【导读】华泰柏瑞副总经理田汉卿退休 卸任多只在管基金 又有资深"老将"到龄退休。 4月29日，华泰柏瑞基金公告称，公司副总经理田汉卿因退休原因，卸任包括华泰柏瑞量化增强、华泰 柏瑞量化先行混合、华泰柏瑞量化收益等10只基金的基金经理职务。 田汉卿是国内公募量化基金界的领军人物之一，她曾任职于国际量化巨头巴克莱全球投资（BGI），之 后她回国加入华泰柏瑞基金，组建量化投资团队，同时担任华泰柏瑞副总经理直到退休。 据数据不完全统计，最近几年，诺安基金王创练也因退休离职，工银瑞信基金王筱苓或因临近退休离 任。与此同时，截至4月29日，今年以来有174位基金经理走上岗位，全行业基金经理人数突破4000人， 公募基金进入新老换代交替之季。 华泰柏瑞田汉卿因退休卸任 4月29日，华泰柏瑞基金公告称，公司副总经理田汉卿因退休卸任在管的10只基金。伴随着卸任，她也 结束了超过11年的基金经理职业生涯。 | 离任基金经理姓名 | 田汉卿 | | --- | --- | | 离任原因 | 退休 | | 离任日期 | 2025 年 04月 28 日 | | 转任本公司其他工作岗位 | | | 的说明 | | | 是否己按规定在中国 ...

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]