A股板块轮动加速 基金净值“跑偏”泄露调仓动向

Group 1 - The A-share market has experienced significant fluctuations since September, with various sectors such as solid-state batteries, robotics, non-ferrous metals, and gaming emerging as new hotspots, indicating a notable acceleration in market rotation [1] - Funds heavily invested in AI computing have shown signs of portfolio adjustments, with some funds deviating from their holdings, suggesting a shift in strategy [2][3] - The performance of certain funds has diverged from their estimated returns, indicating potential reallocation of assets despite the underlying stocks' performance [2][3] Group 2 - Consumer funds have also exhibited signs of "cutting losses" and reallocating their portfolios, with some funds showing gains despite their major holdings declining [4][5] - Fund managers are increasingly focusing on emerging trends, such as the rise of domestic brands and innovative consumer products, indicating a shift in investment strategy towards sectors with higher growth potential [5][6] - The current market environment presents challenges for active management, as rapid sector rotation requires fund managers to adapt their strategies dynamically [7] Group 3 - There is an expectation of increased stock differentiation as market valuations rise, with a continued focus on AI computing-related assets, while new opportunities may arise in adjacent sectors like AR glasses and the Apple supply chain [8] - Fund managers are optimistic about the prospects of AI computing assets, particularly in relation to the global AI industry chain, while also recognizing the growing connection between AI and Chinese semiconductor companies [8]