Piercing the fog of "new quality": When public fund giants reshape the technology landscape, how can ordinary investors anchor themselves to "patient capital"?

Asking AI · How does Patient Capital resolve the anxiety caused by volatility in tech stocks?

In the context of the financial world, the evolution of vocabulary often signals a complete overhaul of wealth logic. If the public equity market over the past decade has been a golden era of “blue chips” and “consumption,” then at the new starting point of 2026, with the “14th Five-Year Plan” underway, a narrative storm about “new quality productivity” is sweeping through the trillion-dollar fund market. In many public fund weekly reports and investment education live streams, high-frequency terms have quietly replaced “net asset return” with “electricity collaboration,” “low-altitude economy,” and “patient capital.” This is not just a scientific popularization of technical terms but a fundamental revolution in investment paradigms. Faced with the intense fluctuations of the AI industry chain, the allure and torment of “high elasticity” in tech stocks, ordinary investors are at an extreme crossroads: should they continue to chase short-term gains in concept waves, or truly understand and buy into the future of “new quality productivity”?

Finding the “Power Suppliers” Behind Large Models

Secondary market investors are not unfamiliar with artificial intelligence (AI), but by 2026, the logic of investment education has evolved from simply “selling shovels (chips)” to a deep game involving “power suppliers (electricity collaboration).” In a recent high-end dialogue hosted by a leading fund, a viewpoint resonated across the market: perhaps the end of AI is not Moore’s Law, but the laws of thermodynamics. Industry experts invited by the institution pointed out that as the parameter scale of large models races toward trillions or even tens of trillions, the limiting factor for evolution is no longer just computing power but electricity supply. This shift in logic is quickly reflected in the investment patterns of the secondary market.

Another public fund, in a deep research report on “new quality productivity,” first proposed the core concept of “electricity collaboration.” The report noted that China, as the world’s largest green electricity producer, has a hidden advantage in the second half of the AI era—energy dividends. Data centers are no longer isolated computing units but have become peak-shaving devices for the power grid.

“Many retail investors don’t understand why there are power equipment companies in the AI funds I buy,” explained a research director from the above fund patiently during a live broadcast. This is a typical feature of new quality productivity: cross-border integration. Another top public fund has taken a different approach in this dimension, focusing on “indexing new quality productivity.” In investment education aimed at ETF retail investors, the fund emphasizes that in the rapidly iterating and “winner-takes-all” AI industry, individual investors trying to catch a dark horse through stock picking is as futile as fishing in the ocean. By breaking down “computing infrastructure” and “new quality productivity index” into tools, they guide investors to use ETFs to capture the sector’s dividends comprehensively. Their “tool-based investment education” logic—using Beta strategies to hedge against the uncertainties of tech stocks—is becoming a new standard for rational investors seeking efficiency.

Reject “Three-Second Patience”

“The greatest appeal of tech investing is its explosive power, but the greatest pain is its bottomless drawdowns.” This is almost the common sentiment among all tech fund holders. The author notes that in 2026, the top ten public funds all mentioned a wise and market-sensitive term—“patience capital”—in their investment education themes.

A major public fund recently used a vivid metaphor to explain the “high volatility” of tech stocks: investing in new quality productivity is like steering a speedboat in a storm. If you only focus on the waves right in front of you, you’ll quickly get seasick; you must keep your eyes on the lighthouse in the distance. Their research found that most retail investors’ losses are not due to choosing the wrong sector but dying in the darkness before dawn.

To combat human weaknesses, some leading institutions are trying “accompaniment-style” investment education. For example, when the AI sector experiences more than 20% retracement, many public fund companies quickly launch “noise reduction actions” via podcasts and short videos, revisiting the historical volatility during the internet explosion over the past two decades to prove that great tech companies are often built on ruins, and that “patience capital” essentially involves using market irrationality to gain long-term benefits from technological progress.

This involves a professional financial logic: the valuation system of tech companies is undergoing reconstruction. Under the “new quality productivity” framework, traditional PE (price-to-earnings ratio) often becomes invalid. A public fund, through a “Deeptalk” live broadcast, guides investors to focus on “R&D intensity” and “talent capital value.” This shift from “looking at accounting profits” to “focusing on technological barriers” is the most difficult hurdle in investor education in 2026 and a necessary step to transform ordinary retail investors into professional ones.

“Physical Folding” of Low-Altitude Economy and Deep Space Exploration

If AI is a revolution in the digital world, then “low-altitude economy” and “deep space exploration” are the wild expansion of new quality productivity into the physical world. 2024 marks the first year of the low-altitude economy, and 2026 is when related industry chains truly take root in the secondary market. A fund manager from a major public fund once took a camera into a drone manufacturing base to give investors an “immersive investment education.” Pointing at a fatigue-tested eVTOL (flying car) motor, he said, “This is the ‘heart’ of new quality productivity. It combines materials science, dynamics, and autonomous driving algorithms. This is not science fiction; it’s infrastructure happening now.”

Another public institution focuses its education on “deepening vertical industry chains.” In its series of micro-films titled “Perspectives on Hard Tech,” the firm uses a “vertical + horizontal” dual-dimensional view to show investors the high-temperature alloys behind low-altitude vehicles and high-precision reducers in robotic joints. They emphasize that investment in new quality productivity should not only look at “the exterior (the complete machine)” but also at “the interior (materials and core components).” Visualizing large concepts as gears and blades greatly enhances investors’ perception of the “manufacturing powerhouse” investment theme.

Recent in-depth reports by Caixin pointed out that China is leveraging its mature electric vehicle industry chain to “dimensionality reduction” the low-altitude economy. The top ten public funds keenly picked up on this information. In their investment education content, they systematically sorted out the “three elements of low-altitude”: airspace management, flying vehicles, and application scenarios. Meanwhile, deep space exploration, as a broader frontier, has also entered the view of leading funds. Although pure satellite communication and commercial space launch contracts remain high-risk in the secondary market, major public funds are using investment education to popularize the business logic of the “Starlink era.” This education is no longer just to “sell a product,” but to plant a seed of “technological sovereignty” in investors’ minds. In 2026, the capital market’s “new quality productivity” is no longer a hollow slogan but tangible orders, patents, and computing centers.

For ordinary investors, the most dangerous behavior is to participate in high-leverage bets without understanding the underlying technology logic. Through this wave of vigorous investor education, top public funds aim to convey a simple truth: in the long march of technological innovation, there is no real “laying back and winning,” only deep understanding and steadfast companionship. Being a holder of “patient capital” means paying attention, like the research teams of leading funds, to scientists working alone in labs, and understanding the value behind every watt of electricity and computing power. When the “tech-finance” breeze sweeps through the secondary market, those who land first are likely not the fastest runners but those who see clearly in the fog and never plan to abandon ship halfway.

In this era of “new quality” leap, give technology some time and yourself some patience. After all, the future’s surging power belongs only to those who truly believe in it.

Author’s note: Personal opinions only, for reference.