种 种 迹 象 表 明 ， 全 球 A I 大 模 型 已 实 现 飞 轮 正 循 环 ( 算 力 、 模 型 、 应 用 、 数 据 ) 马磊 | 汇添雷| 基 金 经 理 英 雄 榜 第 5 7 7 期 导读：2024年8月19日，当整个市场还弥漫着低迷的情绪时，汇添富基金的马磊发表了一篇文章，旗帜鲜明提出了"全球正加速步入TECH BIG BANG科技大爆炸时代"（ 《汇添富基金马磊：把握创新时代机遇，做产业研究最硬的脑袋》 ）。一年后的今天，科技成为了A股市场最强的产业 趋势，马磊的判断几乎全部验证。 但是即便能看对方向，科技股的投资也永远充满波折。进入2025年初，DeepSeek横空出世后，市场又开始预期"算力通缩"。等到4月7日关税事件 发酵后，许多科技股基金年内收益率不到10%。在充满分歧的时候，今年7月15日马磊在汇添富基金的公众号发表了观点，提出"全球AI大模型已实 现飞轮正循环"的观点（ 《汇添富马磊："全球AI大模型已实现飞轮正循环"》 ）。巧合的是，从那之后整个AI产业链形成了市场共识，也开启了一 轮新的科技产业大行情。 过去一年，马磊4只在管基金中，有3只实现了翻倍，净值表现均跑赢 ...

导读：2024年8月19日，当整个市场还弥漫着低迷的情绪时，汇添富基金的马磊发表了一篇文章，旗帜鲜明提出了"全球正加速步入TECH BIG BANG科技大爆炸时代"。一年后的今天，科技成为了A股市场最强的产业趋势，马磊的判断几乎全部验证。 但是即便能看对方向，科技股的投资也永远充满波折。进入2025年初，DeepSeek横空出世后，市场又开始预期"算力通缩"。等到4月7日关税事 件发酵后，许多科技股基金年内收益率不到10%。在充满分歧的时候，今年7月15日马磊在汇添富基金的公众号发表了观点，提出"全球AI大模 型已实现飞轮正循环"的观点。巧合的是，从那之后整个AI产业链形成了市场共识，也开启了一轮新的科技产业大行情。 过去一年，马磊4只在管基金中，有3只实现了翻倍，净值表现均跑赢基准，业绩表现可谓强势。 | 基金名称 | 近一年收益率(%) | 业绩基准(%) | | --- | --- | --- | | 汇添富北交所创新精选两年定开 A | 216. 48 | 70. 59 | | 汇添富自主核心科技一年持有混合 A | 153.02 | 69. 27 | | 汇添富中证芯片产业指数增强发起式 A | 1 ...

Core Viewpoint - The A-share market has shown strong momentum in 2023, with the Shanghai Composite Index breaking through key levels, leading to increased optimism about reaching 4000 points by year-end [3][4]. Fund Performance Overview - As of August 27, 2025, the average return for equity funds established in 2021 is -6.89% since inception, with only 32% of these funds showing positive returns [4][6]. - Among the 1644 equity funds launched in 2021, 62 funds have achieved returns exceeding 50% since inception [4][6]. Specific Fund Highlights - Three funds have doubled their returns since inception, all focusing on companies listed on the Beijing Stock Exchange [6][9]. - The top-performing fund, 华夏北交所创新中小企业精选两年定开, has achieved a return of 166.03% since its establishment, significantly outperforming its benchmark [8][9]. - 汇添富北交所创新精选两年定开A has also performed well, with a return of 121.81% since inception [10]. Investment Strategies and Market Outlook - Fund managers are focusing on three main investment themes: technological innovation, high-end manufacturing upgrades, and emerging consumer trends [11]. - The funds are strategically increasing holdings in sectors like AI, advanced manufacturing, and new consumer markets, indicating a proactive approach to market volatility [12].

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].

Group 1 - The current market recovery has led to a redemption dilemma for many investors, with a significant number of active equity funds reaching new net asset value highs [2][3] - As of August 19, 2023, nearly 1300 funds have returned to a net value above 1 yuan, compared to over 2300 funds that were below this threshold last year [5] - The psychological impact of previous losses is causing investors to feel anxious about redeeming their funds, even when they are finally seeing some gains [6][7] Group 2 - Fund companies are experiencing increased redemption pressure, with many investors opting to "cash out" as the market rises [8][9] - Despite the redemption pressures, many equity funds are still seeing net inflows, indicating a complex market dynamic where new investors are entering while existing ones are redeeming [8][9] - The industry is shifting its focus from merely controlling redemptions to providing tailored product solutions that meet the current market conditions and investor needs [9]

Core Insights - The current market recovery has led to a dilemma for investors, with many feeling anxious about whether to redeem their funds or hold on for potential further gains [2][3][7] - A significant number of actively managed equity funds have seen their net values rise, with over 1,450 funds achieving returns exceeding 50% since last year [5][6] - The psychological impact of previous losses is causing many investors to hesitate, leading to increased redemption pressures on fund managers [10][11] Market Performance - As of August 19, 2023, 1,197 actively managed equity funds reached historical net value highs, with a notable decrease in funds below the 1 yuan mark [6][10] - The market has seen a substantial recovery, with 166 funds doubling their performance and several funds achieving returns over 200% [5][6] Investor Behavior - Investors are experiencing a "fear of missing out" combined with anxiety over losing recent gains, leading to indecision regarding fund redemption [7][8] - The phenomenon of loss aversion and anchoring effects are influencing investor decisions, with many choosing to redeem once they break even [8][9] Fund Management Response - Fund companies are facing redemption pressures but are also seeing a net inflow of funds, indicating a mixed market sentiment [10][11] - The focus for fund managers is shifting from merely preventing redemptions to understanding and meeting client needs through tailored product offerings [11][12]

Core Viewpoint - The article highlights the psychological struggle of investors in the current A-share market, where many are torn between the fear of missing out on potential gains and the anxiety of losing their recently gained profits as the market rebounds [4][10]. Group 1: Investor Sentiment - Investors like Xiao Hu, who have been in a prolonged state of loss, are experiencing a shift in mindset as their funds begin to recover, leading to increased anxiety about whether to redeem their investments or hold on for further gains [6][10]. - The recent market recovery has seen over 1,450 active equity funds achieve returns exceeding 50%, with 166 funds doubling their performance, which has intensified the emotional turmoil among investors [7][8]. - The phenomenon of "loss aversion" is prevalent, where investors feel the pain of losses more acutely than the joy of equivalent gains, prompting them to lock in profits as soon as they break even [11]. Group 2: Market Dynamics - As of August 19, nearly 1,300 funds have seen their net asset values rise above 1 yuan, a significant recovery from the previous year when over half of the funds were below this threshold [8]. - The market has witnessed a structural shift, with a notable increase in redemption requests as investors opt to "cash out" amidst the recovery, while new investors are more inclined to diversify their investments rather than concentrate on single products [13][14]. - Despite the redemption pressures, many equity funds are still experiencing net inflows, indicating a complex market environment where investor confidence is gradually rebuilding [14][15]. Group 3: Fund Management Strategies - Fund managers are advised to respect investor decisions regarding redemptions and focus on providing tailored product solutions that align with current market conditions and investor needs [12][15]. - The shift in focus from merely preventing redemptions to enhancing service for remaining clients is emphasized, suggesting that fund companies should offer customized investment strategies to cater to varying risk appetites and financial goals [15].

Core Insights - The article highlights the psychological struggle of investors as the market rebounds, with many feeling anxious about whether to redeem their funds or hold on for potential further gains [2][3][8] - The current market environment has led to a significant number of active equity funds reaching new net asset value highs, creating a complex situation for both individual and institutional investors [4][6][11] Investor Behavior - Investors who were previously "lying flat" during prolonged losses are now frequently checking their fund values, reflecting a shift in behavior as they grapple with the fear of missing out on gains versus the anxiety of losing their recently gained profits [4][5][8] - The phenomenon of "loss aversion" is prevalent, where investors are more sensitive to potential losses than to equivalent gains, leading to impulsive redemption decisions when funds return to break-even [9][12] Market Dynamics - As of August 19, nearly 1,300 funds have returned to a net value above 1 yuan, with a significant portion of active equity funds showing positive returns since last year [7][11] - The market has seen a structural shift where redemption pressures are increasing, yet new inflows are also occurring, indicating a mixed sentiment among investors [10][12] Institutional Response - Fund companies are recognizing the need to adapt to changing investor sentiments, focusing on providing tailored product solutions that align with current market conditions and investor needs [12][13] - There is a shift from merely trying to prevent redemptions to understanding and addressing the underlying motivations of investors, emphasizing the importance of communication and customized offerings [12][13]

Core Viewpoint - The recent rise in the Shanghai Composite Index has led to a recovery in many actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market average [1][2][3] Fund Performance - More than 170 of the 600+ actively managed equity funds established in 2021 have achieved positive returns, with over 98% of products gaining positive returns this year [2] - Notable performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, which has a total return of 137.21%, and several other funds with returns exceeding 80% [2] - Funds focused on AI computing power, such as E Fund Pioneer Growth A and E Fund Vision Growth A, have also shown strong performance, with returns over 80% this year [3] Redemption Pressure - Despite the recovery, many funds are facing significant redemption pressures, particularly as their net asset values approach 1 yuan, leading to concentrated redemption behaviors [3][4] - For instance, the Jiashi Hong Kong Stock Advantage Fund saw its shares drop from 64.34 billion to 49.44 billion due to nearly 15 billion shares being redeemed in a single quarter [4] Market Trends - The current redemption pressure is notably concentrated in sectors such as new energy, liquor, and pharmaceuticals, aligning with the "track-based" funds issued between 2019 and 2021 [5] - The market is transitioning from a rebound to a reversal, with the previous trend of "rising but facing redemptions" weakening, and new fund issuance is accelerating [6] Fundraising and New Issuance - As of August 13, 2023, newly established actively managed equity funds have raised over 60 billion yuan this year, with several products exceeding 10 billion yuan in initial offerings [6] - The issuance of traditional fee-based actively managed equity funds has rebounded to around 10 billion yuan in July, indicating a recovery in fundraising [6] Future Outlook - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds, stocks, and margin trading, while some may also move into lower-risk insurance products [7]