The technology sector is demonstrating significant financial momentum, but why is this area so compelling? From DeepSeek to OpenClaw, breakthroughs in AI technology are emerging one after another, and capital is accelerating its flow into tech-related investments. Data indicates that 15 hard-tech themed funds were recently approved in a batch, further broadening channels for investors to allocate to the tech sector. So far this year, newly established tech-focused funds have raised at least 20 billion yuan, with several related products still fundraising or awaiting regulatory approval. Simultaneously, capital is rapidly entering through tech-focused ETFs, with significant inflows into areas like artificial intelligence and semiconductors; some products have seen their shares outstanding double in less than a quarter. According to industry experts, the AI industry is likely to remain one of the core medium-to-long-term investment themes in capital markets, offering long-term allocation value and growth potential.

The market's focus is shifting from 'what AI can do' to 'what AI might replace,' noted a senior strategist. Some research is beginning to explore AI's potential impact on knowledge-based roles, a concern that may drive capital away from 'assets vulnerable to disruption' and towards 'AI-resistant assets.'

The tech sector's ability to attract capital is notably strong. Recently, capital markets have witnessed a renewed wave of enthusiasm for hard-tech investments. Themed funds from multiple asset managers focusing on core technologies and strategic emerging industries have been approved collectively. Among these, seven are passive funds tracking the STAR & ChiNext Artificial Intelligence Index, while eight are active equity products benchmarked against the China Strategic Emerging Industries Index. These products are reportedly in the final stages of preparation for launch and are expected to begin fundraising soon. Industry insiders believe that the issuance of these products will further attract incremental capital to the hard-tech and strategic emerging industry sectors, while also providing investors with diversified investment tools.

In fact, fund companies have maintained high enthusiasm for launching tech-related products this year. Wind data shows that as of March 18, 37 tech-related equity fund products have been established since the start of the year, raising a combined total of nearly 24 billion yuan. Additionally, 12 related products are currently fundraising, indicating continued expansion in market supply. From the application perspective, since March, application materials for at least 17 tech-related products have been accepted, with six already under review. For instance, companies like Great Wall Fund and China Universal Asset Management have applied for products themed around STAR Market chip design, while Xinyuan Fund and Bank of China Fund have new products related to artificial intelligence, among others.

"In the current market environment, the technology sector offers high growth potential, strong pricing power, and continuous innovation momentum, making it a core choice for offensive asset allocation," stated a fund investment researcher involved with related products. He added that technological innovation is flourishing across multiple fronts, making related sectors an essential component of asset allocation.

An index fund provider from a major firm supplemented this view, noting that beyond necessity, the comprehensiveness of the product lineup is also a consideration. "We are gradually completing our product lines for various sub-sectors to capture investment opportunities across different segments of the technology industry chain. After all, having suitable products available is a prerequisite for capitalizing on emerging trends," the provider said.

Concurrently, significant capital is participating via tech-focused ETFs. Wind data, current to March 17, shows tens of billions of yuan in net inflows into areas such as STAR Market semiconductor materials & equipment, artificial intelligence, chips, and STAR Market information technology. Taking products tracking "artificial intelligence" related indices as an example, they have collectively attracted over 12 billion yuan in net inflows year-to-date. Some products have performed exceptionally well. For instance, ChinaAMC STAR Market Semiconductor ETF saw net inflows for five consecutive trading days, with year-to-date net inflows exceeding 5 billion yuan; its fund shares outstanding have doubled since the end of last year. Products like E Fund Artificial Intelligence ETF, Huafu CSI Artificial Intelligence Industry ETF, and ChinaAMC CSI Artificial Intelligence ETF have each seen net inflows of over 2 billion yuan this year.

AI remains a core medium-to-long-term theme. Since the beginning of the year, global market dynamics have subtly shifted, with the tech growth sector entering a phase of high volatility. However, interest in humanoid robots remains strong, and AI agents like those from OpenClaw have swept across markets. The prevailing industry view is that, despite short-term fluctuations, technology remains one of the most important investment themes for the year.

"Previous adjustments in related indices were primarily due to rising external risks and tight liquidity suppressing market risk appetite, coupled with debates over AI capital expenditure ROI and repricing within the software HALO system, triggering a market style rebalancing," explained the fund manager of Yinying STAR & ChiNext Artificial Intelligence ETF. He emphasized that the current AI revolution is fundamentally driven by technological advancement.

Taking a longer-term perspective, the underlying industrial trend of AI restructuring and improving factors of production remains firmly intact, the manager added. Positive signals, such as continuous revenue improvement from leading large model companies, are being released, indicating that the fundamental strength of the AI industry is steadily materializing and improving. "If external risk factors gradually subside, overall market risk appetite is expected to stabilize. Supported by solid industrial fundamentals, coupled with improving profit expectations for leading firms and an accelerating pace of commercial application deployment, the AI industry is likely to remain a core medium-to-long-term investment theme in capital markets, possessing long-term allocation value and growth space," the manager concluded.

Regarding the "lobster farming" craze ignited by OpenClaw, a fund manager from another firm suggested that the focus should not be on short-term event hype, but rather on the remarkable curve of technological progress behind it. "As long as AI maintains its current pace of technological advancement, such products will continue to emerge in the future," the manager stated.

"A medium-term strategy maintains a balanced allocation between technology and cyclical manufacturing, with directions related to the AI industry chain potentially becoming a stronger market theme," said a equity strategy analyst from Jinying Fund. They added that capital which flowed out due to earlier risk aversion may gradually return to equity markets, and market risk preference is expected to enter a phase of sustained recovery. Furthermore, as A-shares enter the first-quarter earnings reporting season, market attention on corporate performance is set to increase again.

A senior equity fund manager from a large public fund expressed a similar view. He revealed that within his portfolio, the offensive allocation primarily focuses on areas representative of new productive forces, such as robotics, AI applications, import substitution (semiconductor equipment), and policy-supported sectors like the low-altitude economy. "These sectors combine high growth potential with policy certainty," he said.

The second fund manager further elaborated that as technology continues to advance, more updates like OpenClaw will shift perceptions of AI technology. Therefore, continuing to invest in AI technology itself, and—given that AI's compute-intensive nature remains unchanged—seeking investment opportunities within AI infrastructure, represents a relatively prudent choice. "AI has been growing exponentially; it's just that for the general public, hot topics like DeepSeek or OpenClaw have greater media appeal. But when investing, we don't overstate their significance," the manager noted. In his view, regardless of the specific manifestation, the underlying trend ultimately reflects the sustained growth in token consumption, which should be the starting point for investment decisions. He also cautioned against falling into the concept trap: "Whether it's DeepSeek or OpenClaw, they are just manifestations of AI technology at a given time. The ultimate goal is to invest in companies that can share in the dividends of technological progress, not merely those riding a popular trend."