智通财经网·2025-10-28 13:47Core Viewpoint - The report highlights that prominent fund managers from Ruifeng Fund have increased their holdings in leading technology companies like Alibaba, indicating a strong belief in the potential of artificial intelligence as a major technological transformation following the internet era [1]. Group 1: Fund Performance - The Ruifeng Growth Value Mixed Fund, managed by Fu Pengbo and Zhu Lin, saw a net value increase of over 50% in Q3, with A-class shares rising by 51.09%, outperforming the benchmark by 14.82%, marking the highest quarterly record since its inception in 2019 [1]. - The top ten holdings of the fund included three stocks that doubled in price during Q3: Xinyi Technology (300502.SZ), Shenghong Technology (300476.SZ), and Cambricon Technologies (688256.SH), although these stocks were reduced in holdings [1][2]. - The fund maintained a high stock asset allocation, with over 90% in equities, and the top ten holdings accounted for 66% of the net value, showing a significant increase from Q2 [2][3]. Group 2: Stock Holdings and Adjustments - The fund reduced its positions in long-held stocks that experienced rapid price increases due to misleading news, indicating a cautious approach to valuation adjustments [3]. - The Ruifeng Balanced Value Three-Year Holding Mixed A Fund, managed by Zhao Feng, achieved a net value growth rate of 19.29% in the reporting period, outperforming the benchmark by 5.59% [3][4]. - Zhao Feng's fund maintained a stable portfolio with slight increases in leading internet companies focused on AI and undervalued home appliance companies with stable profit growth prospects [3][4]. Group 3: Sector Focus and Future Outlook - The fund managers expressed optimism about AI, emphasizing its rapid integration across various industries and daily life, with significant growth in AI-related investments [5][6]. - Despite the unclear future returns from substantial investments in foundational models and data centers, leading internet companies are well-positioned to support their capital expenditures due to strong cash flows [6]. - The report notes that traditional industries with low historical valuations and stable free cash flows are becoming increasingly attractive, suggesting a lower risk of decline and potential for recovery in demand [6].