Core Viewpoint - The concept of "advanced" in investment transcends mere technology, embodying a depth of understanding and foresight in industry trends, company barriers, and global competitiveness [1] Group 1: Understanding "Advanced" - The definition of "advanced" encompasses multiple dimensions, including the industry lifecycle stage, company barriers, profitability, and global competitiveness [1][2] - The industry must be in a growth phase with significant market potential for a company to be considered advanced [2] - A company's competitive barriers, which may arise from technological breakthroughs or customer relationships, are crucial for maintaining an advantageous position in the market [2][3] Group 2: Profitability and Global Competitiveness - Strong profitability is a financial manifestation of advanced status, with a focus on companies that can escape homogenized competition and price wars through genuine innovation [3] - The ultimate test of advanced status is a company's ability to compete on a global scale, integrating into global supply chains and competing with industry giants [3] Group 3: Investment Strategy - The investment strategy involves a "three-layer screening" approach to identify and dynamically allocate opportunities [4][5] - The first layer focuses on major industry trends that can significantly alter lifestyles, such as AI and renewable energy, which present long-term investment opportunities [4] - The second layer targets traditional manufacturing and cyclical growth sectors when major industry opportunities are absent, identifying turning points based on supply and demand changes [4] - The third layer involves investing in high-quality companies with reasonable valuations during stable cycles to benefit from steady earnings growth [5] Group 4: Market Insights and Focus Areas - The current market is characterized by rapid sector rotation, yet the underlying trend favors strong industry directions, particularly in innovative pharmaceuticals and AI [7] - The AI industry is still in its early stages, with significant potential for growth, particularly in hardware infrastructure [7] - Within the semiconductor sector, the focus is on wafer manufacturing due to high barriers and ongoing demand, while also monitoring promising areas in chip design [8]

Core Viewpoint - The concept of "advanced" in investment transcends technology, representing a depth of understanding and foresight in industry trends, company barriers, and global competitiveness [1] Group 1: Understanding "Advanced" Manufacturing - "Advanced" is broken down into four interconnected dimensions: industry growth stage, competitive barriers, profitability, and global competitiveness [3][4] - The industry must be in a growth phase with significant market potential for a company to be considered advanced [3] - Companies must establish sufficient competitive barriers, which can stem from technological breakthroughs, channel control, or customer relationships [4] Group 2: Profitability and Global Competitiveness - Strong profitability is a financial manifestation of advanced manufacturing, focusing on companies that avoid homogenized competition and price wars [4] - The ultimate test of advanced manufacturing is the ability to compete on a global scale, integrating into global supply chains and competing with industry giants [4] Group 3: Investment Strategy - The investment strategy involves a "three-layer screening" approach to identify and dynamically allocate opportunities [5][6] - The first layer focuses on major industry trends that can significantly alter lifestyles, such as mobile internet and AI, which are expected to yield substantial returns [5] - The second layer targets traditional manufacturing and cyclical growth sectors when no major industry opportunities are present [5] - The third layer involves investing in high-quality companies with reasonable valuations during stable cycles [6] Group 4: AI and Semiconductor Investment Opportunities - The AI industry is viewed as a long-term investment opportunity, with the potential to rival the mobile internet wave [7] - Within the AI sector, hardware infrastructure, particularly overseas computing chains, is highlighted as a promising area due to its growth potential and favorable market conditions [7] - In the semiconductor sector, the focus is on wafer manufacturing, which is characterized by high barriers and sustained demand [8] Group 5: Long-term Value Discovery - Technology investment is framed as a marathon focused on discovering long-term value rather than chasing short-term trends [9] - The management strategy emphasizes core positions in overseas computing chains while monitoring the fundamentals of secondary companies [9]

□本报记者万宇 在投资的世界里，"先进"二字从来不只是技术的代名词，更是一种认知的深度与前瞻。 广发先进制造的基金经理孙迪正是这种理念的实践者——他将产品名称中的"先进制造"延伸为对产业趋 势、企业壁垒与全球竞争力的精准判断，用16年的投研功底，在科技制造的浪潮中捕捉真正具备"先进 性"的企业。 在科技投资这条赛道上，孙迪显得有些"非典型"。工科与金融的复合专业背景，加上早期在全球顶尖通 信企业的4年产业研究经历，让孙迪形成了独特的投资视角：既懂技术语言，又懂资本逻辑。 自2009年加入广发基金，孙迪一直在研究发展部工作，前6年负责行业研究，后10年负责研究团队的管 理。这10年间，他与各行业研究员深度交流、交叉验证，形成了多行业、多维度的研究体系。 正是深度研究的积淀，让他能够穿透市场噪音，把握科技产业的本质规律。因此，孙迪对"先进制造"的 理解更加深刻。他将"先进"分解为四个相互关联的维度，构建了一套完整的评估体系。 行业阶段是否处于成长周期，是企业具备先进性的前提。在他看来，真正的先进制造应该处于产业生命 周期的成长阶段，拥有巨大的市场空间和发展潜力，而非处于稳定或衰退期的行业。 企业是否构建了足够的竞 ...

Core Viewpoint - The concept of "advanced" in investment transcends mere technology, embodying a depth of understanding and foresight in industry trends, company barriers, and global competitiveness [1][2] Understanding "Advanced" in Four Dimensions - The first dimension is the industry stage, where true advanced manufacturing should be in a growth phase with significant market potential, rather than in a stable or declining phase [2] - The second dimension focuses on the competitive barriers a company has established, which may arise from technological breakthroughs, channel control, or customer relationships [2] - The third dimension is the company's profitability, emphasizing the importance of escaping homogenized competition and price wars to achieve premium pricing through genuine innovation [2] - The fourth dimension assesses global competitiveness, where companies must integrate into global supply chains and compete directly with international giants to be considered truly advanced [2] Three-Layer Screening and Dynamic Validation - The first layer of the investment strategy involves identifying major industry trends that can significantly alter human lifestyles, such as mobile internet, AI, and new energy [3] - The second layer focuses on traditional manufacturing and cyclical growth sectors when no major industry opportunities are present, identifying turning points in supply and demand [3] - The third layer involves investing in high-quality companies with reasonable valuations during stable cycles to benefit from steady earnings growth [3] Investment Philosophy - The investment philosophy emphasizes a balance between offensive and defensive strategies, with a focus on industry concentration when clear trends are identified, and diversification when uncertainties arise [4] - The approach also includes avoiding investments in themes lacking performance support, ensuring that valuations remain within acceptable ranges [4] Long-Term Opportunities in AI Investment - The market has shown a preference for strong industry trends, with innovative pharmaceuticals and AI being recognized as the two most sustainable directions this year [4] - The AI industry is viewed as a potential investment opportunity comparable to the mobile internet wave, currently in its early stages with no breakout applications yet [5] Focus Areas within AI and Semiconductor Sectors - Within the AI industry, the hardware infrastructure, particularly overseas computing chains, is highlighted as having significant growth potential and favorable market conditions [5] - In the semiconductor sector, the current cycle is characterized as relatively weak, driven by AI, with a focus on wafer manufacturing due to its high barriers and ongoing demand [5]

Core Viewpoint - As of January 31, 2025, GF Fund's public fund management scale reached 1.39 trillion yuan, ranking third after E Fund and Huaxia Fund, but the company faces challenges in its active equity business due to declining performance of star fund managers [14][17]. Group 1: Fund Management and Performance - GF Fund has significantly increased its focus on index investment in recent years, yet it struggles to hide the decline in its active equity business scale [14][17]. - The resignation of star fund manager Sun Di from the GF Resource Selection fund is a notable event, with Su Wenjie taking over management responsibilities [6][12]. - Sun Di's management of the GF Resource Selection fund has resulted in a net value drop of 12.66% over the past year, significantly underperforming its benchmark by over 15 percentage points [7][10]. Group 2: Fund Manager Background - Su Wenjie, the new manager of GF Resource Selection, has a strong track record, achieving an annualized return of 19.92% while managing the Jiashi Resource Selection fund, ranking 19th among 305 similar funds [5][6]. - Su Wenjie has also managed the Jiashi Carbon Neutrality theme fund, which performed well, ranking 75th among 4,120 similar funds [5]. Group 3: Concentration and Strategy Issues - The GF Resource Selection fund has a high concentration in its top ten holdings, reaching 75.80%, which is significantly above the industry average [10][12]. - The fund's strategy has been criticized for its high turnover and reliance on a limited number of stocks, which can lead to increased risk, especially in a cyclical industry [10][12]. Group 4: Historical Context and Challenges - GF Fund was once known for its "internal star-making" strategy, successfully creating star fund managers, but this has shifted to a situation where many of these managers are now facing significant performance declines [14][17]. - The company has seen a notable decline in the performance of funds managed by key figures like Sun Di and Liu Gesong, leading to redemption pressures and a potential systemic risk due to over-reliance on star managers [16][17].