科技产业链显现多元化机会 傅鹏博、李晓星四季报调仓路径分化明显

Core Insights - The article highlights the contrasting investment strategies of two prominent fund managers, Fu Pengbo and Li Xiaoxing, as they adjust their portfolios in response to market conditions and their investment philosophies [1][2][3]. Group 1: Fu Pengbo's Strategy - Fu Pengbo significantly reduced holdings in major stocks like CATL and Tencent, decreasing positions by 23% and 18% respectively, while increasing investments in hard tech companies such as Maiwei and Cambrian [1][2]. - The total assets under management for Fu's fund reached 31.2 billion yuan, maintaining a high stock position of 92% [1]. - Fu's rationale centers on the belief that the global tech competition will focus on critical manufacturing sectors with core technological barriers, suggesting a shift from platform companies to manufacturing firms [2][3]. Group 2: Li Xiaoxing's Strategy - In contrast, Li Xiaoxing increased his stakes in internet platform companies, raising Tencent's position from 1.8 billion yuan to 2.6 billion yuan, and Alibaba by 35% to 1.9 billion yuan [3]. - Li's fund size is 28.5 billion yuan, and he believes that the internet sector is undervalued due to regulatory pressures and economic expectations, predicting a recovery in 2026 [3]. - His strategy reflects a dual focus on consumer and technology sectors, with significant investments in companies like Yili [3]. Group 3: Market Implications - The divergence in strategies between the two fund managers illustrates a broader trend in the public fund industry, where funds focusing on electronics outperformed those in computing sectors [4]. - The article suggests that the technology sector presents diverse opportunities across various stages of the supply chain, from semiconductor equipment to AI chips and platform applications [5]. - It emphasizes the importance of selecting investments based on valuation and growth potential, while also noting the liquidity constraints faced by larger funds [5][6].