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 Insights - The rapid transformation of the world by artificial intelligence (AI) is leading to a profound revaluation of Chinese technology assets, showcasing strong innovation capabilities and redefining the investment framework in the tech industry [1][4] - The A-share market has shown strong performance, with the Shanghai Composite Index breaking previous highs, driven by the high growth and elasticity characteristics of Chinese tech companies [1][2] Investment Performance - Fund manager Ma Xiang's product, Huatai Fuhua Technology Innovation A (007355), has achieved a nearly 88.59% increase over the past year, outperforming its benchmark by 47.3 percentage points [1] - Another product managed by Ma Xiang, the Beijing Stock Exchange Innovation Selection Two-Year Open Mixed A (014279), has seen a remarkable 216.91% increase in the same period, surpassing its benchmark by 147.2 percentage points [1] AI Market Dynamics - The launch of DeepSeek-R1 has sparked global interest and driven a tech sector rally centered around AI, expanding the application boundaries of AI technology [2] - The investment focus in the AI sector is becoming clearer, with emphasis on high-end manufacturing and strong commercial application capabilities in downstream enterprises [2][6] Policy Environment - The Chinese government is enhancing the policy environment for AI development, as evidenced by the approval of the "Artificial Intelligence +" action plan, indicating a deeper AI revolution [2][6] Investment Strategy - Ma Xiang employs a systematic investment framework, focusing on top-down market trends and bottom-up stock selection, particularly in the AI and computing power sectors [5][6] - The investment style is characterized by a balanced approach towards mid and small-cap growth strategies, with a focus on sectors like TMT, new energy, pharmaceuticals, and high-end manufacturing [5][6] Future Outlook - The rapid advancements in the US AI sector are expected to open new growth opportunities for the global tech industry, with Chinese companies transitioning from passive followers to active leaders in the tech revolution [6][7] - The computing power industry is anticipated to continue benefiting from increased capital expenditures by overseas tech giants and the competitive landscape driven by next-generation models [6][7]