市值风云·2025-10-27 10:09Core Viewpoint - The article discusses the investment strategy of Zhao Yi, focusing on three main sectors: AI, lithium battery, and military industry, highlighting a shift from a single focus on new energy to a diversified approach that includes technology and industries in transition [1][17]. Fund Performance - The fund managed by Zhao Yi, named Quan Guo Xu Yuan, achieved a net value growth of 4.75% since its inception, with a notable performance of 45.5% in the third quarter [3][8]. - Despite the recent performance, the fund has underperformed against its benchmarks and the CSI 300 index in previous years, particularly in 2023 where it recorded a -25.87% return [6][7]. Investment Strategy - Zhao Yi's investment strategy has evolved to a "dual allocation" approach, focusing on both the technology AI sector and industries in transition, particularly in new energy and military [11][17]. - The fund's top ten holdings now include a mix of sectors, with 70% of its top holdings in new energy, indicating a diversification in its investment portfolio [11][12]. Portfolio Composition - As of the end of the third quarter, the fund's top ten holdings accounted for over 60% of its total assets, with a turnover rate of 26.9%, suggesting a more stable portfolio structure [13][14]. - Key stocks in the portfolio include Ningde Times, Tencent, and new additions like Tianqi Lithium and Alibaba, reflecting a strategic shift towards high-growth sectors [15][16]. Market Outlook - Zhao Yi is optimistic about the lithium battery sector, particularly focusing on materials with tight supply and long production cycles, predicting a healthier and more sustainable price and volume growth compared to previous cycles [17][18]. - The article emphasizes the importance of AI in Zhao Yi's strategy, targeting internet leaders, new application-driven companies, and cloud service providers [17].