景顺长城稳健回报混合 AI浪潮中的“新锐黑马”

Core Viewpoint - The A-share market continues to show strength, driven by supportive policies and breakthroughs in the global AI industry, with the Shanghai Composite Index reaching a ten-year high [2] Group 1: Market Performance - The AI-related sectors, including AI computing power, storage chips, and innovative pharmaceuticals, have become market focal points, while traditional consumer and financial sectors remain relatively flat [2] - The fund "Invesco Great Wall Steady Return Mixed A" achieved a remarkable return of 102.88% over the past year, ranking among the top in the active equity fund performance [2][3] Group 2: Fund Manager's Journey - Fund manager Jiang Shan's career trajectory is divided into three phases: solid foundation in fixed income (2015-2023), mixed strategy development (2023-2024), and the current AI sector boom (from August 2024) [3] - Since taking over the equity fund on August 13, 2024, the fund has achieved a return of 179.64%, establishing itself as a "doubling fund" [3] Group 3: Investment Strategy - Jiang Shan's investment strategy focuses on the AI industry, categorizing it into three stages: training, inference, and application, with dynamic adjustments to the fund's focus [5] - The fund's maximum drawdown over the past year was only 18.14%, significantly lower than the average of 28.7% for similar funds, attributed to diversified investments and flexible positioning [5] Group 4: Portfolio Composition - The top ten holdings of the fund are concentrated in the core segments of the AI industry, with significant positions in companies like New Yisheng and Zhongji Xuchuang [6] - The weighted P/E ratio of the top holdings is 60.21 times, supported by the high growth potential of the AI industry despite being above the average level of similar funds [6] Group 5: Future Outlook - The fund's future performance will depend on the evolution of the AI industry's fundamentals and overall market conditions, with a focus on both computing power and application sectors [7] - Jiang Shan plans to continue focusing on AI's computing power and application areas, while also exploring opportunities in non-core sectors like innovative pharmaceuticals and metals [7]