Shang Hai Zheng Quan Bao·2025-11-02 14:37Core Viewpoint - Foreign public funds are optimistic about Chinese assets and have significantly increased their positions in the technology growth sector during the third quarter, as revealed by the latest quarterly reports from major foreign fund companies [2][3][4]. Group 1: Fund Positioning and Strategies - Several foreign public funds, including Fidelity and BlackRock, have notably increased their holdings in technology stocks, with Fidelity's fund significantly adding 126,000 shares of the humanoid robot leader, UBTECH, making it their largest holding [2]. - The top ten holdings of Fidelity's fund now include H-shares and A-shares of SMIC and Shanghai Fudan, indicating a strategic focus on key technology players [2]. - The fund managers from Fidelity attribute the strong performance of the technology growth sector to the transitional achievements of the Chinese economy, driven by innovation [2][3]. Group 2: Sector Focus and Future Outlook - The managers of the Robeco China Opportunities Mixed Fund emphasize a balanced growth-oriented portfolio, focusing on high-end manufacturing upgrades, the automotive and electric vehicle supply chain, and AI technology [3]. - Allianz's fund managers express confidence in high-quality technology assets leading the revaluation of Chinese stocks, maintaining a high stock position and achieving good investment returns [3][4]. - BlackRock's fund managers highlight an increased focus on the electronics sector, benefiting from self-sufficient chips and AI-driven PCB cycles, while maintaining a positive outlook on Chinese assets [4]. Group 3: Investment Themes and Asset Allocation - The managers from Allianz suggest that A-shares are becoming increasingly attractive, planning to maintain an "overweight" position in stocks and dynamically adjust based on market conditions [4]. - They also plan to focus on high-quality technology assets that are expected to exceed profit expectations, as well as dividend assets with significant revaluation potential [4]. - Schroders' fund managers note a rebound in industrial profits in August and are optimistic about the potential wealth effect of the stock market on consumption, favoring cyclical and technology sectors [5].