“长跑型”基金经理调仓揭秘：逆势减仓热门股， 持股集中度下降

Core Viewpoint - The report highlights the contrasting strategies of long-term fund managers in the fourth quarter of 2025, showcasing their unique approaches to portfolio adjustments amidst market trends, particularly in the context of popular stocks like Zhongji Xuchuang and Xinyi Sheng. Group 1: Fund Manager Strategies - Long-term fund managers are reducing their positions in popular stocks like Zhongji Xuchuang, despite it being the top holding for public funds, with some managers cutting their stakes by over 40% [2][3] - There is a notable divergence among fund managers regarding their positions in stocks like Xinyi Sheng, with some increasing their holdings while others significantly reduce them [2][3] - Fund managers are also moving away from high concentration holdings, opting for a more diversified portfolio approach, as seen in the significant reductions in the concentration of top holdings [4] Group 2: Sector Focus and Investment Trends - The AI industry remains a focal point for investment, but fund managers are diversifying their portfolios to include sectors such as commercial aerospace, robotics, and military [4] - There is a growing interest in cyclical sectors, with managers increasing their positions in aluminum, copper, and chemicals, indicating a shift in investment strategy [5] - The consumer and social services sectors are also seeing increased investment, with managers adding new positions in companies related to tourism and luxury goods [6] Group 3: Market Outlook for 2026 - Fund managers express optimism for the market in 2026, anticipating a potential upward trend driven by profit recovery and liquidity [7] - The focus on AI applications is expected to shift from foundational infrastructure to practical applications, with specific attention on AI-driven technologies [7] - Investment in cyclical sectors is expected to remain valuable, with managers highlighting the potential for recovery in aluminum and copper prices [7]