牛市观测：Q2回调时加仓算力的基金，现在减仓了吗？

Group 1 - The report highlights a divergence in market sentiment regarding the main overseas computing power chain, with some investors believing valuations are not expensive while others are concerned about short-term price increases and performance realization [2][8] - An observation angle is proposed, indicating that overseas computing power began to emerge from April to June, accelerating in July and August, which coincides with the disclosure of heavy holdings in fund quarterly reports [2][8] - The overseas computing power index, composed of 18 leading companies with a market capitalization of over 20 billion, recorded a 187% increase from the end of May to September 1, with a maximum drawdown of approximately 14.3% before recovering to previous highs [8][9] Group 2 - The report identifies a sample of 21 actively managed equity funds that increased their holdings in overseas computing power leaders by over 20% compared to the previous quarter, with a holding ratio greater than 40% [9][28] - The daily return volatility of the actively managed equity fund pool with heavy overseas computing power holdings increased after August 25, indicating potential internal divergences or reduced consistency among the leading companies in the overseas computing power chain [11][16] - In September, about one-third of the funds in the pool showed significant deviations from estimated theoretical returns, with actual returns exceeding theoretical returns, suggesting notable rebalancing behavior among certain funds [16][20]