【导读】"双十"基金经理三季度调仓动作和后市观点 伴随基金三季报密集披露，一批长期业绩出众的"双十"（投资年限超过10年且任职基金经理以来年化收益超10%）投资老将调仓动作和后市观点，受到投 资者关注。 多位"双十"基金经理表示，基本面和流动性的良性互动刚刚开始，将驱动市场长期趋势发生反转。展望后市，A股市场有望形成"价值股搭台、成长股唱 戏"格局，不同风格轮动表现，驱动市场走出向上行情；关注AI、机器人、创新药、芯片、有色、化工等板块。 周蔚文：增配有色金属、工程机械、化工板块 人工智能产业链是重点布局方向 数据显示，中欧基金基金经理周蔚文拥有近19年投资经验，截至10月27日，其任职基金经理以来年化回报近15%。由他管理的中欧新蓝筹自2008年成立以 来业绩高达870.53%，同类排名第一，近一年、近三年业绩分别排在前7%和前10%分位。 根据三季报，中欧新蓝筹三季度利润为37.43亿元，股票仓位为77.55%，主要布局有色金属、工程机械、化工板块、人工智能产业链等方向。 中欧新蓝筹的前三大重仓股为新易盛、中际旭创、万华化学，工业富联、兴业银锡、天孚通信、新泉股份"新晋"十大重仓股。 增持方面，与上季度相 ...

Core Insights - The top-performing funds in the third quarter are focused on technology sectors such as overseas computing power and semiconductors, with notable funds being Caitong Integrated Circuit Industry A, Hengyue Advantage Selection, and Caitong Multi-Strategy Fuxin [1] Fund Performance - Caitong Multi-Strategy Fuxin achieved a net asset value growth rate of 91.24% during the reporting period, significantly outperforming its benchmark of 9.26% [1] - Caitong Integrated Circuit Industry A recorded a quarterly net value growth rate of 86.49%, making it the top performer among ordinary stock funds [3] Fund Management Strategies - Fund manager Jin Zicai has shown strong confidence in the computing power sector, significantly increasing allocations to stocks such as Shengyi Technology, Zhongji Xuchuang, Shengyi Electronics, and Shenzhen South Circuit [1][3] - The fund's top holdings at the end of the third quarter included Industrial Fulian, Shengyi Technology, Shengyi Electronics, Zhongji Xuchuang, and Shenzhen South Circuit, with each holding over 9% of the fund's net value [4][5] Market Outlook - Jin Zicai anticipates a higher certainty of growth in overseas AI, with an expected acceleration in demand for computing power in 2026 and 2027 [2][6] - The manager believes that the market has undervalued the fundamentals of the optical communication sector, leading to a significant overweight in this area [3] Other Fund Insights - Hengyue Advantage Selection, managed by Wu Haining, achieved a net asset value growth rate of 100.06%, indicating strong performance in the mixed equity fund category [7] - The fund has increased its exposure to the storage sector, driven by rising demand for data storage due to AI applications, particularly in video generation [8][9]

（文章来源：每日经济新闻） 每经AI快讯，10月28日，中际旭创成交额达200亿元，现涨0.97%。 ...

中际旭创成交额达200亿元，现涨0.97%。 ...

Core Insights - The top-performing funds in Q3 2023, including ordinary equity, mixed equity, and flexible allocation funds, have heavily invested in technology sectors such as overseas computing power and semiconductors [1][2] - Notably, several stocks have reached the maximum allocation limit of 10% of the fund's net asset value, indicating strong confidence in these sectors [1][2] Fund Performance - The champions of ordinary equity funds for Q3 2023 are identified as Caifeng Integrated Circuit Industry A, Hengyue Advantage Selection, and Caifeng Multi-Strategy Fuxin [1] - Caifeng Integrated Circuit Industry A achieved a quarterly net value growth rate of 86.49%, making it the top performer among ordinary equity funds [2] Stock Holdings - Caifeng Multi-Strategy Fuxin reported a significant holding in Industrial Fulian, with a market value of 27.07 million yuan, which constitutes 10% of the fund's net value [2] - Other major holdings in Caifeng Multi-Strategy Fuxin, such as Shengyi Technology and Zhongji Xuchuang, also have market values exceeding 9% of the fund's net value [2] Investment Strategy - Fund manager Jin Zicai has shown a strong inclination towards the overseas computing power sector, anticipating accelerated growth in demand for computing power in 2026 and 2027 [2] - Hengyue Advantage Selection, managed by Wu Haining, has seen its scale grow over twofold in Q3, reaching 24.6 million yuan, with a focus on AI computing power and storage sectors [3] Sector Focus - The storage sector is highlighted as a key area of investment, with expectations of a price increase in storage chips driven by AI applications [3] - The domestic semiconductor equipment and energy storage sectors are also viewed positively, with a strong outlook for growth as production capabilities reach international standards [3]

Core Insights - The optical module CPO continues to strengthen, with the optical module content exceeding 51% in the AI sector of the ChiNext board, which is rising against the market trend [1] - The largest and most liquid AI ETF on the ChiNext board (159363) has reached a new high since its listing, with a trading volume approaching 200 million yuan [1] - Institutions predict that the optical module market will maintain high growth momentum through 2026, driven by the commercialization of AI applications by major overseas companies like OpenAI [1] Market Performance - The stock price of Zhongji Xuchuang, a leading optical module company, has reached a historical high during intraday trading [1] - The ChiNext AI ETF (159363) has a recent scale exceeding 3.5 billion yuan, with an average daily trading volume of over 800 million yuan in the past month, leading among seven ETFs tracking the ChiNext AI index [1] Industry Outlook - First Shanghai Securities indicates that the current industry is in a positive cycle of "capital expenditure expansion, commercialization, and performance realization," which will continue to support the growth of the computing power industry chain [1] - The ETF focuses on leading optical module companies, with over 70% of its portfolio allocated to computing power and more than 20% to AI applications, effectively capturing the AI theme market [1]

Group 1 - The technology sector continues to rebound due to favorable policies, with the "self-reliance and self-improvement in technology" being included in the "14th Five-Year Plan" goals [1] - The ChiNext 50 Index (399673) rose by 0.86%, with notable increases in constituent stocks such as Zhuosheng Microelectronics (300782) up 3.95% and Xinyisheng (300502) up 3.47% [1] - The ChiNext 50 ETF (159681) closely tracks the ChiNext 50 Index, which consists of 50 stocks with high trading volume, reflecting the overall performance of well-known, large-cap, and liquid companies in the ChiNext market [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the ChiNext 50 Index accounted for 69.36% of the index, including companies like CATL (300750) and Zhongji Xuchuang (300308) [2]

Market Overview - The A-share market opened lower but rose throughout the morning, with the Shanghai Composite Index surpassing the 4000-point mark for the first time in ten years, closing at 4005.44 points, up 0.21% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.35 trillion yuan, with 3057 stocks rising and 2142 stocks falling [2] Sector Performance - The artificial intelligence and cloud computing sectors led the gains, while the gold and coal sectors experienced significant declines [2] - The optical module sector saw a resurgence, with related indices rising over 4% [3] Key Companies in Optical Modules - Zhongji Xuchuang (300308) reached a new high, rising over 5% to 528.33 yuan per share, with a market cap of 587 billion yuan and a year-to-date increase of over 300% [4] - Xinyi Sheng (300502) increased nearly 4% to 420.01 yuan per share, with a market cap of 417.5 billion yuan and a year-to-date increase of over 400% [5] - Tianfu Communication (300394) rose 2.59% to 194.98 yuan per share, with a market cap of 151.6 billion yuan and a year-to-date increase of over 200% [6] - Other companies like Lian Te Technology (301205) surged over 12% [8] Human-Robot Sector - The humanoid robot sector showed strength, with Sanhua Intelligent Control (002050) rising over 6% to 50.68 yuan per share, achieving a market cap of 207.6 billion yuan [11] Domestic Software Sector - Kingsoft Office's stock rose over 8% to 343.14 yuan per share, with a market cap of 158.9 billion yuan [15] - The company reported a 25.33% year-on-year increase in revenue for Q3 2025, reaching 1.521 billion yuan, and a 35.42% increase in net profit [17] Banking Sector - Agricultural Bank's stock reached a new historical high, rising nearly 1% to 8.31 yuan per share, with a market cap of 2808 billion yuan [19] - Postal Savings Bank rose 1.33% to 6.09 yuan per share, while other banks like CITIC Bank and Everbright Bank saw declines [19] Precious Metals Sector - The precious metals sector faced notable declines, with stocks like Shengda Resources (000603) and Zhaojin Mining (000506) dropping over 2% [21]

Core Insights - The optical module index has seen a significant rise, with companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Cambridge Technology leading in gains [1] - The Growth ETF (159967) has been outperforming the broader market indices, with a recent increase of 1.41%, reaching new price highs [1] - The communication equipment sector constitutes 35.5% of the holdings in the Growth Index, with top positions held by Xinyi Sheng (16%), CATL (15%), Zhongji Xuchuang (13.1%), and Dongfang Wealth (11.55%) [1] Company Summaries - **Xinyi Sheng (300502.SZ)**: Closing price at 403.95, with a weight of 15.97% in the Growth Index [2] - **CATL (300750.SZ)**: Closing price at 386.18, holding a weight of 15.00% [2] - **Zhongji Xuchuang (300308.SZ)**: Closing price at 508.94, with a weight of 13.09% [2] - **Dongfang Wealth (300059.SZ)**: Closing price at 26.04, holding a weight of 11.55% [2] - **Shenghong Technology (300476.SZ)**: Closing price at 340.32, with a weight of 9.12% [2] - **Tonghuashun (300033.SZ)**: Closing price at 362.09, holding a weight of 4.24% [2] - **Tianfu Communication (300394.SZ)**: Closing price at 190.06, with a weight of 2.95% [2] - **Guiding Needle (300803.SZ)**: Closing price at 153.43, holding a weight of 1.81% [2] - **AVIC Chengfei (302132.SZ)**: Closing price at 86.45, with a weight of 1.60% [2] - **Xiechuang Data (300857.SZ)**: Closing price at 169.56, holding a weight of 1.29% [2]

Core Viewpoint - Zhongji Xuchuang's stock price increased by 5.12% to 535.00 CNY per share, with a trading volume of 13.298 billion CNY and a market capitalization of 594.448 billion CNY as of October 28 [1] Company Overview - Zhongji Xuchuang Co., Ltd. is located in Zhuyouguan Town, Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012 [1] - The company's main business involves the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module manufacturing [1] - Revenue composition: Optical communication transceiver modules account for 97.58%, automotive electronics 1.74%, and optical components 0.67% [1] Fund Holdings - According to data, Beixin Ruifeng Fund holds a significant position in Zhongji Xuchuang, with its fund "Beixin Ruifeng Advantage Industry Stock" (013242) holding 3,500 shares, representing 2.24% of the fund's net value, making it the fifth-largest holding [2] - The fund has achieved a return of 85.19% year-to-date, ranking 49th out of 4,218 in its category, and an annual return of 82.85%, ranking 60th out of 3,878 [2] - The fund manager, Cheng Min, has a tenure of 7 years and 219 days, with the best fund return during this period being 112.69% [2]