Core Viewpoint - The technology investment team at Huatai Fuhua Fund adopts a long-term, industrial-style investment approach, focusing on deep industry research and technological transformation rather than chasing short-term trends or relying on individual stars [1][12][14] Performance Summary - In the past year, four funds under Huatai Fuhua Fund saw their net values double, and ten funds achieved over 50% growth [1] - The performance of Huatai Fuhua's digital and technology products has been outstanding, with specific funds showing significant returns compared to their benchmarks [2] Long-term Performance - As of July 2025, Huatai Fuhua's Global Mobile Internet A ranked first in net value growth among similar products over the past seven years, and its Technology Innovation A ranked in the top 10% over the past five and three years [3][15] - The team emphasizes a global perspective, covering the entire technology industry chain, which distinguishes them from other institutions [3] Research Methodology - Since 2011, the company has organized annual field research trips to Silicon Valley and other tech hubs, allowing fund managers to engage directly with hundreds of companies [5] - The team has identified key trends, such as the shift towards digital transformation and the growing importance of AI, through in-depth industry research [6][7] Team Structure and Collaboration - The technology investment team consists of nearly 20 members, including around 10 fund managers, with a mix of experienced veterans and emerging talents [9][10] - The team employs a systematic approach to research, covering six major sub-industries, and has established overseas subsidiaries to enhance market insights [10][11] Investment Philosophy - The company adheres to a long-term investment philosophy, focusing on building a strong foundation in technology investment despite market challenges [12][13] - The investment strategy emphasizes clear product positioning, effective matching of fund managers' capabilities, and systematic portfolio construction [14]

Core Viewpoint - The article emphasizes the importance of long-term investment strategies in the technology sector, highlighting that successful investors are those who focus on deep industry research and sustainable growth rather than chasing short-term trends [2]. Performance Summary - In the past year, several funds under the company have shown remarkable performance, with four funds doubling their net value and ten funds increasing by over 50% [2]. - Specific fund performance includes: - 汇添富北交所创新精选两年定开A: 219.37% increase - 汇添富科技创新A: 120.28% increase - 汇添富自主核心科技一年持有A: 117.47% increase - 汇添富中证芯片产业指数增强A: 102.27% increase [3]. Long-term Performance - 汇添富全球移动互联A has ranked first among similar products over the past seven years, and third over the past five and three years [4][5]. - 汇添富科技创新A has also performed well, ranking in the top 10% for the past five and three years, and in the top 5% for the past year [7]. Research Approach - The company emphasizes a comprehensive research approach that spans the entire technology industry chain, including both domestic and international companies [9]. - Since 2011, the company has conducted annual field research in technology hubs like Silicon Valley, allowing for direct engagement with numerous tech firms [9][10]. Investment Philosophy - The investment philosophy is rooted in deep fundamental analysis and long-term engagement with companies, requiring extensive tracking and understanding of management and industry dynamics [11][12]. - The team believes that successful investment requires building various touchpoints within industries to remain sensitive to changes [12]. Team Structure - The company has developed a well-structured team with nearly 20 members in the technology investment sector, including experienced fund managers and emerging talents [14]. - The team employs a detailed division of labor across six major sub-industries, ensuring a broad and deep understanding of the technology landscape [15]. Global Presence - The establishment of subsidiaries in Hong Kong, the United States, and Singapore enhances the team's ability to understand local market trends and identify global investment opportunities [15]. Long-term Commitment - The company maintains a long-term perspective in performance evaluation and talent development, ensuring stability and coordination within the team [20]. - The investment strategy emphasizes clear product positioning and effective matching of fund managers' capabilities with investment goals [21]. Conclusion - The company's deep-rooted investment philosophy, comprehensive research approach, and structured team dynamics contribute to its ability to navigate the volatile technology sector and capture innovative value over time [22].

Core Viewpoint - The technology investment sector is characterized by rapid changes and high barriers to entry, requiring deep industry understanding and research capabilities to identify genuine investment opportunities [2][10]. Group 1: Performance Highlights - In the past year, several funds under the company have shown remarkable performance, with net value increases exceeding 50% [3]. - Specific fund performance includes: - 汇添富北交所创新精选两年定开混合A: 216.91% return vs. 69.71% benchmark - 汇添富科技创新混合A: 88.59% return vs. 41.29% benchmark - 汇添富自主核心科技一年持有混合A: 75.56% return vs. 47.72% benchmark [4]. - Over a longer time frame, 汇添富全球移动互联A has ranked 1st among peers over the past seven years, and 3rd over the past five and three years [5][6]. Group 2: Team Structure and Strategy - The technology investment team consists of nearly 20 members, including around 10 fund managers, combining experienced veterans and emerging talents to create a stable talent pool [10]. - The team covers six sub-industries: electronics, semiconductors, communications, computers, media, and the internet, providing a comprehensive research approach [10][11]. - The company emphasizes a multi-layered investment product matrix, aligning products, personnel, strategies, and clients to offer targeted solutions [11]. Group 3: Research and Investment Approach - The investment strategy is based on a vertical integration research system that promotes efficient collaboration and resource sharing among team members [13][14]. - Fund managers actively engage in research, ensuring they remain connected to industry developments and trends, which enhances investment decision-making [14]. - The company adopts a long-term perspective, focusing on the entire lifecycle of industry development to identify companies with sustainable growth potential [16][17]. Group 4: Case Studies - A notable case involved identifying a leading company in the optical module sector, where the team recognized a cyclical technology upgrade that would drive profitability despite market concerns [16]. - Another example highlighted the identification of opportunities in the online food delivery market, where the team anticipated market consolidation and growth potential [17].

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]