Group 1 - The establishment of the Beijing Stock Exchange (BSE) aims to support the financing of innovative small and medium-sized enterprises (SMEs) to accelerate their growth into "specialized, refined, unique, and innovative" companies [8][11] - The BSE has launched two core indices: the North Exchange 50 Index and the North Exchange Specialized and Innovative Index, which cover a total of 50 representative securities and focus on "little giant" enterprises, respectively [8][14] - The North Exchange 50 Index has achieved a cumulative return of 101.60% from June 28, 2024, to October 20, 2025, outperforming the ChiNext Index by 23.78 percentage points [1][24] Group 2 - The North Exchange Specialized and Innovative Index has a cumulative return of 144.86% during the same period, making it the best-performing index compared to the ChiNext Index and Wind Micro Stock Index [1][24] - The average market capitalization of the North Exchange 50 Index components is 6.662 billion, while the average for the Specialized and Innovative Index is 4.889 billion [19][31] - The North Exchange Specialized and Innovative Index has a higher price-to-earnings (P/E) ratio of 70.50X compared to the North Exchange 50 Index's 49.60X, indicating a focus on high-growth potential companies [22][30] Group 3 - The financial performance of the North Exchange 50 Index shows a median revenue of 680 million and a median net profit of 69 million for the year 2024, with a three-year compound revenue growth rate of 6.51% [30][34] - In contrast, the North Exchange Specialized and Innovative Index has a median revenue of 409 million and a median net profit of 37 million, with a three-year compound revenue growth rate of 11.98% [31][34] - The research indicates that the North Exchange Specialized and Innovative Index has a higher research and development (R&D) expense ratio of 5.63% compared to 4.40% for the North Exchange 50 Index, aligning with its technology growth characteristics [37][40]

Core Viewpoint - The article emphasizes the importance of long-term investment strategies in the technology sector, highlighting the approach of Huatai Fuhua Fund's technology investment team, which focuses on deep industry research and systematic investment rather than chasing short-term trends [1] Performance Summary - As of August 28, Huatai Fuhua's digital and technology products have shown impressive performance over the past year, with four funds doubling in net value and ten funds increasing by over 50% [1] - Specific fund performances include: - Huatai Fuhua Beijing Stock Exchange Innovation Selection A: 219.37% increase - Huatai Fuhua Technology Innovation A: 120.28% increase - Huatai Fuhua Self-Core Technology One-Year Holding A: 117.47% increase - Huatai Fuhua Chip Industry Index Enhanced A: 102.27% increase [2] Long-term Performance Rankings - Huatai Fuhua Global Mobile Internet A ranks first among similar products over the past seven years, third over the past five and three years [3][4] - Huatai Fuhua Technology Innovation A ranks in the top 10% for the past five and three years, and in the top 5% for the past year [5] Research and Global Perspective - The technology team emphasizes a comprehensive research approach across the entire industry chain, including both domestic and international companies [6] - Since 2011, the team has conducted annual field research in Silicon Valley and other tech hubs, establishing connections with numerous companies to gauge technological advancements [6][7] Investment Philosophy - The investment philosophy is rooted in deep fundamental analysis, focusing on high-quality securities and long-term growth [8] - The team believes in building extensive touchpoints with companies to understand their governance, management, and motivations, often taking three to five years to track a company before investing [8][9] Team Structure and Collaboration - The team is structured to promote professional division of labor and efficient collaboration, covering six major sub-industries [10] - Huatai Fuhua has established subsidiaries in Hong Kong, the U.S., and Singapore to enhance local market insights and investment opportunities [10] Commitment to Long-term Development - The company maintains a long-term perspective in performance evaluation and talent development, ensuring team stability and coordination [12][13] - The investment strategy emphasizes clear product positioning and effective matching of fund managers' capabilities with investment goals [14] Conclusion - Huatai Fuhua's deep-rooted investment approach in the technology sector is a result of a long-term commitment to team building, research depth, and a systematic investment philosophy, providing a solid foundation for navigating technological cycles and capturing innovative value [15]

Core Viewpoint - The article emphasizes that the global AI large model has entered a "flywheel" positive feedback loop, integrating computing power, models, applications, and data, which is driving a new wave of technological innovation and investment opportunities in the tech sector [3][11][17]. Group 1: Market Trends and Performance - The tech sector has become the strongest industry trend in the A-share market, validating previous predictions about a "Tech Big Bang" [3][4]. - Three out of four funds managed by the company achieved over 100% returns in the past year, significantly outperforming their benchmarks [4][5]. - The performance of the funds reflects a strong investment strategy focused on AI and technology sectors [4][5]. Group 2: Research and Team Structure - The company has established a robust technology research team with a global perspective, conducting annual overseas research trips since 2011 to enhance their understanding of the tech landscape [6][7]. - The research team has expanded significantly during market downturns, doubling in size over the past three years, which has strengthened their competitive edge in tech investments [8][31]. - The team employs a detailed division of labor, categorizing the AI industry into four segments: chips, cloud, end, and network, with dedicated researchers for each segment [7][31]. Group 3: Investment Strategy - The investment strategy focuses on identifying "true growth companies" within the tech sector, emphasizing the importance of understanding the underlying technology and market dynamics [20][22]. - The company avoids concentrated investments in a single sector, instead diversifying across 2-3 core themes and selecting 5-7 stocks within each theme to balance risk and opportunity [24][25]. - The emphasis is placed on long-term value creation, with a disciplined approach to evaluating companies based on their future profit potential rather than short-term market fluctuations [24][26]. Group 4: Future Outlook - The company anticipates accelerated global AI innovation, with significant investments expected in AI models and related technologies in the coming years [27][28]. - There is a strong focus on self-sufficiency in hard technology, particularly in semiconductor manufacturing, as geopolitical tensions increase the need for domestic production capabilities [29]. - The Hong Kong stock market is viewed as a promising area for investment, featuring leading tech companies that are well-positioned for growth [29].

Core Viewpoint - The article emphasizes that the global market is entering a "TECH BIG BANG" era, with technology becoming the strongest trend in the A-share market, as predicted by Ma Lei from Huatai PineBridge Fund. Despite the volatility in tech stock investments, the AI industry has gained consensus and initiated a new tech market rally since mid-July 2024 [1][2]. Fund Performance - In the past year, three out of four funds managed by Ma Lei have doubled their returns, significantly outperforming their benchmarks [2]. - The performance of the funds is as follows: - Huatai PineBridge Beijing Stock Exchange Innovation Selected Two-Year Open A: 216.48% vs. 70.59% - Huatai PineBridge Autonomous Core Technology One-Year Holding Mixed A: 153.02% vs. 69.27% - Huatai PineBridge CSI Chip Industry Index Enhanced Initiation A: 131.87% vs. 127.24% - Huatai PineBridge Digital Future Mixed A: 91.29% vs. 70.59% [3]. Research Team and Strategy - The success of Ma Lei in AI investments is attributed to a well-structured research team at Huatai PineBridge Fund, which emphasizes global perspectives and in-depth industry research. The team conducts annual overseas research trips, particularly in Silicon Valley, to engage with leading tech companies [4][5]. - The research team has expanded significantly, doubling in size over the past three years, and is now one of the largest tech research teams in the industry. This team includes both seasoned veterans and emerging talents, creating a stable talent pipeline [5][6]. AI Industry Insights - The AI industry has entered a "flywheel" effect, where increased computational power leads to better models, which in turn opens up more applications and generates high-quality data, creating a positive feedback loop [12]. - The emergence of the "Strawberry" model has accelerated AI innovation, contrary to initial fears of "computational deflation." This model has significantly improved the performance of large language models [11][10]. Investment Philosophy - The investment strategy focuses on identifying "true growth companies" within the tech sector, emphasizing the importance of understanding the competitive landscape and the underlying conditions driving technological advancements [15][16]. - The company adopts a diversified investment approach, selecting 2 to 3 core themes and 5 to 7 stocks within each theme to maintain a balance between risk and return [20][19]. Future Outlook - For the second half of the year, the company is optimistic about three key areas: 1. Global AI technological innovation, with a focus on the rapid development of large models and multi-modal applications [21][22]. 2. Self-sufficiency in hard technology, particularly in semiconductor manufacturing and chip production, which is becoming increasingly important amid complex international political dynamics [23]. 3. Hong Kong stock market technology, which includes leading companies in various tech sectors that are well-positioned for growth [23].

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].