这只基金领跑翻倍基，秘密在二季度调仓？

Core Viewpoint - The A-share market has experienced a significant pullback after the National Day holiday, particularly in the dual innovation sector, which has raised questions about the performance of various fund products. Despite this, 24 domestic open-end funds have doubled their value year-to-date, with Yongying Technology Smart Selection A leading at a remarkable 196.69% increase [1][2]. Fund Performance - As of October 22, 2025, Yongying Technology Smart Selection A has achieved a year-to-date return of 196.69%, making it the top performer among active equity funds [2][6]. - The fund's performance has been particularly strong in the last six months, with a 207.18% increase, and 70.49% in the last three months [8][9]. Fund Management and Strategy - Yongying Technology Smart Selection A was established on October 30, 2024, and is managed by a relatively inexperienced fund manager, Ren Jie, who has less than one year of experience in this role [3][4]. - The fund focuses on high-growth potential sectors, particularly in cloud computing, and employs a high-concentration investment strategy, which can lead to significant volatility [4][5]. Investment Focus - The fund's strategy involves targeting strategic emerging industries, with a high allocation to selected stocks that are expected to perform well. This approach is akin to a high-stakes gamble, aiming for substantial returns but also carrying higher risks [4][15]. - The top 20 stocks in which the fund has invested heavily include notable companies in the technology sector, such as Xinyi Communication and Zhongji Xuchuang, reflecting a concentrated investment strategy [10][12]. Market Context - The fund's performance is set against a backdrop of a recovering A-share market, with the management team believing in a long-term positive trend. This has led to a shift in strategy towards more aggressive equity investments [5][19]. - Despite the potential for significant returns, the fund's high concentration in specific stocks means that it is also vulnerable to market corrections, particularly in the dual innovation sector [15][19].