大成基金股票投资部基金经理杜聪是中国科学技术大学信息工程学士、复旦大学金融硕士，2014年进入 资管行业后长期深耕大科技板块，覆盖计算机、TMT、新能源等科技成长行业；目前任大成成长进 取、大成科技消费、大成至臻回报基金经理。杜聪以"从北美AI投入跟踪看科技中期投资方向"为题，从 北美AI三季报最近情况切入，对人工智能投资机会进行深度解析。杜聪表示，当前AI算力投入属于超 前的基础设施建设投入，北美四大CSP(云服务提供商)每年在AI基建上投入数千亿美金，但相关收入相 对较少，仍在投入阶段。对生成式AI未来巨大潜力的看好，推动投资性现金流占经营性现金流的比例 不断上升，催生AI算力行情。从应用端现状来看，原生AI公司受益显著、而传统软件公司未显著受 益，北美云服务供应商出现业绩分化。中期来看，尽管在今年前三季度行情爆发后，市场有高低切声 音，短期可能出现调整，但积极因素在上市公司ROI逐渐明朗的情况下，未来半年AI投入仍将持续，AI 行情仍是资本市场重要参与领域。 近日，"科技潮升高质风举"为主题的大成基金2025年投教同行会系列活动顺利启动。科技是新质生产力 培育的长期赛道。大成基金启动科技行业前沿技术及产 ...

Core Viewpoint - Da Cheng Fund has launched the Da Cheng Zhi Zhen Return Fund, which is a mixed equity fund managed by Du Cong, aiming for long-term growth and performance exceeding its benchmark [1][2]. Fund Details - The fund is open for public subscription from June 3, 2025, to June 23, 2025, with a minimum total subscription of 200 million shares [2]. - The investment objective focuses on companies with long-term growth potential, targeting a benchmark composed of 70% CSI 800 Index, 10% Hang Seng Index (adjusted for valuation), and 20% China Bond Composite Index [2]. - The fund will invest 60%-95% of its assets in stocks and depositary receipts, with a maximum of 50% in Hong Kong Stock Connect stocks [2]. Fee Structure - The fund employs a floating fee structure with three tiers: 1.2% for holdings under 365 days, 1.5% for annualized excess returns over 6%, and 0.6% for annualized excess returns at -3% or below [4]. Fund Manager Profile - Du Cong, the proposed fund manager, has a master's degree in economics from Fudan University and 10 years of experience in the securities industry [5][6]. - As of April 2024, Du Cong manages two funds with a total scale exceeding 3 billion yuan [6]. Performance Metrics - Under Du Cong's management, the Da Cheng Growth Progress Fund achieved a return of 19.25% since April 2024, outperforming its benchmark by over 10 percentage points [7][8]. - The Da Cheng Technology Consumption Fund, managed since December 2024, reported a return of -1.94% during its tenure, with a slight gain of 1.21% this year [8]. Holdings - Major holdings in the funds include Tencent Holdings, Alibaba, and SMIC [9].

Core Viewpoint - The newly approved floating rate fund, Dachen Zhi Zhen Return Mixed Fund, will start issuing on June 3, with a focus on active equity investment and managed by Du Cong, who has demonstrated strong performance in technology growth investments [1][2]. Group 1: Fund Overview - The Dachen Zhi Zhen Return Mixed Fund is set to be issued on June 3, with Du Cong as the proposed fund manager and ICBC as the custodian [1]. - Dachen Fund is known for its active equity investment capabilities, with notable fund managers like Xu Yan, Liu Xu, and Han Chuang [1]. - Du Cong has shown a significant excess return of 18.7% relative to the performance benchmark since managing Dachen Growth Progress Fund [1]. Group 2: Investment Strategy - Du Cong's investment framework focuses on identifying "key variables" to determine investment weight through expected return rates and curvature [2]. - The investment process consists of two main steps: assessing long-term performance potential and understanding company quality and future valuation [2]. - "Curvature" is a key concept in Du Cong's strategy, representing the acceleration of growth, which influences company pricing during market turning points [2]. Group 3: Performance Metrics - Since Du Cong took over Dachen Growth Progress Fund, it has achieved a cumulative return of 20.74%, ranking in the top 15% of its category [3]. - The fund's net asset value curve has shown steep growth, indicating strong performance during various bull markets in the technology sector [3]. - The fund's turnover rate reached 1,076.12%, reflecting Du Cong's active management and responsiveness to market changes [3]. Group 4: Market Opportunities - Du Cong highlighted several investment opportunities in the 2024 annual report, including AI computing power, domestic substitution industries, and the Apple supply chain [6][7]. - The fund achieved a quarterly return of 11.2% in Q1 2025, with an excess return of 8.27% relative to its benchmark [6]. - The ongoing U.S.-China trade tensions are seen as a catalyst for investment opportunities in semiconductor and software sectors [6].