一季度基金众生相：科技主题席卷市场，规模激增15倍，消费基金垂涎半导体，挂羊头卖狗肉

Core Viewpoint - The article discusses the impact of the renewed tariff war initiated by the Trump administration on global trade, emphasizing that the essence of this conflict is a technological battle. It highlights a significant breakthrough in China's tech industry with the DeepSeek-R1 model, which reduces inference costs to 30% of the industry average while maintaining a parameter scale of 175 billion, shifting the narrative of the global AI competition from a mere technological arms race to a comprehensive contest of engineering capabilities [2][3][4]. Group 1: Fund Performance Overview - The article presents an overview of the top-performing technology-themed funds for the first quarter, noting that the average return for these funds was 4.1%, with the top 10 achieving an average return of 20.1%, significantly outperforming the Shanghai Composite Index and the CSI 300 Index [8][9]. - The top-performing fund, China Europe Intelligent Manufacturing Mixed A (015143.OF), achieved a return of 26.72% in the first quarter, with a one-year performance of 71.15%, ranking 26 out of 4217 in its category [7][9][10]. - Other notable funds include Jianxin Yuli Flexible Allocation Mixed (002281.OF) and Ping An Research Preferred Mixed A (017532.OF), with returns of 20.89% and 19.64% respectively [18]. Group 2: Fund Manager Strategies - Fund manager Shao Jie of China Europe Intelligent Manufacturing Mixed A has increased investments in AI hardware and applications, focusing on companies like Langqi Technology and Tencent Holdings, which contributed significantly to the fund's performance [11][12][13]. - Jianxin Yuli Flexible Allocation Mixed has shifted its top holdings to include companies in AI computing and hard technology, indicating a bullish outlook on manufacturing upgrades and long-term development in these sectors [25][22]. - The article notes that the performance of these funds is under scrutiny, as many stocks are trading at high valuations, and any underperformance in AI applications could lead to volatility in tech stocks [17]. Group 3: Consumer Fund Performance - The article contrasts the performance of consumer funds, which generally faced challenges, with technology funds, highlighting that the main consumer industry index fell by 1.1% in the first quarter [51][52]. - Despite the overall decline, two consumer-themed funds, Yuanxin Yongfeng Consumption Upgrade (004934.OF) and Zhongyin Xin New Consumption Growth (010965.OF), managed to achieve returns of 8.9% and 7.4% respectively by heavily investing in technology stocks [53][57]. - This trend of consumer funds investing in technology stocks raises concerns about potential misalignment with their stated investment objectives, indicating a broader industry issue where fund managers may be compelled to chase performance at the expense of adhering to their mandates [61][63].