Core Viewpoint - The article emphasizes that the global AI large model has entered a "flywheel" positive feedback loop, integrating computing power, models, applications, and data, which is driving a new wave of technological innovation and investment opportunities in the tech sector [3][11][17]. Group 1: Market Trends and Performance - The tech sector has become the strongest industry trend in the A-share market, validating previous predictions about a "Tech Big Bang" [3][4]. - Three out of four funds managed by the company achieved over 100% returns in the past year, significantly outperforming their benchmarks [4][5]. - The performance of the funds reflects a strong investment strategy focused on AI and technology sectors [4][5]. Group 2: Research and Team Structure - The company has established a robust technology research team with a global perspective, conducting annual overseas research trips since 2011 to enhance their understanding of the tech landscape [6][7]. - The research team has expanded significantly during market downturns, doubling in size over the past three years, which has strengthened their competitive edge in tech investments [8][31]. - The team employs a detailed division of labor, categorizing the AI industry into four segments: chips, cloud, end, and network, with dedicated researchers for each segment [7][31]. Group 3: Investment Strategy - The investment strategy focuses on identifying "true growth companies" within the tech sector, emphasizing the importance of understanding the underlying technology and market dynamics [20][22]. - The company avoids concentrated investments in a single sector, instead diversifying across 2-3 core themes and selecting 5-7 stocks within each theme to balance risk and opportunity [24][25]. - The emphasis is placed on long-term value creation, with a disciplined approach to evaluating companies based on their future profit potential rather than short-term market fluctuations [24][26]. Group 4: Future Outlook - The company anticipates accelerated global AI innovation, with significant investments expected in AI models and related technologies in the coming years [27][28]. - There is a strong focus on self-sufficiency in hard technology, particularly in semiconductor manufacturing, as geopolitical tensions increase the need for domestic production capabilities [29]. - The Hong Kong stock market is viewed as a promising area for investment, featuring leading tech companies that are well-positioned for growth [29].

Core Viewpoint - The article emphasizes that the global market is entering a "TECH BIG BANG" era, with technology becoming the strongest trend in the A-share market, as predicted by Ma Lei from Huatai PineBridge Fund. Despite the volatility in tech stock investments, the AI industry has gained consensus and initiated a new tech market rally since mid-July 2024 [1][2]. Fund Performance - In the past year, three out of four funds managed by Ma Lei have doubled their returns, significantly outperforming their benchmarks [2]. - The performance of the funds is as follows: - Huatai PineBridge Beijing Stock Exchange Innovation Selected Two-Year Open A: 216.48% vs. 70.59% - Huatai PineBridge Autonomous Core Technology One-Year Holding Mixed A: 153.02% vs. 69.27% - Huatai PineBridge CSI Chip Industry Index Enhanced Initiation A: 131.87% vs. 127.24% - Huatai PineBridge Digital Future Mixed A: 91.29% vs. 70.59% [3]. Research Team and Strategy - The success of Ma Lei in AI investments is attributed to a well-structured research team at Huatai PineBridge Fund, which emphasizes global perspectives and in-depth industry research. The team conducts annual overseas research trips, particularly in Silicon Valley, to engage with leading tech companies [4][5]. - The research team has expanded significantly, doubling in size over the past three years, and is now one of the largest tech research teams in the industry. This team includes both seasoned veterans and emerging talents, creating a stable talent pipeline [5][6]. AI Industry Insights - The AI industry has entered a "flywheel" effect, where increased computational power leads to better models, which in turn opens up more applications and generates high-quality data, creating a positive feedback loop [12]. - The emergence of the "Strawberry" model has accelerated AI innovation, contrary to initial fears of "computational deflation." This model has significantly improved the performance of large language models [11][10]. Investment Philosophy - The investment strategy focuses on identifying "true growth companies" within the tech sector, emphasizing the importance of understanding the competitive landscape and the underlying conditions driving technological advancements [15][16]. - The company adopts a diversified investment approach, selecting 2 to 3 core themes and 5 to 7 stocks within each theme to maintain a balance between risk and return [20][19]. Future Outlook - For the second half of the year, the company is optimistic about three key areas: 1. Global AI technological innovation, with a focus on the rapid development of large models and multi-modal applications [21][22]. 2. Self-sufficiency in hard technology, particularly in semiconductor manufacturing and chip production, which is becoming increasingly important amid complex international political dynamics [23]. 3. Hong Kong stock market technology, which includes leading companies in various tech sectors that are well-positioned for growth [23].