年内大涨超186%！刚刚，“冠军基”提示风险！

Core Viewpoint - The article highlights the performance and investment strategy of the Yongying Technology Smart Fund, which has seen significant growth in 2023, particularly with a year-to-date increase of over 186% as of October 23, 2025 [2][4]. Fund Performance - The Yongying Technology Smart Fund has experienced substantial growth, with its scale increasing from less than 300 million to over 11.5 billion, representing a growth of over 440 times [8]. - The fund's reported realized income for the period from July 1, 2025, to September 30, 2025, was approximately 417 million for Class A and over 2 billion for Class C [9]. Investment Strategy - The fund manager maintains a high position in the market, focusing on the global cloud computing industry chain, which has been validated by performance and valuation increases in the overseas computing power sector from May to August [4]. - The investment logic emphasizes the growth of the computing power sector driven by global AI development, with expectations for significant advancements in the optical communication and PCB industries by 2027 [5][6]. Market Outlook - The fund manager expresses optimism about the ongoing investment opportunities in the global cloud computing sector, particularly due to the inter-investment among new cloud vendors and chip manufacturers [5]. - The anticipated convergence of new technologies in the optical communication and PCB sectors is expected to enhance the value and penetration rates of related new products [5]. Investor Behavior - There is a noted trend among investors to chase high-performing funds, which can lead to risks if not managed properly [9].