Core Viewpoint - The article emphasizes the importance of clear product strategies and sustainable performance in asset allocation for investors in the current market environment, highlighting the ICBC Emerging Manufacturing Mixed Fund as a valuable option for long-term asset allocation due to its focus on quality sectors in the technology industry and strong performance metrics [1][2]. Performance Analysis - The ICBC Emerging Manufacturing Mixed Fund's C share has ranked first among similar funds in terms of performance over the past five years, with a return significantly exceeding its benchmark [2]. - As of the end of 2025, the fund's A share achieved a net value growth rate of 65.78% over the past year and 131.67% over the past three years, outperforming the benchmark returns of 31.57% and 43.51% respectively [3][18]. - The fund has demonstrated superior risk-adjusted returns, with a maximum drawdown of -30.55%, better than the average of -36.54% for similar funds, and an annualized Sharpe ratio of 1.15 compared to the average of 0.29 [3][4]. Investment Strategy - The fund's investment strategy is characterized by a dual focus on industry trends and individual stock alpha, with a strong emphasis on the technology manufacturing sector [9][10]. - The fund maintains a high concentration in the electronics sector, with 98.46% of its stock investment value allocated to this industry, allowing it to capitalize on growth opportunities while managing individual stock risks [6][10]. - The investment team employs a systematic approach to adjust asset allocation based on market trends and valuation changes, aiming to accumulate sustainable alpha through diversified holdings [12][14]. Platform Support - The fund's performance is supported by a robust research platform that provides comprehensive insights across various industries, particularly in emerging sectors like TMT (Technology, Media, and Telecommunications) and high-end equipment [16][17]. - The investment philosophy of the fund is rooted in a culture of research-driven investment, emphasizing collective decision-making and continuous optimization of processes to enhance decision-making efficiency [16][17]. - The integration of a platform-based research structure allows for effective transmission of investment ideas and sustainable performance, ensuring the fund's adaptability to market fluctuations and industry changes [17].

Core Viewpoint - The performance of equity funds in 2025 has shown a significant recovery, with a notable resurgence in growth momentum for equity assets, particularly highlighted by the strong performance of ICBC Credit Suisse Asset Management's equity investment team, which has demonstrated exceptional investment capabilities [1][3][4]. Group 1: Performance Highlights - ICBC Credit Suisse ranked first in absolute and excess returns over the past seven years among 13 large equity firms, and third and second in the last five years respectively [3]. - By the end of 2025, 18 equity funds under ICBC Credit Suisse received five-star ratings from Morningstar for three, five, and ten-year periods, while 19 actively managed equity funds received five-star ratings from Galaxy Securities [3]. - The fund "ICBC Intelligent Manufacturing Stock A" achieved a return of 70.91% in 2025, significantly outperforming its benchmark return of 35.71% [5][8]. Group 2: Key Fund Managers and Strategies - Fund managers Marina and Li Shaozhao have been pivotal in leading the technology sector investments, with Marina focusing on semiconductors and Li on hard technology [6][7]. - Marina's fund "ICBC New Emerging Manufacturing Mixed" ranked first in its category over the past five years, benefiting from her deep expertise in the semiconductor industry [6]. - Li's fund "ICBC Intelligent Manufacturing Stock A" has a diversified portfolio covering multiple high-tech sectors, demonstrating flexibility in adjusting holdings based on market conditions [8][9]. Group 3: Sector-Specific Insights - The ICBC healthcare team has also excelled, with the "ICBC New Economy Mixed A" fund achieving a return of 69.43% in 2025, while the "ICBC Health Industry Mixed A" fund returned 53.69% [10][11]. - The healthcare team's success is attributed to their strategic focus on innovative drugs and a robust understanding of the pharmaceutical industry [10][11]. - The "ICBC New Energy Vehicle Mixed A" fund recorded a return of 56.88%, showcasing the team's effective management and market differentiation [12][13]. Group 4: Investment Philosophy and Team Structure - ICBC Credit Suisse employs a unique team-based management model, allowing for specialized focus on different segments of the industry, enhancing research depth and investment precision [12][14]. - The collaborative approach among fund managers ensures comprehensive coverage of the market, balancing depth and breadth in investment strategies [19][20]. - The firm emphasizes long-term investment strategies, fostering a culture of continuous improvement and systematic research capabilities [32][33].

Group 1 - The A-share market in 2026 has seen a "good start," with the Shanghai Composite Index reaching a nearly 10-year high, driven by technology as the core engine of this market trend [1] - The public fund issuance trend continues, with ICBC Credit Suisse Fund officially launching the ICBC Technology Select Mixed Fund on January 8, focusing on high R&D and high-growth companies in the AI application field [1] - The fund adopts a new performance-based floating management fee mechanism, which varies based on the holding period and performance relative to a benchmark, aiming to align the interests of investors and fund managers [1][4] Group 2 - The proposed fund manager, Marina, has been with ICBC Credit Suisse since 2015 and has extensive experience in the technology sector, leading to a deep understanding of industry development and investment insights [2] - The TMT research team at ICBC Credit Suisse is skilled in technology industry investments, focusing on high-growth sectors with strong competitive barriers to achieve returns [2] - The investment strategy emphasizes both top-down and bottom-up approaches, targeting industries with significant growth potential and high-quality companies to generate long-term returns while managing risks effectively [2][3] Group 3 - The ICBC Emerging Manufacturing Mixed Fund has achieved a return of 118.56% since July 8, 2024, significantly outperforming its benchmark return of 51.78% [3] - The fund's performance over the years shows a net value growth rate of 34.30%, -25.69%, -7.01%, and 50.28% from 2021 to 2024, compared to benchmark returns of 15.23%, -17.65%, -2.00%, and 11.30% respectively [4] - The management aims to focus on industries and companies within their capability circle to accumulate long-term advantages and achieve excess returns relative to technology industry indices or competing products [3]

Core Viewpoint - The article emphasizes the ongoing investment trend in artificial intelligence (AI) led by DeepSeek since 2025, with a focus on public funds, particularly the upcoming launch of the 工银科技先锋混合发起式基金 managed by Marina, which targets high-quality companies in the AI industry chain [1][2]. Investment Focus - The new fund will concentrate on two main areas: AI infrastructure and AI semiconductors, as well as AI applications, reflecting the current technological trends driven by large language models [2][8]. - Marina's investment strategy involves identifying companies that benefit from industry trends, focusing on those with high performance growth, valuation flexibility, and competitive barriers [5][6]. Fund Management Background - Marina has a strong academic background in microelectronics and computer science from Peking University and has been with 工银瑞信基金 for 10 years, specializing in technology industry research and investment [3]. - The 工银科技先锋 fund represents Marina's latest move in the AI industry chain, differing from her previous fund, 工银新兴制造, by having a broader investment scope that includes more AI applications [3][4]. Market Trends and Predictions - The article outlines that the current AI investment wave is characterized by the development of large language models, with significant advancements expected in AI applications over the next 3-5 years as model capabilities improve and costs decrease [4][8]. - The article also highlights that the hardware infrastructure in China is catching up, and the gap in model development between China and the US is narrowing, suggesting a potential advantage for domestic applications due to a large internet market and a well-established robotics industry [8][9].