在A股科技行情几经波动的两年里，汇添富基金马磊先后提出了两条被业内反复引用的叙事主线：2024 年提出的"TECH BIG BANG（科技大爆炸）"，以及2025年中提出的"AI大模型飞轮正循环"。前者是对 全球创新浪潮的宏观判断，后者则是对人工智能产业链内部动力机制的结构化分析。两者之间，不仅是 时间递进的关系，更体现了他对科技投资方法论的演化思考。 在汇添富基金马磊看来，研究框架只有与组织体系结合，才能让观点落地。他主张，科技投资要建立以 AI为核心的产业分工体系，将产业链划分为"芯、云、端、网"四个层面： "芯"代表算力基础，包括GPU、封装与设备； "云"指代云计算、系统软件与数据中心； "端"涵盖终端与垂直行业应用； "网"则延伸至光模块与高速互联。 马磊认为，宏观叙事要真正转化为投资成果，关键在于研究的厚度与组织的执行力。本文在不预设立场 的前提下，梳理其观点形成的逻辑链条、团队研究体系的落地实践，并对"翻倍基金""跑赢基准"等业绩 说法提出可验证的核查口径，以还原这位基金经理方法论的全貌。 从"科技大爆炸"到"飞轮正循环"：观点的演进与逻辑递变 汇添富基金马磊最早提出"TECH BIG BANG ...

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].

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 ...

Company Overview - Ruijie Networks, established on October 28, 2003, is located in Haidian District, Beijing, and was listed on November 21, 2022. The company specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions [1] - The revenue composition of Ruijie Networks is as follows: network equipment accounts for 87.85%, other products 6.12%, network security products 3.19%, and cloud desktop solutions 2.84% [1] Stock Performance - On August 29, Ruijie Networks' stock fell by 5.01%, trading at 89.01 CNY per share, with a transaction volume of 555 million CNY and a turnover rate of 6.48%. The total market capitalization is 70.803 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Ruijie Networks, Huatai-PineBridge Fund's Huatai Digital Future Mixed A (011399) entered the list in the second quarter, holding 1.0671 million shares, which is 1.12% of the circulating shares. The estimated floating loss today is approximately 5.0049 million CNY [2] - Huatai Digital Future Mixed A was established on February 24, 2021, with a latest scale of 3.212 billion CNY. Year-to-date returns are 47.95%, ranking 719 out of 8189 in its category; over the past year, returns are 75.31%, ranking 1045 out of 7969; since inception, it has a loss of 9.84% [2]