导读：1月29日，我们举办了"主动权益的回归"线下论坛。本次论坛上，我们邀请到了多位业内主动权益的大咖来到现场分享，一起探讨主动 权益如何创造超额收益。 在本次论坛的圆桌对话环节，我们做了一场有趣的外资专场对话，邀请到了来自摩根资产管理、安联基金、施罗德基金的三位基金经理一起探 讨投"老登还是小登"、"成长还是价值"、"科技还是质量"等问题。 谢恒是此次论坛嘉宾中管理产品年限最短的，但他从业年限却很长，而且长期深耕在科技领域。对于当前火热的AI产业趋势，谢恒秉持辩证 视角。一方面，对于对标中证800宽基的全市场基金，谢恒并没有押注一两个细分赛道。另一方面，谢恒较早洞察到国产算力和海外算力的投 资机会，为产品带来了不错的回报。展望未来，谢恒比较看好AI领域的科技巨头产业链和供需受限的上游金属板块。 在此次论坛中，谢恒还分享了施罗德基金严谨的内部投研文化。对于每一个产品的推出，都会在内部讨论很多次，包括如何设置符合产品特征 的业绩比较基准都会有多轮深度的交流，最终由公司管理层决策确定。通过此次交流，我们得以更深入地理解施罗德基金的投研文化。 朱昂：在TMT行业的研究上，你有超过10年的经验，如何看待AI的产业机会 ...

Group 1 - Foreign-funded public funds have maintained a high position in equity products, with some increasing their allocation to Hong Kong stocks in Q1 2025 [3][4] - Notable funds with over 90% equity positions include BlackRock, Fidelity, Morgan Stanley, and Schroders, among others [3] - Schroders significantly increased its Hong Kong stock allocation from 15.08% in Q4 2024 to 32.31% in Q1 2025 [3] Group 2 - Funds are diversifying their investments across technology, energy, and consumer sectors, with a focus on TMT (Technology, Media, and Telecommunications) and high-dividend stocks [6][7] - BlackRock's Hong Kong Stock Connect fund increased its holdings in Alibaba and reduced its stake in Tencent by nearly 50% [6] - Fidelity's fund adjusted its bank stock allocations, increasing its position in Industrial and Commercial Bank of China while reducing its holdings in China Merchants Bank and China Construction Bank [7] Group 3 - Fund managers are optimistic about quality technology assets and sectors that are expected to benefit from domestic demand policies [8] - Key sectors of interest include TMT, machinery, automotive, and chemical industries, as well as new consumption and defense industries [8] - Morgan Stanley is focusing on investment opportunities in intelligent computing infrastructure and AI applications [8]