清科控股旗下创业与投资资讯平台——投资界连续八年发起「F40中国青年投资人」，F是 Fa nc y，代表无限想象力；也是Fut ur e，代表未来前瞻力。今天，2025投资界「F40中国青 年投资人」正式揭晓。 人的变迁历来是行业的缩影。 正如本年度「F40中国青年投资人」，我们看到头部机构内部迎来代际传承，年轻一代正在 成为中坚力量；洗牌之下，一批扎根于细分赛道的机构新面孔登上舞台；同时，CVC群体成 为创投圈一支愈发重要的力量。 由此望去，创投行业正经历着一场影响深远的更替。 科技投资成为绝对的叙事主线，随着而来的是技术门槛摆在面前，学历背景和产业背景变得 比任何一个时期都更重要。AI浪潮爆发，正在成就一批年轻投资人；医疗健康起伏，坚守的 人迎来曙光；消费重回主桌，意外成就一批超级回报。赛道更迭，人来人往。 回归初衷，清科控股、投资界发起2 025「F40中国青年投资人」，旨在挖掘中国40岁以下的 年轻杰出投资人，探寻独角兽公司背后的勇敢捕手，记录那些发生在科技和商业世界的激荡 故事。 附：20 25「F40中国青年投资人」 （注：以姓名音序排列） 小鹏汽车、地平线、轻村智肌、 Momenta、速腾聚创 ...

2025年投资进入收官阶段，回望这一年的行情，科技毫无疑问仍是热门主题，中证TMT指数年内上涨40.70%，显著跑赢上证指数、深证成指同期 19.42%、27.60%的涨幅表现。 （截至2025年11月11日。中证TMT指数2020-2024年、2025年上半年涨跌幅依次为14.03%、3.69%、-30.86%、3.54%、18.83%、4.29%；上证指数2020- 2024年、2025年上半年涨跌幅依次为13.87%、4.80%、-15.13%、-3.70%、12.67%、2.76%；深证成指2020-2024年、2025年上半年涨跌幅依次为38.73%、 2.67%、-25.86%、-13.54%、9.34%、0.49%。指数数据仅供参考，不作为任何投资建议或收益暗示。指数过往涨幅不预示其未来表现，也不代表跟踪该指 数的指数基金未来业绩。） 而展望下一阶段，科技叙事是否会延续，投资者又该如何充分把握AI带来的投资机遇？从多方面来看，AI等科技领域的投资行情或"未完待续"。 1、AI资本开支加码，产业链景气度高 近年来，全球科技类大厂AI资本开支节节攀升，美股四家科技巨头今年的AI资本支出预计将达350 ...

01 谜题尽解，尚待新局——2026年债市年度策略报告 16:00-17:00 核心看点： 2026年债市走向？货币政策宽松空间是否依然有限？面对基本面改善与微观体感疲软 的矛盾，债市将如何抉择？当资本利得惯性遭遇有限票息，是坚守久期还是转向票息策略？明年债 市是否真的只能"小幅看多"，且逆向布局优于顺势而为？ 嘉宾： 杜渐 丨浙商证券固收首席分析师 扫码预约 02 03 中信建投 | 科技团队联合展望 - 2026年度策略报告汇报会议之四 20:00-21:00 核心看点： 2026年科技投资的主线是否仍由AI引领？面对"无就业增长"的降息周期，机遇与挑战 如何分化？中国AI能否凭借其庞大的应用市场、世界级的模型层与自主硬件的快速迭代实现系统性 重估？在算力端，散热、PCB、电源等方向是否蕴含确定性机会？国产芯片会否迎来订单倾斜与集 中度提升？而AI应用商业化、计算机领域的国产化、量子科技及智驾等高景气赛道，又将是下一轮 行情的关键吗？ 嘉宾： 于芳博丨中信建投证券人工智能首席分析师 应瑛丨中信建投证券计算机首席分析师 崔世峰丨中信建投证券海外研究首席分析师 杨伟松丨中信建投证券科技前瞻首席分析师 扫码预约 ...

画像速写 喜欢在论文中寻找产业前瞻趋势，常常为看到的技术进步而激动不已……寥寥数语，一个热衷于科技产 业投资的基金经理形象跃然纸上。化工材料专业出身，2013年开始研究布局新能源，如今逐渐聚焦科技 产业，诺安基金权益事业部副总经理、研究部总经理邓心怡，正立足于人工智能（AI）浪潮，开启她 的投资新征程。 近日，邓心怡在接受中国证券报记者专访时表示，"前瞻一些，再前瞻一些"是令她觉得踏实的超额收益 策略。在产业趋势初露苗头、市场还没有充分定价前进入，能够更稳妥地获得可观回报。与此同 时，"读论文"成为她前瞻性嗅到投资机会的重要法宝。展望未来，她认为，AI有望成为科技产业浪潮中 的核心驱动力，看好该板块蕴藏的丰富投资机会。 编导：仇子兴、杨皖玉 人物简介 邓心怡，曾任职于中国对外贸易信托有限公司，从事投资研究工作。2020年11月加入诺安基金，现任权 益事业部副总经理兼研究部总经理。自2022年7月6日起担任基金经理，现管理诺安稳健回报混合、诺安 平衡混合、诺安优势行业混合、诺安研究优选混合等多只产品。 邓心怡：我自己的投资策略还是以科技成长为核心，这是我的核心能力圈和最关注的领域，对于全市场 视角而言，我要在自 ...

Core Insights - The domestic ETF market in China has experienced explosive growth, with the number of listed ETF products reaching 1,033 and a total scale of 3.72 trillion yuan by the end of 2024, indicating a shift towards index-based investment strategies [1][3] Group 1: ETF Market Growth - The ETF market's activity has significantly increased over the past two to three years, becoming a widely recognized investment tool among investors [1][3] - The rise of ETFs is particularly notable in the technology investment sector, where they serve as an efficient and practical allocation tool [1][3] Group 2: Investment Opportunities - The rapid emergence of cutting-edge technologies, such as artificial intelligence, has led to the proliferation of various niche sectors, making it challenging for investors to deeply understand each field [3] - ETFs address this challenge by allowing investors to focus on promising sectors without the need for extensive research on individual stocks, thus providing convenient access to overall sector returns [3] Group 3: Advantages of ETFs - ETFs offer simplicity, transparency, and low investment thresholds, making it easier for ordinary investors to participate in the technology investment wave [3] - The long-term benefits of China's technological development, driven by a strong foundation in education and the "engineer dividend," are highlighted as key factors for investment consideration [3] Group 4: Strategic Recommendations - Investors are advised to focus on Chinese technology assets, particularly those related to artificial intelligence and robotics, especially in the Hong Kong stock market, to capitalize on the long-term revaluation opportunities in tech stocks [3] - Utilizing ETFs allows investors to share in the growth of these sectors without the complexities of stock selection [3]

市场早盘高开低走，中证A500指数上涨0.11%。 有券商表示，中期来看，在全球科技投资热情不减、"反内卷"政策持续推进、居民储蓄入市等因素支撑下，本轮慢牛行情的根基并未动摇，后续A股指数仍 存在继续走强的基础。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | --- | --- | | 512050 | A500ETF基金 | 1.159 | 0.17% | 1.1593 -0.03% 19.21% 37.04亿 | | | 563360 | A500ETF华泰柏瑞 | 1.232 | 0.16% | 1.2318 0.02% 12.64% | 32.70 Z | | 159361 | A500ETF易方达 | 1.187 | 0.25% | 1.1868 0.02% 12.70% | 29.06 Z | | 159338 | 中证A500ETF | 1.166 | 0.09% | 1.1665 -0.04% 13.43% | 28.67 Z | | 159352 | A500ETF南方 | 1.213 | 0.2 ...

Market Overview - The A-share market experienced fluctuations with sectors such as non-ferrous metals, oil and petrochemicals, national defense, beauty care, and banking showing strong gains, while sectors like comprehensive services, real estate, media, construction materials, and retail faced declines [1][1][1] - The market is currently in a consolidation phase around the 4000-point mark, with a long-term upward trend expected to continue [1][1][1] Sector Performance - Strong performance was noted in shipbuilding, precious metals, energy metals, and banking, while internet services, software development, cultural media, and electronic components lagged behind [1][1] - The market is in a critical phase for positioning for the upcoming year, with a likelihood of continued consolidation around the 4000-point level [1][1] Investor Sentiment - The stabilization of A-share indices is seen as a positive factor for short-term market confidence [1] - Despite geopolitical tensions leading to cautious funding behavior, the potential for increased market volatility remains [1] - Mid-term outlook remains optimistic due to sustained global tech investment enthusiasm, ongoing "anti-involution" policies, and increased retail investment [1][1]

Core Insights - The technology sector has been the most prominent market theme this year, with rapid rotations among sub-sectors like AI computing, semiconductors, and new energy, making it challenging for ordinary investors to navigate [1] - Broad-based index funds are emerging as a better solution for ordinary investors to participate in the technology wave, offering industry-balanced allocation that diversifies individual stock risks while capturing industry trend dividends [1] Group 1: Index Characteristics - The ChiNext 50 and Sci-Tech 100 indices are highlighted as the "twin stars" of technology investment, with distinct compositions and risk profiles that complement each other [1][4] - The ChiNext 50 index represents "mature technology anchors," featuring leading companies in new energy, communications, and electronics, which have established strong competitive advantages and exhibit stable earnings [4] - In contrast, the Sci-Tech 100 index focuses on "hard technology pioneers," concentrating on sectors like semiconductors, pharmaceuticals, and high-end manufacturing, characterized by higher growth potential and volatility [4][6] Group 2: Momentum Rotation Strategy - A momentum rotation strategy is proposed, leveraging the strong performance of the ChiNext 50 and Sci-Tech 100 indices, which exhibit a "stronger gets stronger" effect typical in the technology sector [7] - Entry signals for the strategy are defined as a cumulative increase of 8% or more over the past 20 trading days for either index, with a preference for the index showing stronger momentum [7] - The strategy includes ongoing monitoring of the holding index's momentum, with a switch to the stronger index if the other surpasses it by 3 percentage points [7][8] Group 3: Strategy Performance - Historical backtesting from November 14, 2020, to November 14, 2025, shows that the momentum rotation strategy achieved a total return of 96.36%, significantly outperforming the ChiNext 50's 31.84% and the Sci-Tech 100's -0.78% [10] - The strategy also demonstrated effective risk control, with a maximum drawdown of -25.46%, compared to -63.72% for the Sci-Tech 100 index, resulting in a Sharpe ratio of 0.59, well above the benchmark's 0.21 [10] - The strategy successfully kept pace with market trends during bullish phases and avoided significant losses during market downturns by maintaining cash positions when both indices fell below the entry threshold [10]

Core Insights - The technology sector has been the most prominent market theme this year, with rapid rotations among sub-sectors like AI computing, semiconductors, and renewable energy, making it challenging for ordinary investors to navigate [1] - Broad-based index funds are emerging as a better solution for ordinary investors to participate in the technology wave, offering industry-balanced allocation that diversifies individual stock risks while capturing industry trend benefits [1] Group 1: Index Characteristics - The ChiNext 50 and Sci-Tech 100 indices are highlighted as the "twin stars" of technology investment, with distinct component stock structures, industry focuses, and risk characteristics that complement each other [1][3] - The ChiNext 50 index represents "mature technology anchors," primarily consisting of leading companies in renewable energy, communications, and electronics, which have established strong competitive advantages and exhibit stable profitability [3] - In contrast, the Sci-Tech 100 index focuses on "hard technology pioneers," concentrating on sectors like semiconductors, pharmaceuticals, and high-end manufacturing, characterized by higher growth potential and greater volatility [3][4] Group 2: Momentum Rotation Strategy - A momentum rotation strategy is proposed to capitalize on technology investment opportunities, leveraging the inherent differences between the two indices [5] - Entry signals are defined as when either index achieves a cumulative gain of 8% over the past 20 trading days, with a preference for the index showing stronger momentum [7] - The strategy emphasizes disciplined and adaptive management, avoiding emotional trading and market noise, with clear rules for entry, holding, and exit [7] Group 3: Performance Metrics - Historical backtesting from November 14, 2020, to November 14, 2025, shows that the momentum rotation strategy achieved a total return of 96.36%, significantly outperforming the ChiNext 50's 31.84% and the Sci-Tech 100's -0.78% [10] - The strategy also demonstrated superior risk control, with a maximum drawdown of -25.46%, compared to the Sci-Tech 100's maximum drawdown of -63.72%, resulting in a Sharpe ratio of 0.59, well above the benchmark's 0.21 [10] - The strategy effectively tracks market trends during bullish phases and successfully avoids significant losses during market downturns by maintaining cash positions when necessary [10]

喜欢在论文中寻找产业前瞻趋势，常常为看到的技术进步而激动不已……寥寥数语，一个热衷于科技产 业投资的基金经理形象跃然纸上。化工材料专业出身，2013年开始研究布局新能源，如今逐渐聚焦科技 产业，诺安基金权益事业部副总经理、研究部总经理邓心怡正立足于人工智能（AI）浪潮开启她的投 资新征程。 近日，邓心怡在接受中国证券报记者专访时表示，"前瞻再前瞻一些"是令她觉得踏实的超额收益策略。 在产业趋势初露苗头、市场还没有充分定价前进入，能够更稳妥地获得可观回报。与此同时，"读论 文"成为她前瞻性嗅到投资机会的重要法宝。展望未来，她认为，AI有望成为科技产业浪潮中的核心驱 动力，看好该板块蕴藏的丰富投资机会。 邓心怡，曾任职于中国对外贸易信托有限公司，从事投资研究工作。2020年11月加入诺安基金，现任 权益事业部副总经理兼研究部总经理。自2022年7月6日起担任基金经理，现管理诺安稳健回报混合、诺 安平衡混合、诺安优势行业混合、诺安研究优选混合等多只产品。 读论文发现投资机会 中国证券报：可以先简单介绍下你的投资经历吗？ 邓心怡：我最早是在外贸信托公司做自营投资，当时主要研究新能源、新材料、化工环保等，更多是偏 一级 ...