行业跟踪 SW电子基金持续关注AI算力与自主可控，配置趋向多元化

Industry Core Viewpoints - SW Electronics' fund heavy positions and overweight ratios increased year-on-year but decreased quarter-on-quarter for Q4 2025. The adaptation ratio is 11.90%, down 0.52 percentage points quarter-on-quarter but up 3.05 percentage points year-on-year. The fund heavy position ratio is 20.22%, down 1.92 percentage points quarter-on-quarter but up 3.28 percentage points year-on-year. The overweight ratio is 8.32%, down 1.39 percentage points quarter-on-quarter but up 0.23 percentage points year-on-year. Despite the quarter-on-quarter decline, these ratios remain at relatively high levels historically [1][4]. Investment Highlights - In Q4 2025, fund institutions are focusing on AI computing power and semiconductor self-sufficiency. The top ten stocks by market value in the SW Electronics sector include Cambricon, Haiguang Information, SMIC, Luxshare Precision, Zhongwei Company, Lanke Technology, Northern Huachuang, Dongshan Precision, Industrial Fulian, and Zhaoyi Innovation. The focus areas include: 1) AI computing and storage, with key players benefiting from the acceleration of AI infrastructure; 2) Semiconductor self-sufficiency, with domestic equipment and material suppliers gaining from the trend of local wafer fabs adopting domestic technologies [6][8]. Subsector Analysis - In Q4 2025, the semiconductor and components sectors are in an overweight position, with ratios of 7.74% and 1.75%, respectively. The semiconductor sector saw a quarter-on-quarter decline of 0.76 percentage points but remains a key focus for institutions. The components sector increased by 0.10 percentage points. Other sectors are underweight, with consumer electronics shifting from overweight to underweight, now at 0.45%, down 0.92 percentage points quarter-on-quarter. The underweight ratios for optical optoelectronics and electronic chemicals have narrowed [2][7]. Fund Concentration Trends - The concentration of the top five fund heavy positions in the SW Electronics sector has been declining quarter-on-quarter, indicating a trend towards diversification. The market value of the top five stocks accounts for 35.52% of the total fund heavy positions in the sector, down 0.84 percentage points quarter-on-quarter. This trend has been observed since Q4 2024 [7]. Investment Recommendations - Based on fund heavy position preferences, AI computing infrastructure and semiconductor self-sufficiency are key areas of focus. 1) AI computing and storage are expected to drive performance improvements in related industries, suggesting a focus on high-growth segments within the computing supply chain. 2) The domestic semiconductor market is likely to see increased market share for local manufacturers as wafer fabs adopt domestic equipment and materials, presenting investment opportunities in this area [3][8].