Core Viewpoint - The article emphasizes that 2025 is likely to be the true beginning of the artificial intelligence (AI) era, highlighted by the rapid adoption of open-source models like DeepSeek's V3 and R1, which reached over 100 million users in just seven days [1][2]. Group 1: Importance of Open Source in AI - Open-source models are seen as crucial for democratizing technology, allowing individuals to customize and commercialize AI solutions [1][2]. - The debate between open-source and closed-source models has gained traction, with industry leaders acknowledging the historical missteps of closed-source approaches [1][2]. - The concept of "technological democratization" is highlighted, suggesting that open-source models can inspire new economic paradigms through systemic technological changes [1][2]. Group 2: Investment Opportunities in AI - The article outlines three levels of economic impact from AI: enhancing productivity, creating new markets and business models, and optimizing resource allocation [6][7][8]. - Five key investment opportunities are identified: AI infrastructure, embodied intelligence, vertical deepening of generative AI, the explosion of AI agent ecosystems, and AI smart terminals [9]. Group 3: Insights from the World Artificial Intelligence Conference - The World Artificial Intelligence Conference showcased over 3,000 AI products, reflecting China's capabilities in hard technology [5]. - The conference served as a platform for discussing the predictions made in the "China Technology - Dare! 2025 Noan Fund Technology Investment Report" [5]. Group 4: Team Structure and Investment Strategy - The Noan Fund's technology team has developed a robust investment strategy, focusing on the intersection of various technology sectors to capture significant opportunities [20][22]. - The team emphasizes a culture of open communication and collaboration to minimize alpha loss and enhance research efficiency [20][22]. Group 5: Historical Context and Future Outlook - The article discusses the evolution of China's technology sector, particularly in semiconductor capabilities, and how the Noan Fund has positioned itself during challenging times [12][14]. - The team believes that the current AI revolution is akin to past technological waves, with hardware innovation being a critical driver [23][24]. Group 6: Commitment to Long-term Investment - The Noan Fund is committed to being a "patient capital" provider, supporting the growth of China's technology sector through sustained investment [28][27]. - The article concludes that the mission of financial institutions is to facilitate industrial development and optimize resource allocation in society [28][29].

诺安基金邓心怡：中国科技发展正处"战略赶 超"与"自主创新"并行阶段 "科技每一次技术变革都不会是孤岛式的，而是体系化的，通过体系化的科技变革，将启发新的经 济范式革新。"诺安基金研究部总经理邓心怡在做客央视财经《财访》栏目时如是说。 她进一步指出，AI作为下一轮科技长周期的核心引擎，或将引领未来十年的科技发展，开源在此 进程中扮演着"加速器"角色。这一背景下，中国或从"科技跟跑者"转变为"创新引领者"。 AI开源浪潮下，中国有望从"跟随"到"引领" 蛇年春节前后，DeepSeek V3和R1模型的发布与开源震撼了全球，快速吸引了世界各地开发者共同 优化模型、适配场景。邓心怡就此表示，开源在计算机互联网和移动互联网时期，都大幅推动了技术扩 散和进步，其核心意义在于通过开放协作，促进技术创新与知识共享，当前AI正在重构"智能"的供给方 式，开源生态在这一进程中扮演着"加速器"角色。 复盘前瞻关注到DeepSeek的经历，邓心怡表示，有关论文清楚地展现了DeepSeek的研究过程、理 论体系和成果迭代，这一国产大模型的横空出世不仅展现出其在AI领域的硬实力，更体现了国内科技 产业扎实的研究基础和研究能力。 与此同 ...