基金早班车丨百亿基金调仓路径浮现，科技制造仍是最强主线

Group 1: Market Trends - The market is currently in a phase of emotional consolidation and directional decision-making, with a long-term core trend in the AI industry expected to continue supported by profit recovery and liquidity easing [1] - On December 11, A-shares experienced a downward trend, with the Shanghai Composite Index falling by 0.7% to 3873.32 points, the Shenzhen Component Index down by 1.27% to 13147.39 points, and the ChiNext Index decreasing by 1.41% to 3163.67 points [1] Group 2: Fund News - On December 11, three new funds were launched, primarily mixed and equity funds, with the E Fund's China Securities Engineering Machinery Theme ETF aiming to raise 8 billion yuan [2] - Public funds have distributed over 200 billion yuan in dividends this year, with equity funds increasing their payout efforts significantly, indicating a stable dividend mechanism that enhances investor confidence [2] - The Central Economic Work Conference outlined a roadmap for economic work in 2026, emphasizing fiscal expansion, flexible monetary policy, and industrial innovation, which are expected to provide triple support for A-shares [2] Group 3: Institutional Research - In 2025, the Beijing Stock Exchange saw a high level of institutional research engagement, with 272 companies being investigated, achieving a coverage rate of over 95% [3] - The focus of institutional funds is shifting towards high-end equipment, new materials, and computing power within the technology sector, reflecting the accelerated pricing of the "specialized, refined, distinctive, and innovative" attributes of the Beijing Stock Exchange [3]