喜欢在论文中寻找产业前瞻趋势，常常为看到的技术进步而激动不已……寥寥数语，一个热衷于科技产 业投资的基金经理形象跃然纸上。化工材料专业出身，2013年开始研究布局新能源，如今逐渐聚焦科技 产业，诺安基金权益事业部副总经理、研究部总经理邓心怡正立足于人工智能（AI）浪潮开启她的投 资新征程。 近日，邓心怡在接受中国证券报记者专访时表示，"前瞻再前瞻一些"是令她觉得踏实的超额收益策略。 在产业趋势初露苗头、市场还没有充分定价前进入，能够更稳妥地获得可观回报。与此同时，"读论 文"成为她前瞻性嗅到投资机会的重要法宝。展望未来，她认为，AI有望成为科技产业浪潮中的核心驱 动力，看好该板块蕴藏的丰富投资机会。 邓心怡，曾任职于中国对外贸易信托有限公司，从事投资研究工作。2020年11月加入诺安基金，现任 权益事业部副总经理兼研究部总经理。自2022年7月6日起担任基金经理，现管理诺安稳健回报混合、诺 安平衡混合、诺安优势行业混合、诺安研究优选混合等多只产品。 读论文发现投资机会 中国证券报：可以先简单介绍下你的投资经历吗？ 邓心怡：我最早是在外贸信托公司做自营投资，当时主要研究新能源、新材料、化工环保等，更多是偏 一级 ...

Group 1 - The core point of the news is the retirement of Tian Hanqing, the Deputy General Manager of Huatai-PB Fund, who has stepped down from managing 10 funds, marking the end of her over 11-year career as a fund manager [1][2] - Tian Hanqing is recognized as a leading figure in the domestic public quantitative fund sector, having previously worked at Barclays Global Investors (BGI) before joining Huatai-PB Fund in 2012 to establish its quantitative investment team [1][5] - The quantitative team at Huatai-PB Fund focuses on a "fundamental-based quantitative investment model," utilizing multi-factor models to achieve stable excess returns, with the Huatai-PB Quantitative Enhanced Mixed A fund returning 205.13% since Tian took over on August 2, 2013, outperforming the CSI 300 Index's 136.71% during the same period [5] Group 2 - The retirement of Tian Hanqing is part of a broader trend in the industry, with 174 new fund managers entering the market this year, bringing the total number of fund managers in the public fund sector to over 4,000 [1][8] - The industry is experiencing a generational shift, with veteran fund managers retiring, which may lead to adjustments in product strategies and a potential transition period for the funds they managed [8] - To adapt to this transition, fund companies are encouraged to establish a "de-starization" research and investment system and improve their fund manager training mechanisms, focusing on company culture as a core competitive advantage rather than individual personalities [8][9]

Group 1: Report Overview - Report title: "Noan Technology: Building a Product Ecosystem with Both Breadth and Depth, Continuously Creating Excess Returns in the Long - term Technology Cycle - Report on Fund Managers' Research Series No. 64" [1] - Release date: April 22, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Noan Fund's technology group combines in - depth industry - research experience, has the ability to integrate global perspectives with local practices, and has a clear differentiated positioning, which can continuously create excess returns in the long - term technology cycle [5][11] - Noan Fund's technology line constructs a "technology supermarket" product matrix covering the entire technology industry chain, forming a multi - level and multi - dimensional investment system [21] Group 4: Analysis of the Research Team - The Noan Technology Group has 9 members, more than half of whom have industrial or sell - side research backgrounds, enabling them to deeply understand the pain points of the technology industry chain [5][11] - The team combines the experience of US stock technology research with the logic of domestic technology rise, strengthening the Sino - US benchmarking ability [5] - The group has different investment strategies, such as the "disruptive innovation" high - elasticity strategy and the "low - volatility technology" stable style, meeting the needs of different risk preferences [5] Group 5: Product Layout Upstream - Focus on the breakthrough of advanced processes in hard - tech semiconductors, with products including Noan Optimized Allocation and Noan Growth. Noan Optimized Allocation focuses on the "bottleneck" areas of domestic chip self - control, while Noan Growth is for long - term investment in Chinese technology giants [25] Midstream - Focus on AI end - side applications, with flagship products Noan Steady Return, Noan Active Return, and Noan Innovation Drive, focusing on AI large - model applications, high - purity Chinese AI applications, and AI end - side + new technology infrastructure respectively [26] Downstream - Aim at the integration opportunities of technology with consumer, medical and other industries, with products Noan Selected Value Hybrid and Noan Advantage Industry Hybrid, capturing the scenario explosion dividends of "AI + innovative drugs" and "AI + embodied intelligence industry chain" respectively [27] Whole Technology Industry Chain - Include Noan Yixin Hybrid, Noan Hexin Hybrid, and Noan Research Preferred Hybrid. Noan Yixin Hybrid features "low - volatility technology", Noan Hexin Hybrid focuses on the main technology market trends, and Noan Research Preferred Hybrid is positioned as a pan - technology track product [28] Group 6: Analysis of Upstream Products Noan Optimized Allocation - Since being taken over by Liu Huiying, the cumulative return has reached 18.28%, with obvious excess returns compared to the CSI Semiconductor Index, and its return percentile among similar active equity funds is in the top 7.46% [32] - It focuses on the semiconductor track in the electronics industry, with high investment concentration, few stocks, and less frequent replacement of heavy - position stocks. It has a certain market - value decline and is more concentrated in companies with a market value of 10 - 50 billion yuan [35][44] - The average interval increase and decrease of heavy - position stocks in the past two quarters were 27.62% in Q4 2024 and 5.12% in Q1 2025, indicating high stock - selection quality [50] Noan Growth - Since being taken over by Liu Huiying, it has continued to perform well, maintaining a positive return of 8.82%. In 2025, it showed the characteristics of being able to rise and resist declines [54] - It mainly invests in the semiconductor track in the electronics industry, preferring mid - and large - cap stocks, with lower investment concentration and turnover rate, focusing on semiconductor leaders and long - term "companion - style" investment [59] - In Q1 2025, most of the top ten heavy - position stocks had a market value of over 5 billion yuan, highlighting the mid - and large - cap style [65] Group 7: Analysis of Midstream Products Noan Steady Return - Since September 24, 2024, it has achieved a return of 71.43%, with an excess return of 40.54% compared to the CSI Technology Index. Since being taken over by Deng Xinyi, it has achieved an excess return of 7.02% [70] - It uses an active rotation investment method, with a high turnover rate in the same category and frequent rotation of heavy - position stocks. Stock selection is the main source of excess returns [74][83] Noan Active Return - Since 2024, it has shown strong elasticity, with an excess return of 4.50% compared to the CSI Technology Index since being taken over by Liu Huiying [85] - It focuses on mid - and large - cap technology stocks, with a high concentration of positions. Heavy - position stocks mainly focus on AI + application - oriented stocks, which are the main source of fund returns [88][94] - It has strong stock - selection ability in multiple technology industries, and the fund manager brings high - return elasticity to the portfolio by concentrating on selecting individual stocks [99] Noan Innovation Drive - Since being taken over, it has achieved an excess return of 6.35% compared to the CSI Technology Index [104] - It uses a low - turnover + high - concentration investment method, mainly focusing on the computer and electronics industries, with phased allocation of the communication industry. The market - value style and heavy - position stocks are adjusted according to market changes [106][112] Group 8: Analysis of Downstream Products Noan Selected Value - As of April 15, 2025, it has an excess return of 29.86% compared to the CS Innovative Drug Index [122] - It has changed in terms of turnover rate and concentration. It has always focused on the pharmaceutical sector, with long - term heavy - position stocks in the innovative drug sector, and it invests in both A - share and Hong Kong - share innovative drugs [124][128] Noan Advantage Industry - As of April 15, 2025, it has achieved a performance return of 8.70%, with a small excess return compared to the performance benchmark [135] - It has a small - and medium - cap market - value style, with a wide industry allocation covering multiple sectors such as advanced manufacturing and cycles. It has good allocation effects in multiple sectors [137][142] Group 9: Analysis of Whole - Industry - Chain Products Noan Yixin Hybrid - It has the characteristics of "low - volatility technology", with lower回撤 and volatility compared to comparable funds since being taken over. A relatively low equity position and dynamic adjustment of the position are important reasons for low volatility and low回撤 [153][154][159] - It focuses on industries it is good at in the equity segment, and its stock - selection ability is outstanding, providing support for relative returns [162][164] Noan Hexin Hybrid - It is jointly managed by two fund managers, with a significant scale. Its net - value trend is highly similar to the Shenwan Technology Sector Index, showing a focus on technology - themed investment [168] - It maintains a position of about 80%, selects high - elasticity technology stocks for long - term holding, and significantly over - allocates the electronics industry compared to the index [171][175] Noan Research Preferred Hybrid - Since being taken over by Deng Xinyi in 2025, it is still in the position - adjustment period. It has added many technology - field stocks, reflecting the fund manager's emphasis on and adjustment of the technology style [180][183]