对话2025年股基冠军！融通基金李进：超额收益来自“时代感”的组合

Core Insights - The public fund industry has shown a significant profit effect in 2025, with notable performance from the Rongtong Industrial Trend fund, which achieved a net value increase of 114.61%, far exceeding the benchmark of 17.02% [1] - Fund manager Li Jin has been pivotal in this success, focusing on sectors such as AI, new consumption, and innovative pharmaceuticals, which he refers to as a "sense of the times" investment strategy [2][3] Fund Performance - Rongtong Industrial Trend achieved a return of 114.61% in 2025, ranking first among 349 similar standard equity funds [1] - Rongtong Industrial Trend Zhenxuan also doubled its performance with a 100.22% return in the same year [1] - Li Jin has been managing these funds since March 2023, with a strong focus on growth sectors [1][2] Investment Strategy - Li Jin emphasizes the importance of identifying industries with significant demand expansion and rapid growth, focusing on areas where market efficiency is lacking [2] - The investment strategy has been heavily centered on artificial intelligence since March 2023, despite initial market skepticism [2] - Li Jin's research has led to a tactical adjustment in Q3 2025, where he reduced exposure to new consumption and innovative pharmaceuticals due to overvaluation and unmet performance expectations [3] Market Outlook - For 2026, Li Jin anticipates a shift in economic growth drivers from monetary easing to credit expansion, which will support the recovery of corporate profitability [5] - The supply-side optimization is expected to enhance corporate earnings, with a forecast of double-digit profit growth for A-shares in 2026 [5] - Chinese companies are increasingly gaining global competitiveness through proactive international expansion, contributing to sustained growth in relevant sectors [6] - The overall valuation of A-shares remains reasonable, suggesting a transition from valuation-driven to a more balanced approach of fundamental and structural reform-driven growth [6] Future Focus - Li Jin plans to continue focusing on sectors with long-term growth potential, particularly in artificial intelligence, which is still in a critical "infrastructure" phase [6] - The demand for computing power and related technologies is expected to grow exponentially, with significant capital investments from internet companies [6] - Continuous attention will be given to opportunities in new energy, innovative pharmaceuticals, and new consumption sectors, aiming to identify high-quality growth leaders in emerging trends [6]