绩优基金2025年四季度调仓动向：聚焦景气度 优化AI持仓

Core Insights - The overall trend among high-performing funds is to maintain high positions while adjusting their holdings towards sectors like AI-related industries, innovative pharmaceuticals, and robotics [1][2] Fund Performance and Adjustments - Several high-performing funds have significantly increased their scale due to inflows and rising net values, with notable examples including Huafu New Energy Fund, which grew from 1.513 billion to 4.162 billion yuan by the end of 2025 [2] - The Rongtong Industry Trend Selected Stock Fund had an equity investment ratio of 93.09% by the end of 2025, achieving over 100% returns [2] - The top ten holdings of the Rongtong fund included new entries such as Yuanjie Technology and Zijin Mining by the end of 2025 [2] Investment Focus Areas - Funds are focusing on five core investment directions: AI infrastructure, AI applications, intelligent robotics and driving, domestic AI supply chains, and edge AI [3] - The Jin Xin Transformation Innovation Growth Fund is concentrating on military and aerospace sectors, as well as chips, with a positive outlook on the military sector driven by satellite communication and gas turbines [3] AI Sector Insights - The AI sector remains a focal point, with managers indicating a shift towards AI energy and supply chain security, recognizing energy as a potential bottleneck for AI expansion [4] - The demand for internet AI applications is surging, leading to increased capital expenditures from internet companies and a rapid rollout of self-developed ASIC chips [4] Cautionary Perspectives - Some fund managers express caution regarding the AI sector, noting that after significant price increases, valuations are no longer low, and some stocks reflect overly optimistic growth expectations [5] - High valuations imply stricter performance requirements, making the sector more susceptible to market sentiment and macroeconomic changes, which could increase volatility [6]