Zhong Guo Zheng Quan Bao·2025-09-10 20:18Group 1 - The recent volatility in the large technology sector has led to a divergence in the performance of actively managed equity funds, particularly those heavily invested in specific technology segments like computing power [1][2] - Funds with significant holdings in computing power stocks have seen a noticeable reduction in net value fluctuations, while those without such exposure have experienced increased volatility, indicating substantial portfolio adjustments by fund managers [1][2] - The adjustment in the technology sector is attributed to a degree of divergence among high market capitalization growth stocks, suggesting a market correction after several months of rising valuations [1][6] Group 2 - On September 4, stocks in the AI hardware sector, represented by companies like New Yisheng and Zhongji Xuchuang, experienced significant declines, with some falling over 13% [2] - Funds such as Yongying Technology Select, which had high concentration in these stocks, reported an average decline of over 11% in their top ten holdings, yet their net value did not drop more than 6% on the same day [2][3] - The divergence between estimated and actual net value changes serves as an important reference for observing fund rebalancing activities [3] Group 3 - Some funds that did not heavily invest in technology stocks have seen their net value fluctuations increase significantly during recent market adjustments [4] - For instance, the Nordex New Trend fund, while still focused on the AI sector, had a portfolio that included several Hong Kong tech stocks, and its net value experienced a significant drop despite some holdings rising [4] - The performance of funds like Jiahe Jincheng Value Select also reflected this trend, with their net value declining more than expected despite their holdings performing relatively well [5] Group 4 - The current fluctuations in AI hardware stocks have prompted a shift in focus towards AI applications, with fund managers increasingly interested in sectors such as smart driving, AI hardware, humanoid robots, and internet companies embracing AI [1][6] - The AI industry is seen as being at a high emotional trading point, with both domestic and overseas AI supply chains developing simultaneously, presenting investment opportunities in AI applications and advanced semiconductor processes [6]