Core Viewpoint - The evolution of investment narratives in the technology sector, from "TECH BIG BANG" to "AI big model flywheel," reflects a deepening understanding of the macro and micro dynamics of technological innovation and its implications for investment strategies [1][3][7] Group 1: Investment Narratives - "TECH BIG BANG" was introduced in August 2024, highlighting AI as a major technological revolution driven by breakthroughs in computing power, algorithm evolution, and industry application expansion [3] - The transition to "AI big model flywheel" in 2025 indicates a shift from a focus on computing power and models to a feedback loop involving computing power, models, applications, and data, suggesting a systemic evolution rather than isolated breakthroughs [3][7] - The research perspective evolved from macro-level questions of "why" to micro-level inquiries of "how," expanding the focus from upstream hardware supply to downstream application efficiency and commercialization pathways [3][4] Group 2: Research and Organizational Implementation - A structured research framework is essential for translating investment narratives into actionable insights, with a focus on an AI-centric industry division across four levels: chip, cloud, end, and network [4] - The integration of research and fund management responsibilities is emphasized, creating a closed-loop system of research, trading, and review to enhance information flow and reduce errors [5] - The methodology includes global research and systematic learning, with increased investigations in North America, Japan, South Korea, and Southeast Asia, covering themes like AI servers and semiconductor manufacturing [5] Group 3: Performance and Verification - As of October 10, 2025, the total scale of funds managed by the company is approximately 5.566 billion, with notable performance metrics such as a 119.05% return for one fund, ranking 78 out of 4183 in its category [6] - The company advocates for a standardized approach to performance evaluation, emphasizing the importance of consistent metrics and comparisons to accurately reflect investment effectiveness [6] - The company acknowledges the volatility of the technology sector and stresses the importance of continuous research and organizational stability to navigate uncertainties and maintain long-term performance [7]

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 Insights - The article highlights the exceptional performance of the technology investment team at Huatai Fuhua Fund, which has successfully navigated the volatile tech investment landscape through a systematic research approach and a long-term value-oriented strategy [1][9]. Performance Summary - Over the past year, several digital and technology products under Huatai Fuhua have shown remarkable performance, with multiple funds achieving net value growth exceeding 50% [2]. - Specific fund performance includes: - Huatai Fuhua Beijing Stock Exchange Innovation Selection Fund: 216.91% return vs. 69.71% benchmark - Huatai Fuhua Technology Innovation Fund: 88.59% return vs. 41.29% benchmark - Huatai Fuhua Core Technology Fund: 75.56% return vs. 47.72% benchmark - Huatai Fuhua Global Mobile Internet Fund: 57.33% return vs. 51.31% benchmark [3]. 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 robust talent pipeline [4][5]. - The team covers six major sub-industries: electronics, semiconductors, communications, computers, media, and the internet, ensuring comprehensive industry coverage [5]. - Huatai Fuhua emphasizes a multi-layered investment product matrix that aligns products, personnel, strategies, and clients, allowing for targeted solutions across various sectors [5][6]. Research and Investment Approach - The team adopts a long-term perspective, focusing on the entire lifecycle of industry development, from early-stage technology to market expansion [9]. - Fund managers engage deeply with companies, establishing various touchpoints to understand governance, management, and operational dynamics, often tracking companies for three to five years before investment [11]. - The investment strategy is characterized by a "composite operation" model, enhancing collaboration and resource sharing among team members to create a comprehensive view of the technology landscape [7][8]. Global Perspective - The team not only focuses on the Chinese market but also tracks technological advancements in North America, Japan, and South Korea, leveraging subsidiaries in Hong Kong, the U.S., and Singapore to gain insights into local market trends [8].