Core Insights - The technology sector has become a significant component of the A-share market, accounting for over 25% of the total market capitalization [1] - Public funds are increasingly focusing on technology investments, particularly in areas like artificial intelligence (AI), humanoid robots, and innovative pharmaceuticals, indicating a shift in investment strategies and methodologies [1][3] - The rise of technology investments is attributed to China's long-term economic transformation, emphasis on technological innovation, and the capital market's role in supporting the real economy [3] Investment Trends - Over 90% of newly listed companies in recent years are technology-related or have high technological content, with the number of technology companies in the top 50 by market capitalization increasing from 18 to 24 since the end of the 13th Five-Year Plan [1] - The market is witnessing a transformation in investment philosophy, with long-term capital, including insurance and pension funds, reassessing the long-term value of technology assets [3][4] - Fund managers are adapting to the complexities of technology investments, which require a shift from traditional linear thinking to a more systemic approach [1][5] Research and Methodology - The investment approach for technology sectors necessitates a deeper understanding of industry logic and performance expectations, with a focus on proactive positioning and foresight [6][7] - Fund companies are enhancing their research capabilities by building specialized teams and adopting innovative methodologies to address the unique challenges of technology investments [7][8] - The need for interdisciplinary knowledge is emphasized, with fund managers requiring a blend of financial acumen and technical expertise to navigate the technology landscape effectively [6][7] Product Strategies - Fund companies are diversifying their product offerings in technology investments, balancing between active equity products and passive index funds to capture various market opportunities [8][9] - The focus on technology themes aligns with national strategic development directions, leading to the creation of specialized funds targeting sectors like AI, semiconductors, and renewable energy [8][9] - The outlook for technology investments remains optimistic, with expectations of strong performance in sectors such as AI, semiconductors, and biomedicine [9]

[Table_Reportdate] 2025年09月28日 [以质换量，带动工业企业利润回升 Table_NewTitle] ——资产配置周报（2025/09/22-2025/09/26） 策 略 研 究 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [Table_Report] [table_main] 投资要点 ➢ 全球大类资产回顾。9月26日当周，全球股市分化延续，A股科创风格领涨全球，表现明显 强于美股；主要商品期货中黄金、原油、铜上涨，铝收跌；美元指数小幅上涨，主要非美 货币贬值。1） ...

上周五，科技板块出现明显资金流出，整体大幅回踩：无论成长股云集的创业板，还是科创50，表现均 逊于价值板块。长假前部分资金落袋为安、从科技抽仓，本属正常，单一信号难成结论；但结合盘后几 条新线索，价值风格似乎获得额外助力。 临近三季度末与10月初，市场出现关键争论：A股板块会否在此刻切换？众所周知，三季度科技板块涨 势如虹，而以银行、蓝筹、消费为代表的价值赛道却全线跑输平均。 临近四季度，风向会否逆转？9月以来争论已多，价值和蓝筹被戏称为"老登资产"，新兴产业、科技则 称"小登资产"——老登嫌小登狂傲，小登嫌老登落伍，口水仗贯穿整月。近期，甚至一两年来"潜水"的 明星基金经理也出面发声，认为四季度蓝筹与价值正"酝酿复苏的种子"； 常刷社交媒体的投资者应已看到。上周五，市场更出现一些异常现象，似乎真指向价值投资有望接棒， 我们梳理如下，首要关注的便是资金态度——资金是行情最后的推手，也是最关键的引擎。 本篇评级为★★★，主要围绕以下内容展开： 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 如有疑问请以音频内容为准，添加妙妙子微信huxiuvip302，入群有机会与董小姐进一步交流。 1、工业企业 ...

Group 1 - The 2025 Qingdao Venture Capital Conference highlighted the trend of technology investment, particularly in artificial intelligence, which is attracting a significant portion of investment funds while other sectors remain relatively quiet [1][4] - The "2025 Venture Capital Industry Annual White Paper" indicates a noticeable concentration of capital in the global venture capital market by mid-2025, with a shift in China's venture capital industry towards a new paradigm focused on hard technology innovation and "patient capital" [1][9] - Liu Xiaochun, Vice President of Shanghai New Finance Research Institute, emphasized the importance of technology addressing real needs and the necessity to guard against risks associated with technological investments [1][4] Group 2 - Liu Xiaochun discussed stablecoins, comparing them to traditional payment methods, and highlighted that their utility is limited to specific scenarios, particularly where traditional currency transactions are hindered [4][5] - He warned against the speculative nature of stablecoins and the potential for exploitation, citing a recent Ponzi scheme involving a stablecoin that resulted in significant financial losses for investors [5][8] - The trend of investing in hard technology is gaining momentum, with encouragement from the government for early, small, and long-term investments in this area, despite the challenges posed by technological barriers and rapid iterations [8][9] Group 3 - The ongoing U.S.-China tech competition is creating substantial market opportunities for domestic innovation and replacement in critical technology sectors, such as chip design and new energy vehicles [9] - Liu Xiaochun noted that technology requires financial backing for growth, and the integration of technology and finance is crucial for the success of tech enterprises [9] - While technology can enhance risk management in financial institutions, it also introduces new types of risks, necessitating a balanced approach to risk management that does not solely rely on technology [9]

Core Viewpoint - The emergence of stock market leaders like Cambrian reflects the extreme manifestation of market trends, particularly in the AI sector, which has shown significant growth and profitability in recent reports [2][3]. Group 1: AI Industry Performance - Cambrian's revenue for the first half of 2025 reached 2.881 billion yuan, a year-on-year increase of 4347.82%, with a net profit of 1.038 billion yuan, marking a 295.82% growth [2]. - Other companies in the AI supply chain, such as New Yisheng and Shenghong Technology, also reported impressive growth, with revenue increasing by 282.64% and net profit by 366.89% respectively [2]. - The recovery of the tech market has provided a significant opportunity for public equity funds, with the Wind data showing a 31.45% increase in the Wande mixed equity fund index year-to-date, outperforming the 14.41% increase in the CSI 300 index [2]. Group 2: Global Supply Chain Insights - The deep globalization of the tech industry complicates the relocation of production to the U.S., as highlighted by Nvidia's plan to build a $500 billion AI infrastructure in the U.S. over four years [5][6]. - The production of advanced semiconductors relies on a global supply chain, with critical components sourced from various countries, making complete localization challenging [6][9]. - A report from the Belfer Center emphasizes that no country can fully control the advanced semiconductor supply chain, underscoring the need for a global perspective in tech investments [9]. Group 3: Investment Strategies - The tech investment landscape is characterized by a focus on high-growth sectors such as innovative pharmaceuticals, robotics, and AI, necessitating a deep understanding of global industry dynamics [3][10]. - Fund managers are encouraged to integrate a mid-level framework for tracking tech industry changes, which aids in identifying investment opportunities [10][12]. - The investment philosophy emphasizes the importance of long-term factors over short-term market noise, with a focus on business model sustainability and industry leadership [15][17]. Group 4: Case Studies and Examples - Fund managers like Ouyang Liangqi have successfully identified undervalued internet companies in the AI space, leading to significant returns [15][19]. - The investment team at Yifangda has built a robust research framework that allows for continuous tracking of over 500 Taiwanese companies, enhancing their ability to gauge industry trends [24]. - The team’s approach to identifying companies that can navigate through the technology lifecycle stages is crucial for capturing excess returns in the evolving market [23][24].

Core Viewpoint - Multiple fund companies are launching index-enhanced funds linked to major A-share indices, indicating a growing interest in equity market investments amid recent strong performance of these indices [1] Fund Launches - Guotai Junan Fund announced the launch of the Guotai Junan Shanghai Composite Index Enhanced Fund on October 22, with a maximum initial fundraising limit of 8 billion [1] - Anxin Fund announced the launch of the Anxin ChiNext Index Enhanced Fund on October 13 [1] - Invesco Great Wall Fund reported that the Invesco Great Wall Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index Enhanced Fund was established on September 18, raising a total of 1.516 billion [1] Market Performance - The Shanghai Composite Index, ChiNext Index, and Sci-Tech Innovation Index have recently shown strong performance, with all three indices reaching significant intraday highs on September 18 [1] - On September 18, the Shanghai Composite Index approached 3,900 points, the ChiNext Index surpassed 3,160 points, and the Sci-Tech Innovation Index neared 1,700 points [1] Market Outlook - Guotai Junan Fund maintains a long-term optimistic view on the domestic equity market, focusing on investment opportunities in technology and anti-involution sectors, with expectations of significant profit growth in the manufacturing sector [1] - Invesco Great Wall Fund acknowledges the strong performance of the equity market and anticipates potential volatility due to profit-taking after the Federal Reserve's interest rate cuts, but remains optimistic about the medium-term benefits for RMB assets and the strengthening trend of overseas capital inflow [1]

本报（chinatimes.net.cn）记者张玫 北京报道 "通过这场策略会，我好像找到了后续的投资方向……"有参会人士在会后表示。 2025年服贸会已经结束，但值得注意的是，9月12日，建信基金在服贸会现场举办了一场名为"信任的力 量"的策略会，会议对2025年下半年宏观经济与资产配置方向进行分析。 建信基金认为，科技板块与黄金资产下半年或可重点关注，而多元资产配置策略仍是应对复杂市场环境 的核心手段。 看好科技投资主线 建信基金数量投资部基金经理张溢麟在会上表示，科技领域方面，科创板已成为A股市场重要组成部 分。wind数据显示，截至2025年8月底，科创板上市公司达589家，总市值突破10万亿元，逐渐形成以科 创50、科创100、科创200为代表的多层次指数体系。 同时，张翠霞也提示，需关注部分高估值科技股年报业绩兑现压力及全球供应链变化带来的阶段性波 动。建议操作上以逢低吸纳为主，避免追高。她强调，资金正全面聚焦科技成长赛道，产业链资金扩散 效应将推动趋势性行情，科创板与创业板中的科技创新型企业将成为10倍牛股的摇篮，值得重点跟踪。 看好哑铃型配置结构 建信基金在其名为"星火科创"的2025年下半年 ...

Core Viewpoint - James Anderson, a benchmark figure in global growth stock investment, continues his investment philosophy of "finding a few great companies" after retiring from Baillie Gifford in 2022 [2] Group 1 - Anderson expressed dissatisfaction with the increasingly bureaucratic nature of Baillie Gifford, indicating a desire for a more pure investment approach [2] - His recent speech and interactions reflect his commitment to a long-term investment strategy, emphasizing the challenges of enduring market pullbacks while identifying winning companies [2] - The article discussing Anderson's investment philosophy has been widely shared among professional investors, highlighting its relevance in current market conditions [2] Group 2 - Other recommended readings include insights from Zhang Yidong on the current market being a "little rabbit-style" bull market, suggesting a focus on asset value [2] - A discussion on the expectations for a bull market narrative is prevalent among public and private fund managers [2] - Zijin Mining, with a market capitalization of 650 billion, has seen over 60% growth this year, indicating significant investment returns [2] - The acceleration of innovation in China's pharmaceutical sector is noted, with a conversation featuring the CEO of GlaxoSmithKline discussing improvements in drug development success rates [2] - There is ongoing debate about whether consumer spending represents a "promising future" or should be focused on "seizing the present" [2] - The article suggests that in a challenging market, investors should consider what to believe in [2]

Core Viewpoint - The company announced an investment of 100 million yuan in Moer Technology through its wholly-owned subsidiary, Lhasa Lianhong Technology Development Co., Ltd [1] Group 1 - The total investment amount is 100 million yuan [1]

Core Viewpoint - 华夏基金 launched a one-stop technology investment solution to help investors seize structural opportunities in the technology sector, driven by the importance of technological innovation in the A-share market [1][2] Group 1: Industry Insights - China's economy is transitioning from scale expansion to high-quality development, with technological innovation becoming a key driver of economic growth [1] - The manufacturing sector in China is shifting from "low-end processing" to "high-end manufacturing," with "new three items" (new energy vehicles, photovoltaics, lithium batteries) leading global exports [1] Group 2: Product Offerings - 华夏基金 has introduced a product line covering five key areas: artificial intelligence, advanced manufacturing, computing power infrastructure, low-carbon transition, and life health, achieving comprehensive coverage of the technology industry [2] - The technology fleet products are designed to meet different risk preferences and investment goals, allowing investors to fully capture opportunities in China's technological rise [2] Group 3: Strategic Alignment - The product layout of 华夏基金's technology fleet aligns with the new "National Nine Articles," which emphasizes support for technological innovation, advanced manufacturing, and green low-carbon initiatives [2] - The management team focuses on in-depth research of industry cycles, technology implementation rhythms, and the process of domestic substitution to select quality targets for precise investment [2]