AI is transforming productivity—but productivity is only part of the equation. Speaking at AI4 2026, @drfeifei highlighted a critical distinction: while AI tools can make people and businesses more productive, those gains do not automatically translate into shared prosperity. As AI continues to reshape jobs—creating new opportunities while changing or disrupting others—she argued that the conversation needs to go beyond how much more we can produce. It also needs to consider how the economic benefits of AI can be shared more broadly. Productivity ≠ Shared Prosperity. #ChinaAMC# #CNQQ# #AI4# #AI# #ArtificialIntelligence# #FeiFeiLi# #FutureOfAI# #FutureOfWork# #AIProductivity# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

“Bring science, not science fiction, back to the AI debate.” At AI4 2026, @drfeifei pushed back against increasingly extreme narratives around artificial intelligence. As AI evolves rapidly, she argued that fear-mongering and unscientific rhetoric can make it harder for policymakers and the public to understand what the technology actually means. Instead, the AI conversation should be grounded in science, education, and healthy communication. For students, teachers, nurses, parents, and workers thinking about how AI could affect their jobs and their children's futures, understanding the technology matters. Her message is simple: AI is a rapidly evolving tool—and society needs a more rational conversation about how to use it. #ChinaAMC# #CNQQ# #AI4# #AI# #ArtificialIntelligence# #FeiFeiLi# #FutureOfAI# #AIInnovation# #AITools# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

AI is powerful—but access to AI alone won't eliminate the skills gap. At AI4 2026, @AndrewYNg Ng argued that even as AI capabilities advance, there will continue to be meaningful differences between people who know how to use these tools effectively and those who don't. Rather than framing AI primarily as a threat, he offered a more optimistic message—especially for young people: learn the tools, build the skills, and use AI to expand what you can accomplish. The opportunity isn't simply AI replacing human capability. It's what people can achieve when they learn to work with AI. AI Won't Eliminate the Skills Gap. #ChinaAMC# #CNQQ# #AI4# #AI# #ArtificialIntelligence# #AndrewNg# #AISkills# #FutureOfWork# #FutureOfAI# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Final day at @Ai4Conferences with @teslaownersSV : from @Waymo’s journey in autonomous driving, safety and world models to enterprise AI, agent connectivity and ROI, the focus was clear—turning AI innovation into real-world impact. #ChinaAMC# #CNQQ# #AI4# #PhysicalAI# #AgenticAI# #EnterpriseAI# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Day 2 at @Ai4Conferences with @teslaownersSV explored how AI is moving from pilots to real-world value—from agentic commerce and trusted transactions to real-time data and enterprise adoption, with insights from @PayPal and @SAP. #ChinaAMC# #CNQQ# #AI4# #AgenticAI# #EnterpriseAI# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Day 1 at @Ai4Conferences showed that bigger models are only part of the AI story. From chips and compute to enterprise agents, governance, security and ROI, we heard from @googlecloud, @dataiku and @okta on what it takes to move AI into the real world froom @teslaownersSV #ChinaAMC# #CNQQ# #AI4# #AI# #ArtificialIntelligence# #AgenticAI# #EnterpriseAI# #FutureOfAI# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

“BD Expansion Brings a ‘DeepSeek Moment’ for Innovative Drugs” Technological advancements are accelerating transformation and innovation across the pharmaceutical industry. Our Portfolio Manager Zeshi points out that over the past decade, the pharmaceutical sector has experienced shifts in its key investment themes every few years, and innovative drugs have become the most significant industry trend today. Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice. #ChinaAMC# #AssetManagement# #GlobalInvesting# #ActiveResearch# #Finance#

“AI-Powered Manufacturing Is Entering a New Supercycle” AI technologies are becoming increasingly embedded across industries, with deeper integration into the real-world manufacturing economy.Our Portfolio Manager Jiawei believes that the current AI manufacturing cycle is evolving into a new supercycle, distinct from traditional historical cycles. Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice. #ChinaAMC# #AssetManagement# #GlobalInvesting# #ActiveResearch# #Finance#

“True Long-Term Winners Are Driven Not by Price Hikes, but by Innovation” The rapid growth of the AI industry relies on underlying hardware infrastructure, with semiconductors serving as a fundamental cornerstone.Our Portfolio Manager Xiang believes that China’s semiconductor industry is gradually developing its own technological path and is entering a new stage of growth. Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice. #ChinaAMC# #AssetManagement# #GlobalInvesting# #ActiveResearch# #Finance#

“The AI Supercycle Is Far From Over, with a Focus on the Hardware Layer” The AI wave is reshaping global industry value chains and creating abundant investment opportunities.Our Portfolio Manager Xiangjie points out that the current wave of large-scale capital expenditure is not driven by blind expansion, but is supported by genuine underlying industry demand. Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice. #ChinaAMC# #AssetManagement# #GlobalInvesting# #ActiveResearch# #Finance#

World's Largest Supernode: China-Made "Ascend 950" Interconnect Debuts at WAIC Computing power remains a major highlight at WAIC this year. Huawei’s Atlas 950 supernode hardware made its first public debut, drawing massive attention. As the world’s largest commercial supernode, it’s built specifically for trillion-parameter LLM training and inference. Its real significance goes beyond single-node performance—it marks a shift in domestic computing power from competing on individual GPUs to system-level mastery of supernodes and 10,000-card clusters. Data Source: The industry’s largest Ascend 950 supernode hardware debuts publicly for the first time, as of 2026.07.17 #WAIC2026# #Huawei# #Ascend950# #Supernode# #ComputingPower# #AIInfrastructure# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Robots Are Now Building Robots! Manufacturing is the primary battlefield for embodied AI, but also the hardest nut to crack. While AI adoption among Chinese large-scale industrial enterprises has surpassed 30%, most applications remain isolated pilots. Turning those tiny experiments into full-factory rollouts is a whole different story. Data Source:Securities Times Online, The penetration rate of artificial intelligence applications among industrial enterprises above designated size in China has exceeded 30%, as of 2026.07.07 #AI# #IndustrialAI# #SmartManufacturing# #Robotics# #TechTrends# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

“The Market May Reach a Turning Point in the Second Half of the Year” In the first half of the year, technological innovation emerged as the dominant theme in the capital markets. Our Portfolio Manager Jingsong believes that the second half will be a process of “identifying new turning points,” with investors paying attention to four key signals. Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice. #ChinaAMC# #AssetManagement# #GlobalInvesting# #ActiveResearch# #Finance#

Marking a major upgrade to our investment platform, we officially unveiled Active Research 5.0 at our Mid-Year Investment Strategy Conference in Beijing on July 16. This isn't just an upgrade—it’s a complete paradigm shift： • Moving from star-manager reliance to platform-driven scale • Expanding from local markets to global sector coverage • Pivoting from product pushing to client-led solutions A defining milestone as we set a new benchmark for globalized investment as Chinese asset management enters its next era. Source: China Asset Management Co., Ltd. Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice. #ChinaAMC# #AssetManagement# #GlobalInvesting# #ActiveResearch# #Finance#

Robots Can Now Do Chores! A key takeaway from this year’s WAIC: Embodied AI is moving beyond just "looking human." The real competition has shifted to "can they actually do the work?" Everyone’s trying out different real-world uses, and it's much more practical this time around. #WAIC2026# #EmbodiedAI# #Robotics# #FutureTech# #AIInRealLife# Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

Humanoid Robots Debut at WAIC—The Resemblance Is Uncanny! WAIC 2026 wrapped up in Shanghai, with robots once again stealing the spotlight. Nothing gets the crowd going quite like a robot dancing or shaking hands. Over 200 companies gathered this year, showcasing the latest breakthroughs in humanoid robotics and embodied AIr, and honestly, it’s pretty wild to see in person. #WAIC2026# #Robotics# #HumanoidRobot# #EmbodiedAI# #Shanghai# #TechInsight# Data Source:Jiemian News, Robots: The No.1 Hard Worker at WAIC 2026, as of 2026.07.19 Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

China's EV industry is having a fierce competition. Instead of engaging in price wars, top companies are shifting focus elsewhere: battery technology, physical AI, premiumization, and global expansion. Where do you think the EV industry is heading? Comment below ⬇️ #ChinaAMC# #investing# #china# #emergingmarkets# #EVs# #battery# #AI#

China's Onshore ETFs Enter the “Investor-Driven Era” At the end of 2004, ChinaAMC launched China’s first onshore ETF. By the end of 2025, China had become the largest ETF market in Asia. Over the past two decades, ETFs in China have grown from scratch, driving passive investment and index-based investment into the mainstream. Recently, ChinaAMC, Straight Flush, and Shanghai Advanced Institute of Finance jointly released the 2026 ETF Market Development and Investor Trends White Paper. Let’s take a look at how China’s onshore ETF market has evolved, and where ETFs may be headed next. Data Source: China Asset Management Co., Ltd., Wind, as of 2025.12.31 Full report available at: Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.

RMB is strengthening—but what does that mean for overseas investors? We break down key drivers, potential risks, and how you may better navigate this currency trend. Find out more below ⬇️ #ChinaAMC# #investing# #emergingmarkets# #currency# #personalfinance#

“Major AI-related equity markets have not yet reached the bubble stage.” Since late June 2026, discussions around whether AI stock investment has entered a phase of conclusion have been widespread. Similar debates also took place last November. After further price gains, market volatility has also increased significantly. Our Portfolio Manager Jing Song believes that major AI-related equity markets have not yet reached the bubble stage. Regarding the Chinese equity market, he notes that the second half of this year may see a turning point — and before that turning point arrives, technology sectors represented by AI infrastructure and the semiconductor industry chain are still likely to outperform. Source: China Asset Management Co., Ltd., as of July 2026 Risk Disclaimer: Investment involves risk, including possible loss of principal. Any forecasts, projections, or opinions contained herein are for reference only and are not guaranteed to occur. The information in this material reflects prevailing market conditions and our judgment as of the release date, which are subject to change without further notice.