睿远基金旗下产品2025年四季报：傅鹏博减仓阿里巴巴-W(09988) 华润万象生活(01209)首进赵枫前十大重仓股

Core Viewpoint - Ruiyuan Fund disclosed its Q4 2025 report, indicating strategic adjustments in its portfolio, including increased positions in specific sectors while reducing exposure to others, reflecting a proactive approach to investment management [1][3]. Group 1: Portfolio Adjustments - The Ruiyuan Growth Value Mixed Fund increased its holdings in Cambricon (688256.SH) while reducing positions in Xinyisheng (300502.SZ), Alibaba-W (09988), and Dongshan Precision (002384.SZ) [1]. - The top ten holdings saw a shift away from telecommunications stocks, replaced by solar energy and high-end semiconductor equipment manufacturers, indicating a focus on sectors with strong performance in Q4 [1]. - The fund aims to minimize investment uncertainties in Q1 2026 while maintaining a focus on prominent sectors and stocks [1]. Group 2: Performance Metrics - As of the report's end, the net asset value per share of Ruiyuan Growth Value Mixed A Fund was 1.9685 yuan, with a growth rate of 0.57%, underperforming its benchmark by 1.37% [2]. - The net asset value per share of Ruiyuan Growth Value Mixed C Fund was 1.9159 yuan, with a growth rate of 0.47%, also underperforming its benchmark by 1.37% [2]. Group 3: Future Strategy - The fund managers, Fu Pengbo and Zhu Lin, prepared for 2026 by reducing holdings in companies with weak fundamentals and increasing investments in data center liquid cooling and computing power-related companies, based on industry trends and individual stock research [3]. - Ruiyuan's other fund, managed by Zhao Feng, has reached its highest stock position in three years, reintroducing holdings in Midea Group (000333.SZ) and other companies while reducing exposure to certain stocks [3]. Group 4: Market Outlook - Zhao Feng noted a favorable macroeconomic cycle for equity assets, with expectations of improved corporate earnings quality as China gradually moves out of deflationary expectations [4]. - The focus will remain on companies with solid fundamentals and strong competitive barriers, aiming for excess returns through structural allocation [4]. - Attention is directed towards domestic leading companies expanding overseas, which are expected to drive performance growth through enhanced product quality and brand recognition over the next five to ten years [4].