Core Viewpoint - The article discusses the recent adjustments made by top-performing fund managers in their portfolios during the third quarter of 2025, highlighting a focus on high positions and significant changes in holdings, particularly in the semiconductor and hard technology sectors [3][4][12]. Group 1: Fund Manager Adjustments - Many top-performing fund managers maintained high positions in their portfolios, with notable adjustments made to their holdings, primarily reducing positions in previously high-performing stocks [3][4]. - For instance, the Galaxy Innovation Growth Mixed Fund, managed by Zheng Weishan, had an equity investment ratio of 94.65% by the end of Q3, with a focus on the semiconductor industry and a positive outlook on domestic production [5][6]. - The Ping An Research Preferred Mixed Fund, managed by Zhang Xiaoqian, increased its stock position from 80.75% to 92.82% by the end of Q3, with significant changes in its top ten holdings [7][8]. Group 2: Investment Focus Areas - The primary investment direction for funds in Q3 was the hard technology sector, particularly the semiconductor industry, with expectations of continued investment in this area due to emerging demands from AI and the recovery of the semiconductor cycle [5][12]. - Fund managers expressed optimism about structural opportunities in the equity market, focusing on companies with clear competitive advantages and strong fundamentals, particularly in AI, energy storage, and new energy vehicles [12][13]. - The China Europe Digital Economy Mixed Fund, managed by Feng Ludan, saw its scale increase significantly, with a focus on AI infrastructure and a cautious approach to reducing positions in previously high-performing stocks [9][12]. Group 3: Market Outlook - Fund managers believe that the overall market remains healthy, with opportunities in undervalued stocks, especially in the consumer sector, as macroeconomic conditions improve [13]. - The AI sector presents both opportunities and risks, with high valuations leading to increased scrutiny on performance, making it susceptible to market sentiment and macroeconomic changes [13][12]. - There is a consensus among fund managers that the technology growth sector has moved from pessimistic to reasonable valuations, with no significant bubble in high-quality leading companies [12][13].

Group 1 - The core viewpoint of the article highlights the performance of the Penghua National Semiconductor Chip ETF, which reported a net asset value growth rate of 57.12% over the past year [1] - The largest holding in the fund is Cambricon Technologies (寒武纪), accounting for 12.37% of the portfolio [1] - The report details significant reductions in holdings across various stocks, with Cambricon Technologies seeing a decrease of 32.85% in shares held, valued at 664 million yuan [1] Group 2 - Other notable reductions include Zhongben International (中本国际) with a decrease of 32.75%, holding 4.04 million shares valued at 566 million yuan [1] - Haiguang Information (海光信息) also saw a reduction of 33.13%, with 2.19 million shares valued at 554 million yuan [1] - The report lists multiple companies with similar reductions, indicating a trend of decreased positions in semiconductor-related stocks [1]

方正富邦基金表示，短期来看，追涨那些前期涨幅过高、业绩不及预期、估值处于高位的板块并不可 取，要关注基本面良好、估值合理的方向。从长期视角出发，投资者可关注新质生产力领域，顺应国家 战略、具备真实技术壁垒的科技企业将是A股投资的重要主线。 上周市场反弹，上证指数上涨2.88%，深证成指上涨4.73%，创业板指上涨8.05%，沪深300指数上涨 3.24%，品牌工程指数上涨4.14%，报2037.67点。 上周品牌工程指数多只成分股表现强势。具体来说，中际旭创上涨32.23%，排在涨幅榜首位；视源股 份上涨14.54%，居次席；阳光电源上涨14.37%；安集科技、我武生物涨逾10%；中芯国际、兆易创新涨 逾9%；石头科技、宁德时代、药明康德、中微公司涨逾7%；长白山、华润微涨逾6%；澜起科技、亿纬 锂能、盐湖股份涨逾5%；国瓷材料、豪威集团、东方财富、洽洽食品涨逾4%；北方华创、紫光股份、 长电科技、恒生电子、新宝股份、盾安环境涨逾3%。 □本报记者 王宇露 下半年以来，中际旭创上涨239.03%，排在涨幅榜首位；阳光电源上涨145.06%，居次席；澜起科技、 亿纬锂能、兆易创新涨逾70%；我武生物上涨60.3 ...

Core Insights - The report highlights a significant increase in the scale of several high-performing active equity funds in Q3 2025, driven by a steady rise in the stock market and structural opportunities in emerging industries like technology [1][2]. Fund Performance - Notable funds such as Yongying Technology Select Mixed Fund and China Europe Digital Economy Mixed Fund have seen substantial growth in their assets. For instance, Yongying Technology Select Mixed Fund's total assets surged from 11.66 billion to 115.21 billion, marking an increase of 888% [2]. - China Europe Digital Economy Mixed Fund's assets grew from 15.27 billion to 130.21 billion, reflecting a 752% increase, with a one-year net value growth of 156.49% [2][3]. Market Trends - The equity market has shown an upward trend over the past year, with significant performance differentiation among active equity funds. Funds focusing on AI and technology sectors have outperformed, while those centered on consumer and dividend stocks have faced challenges [3]. - Over 160 funds reported negative returns over the past year, with more than 20 funds experiencing losses exceeding 10% [3]. Manager Outlook - Fund managers express optimism regarding future market conditions, citing potential improvements in liquidity and a positive outlook for China's equity market. They anticipate a new market trend emerging, particularly around favorable policy windows in late October [4]. - Long-term expectations remain positive due to declining risk-free interest rates, liquidity easing, and improving profit forecasts, with a focus on AI-related sectors as a key investment area [5].

绩优基金大调仓 多只绩优基金三季度保持高仓位运作。具体来看，截至三季度末，郑巍山管理的银河创新成长混合基金的权益投资占基金资产净值比例为94.65%。三季 度，银河创新成长混合基金对半导体产业链细分结构进行了适当调整。从该基金前十大重仓股来看，翱捷科技、华虹公司、中科曙光成为基金新进前十大 重仓股。 "基金三季度主要投资方向为硬科技领域，主要是半导体产业链，后续仍然会延续硬科技领域的投资，注重产业趋势和公司基本面研究，继续看好AI带来 的新需求以及半导体产业周期的复苏，对国产化前景继续保持乐观。"郑巍山表示。 基金2025年三季报进入密集披露期，多位绩优基金经理的调仓情况浮出水面。整体来看，三季度，绩优基金经理们普遍保持高仓位运作，并且对持仓结构 进行了较明显的调整，主要减持了前期涨幅较高的标的。 国投瑞银瑞利混合基金经理綦缚鹏表示，三季度产品股票仓位有所增加。结构方面，依旧以低估值、稳定增长类公司为主，适度增加了TMT、化工、有 色相关股票，并进行了结构和个股上的调整。 此外，截至三季度末，冯炉丹管理的中欧数字经济混合基金规模从二季度末的15.27亿元增至130.21亿元，该基金股票仓位为90.18%。"A ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][36] Core Viewpoints - The report highlights that artificial intelligence (AI) is driving a semiconductor supercycle, with significant investments and collaborations in the sector, such as Anthropic's partnership with Google, which includes a deal for up to one million custom TPU chips [3] - Major memory manufacturers like Samsung and SK Hynix are expected to raise prices of DRAM and NAND storage products by up to 30% in response to the surge in AI-driven demand [3] - Amphenol reported a 53.35% year-on-year increase in revenue for Q3 2025, driven by the growing demand for data center solutions [3] - The report anticipates a substantial increase in overall computing power by 2035, predicting a growth of up to 100,000 times, emphasizing the transformative potential of general artificial intelligence [3] Summary by Sections 1. Market Review - The electronic industry saw a weekly increase of 8.49% from October 20 to October 24, with the communication sector leading at 11.55% [6] - The Philadelphia Semiconductor Index rose from 6,885.03 points to 6,976.94 points during the same period, indicating a positive trend since April 2025 [11] 2. Industry High-Frequency Data Tracking 2.1 Panel Prices - TV panel prices are expected to stabilize due to healthy inventory levels, with no significant changes anticipated for various sizes [17] 2.2 Memory Prices - Prices for DDR5 and DDR4 memory chips have shown an upward trend, with DDR5 increasing from $10.457 to $12.615 and DDR4 from $24.333 to $24.721 between October 20 and October 24 [21]

Market Overview - The A-share market experienced a strong upward trend, led by technology stocks, with the Shanghai Composite Index reaching a new 10-year high, closing at 3950.31 points, up 0.71% [2] - The total market turnover significantly increased to 1.99 trillion yuan, a 19.9% rise from the previous trading day, indicating active trading and the entry of new capital [2] Stock Market Analysis - The "14th Five-Year Plan" emphasizes the development of high-tech industries, igniting market enthusiasm for technology sectors, which saw substantial gains: communication (4.62%), electronics (4.54%), defense (2.54%), and new energy (1.89%) [3] - Conversely, previously strong dividend sectors like oil, coal, and real estate showed declines, indicating a shift from defensive to aggressive market styles [3] Bond Market Analysis - The bond market saw slight adjustments, with government bond futures generally declining, reflecting market pricing for long-term interest rate pressures [6] - The central bank's liquidity remained stable, with a net injection of 32 billion yuan through reverse repos, keeping short-term funding conditions favorable [6][7] Commodity Market Analysis - Global industrial commodities experienced a broad rally, with crude oil prices continuing to rise due to geopolitical pressures and improved inventory data [8] - Copper prices approached previous highs, supported by low inventory levels and expectations of improved demand from manufacturing sectors [9] Trading Hotspots - Key sectors to watch include artificial intelligence, domestic chip production, and consumer goods, driven by technological advancements and policy support [10] - The market is expected to continue its upward trend, influenced by the focus of the "14th Five-Year Plan" and macroeconomic events such as the upcoming APEC meeting [12]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, with a total net buy of 34.14 billion HKD on October 24, 2023, indicating strong investor interest in certain stocks, particularly in the technology and energy sectors [1]. Group 1: Stock Performance - Meituan-W (03690) received the highest net buy of 10.29 billion HKD, reflecting positive market sentiment towards its strategic moves [5]. - Semiconductor stocks, particularly SMIC (00981), saw substantial net buying, with 32.53 billion HKD in purchases against 29.52 billion HKD in sales, indicating a net inflow of 3.01 billion HKD [2]. - CNOOC (00883) attracted a net buy of 5.7 billion HKD, supported by geopolitical factors affecting oil supply [6]. Group 2: Market Trends - The semiconductor sector is experiencing renewed interest, with analysts predicting growth driven by domestic demand for AI chips and supportive policies for local GPU development [5]. - Alibaba-W (09988) is expected to increase its capital expenditure significantly, with projections reaching 460 billion HKD, driven by rising AI demand [6]. - The energy sector remains robust, with analysts maintaining a positive outlook on major oil companies amid ongoing geopolitical uncertainties [6]. Group 3: Notable Incidents - Li Auto-W (02015) faced a net sell of 1.13 billion HKD following a fire incident involving one of its vehicles, which may impact investor confidence [7]. - Tencent (00700) and Xiaomi Group-W (01810) also saw net buys of 3.75 billion HKD and 2.98 billion HKD, respectively, indicating continued investor interest in these tech giants [7].

Group 1 - Southbound funds net bought HK stocks worth HKD 34.14 billion on October 24, with notable net purchases in Meituan (HKD 6.54 billion), SMIC (HKD 6.01 billion), CNOOC (HKD 5.7 billion), Tencent (HKD 3.75 billion), Xiaomi (HKD 2.98 billion), and Alibaba (HKD 1.7 billion) [1] - Southbound funds have continuously net bought SMIC for four days, totaling HKD 17.9796 billion, and Tencent for three days, totaling HKD 9.4926 billion, as well as CNOOC for three days, totaling HKD 29.7542 billion [3] Group 2 - CNOOC's largest offshore oil and gas platform in the Beibu Gulf, the Weizhou 11-4CEPD platform, completed land engineering on October 24 and has entered the offshore installation phase, with a total weight exceeding 14,000 tons and an annual processing capacity exceeding one million tons, which will enhance the region's oil and gas self-sufficiency [4] - Alibaba launched its first self-developed Quark AI glasses on October 24, featuring dual flagship chips from Qualcomm and Hengxuan, while Apple plans to release a competing AI glasses product by the end of 2026 [4] - The Chinese government emphasized the importance of technological modernization in its 14th Five-Year Plan, aiming to enhance independent innovation capabilities and seize opportunities in the new round of technological revolution and industrial transformation [4] Group 3 - A fire incident involving a Li Auto Mega vehicle occurred on October 23 in Shanghai, with the vehicle catching fire during normal operation without prior collision or impact [5][6]

Group 1 - The storage chip sector saw a significant increase of 5.66%, leading the concept sectors in growth, with 129 stocks rising, including 20% limit-up stocks like Xiangnon Chip and Puran Shares [1][2] - Major contributors to the rise included companies like Hengsuo Shares, Shenkong Shares, and Jiangbolong, which increased by 18.08%, 17.34%, and 16.73% respectively [1][2] - Conversely, stocks such as Xidian Shares, Yunhan Chip City, and Yiyaton experienced declines of 1.82%, 1.60%, and 0.97% respectively [1][2] Group 2 - The storage chip sector attracted a net inflow of 10.194 billion yuan, with 96 stocks receiving net inflows, and 27 stocks exceeding 1 billion yuan in net inflow [2][3] - The top net inflow was seen in Zhaoyi Innovation with 903 million yuan, followed by SMIC, Demingli, and Tuojing Technology with net inflows of 784 million yuan, 690 million yuan, and 565 million yuan respectively [2][3] - In terms of net inflow ratios, Yingxin Development, Xianggang Technology, and Aerospace Intelligent Equipment led with 60.40%, 45.91%, and 44.80% respectively [3] Group 3 - The storage chip sector's performance was highlighted by stocks like Zhaoyi Innovation, which rose by 6.82%, and SMIC, which increased by 4.49% [3][4] - Other notable performers included Demingli and Tuojing Technology, which saw increases of 10.00% and 10.55% respectively [3][4] - The overall trading activity in the sector was characterized by high turnover rates, with stocks like Yingxin Development and Xianggang Technology showing significant trading volumes [3][4]