07 凯茜·伍德看好中国科技颠覆者

这位方舟投资管理公司创始人强调了“颠覆性创新平台”在中国的崛起，认为这些平台是实现指数增长的更根本力量。

全文共641个词，By Selena Li

Cathie Wood, founder of Ark Investment Management, has thrown her support behind the growth prospects of China’s tech disrupters, despite recent headwinds that have wiped months of gains from tech shares.

方舟投资管理公司（Ark Investment Management）创始人凯茜·伍德（Cathie Wood）表示看好中国科技颠覆者的增长前景，尽管最近的不利因素抹去了科技股数月的涨幅。

Wood, who has risen to investment stardom over the past year by earning huge profits from heavy bets on Tesla and other fast-growing US tech giants, spoke to the audience of an online webinar in March, alongside Li Yimei, Beijing-based chief executive of China Asset Management.

过去一年，伍德通过对特斯拉（Tesla）等快速增长的美国科技巨头的大举投资获得了巨额利润，一跃成为投资明星。3月份伍德出席了一个在线研讨会并发表了讲话，同时出席的还有常驻北京的华夏基金管理公司（China Asset Management）总经理李一梅。

She highlighted the rise of “disruptive innovation platforms” in China rather than individual companies, which she believes to be the more fundamental forces for exponential growth, including DNA sequencing, robotics, energy storage, artificial intelligence and blockchain. “The US has had a huge lead in a lot of innovation over the years. But now countries are competing with us,” she said.

伍德强调了“颠覆性创新平台”在中国的崛起，而不是个别公司。她认为这些平台是实现指数增长的更根本力量，包括在DNA测序、机器人技术、储能、人工智能和区块链领域。“多年来，美国在很多创新方面都遥遥领先。但现在各国都在和我们竞争。”她说。

“Competition in technology is a really good thing, in terms of moving the technology forward faster than otherwise would have been the case,” Wood added.

伍德说：“技术竞争确实是件好事，因为比起没有竞争，它能使技术更快地向前发展。”

Wood outlined the example of China seemingly lagging behind in DNA sequencing for years, but as market-leading US company Illumina did not push costs down aggressively enough, this opened the market up to competition.

伍德列举了一个例子，中国在DNA测序方面似乎落后多年，但由于市场领先的美国公司Illumina没有足够积极地降低成本，让市场打开了竞争空间。

“Other companies will come in and take its place, and I think China is doing a good job in that regard,” she said.

她说：“其他公司将会进入并取代它的位置，我认为中国在这方面做得很好。”

Wood also added that demographic forces were bringing collaborative robots to the forefront in China, just as they did in Japan. “We’re seeing a lot more robots and more productivity, which is good for the entire economy,” she said.

伍德还说，人口因素正让协作机器人来到中国的前沿领域，就像在日本一样。她说：“我们看到了更多的机器人和更高的生产率，这对整个经济是有利的。”

She added that China’s technology capabilities in terms of AI and microchips had been strengthened through collaboration between the government and the private sector, and that she was “very impressed” with China’s focus on electric vehicles, both from an environmental and technological point of view.

她补充说，通过政府和私营部门的合作，中国在人工智能和微芯片方面的技术能力得到了加强，而且中国对电动汽车的关注给她留下了“深刻印象”，无论是从环境还是技术角度。

“I’m very impressed that China allows Tesla into the country without a local manufacturer. It is so determined to have electric vehicles proliferate throughout China,” she said.

她说：“中国允许特斯拉在没有本土制造商的情况下进入中国，这让我印象深刻。中国有很大的决心要让电动汽车在全国普及。”

ARK IM’s flagship $20bn Ark Innovation ETF （ARKK） delivered a staggering 152 per cent return throughout 2020. About 10 per cent of the fund’s assets are in Tesla, which shot up from $84 at the beginning of 2020 to $749 at year-end.

方舟200亿美元的旗舰基金“方舟创新ETF”（Ark Innovation ETF）在2020年全年实现了152%的惊人回报率。该基金约10%的资产投资于特斯拉，这只股票从2020年初的84美元飙升至年底的749美元。

Meanwhile, China AMC’s Li, the country’s largest ETF issuer with close to one quarter of the market share, said during the event that China’s A-shares had been dragged down by the correction seen in the US.

与此同时，华夏基金的李一梅在会上表示中国A股受到了美国股市回调的拖累。华夏基金是中国最大的ETF发行者，市场份额近四分之一。

Two of ChinaAMC’s most successful ETF launches last year quickly amassed assets to become among the largest 10 ETFs in China, which has traditionally been dominated by broad-market ETF strategies rather than themed products.

华夏基金去年推出的最成功的ETF中，有两只迅速积累了资产，跻身中国十大ETF之列。这一榜单传统上由大盘ETF策略主导，而非主题产品。

The ChinaAMC 5G ETF and ChinaAMC semiconductor ETF attracted Rmb20.96bn （$3.2bn） and Rmb23.87bn respectively from Chinese investors by year-end.

截至去年底，华夏中证5G通信主题ETF和华夏国证半导体芯片ETF分别吸引了中国投资者209.6亿元人民币（合32亿美元）和238.7亿元人民币。

However, the 5G ETF and semiconductor ETF suffered from steep price falls after their peak in mid January.

不过这两只ETF在1月中旬见顶后遭遇大幅下跌。

“A-shares [have] been quite volatile and affected by the US market recently,” Li said.

李一梅表示：“A股最近波动很大，受到了美国市场的影响。”

“It’s not a surprise for us that the markets always have such a medium-sized adjustment, especially given that in the past two years, we also have huge gains on the top names,” she added.

她补充称：“市场总会出现此类中等规模的调整，这对我们来说并不意外，特别是考虑到过去两年，我们也看到一些顶级股票大涨。”

ChinaAMC is planning to roll out more thematic ETFs covering new materials, Internet of Things, cloud computing, big data and smart automobiles, in addition to some active fund products that offer similar exposure in parallel with the passive line-up, according to Li.

据李一梅介绍，华夏基金计划推出更多主题ETF，包括新材料、物联网、云计算、大数据和智能汽车，此外还将推出一些主动型基金产品，提供与同类被动型基金相同的敞口。

The head of the Chinese ETF powerhouse said the new energy theme would continue to serve as a growth driver in China as it had been prioritised in the state strategic plan for the next four decades.

这位中国ETF巨头的负责人表示，新能源主题将继续作为中国的增长动力，它已被列为未来40年国家战略规划的优先事项。