中欧数字经济A四季度加码AI硬件，冯炉丹谈AI泡沫论：并非泡沫末期，“让子弹再飞一会儿”

Core Viewpoint - The 2025 fund's fourth quarter report highlights the focus on AI applications, commercial aerospace, and nuclear fusion as potential investment themes for 2026, with a notable performance from the China Europe Digital Economy Mixed Fund managed by Feng Ludan [1][8] Fund Performance - The China Europe Digital Economy Mixed Fund reported a fourth quarter return of 0.92%, a year-to-date return of 5.39%, and an annual return of 143.07% for 2025. As of January 16, 2026, the fund's net asset value was 3.2438 yuan, with a one-year return of 159.42% and a six-month return of 72.84% [1][8] AI Industry Insights - Feng Ludan addressed concerns regarding the "bubble" in the AI industry, stating that bubbles are a neutral concept and a common phenomenon during the rapid development of disruptive technologies. The focus should be on whether technological advancements can sustain new application boundaries and whether commercialization can convert new capital into real income and profits [3][10] Investment Strategy - The fund's investment strategy focuses on five core areas: AI infrastructure, AI applications, intelligent robotics and autonomous driving, domestic AI supply chain, and edge AI. In the fourth quarter, the fund adjusted its structure by increasing allocations to domestic AI and AI infrastructure while optimizing stock selection in intelligent robotics and reducing exposure to autonomous driving and edge AI [4][11] Top Holdings Adjustments - Compared to the third quarter, the fourth quarter saw the addition of new top holdings including Shenzhen South Circuit, Sunshine Power, Inspur Information, and Dongshan Precision, while Alibaba-W, Tianfu Communication, Sanhua Intelligent Control, and SMIC were removed from the top ten holdings [5][12] Focus on AI Hardware - The fund increased its focus on AI hardware infrastructure, with Zhongji Xuchuang rising from the third largest holding in the third quarter to the largest holding in the fourth quarter, with a holding percentage increase from 8.63% to 9.89%. Newyi Sheng remained among the top two holdings at 9.76%. The combined holding percentage of companies related to computing infrastructure exceeded 15%, indicating a shift towards hardware in AI investments [5][12] Market Conditions - Feng Ludan noted that the overall valuation of the AI sector is no longer in a low range after significant previous increases, with some popular stocks reflecting optimistic growth expectations for the coming years. The current environment presents both opportunities and risks, with high valuations demanding stringent performance delivery, making the sector more susceptible to market sentiment, liquidity, and macroeconomic changes [5][12] Investment Recommendations - Feng Ludan advised investors to diversify their investments, incorporating the AI sector as part of an overall asset allocation strategy to enjoy the growth benefits of the AI industry while smoothing out investment portfolio volatility through diversification across different industries and asset classes [6][13]