Shang Hai Zheng Quan Bao·2025-10-26 15:14Core Viewpoint - The third quarter of 2025 has seen a significant adjustment in the portfolios of high-performing fund managers, who generally maintained high positions while reducing holdings in previously high-performing stocks [1][2]. Fund Performance and Adjustments - Multiple high-performing funds maintained high equity positions, with the Galaxy Innovation Growth Mixed Fund managed by Zheng Weishan having an equity investment ratio of 94.65% as of the end of Q3 [2]. - The fund made adjustments in its semiconductor industry holdings, adding stocks like Aojie Technology, Huahong Semiconductor, and Zhongke Shuguang to its top ten holdings [2]. - The Ping An Research Preferred Mixed Fund, managed by Zhang Xiaoqian, increased its stock position from 80.75% at the end of Q2 to 92.82% by the end of Q3 [3][4]. Investment Focus - The primary investment direction for funds in Q3 was in the hard technology sector, particularly the semiconductor industry, with a continued optimistic outlook on domestic production prospects and AI-driven demand [2][6]. - Zhang Xiaoqian emphasized dynamic optimization of the portfolio based on individual stock valuation and industry trends, increasing exposure to sectors like semiconductors, robotics, and agriculture while reducing positions in innovative pharmaceuticals and military stocks [6]. Fund Size and Stock Holdings - The China Europe Digital Economy Mixed Fund managed by Feng Ludan saw its size grow from 1.527 billion yuan to 13.021 billion yuan, with a stock position of 90.18% [7]. - The fund's strategy included cautious optimism in the AI infrastructure sector and a shift towards C-end internet platform companies [7]. Market Outlook - Fund managers expressed a positive outlook on structural opportunities in the equity market, focusing on companies with clear competitive advantages and strong fundamentals [9]. - The technology growth sector is viewed as having recovered to reasonable valuations, with a focus on artificial intelligence, energy storage, and new energy vehicles [9][10]. - However, there are warnings about the risks associated with high valuations in the AI sector, which may lead to increased volatility due to market sentiment and macroeconomic factors [10].