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  科技浪潮汹涌。随着科技创新与产业创新的深度融合加速演进,科技成果和创新产品接连涌现,中国科技正从“跟跑者”蜕变为“领跑者”,中国科技类资产也迎来价值重估,投资中国科技产业,已经成为资本市场的广泛共识。

  察势者明,趋势者智。科技创新风起云涌之下,长城基金持续巩固“固收投资见长,科技投资领先、成长投资有特色”的优势,积极发挥科技投资的专业能力,力争成为价值的挖掘者。透过基金季度报告,让我们一同“围观”长城科技战队的最新研判,探寻科技创新浪潮里的投资机会。

  廖瀚博:积极寻找产业变化

  回顾2025年一季度,A股市场震荡上行,科技板块和制造板块涨幅领先,其核心逻辑在于技术进步驱动产业发展,其中代表性板块是人形机器人和国产算力。DeepSeek的出现使大模型平权成为可能,国内云厂商加大资本开支,带动国产算力,特别是AIDC相关产业的景气提升。海外某车企宣布2025年开始量产人形机器人,国内机器人厂商开始崭露头角,机器人产业真正进入发展的元年。  

  经过1个季度的大幅上涨,热点板块的股票市值隐含未来产业发展的乐观预期。但是产业发展需要时间,而且过程中可能充满曲折,未来热门公司股价也将向基本面回归,且在下一轮上涨中出现分化。投资最重要的事情就是拥抱时代,在产业变化的浪潮中寻找投资机会。我们继续保持这个投资思路,积极寻找产业的变化,以合理价格布局优势资产。(长城久鼎2025年一季报)

  陈良栋:关注AI驱动下的高景气行业

  在去年9月24日确认政策明显转向之后,市场短期快速实现一次预期和估值的修复,后面大盘在震荡中等待宏观经济基本面的兑现,目前看到宏观经济走势环比有所改善,中长期可能是L型走势,但是宏观经济结构可能持续优化升级,因此行业层面走势也在出现比较大分化,被AI驱动升级迭代的行业有比较高景气度,一些供给受限的上游行业也有比较好的景气度。

  当前,我们认为汽车行业景气度比较高,有多重逻辑共振:1)在汽车电动化智能化的中长期产业趋势下,中国汽车品牌和汽车产业链全面崛起,实现进口替代和出海,有非常大的成长空间;2)AI技术驱动智能驾驶技术快速成熟,在多家全球电动智能汽车龙头企业的推动下,今年高阶智能驾驶渗透率突破10%,实现1-N的快速渗透过程,带来汽车产品附加值的提升,以及整个汽车智能化产业链的高景气;3)2025年中国汽车补贴政策升级,以及汽车产品快速升级迭代,有望实现比较好的汽车需求。(长城产业臻选2025年一季报)

  储雯玉:持续关注AI硬件侧

  2025年一季度市场投资情绪活跃,以机器人、AI算力为代表的科技成长板块领涨,而传统顺周期和红利板块调整。本基金专注于挖掘科技产业拐点型机会,在报告期内重点关注端侧AI、国产算力、具身智能等方向。

  我们认为目前处于国产算力基建加速推进、下游应用多点开花的阶段,所以我们会继续在AI硬件侧,包括但不限于国产算力、端侧芯片、先进封装、具身智能、消费电子等领域中寻找机会,尤其关注在春季躁动调整后的低吸机会。(长城久恒2025年一季报)

  赵凤飞:挖掘长线成长股

  当前,经济有压力,也有韧性,去年9月以来系列经济政策的出台鼓舞人心。在产业界,大模型带动的人工智能产业新发展仍如火如荼,AI应用的落地在2025年值得期待;DeepSeek的横空出世大幅缩小了中美在AI大模型领域的差距,振奋了中国科技界自主创新的信心;与此同时,国产芯片等关键领域的突破仍在持续。

  长期来看科技创新和产业转型升级还将不断推进,这些都为资本市场带来新的机遇。在接下来的运作中,长城智能产业基金将继续战略聚焦智能产业相关的科技成长型公司,关注行业和公司的积极变化,挖掘景气度高、质地优秀的长线成长股。(长城智能产业2025年一季报)

  尤国梁:关注国产算力、AI应用等机会

  报告期内,本产品坚守“创新成长”产品定位,以发展“新质生产力”的国家政策为导向,继续聚焦科技创新领域,以相对长期的投资思路,挖掘成长股。

  我们继续关注国产AI算力相关机会,并基于DeepSeek大模型开源对国内AI应用端发展的显著推动,加大了对AI电子终端、智能驾驶及“AI+”等AI应用相关品种的关注。此外还适当关注了这些领域:1)政府工作报告中提及的商业航天、低空经济、深海科技等新兴产业;2)2025年是我军建设“十四五”收官之年,前期影响规划执行的堵点卡点问题有望解决,此前延迟的订单已率先在上游看到恢复,军工板块有望迎来景气向上拐点。(长城久嘉创新成长2025年一季报)

  余欢:机器人或迎来量产元年

  2025年一季度,我们走访调研了多个地方的机器人本体企业和零部件公司。我们发现,行业发展方兴未艾,越来越多的地方政府开始大力支持机器人行业的发展,也有越来越多的企业开始涉足并重点布局机器人领域。同时,我们的制造和供应链优势会让国内企业在机器人行业的量产及降本中扮演不可或缺的角色。

  因为相信,所以看见。对于这个从0到1发展的行业,我们预计今年会是量产元年,我们很可能会看到一定数量的机器人在工厂落地,开始新的“进化”训练之旅,为未来的进一步放量做准备。当然,我们也要看到,机器人的进化之路一定不会一帆风顺,而这又给想要涉足这个领域的企业提供了机遇。

  当前的人形机器人行业正处萌芽期,随着政策支持力度的加大,产业联盟和基金的纷纷成立,融资数量的大幅增长,这个产业有望形成“资金—技术—产品”的闭环。我们也希望能够找到机器人产业中卡位好,壁垒高、价值量大的上市公司进行布局,分享行业高速发展带来的企业价值增值。(长城久鑫2025年一季报)

  杨维维:关注AI应用、自主可控方向

  2025年一季度,市场风格极度活跃,众多符合远期产业趋势的方向上涨幅度较大、且持续性较好。

  报告期内,我们兑现了一些因机器人等概念而涨幅较大的个股,也止盈了此前参与的国产算力板块,主要关注AI应用(互联网,整车和软件)和自主可控(主要是半导体材料)方向。总结来看,我们坚定本基金投资策略的核心——“赔率+产业趋势+精选个股”,即以赔率思路选行业、见微知著挖主线、主动定价找个股。(长城创新驱动2025年一季报)

  刘疆:深耕AI驱动的新兴产业投资机会

  2025年一季度,基于AI是极为重要的新兴长期发展驱动力的判断,本基金重点围绕泛AI驱动的新兴产业投资机会深耕。随着AI能力迅猛发展、算力和模型平权,过去受限于AI能力而进展相对缓慢的部分新兴产业迎来大幅加速:

  1)汽车智能化:软硬件能力渐趋成熟,头部车企躬身入局,市场渗透率进入快速上升阶段,相关产业链被明显拉动,投资机会显著;2)人形机器人:将从实验室走向量产阶段,底层驱动力来自于AI能力的飞跃让机器人可以真正实现智能化从而完成类人行动,供应链主要来自国内驱动产业共振的板块性投资机会;3)低空经济:电动化是EVTOL的基础底座,而智能化是低空经济变得可行的必要条件,为场景商用奠定基础。报告期内,本基金重点关注上述方向及各种新兴产业投资机会,并基于产业演进、市场发展优选标的。(长城新兴产业2025年一季报)

  (注:重点关注方向仅为产品截至最新季报披露时的观点,不代表基金未来长期必然投资方向,基金的投资范围与投资限制以基金合同载明为准。)

  风险提示:基金有风险,投资须谨慎,投资者购买本基金前,请仔细阅读本基金《基金合同》、《招募说明书》等法律文件。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定盈利,也不保证最低收益。我国基金运作时间较短,不能反映股市、债市发展的所有阶段。基金管理人管理的其他基金的业绩不构成本基金业绩表现的保证,基金的过往业绩及其净值高低并不预示其未来业绩表现。本资料仅为宣传用品,不作为任何法律文件,任何资讯均以最新版本为准。本产品由长城基金发行和管理,代销机构不承担产品的投资、兑付和风险管理责任。基金管理人提醒,每个公民都有举报洗钱犯罪的义务和权利。每个公民都应严格遵守反洗钱的相关法律、法规。

  免责声明:本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断,但本公司不对其准确性或完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括,任何所表达的意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失承担任何责任。未经长城基金管理有限公司事先书面许可,任何人不得将此报告或其任何部分以任何形式进行派发、复制、转载或发布,且不得对本通讯进行任何有悖原意的删节或修改。基金管理人提醒,每个公民都有举报洗钱犯罪的义务和权利。每个公民都应严格遵守反洗钱的相关法律、法规。市场有风险,投资需谨慎。

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