Sou Hu Cai Jing·2026-01-22 11:48Core Insights - The top-performing active equity funds for the fourth quarter of 2025 have revealed their portfolio adjustments, with a focus on how fund managers are reallocating assets and their outlook for future investments [1] Group 1: Fund Performance and Holdings - Seven out of ten top-performing funds have slightly reduced their stock positions in the fourth quarter, indicating a cautious approach [2] - The AI industry remains a key focus for many high-performing funds, with CPO (optical module) stocks being particularly favored [2] - Zhongji Xuchuang appears in the top ten holdings of eight funds, making it the most popular stock among these funds [2] Group 2: Fund Manager Strategies - The fund managed by Ren Jie, which is the top performer, reduced its stock position to 78.76%, down 13 percentage points from the previous quarter, while increasing holdings in PCB companies like Hu Dian and Shen Nan [3] - Han Hao, manager of the second-ranked fund, maintained a high stock position of 88.94% and focused on high-growth stocks, increasing investments in Shenghong Technology and Tianfu Communication [4] - Feng Ludan, manager of the sixth-ranked fund, expressed caution regarding the AI sector, suggesting that it is entering a phase of potential bubble formation [4] - Dan Bailin, manager of the ninth-ranked fund, indicated a disciplined adjustment of positions in high-performing overseas computing stocks, reallocating funds to sectors with clearer trends for 2026, such as storage chips and solid-state batteries [4]