Xin Lang Ji Jin·2025-10-23 07:36Core Insights - The report highlights the impressive performance of the China Europe Digital Economy Mixed Fund A, managed by Feng Ludan, which has achieved a cumulative return of 193.17% since its inception, with a year-to-date increase of 140.86% as of October 22, 2025 [1][3]. Performance Summary - The fund has shown significant growth, with a six-month increase of 106.27%, a one-year increase of 156.49%, and a two-year return of 193.70%. Since its establishment on September 12, 2023, it has achieved an annualized return rate of 66.29% [3]. - In the third quarter, the fund recorded a quarterly increase of 79.11%, outperforming both the CSI 300 Index and the average of similar funds. The total scale reached 13.021 billion yuan, an increase of 11.5 billion yuan from the previous quarter [3]. Investment Strategy - The top ten holdings of the fund, valued at 7.312 billion yuan, span various sectors within the digital economy, including AI infrastructure, internet platforms, and semiconductors [6][8]. - The fund manager has diversified the portfolio, with significant increases in holdings of companies like Xinyi Sheng (177.09% increase), Zhongji Xuchuang (161.39% increase), and Tianfu Communication (275.26% increase), indicating a strong outlook on computing hardware [8]. - The investment strategy focuses on five core areas: AI infrastructure, intelligent robotics and driving, AI applications, edge AI, and the domestic AI industry chain [9]. Market Outlook - The report emphasizes the rapid development of the AI industry as a key market theme, with leading overseas AI companies accelerating commercialization and reshaping traditional internet sectors [9]. - The fund manager suggests a cautious approach, recommending a slight reduction in AI infrastructure holdings while maintaining a long-term positive outlook. There is an emphasis on increasing allocations to intelligent robotics and optimizing AI application portfolios [10][11].