“人生发财靠康波”！同泰数字经济A三季度涨70%，基金经理陈宗超：AI新一轮康波周期已开启

Core Viewpoint - The report highlights the strong performance of the Tongtai Digital Economy A fund, managed by Chen Zongchao, which achieved a quarterly return of 70.46% in Q3 2025, significantly outperforming its peers and benchmarks [1][3]. Performance Summary - The fund has delivered a one-year return of 67.61% and a two-year cumulative return of 99.18%, both of which exceed the performance benchmarks and the CSI 300 index [3]. - Since its inception on July 26, 2021, the fund has achieved a total return of 6.48% over 4.2 years, with an annualized return of 1.49% [1]. Holdings Overview - As of September 30, 2025, the top ten holdings of the fund are primarily concentrated in the AI computing power industry, with a total market value of 149 million yuan [4][6]. - Significant adjustments in holdings were made in Q3, including a reduction in positions for Zhongji Xuchuang by 23.27%, Xinyi Sheng by 28.96%, and Hudian Co. by 35.99%, while increasing the position in Cambricon by 18.47% [7]. Investment Strategy - The fund manager's strategy involves increasing exposure to domestic computing power while reducing exposure to overseas supply chains, focusing on leading companies in niche segments of the technology industry [7]. - Chen Zongchao expressed strong confidence in the Chinese AI industry, suggesting that the main battleground for AI will shift from the West to China, supported by favorable government policies [8]. Future Outlook - Four key areas of focus for future investments include the ongoing arms race in AI models and computing power, the anticipated benefits from the domestic computing power supply chain, breakthroughs in high-end chip manufacturing, and potential advancements in AI terminals [9]. - The fund's active management style is reflected in a high turnover rate of 1019.35% in the first half of 2025, indicating a proactive approach to portfolio management [10][11]. Fund Management - Chen Zongchao has been managing the Tongtai Digital Economy A fund since July 27, 2021, and currently oversees a total management scale of 245 million yuan across multiple funds [13]. Market Attention - As the fourth quarter unfolds, the market is keenly observing whether the Tongtai Digital Economy A fund can maintain its strong performance and continue to generate excess returns amid the domestic computing power wave [14].