2025年四季报透视：“翻倍基”押中哪些赛道？

Core Viewpoint - High-performing funds that doubled their net value last year are maintaining high positions and continuing to invest heavily in AI infrastructure and humanoid robots, while also warning about the risk of overvaluation in popular sectors [1][2]. Group 1: High Position Operations - Over a hundred public funds have disclosed their Q4 2025 reports, including four funds that saw their net value increase by over 100% last year [2]. - The four funds that doubled their net value are: - China Europe Digital Economy with a stock position of 88.24% and a growth of 143.07% - Qianhai Kaiyuan Hong Kong and Shanghai Enjoy Life with a stock position of 94.5% and a growth of 122.08% - Rongtong Industry Trend Selection with a stock position of 93.09% and a growth of 100.22% - Huafu Technology Momentum with a stock position of 87.34% and a growth of 108.28% [2]. Group 2: Focus on Technology - The manager of China Europe Digital Economy fund emphasized a strategy focused on five core investment areas: AI infrastructure, AI applications, intelligent robots and autonomous driving, domestic AI supply chain, and edge AI [3]. - The fund increased its allocation to domestic AI and AI infrastructure while optimizing stock selection in intelligent robots, reducing exposure to autonomous driving and edge AI [3]. - Concerns about a potential "bubble" in the AI sector were raised, with the manager suggesting that the industry is in the early stages of bubble formation rather than at its peak [3]. Group 3: Sector-Specific Strategies - Qianhai Kaiyuan Hong Kong and Shanghai Enjoy Life fund is focused on global AI infrastructure, particularly in optical communication and liquid cooling, and plans to adjust holdings based on market changes [4]. - Huafu Technology Momentum fund continues to invest in the humanoid robot sector, covering various stages of production, while cautioning about uncertainties in technology paths and potential delays in mass production [4]. - Rongtong Industry Trend Selection fund adopts a more balanced approach, investing across technology, new energy, pharmaceuticals, and consumer sectors, while looking for new opportunities in AI, energy storage, and the internet [4].