Core Viewpoint - The article emphasizes the importance of capital markets in supporting China's technological innovation strategy, highlighting the role of asset management institutions like Penghua Fund in facilitating investment opportunities for ordinary investors in the tech sector [2][41]. Group 1: Role of Penghua Fund - Penghua Fund actively responds to national strategies by providing financing channels for tech companies and enabling ordinary investors to participate in technological innovation through specialized financial products [2][6]. - The "Lighthouse Fund" series by Penghua Fund reflects a commitment to supporting the construction of a "highland" for technological innovation in China [2][14]. Group 2: Challenges for Ordinary Investors - Ordinary investors face significant challenges in participating in the tech investment landscape, primarily due to the technical understanding gap and the dynamic tracking difficulties of numerous companies [6][7]. - The high volatility and risk associated with the STAR Market (科创板) can deter traditional investors who are accustomed to conventional valuation methods [7][25]. Group 3: Investment Opportunities - Despite the challenges, the STAR Market presents substantial investment opportunities as companies in this sector are at the forefront of technological innovation and possess long-term growth potential [7][41]. - The emergence of index-based investment tools offers a solution to mitigate individual stock risks and allows ordinary investors to share in the benefits of technological advancements [7][21]. Group 4: Product Offerings and Strategies - Penghua Fund has developed a diverse range of tech-themed index products, including the STAR 50, 100, and 200 indices, catering to various investment needs and risk appetites [15][19]. - The introduction of sector-specific ETFs, such as those focused on new energy and biomedicine, aligns with national strategic directions and enhances investment options for investors [17][19]. Group 5: Investor Education and Engagement - Penghua Fund emphasizes investor education as a key strategy to help investors navigate the complexities of tech investments, utilizing innovative methods to enhance understanding of the tech sector [28][40]. - Collaborative initiatives with exchanges and industry experts aim to deepen investor insights into the technological landscape and the potential of STAR Market companies [33][35]. Group 6: Future Outlook - The article concludes that as China continues to cultivate its technological innovation landscape, there will be more opportunities for investors to engage with emerging companies that could reshape industry dynamics [41][42]. - The long-term value of tech investments is becoming increasingly clear, with historical trends indicating that technological breakthroughs often lead to widespread economic growth [41][42].

Core Viewpoint - The construction of a highland for scientific and technological innovation is significantly supported by asset management institutions like Penghua Fund, which actively responds to national strategies and provides financing channels for tech companies while enabling ordinary investors to share in the benefits of technological innovation [1][19]. Group 1: Role of Asset Management Institutions - Penghua Fund has been enhancing its layout in the Sci-Tech Innovation Board products, creating the "Sci-Tech China·Lighthouse Fund" series, which reflects the responsibility of professional asset management institutions in supporting national strategies and facilitating public participation in technological advancements [1][4]. - The Sci-Tech Innovation Board has become a crucial platform for technological innovation since its establishment in 2019, with over 580 listed companies and a total market capitalization exceeding 6.8 trillion yuan by February 2025 [1][2]. Group 2: Challenges for Ordinary Investors - Ordinary investors face significant challenges in participating in the Sci-Tech sector due to the technical understanding gap, as many companies operate in advanced fields like semiconductors and AI, making it difficult to assess technological leadership and predict competitive impacts [2][3]. - The rapid pace of company listings under the registration system complicates investment decisions, as investors lack the resources to continuously track numerous companies and evaluate their technological feasibility [2][3]. - The high-risk, high-reward nature of the Sci-Tech Innovation Board, with its relaxed listing thresholds and significant volatility, poses additional challenges for investors accustomed to traditional valuation methods [2][3]. Group 3: Investment Opportunities - Despite the challenges, the Sci-Tech Innovation Board presents substantial investment opportunities, as companies are at the forefront of their industries and exhibit long-term growth potential [2][3]. - Penghua Fund's professional capabilities in technology assessment, risk diversification, and long-term tracking can help ordinary investors overcome participation barriers [3][4]. Group 4: Product Innovation and Strategy - Penghua Fund's innovative product layout aligns with the "Five Major Financial Articles" strategy, focusing on technology finance, green finance, and inclusive finance, thereby facilitating capital flow into hard technology sectors [4][19]. - The introduction of diversified index investment tools allows investors to participate in the Sci-Tech sector with lower costs, enabling them to share in the benefits of national strategic industries [4][19]. Group 5: Team and Expertise - The investment team at Penghua Fund consists of 22 members with diverse academic backgrounds and extensive experience in major financial institutions, providing a solid foundation for investment in the Sci-Tech sector [10][11]. - The team employs an "AI fundamental" active quantitative strategy to identify excess return opportunities in Sci-Tech companies, demonstrating their capability in capturing leading firms in the sector [10][11]. Group 6: Educational Initiatives - Penghua Fund emphasizes investor education as a key strategy to help investors navigate the complexities of Sci-Tech investments, utilizing innovative and engaging methods to enhance understanding [16][18]. - The company has launched various educational initiatives, including live interviews with industry experts and thematic research activities, to deepen investors' insights into the Sci-Tech landscape [17][18]. Group 7: Future Outlook - The rise of China's Sci-Tech highland is a natural outcome of national strategy and a practical manifestation of the deep integration between capital markets and the real economy, with Penghua Fund facilitating access to investment opportunities in technological innovation [19][20]. - As domestic replacements deepen and new productive forces accelerate, the Sci-Tech Innovation Board is expected to unveil more "invisible champions" that could reshape industry dynamics, offering long-term investment value [19][20].

Core Viewpoint - Technological innovation is the core driving force for high-quality economic development in China, and the capital market plays a crucial role in supporting national strategies and promoting technological innovation and industrial upgrades [1][8]. Group 1: Policy Response - The China Securities Regulatory Commission (CSRC) emphasizes the capital market's role in supporting technological innovation through the implementation of the "Five Major Financial Articles" [2]. - The CSRC's recent reform plan aims to develop various index funds and optimize the registration process for equity funds, aligning with national strategic goals [2]. - Penghua Fund actively responds to these policies by focusing on supporting technological innovation as part of its social responsibility [2][3]. Group 2: Value Discovery - Penghua Fund has established a "Technology Investment Community" and a "Technology Investment Index Matrix" to capture high-growth enterprises and long-term investment value [4]. - The fund has launched various products covering the STAR Market, ChiNext, and the AI industry chain, including the "Lighthouse Fund" series that covers multiple broad-based indices [4][5]. - Specific products like the Penghua STAR 50 Enhanced ETF and the Penghua STAR 100 ETF have been highlighted as significant innovations in the market [4]. Group 3: Ecological Co-builder - As of May 2025, the total size of listed ETFs in China has surpassed 4 trillion, indicating a thriving ETF market [7]. - Penghua Fund collaborates with various institutions to enhance the ETF ecosystem and improve investor experience, including educational initiatives and live broadcasts to engage investors [7]. - The fund continues to promote a virtuous cycle between technology, industry, and finance through various outreach activities [7]. Group 4: Performance Metrics - As of March 31, 2025, Penghua's Hong Kong Technology ETF achieved a net value growth rate of 73.14%, while the Semiconductor ETF saw a growth rate of 45.85% [6]. - Other funds, including the Penghua STAR 50 Enhanced ETF and the Big Data ETF, also reported over 30% net value growth during the same period [6].