汇安成长优选四季报揭秘超额回报关键词：降高位、布低位

Core Insights - The article highlights the impressive performance of the Hui'an Growth Preferred Mixed Fund, which achieved a return of 139.91% in 2025, significantly outperforming its benchmark by nearly 130 percentage points [1][2] - The fund's strategy involved maintaining a high stock position of 92.35% of total assets while executing a "dynamic rebalancing driven by industry trends" approach [2] Fund Performance - In 2025, the Hui'an Growth Preferred Mixed Fund's annual return was 139.91%, compared to a benchmark return of 10.98%, resulting in an outperformance of 128.93% [1] - Since its inception on February 3, 2018, the fund has achieved a cumulative return of 147.64%, surpassing the benchmark return of 32.07% by 115.57% [1] Investment Strategy - The fund manager, Dan Bailin, emphasized a tactical profit-taking strategy in Q4, particularly in sectors with high previous gains, such as overseas computing power [2] - The fund reallocated capital towards sectors with clearer growth trends for 2026, including storage chips, solid-state batteries, and humanoid robots, while optimizing the portfolio structure to smooth out net value fluctuations [2] Top Holdings - The top ten holdings of the fund as of Q4 2025 included companies like Huahai Qingke, Zhongji Xuchuang, and Hudian Co., with a total stock value of approximately 555.63 million yuan, representing 57.11% of the stock market value [2] - The fund's strategy of "reducing high positions and increasing low positions" is seen as beneficial for enhancing investor experience and reflects the fund manager's foresight regarding industry trends [2] Market Context - The article notes that the "AI computing infrastructure" theme experienced a significant rise in the first three quarters of 2025, followed by a critical period of performance realization and valuation digestion [2] - The fund's adjustments were timely, as market sentiment shifted towards new growth opportunities, particularly in solid-state batteries and semiconductor storage, indicating a transition from established computing power to emerging growth sectors [2]