最强赛道“吊车尾”：前海开源人工智能基金为何逆市折戟？

Core Insights - In 2025, the AI-themed funds surged, but the Qianhai Kaiyuan AI Fund ended the year with a loss, making it the only fund in its category to do so [2][3] - The fund's A-class share net value growth rate was -4.15%, significantly underperforming compared to the benchmark return rate of 12.55% [3][4] Performance Comparison - Among 18 AI-themed funds that have been established for over a year, Qianhai Kaiyuan AI Fund was the only one to report a loss, while others saw annual gains exceeding 40%, with the highest return surpassing 100% [2][3] - The fund ranked 2242 out of 2274 flexible allocation funds in the market, indicating poor performance relative to peers [3][4] Management and Strategy - The fund was established in May 2016 and focused on selecting stocks of companies with significant growth potential related to AI, investing at least 80% of non-cash assets in AI-related securities [3] - Star fund manager Qu Yang managed the fund until June 2025, when he stepped down due to internal adjustments, with his management yielding a total return of 13.43% over nine years [4][5] Investment Strategy Issues - The fund's underperformance was attributed to its focus on end-side AI sectors like electronics and communications, while the market was led by AI computing infrastructure such as chips and optical modules [5][6] - In Q2 2025, the fund made significant changes to its portfolio, replacing six of its top ten holdings, which coincided with a market downturn for those stocks [6][7] Market Trends and Future Outlook - Despite the fund's struggles, the manager Wei Chun expressed optimism about the AI hardware market entering a rapid growth phase in 2026, driven by advancements in AI models and user experience improvements [8]