Technology 30 had a slight decline in shares. Caitong Asset Management Digital Economy had the largest share increase. The institutional shareholding ratios of Caitong Asset Management Digital Economy, Invesco Great Wall Quality Longevity, and Harvest Hong Kong Internet Industry Core Assets were all above 50% [58] 3.4 Summary - Build a technology theme fund selection framework, select funds through qualitative and quantitative methods, and conduct in - depth analysis. Select 5 balanced technology funds and 3 single - track technology funds. Analyze the industry allocations, investment styles, quarterly report configurations, fund manager characteristics, scale changes, and risk - return characteristics of balanced technology funds [63][64][65]