Xin Lang Ji Jin·2025-10-21 08:17Core Insights - The report highlights the significant growth of the Shangyin Digital Economy A fund, with a net asset value of 0.21 billion yuan as of September 30, 2025, representing a 69.34% increase from the previous quarter [3][5] - The fund achieved a remarkable 56.67% return in Q3 2025, outperforming the average of 1.62% for similar funds and the CSI 300 index's 25.43% increase [5] - The fund's investment strategy focuses on the semiconductor industry, particularly in domestic computing chips and AI edge chips, capitalizing on the accelerating demand driven by AI advancements [5][10] Fund Performance - As of October 20, 2025, the fund's unit net value reached 1.5092 yuan, with a daily increase of 0.87% and a total return of 50.92% since its inception on August 6, 2024 [1][8] - Over the past three months, the fund has seen a growth of 37.71%, and over six months, a cumulative increase of 51.03% [1] Investment Strategy - The fund employs a "dual mainline configuration + dynamic risk control" strategy, focusing on structural opportunities in the semiconductor sector [5] - The first mainline targets domestic computing chips, with a focus on companies that have clear technological barriers and positive customer validation [5] - The second mainline centers on AI edge chips, anticipating the market growth of smart glasses, panoramic cameras, and service robots from 2025 to 2027 [5] Top Holdings - The fund's top ten holdings are entirely concentrated in the semiconductor sector, including companies like SMIC, Hua Hong Semiconductor, and Cambrian [6][7] - The total market value of the top ten holdings amounts to approximately 207 million yuan [7] Management Team - The fund is managed by Zhao Zhiyue and Hui Jun, with Zhao having managed the fund since its inception and achieving a total return of 50.92% [8] - Hui Jun joined the management team on May 19, 2025, with a total return of 48.02% [8] Future Outlook - The fund managers express optimism about the semiconductor industry's prospects, particularly in computing and edge chips, driven by ongoing AI advancements and domestic substitution processes [10]