独家揭秘！2025年公募冠军是怎样炼成的？

Core Viewpoint - The year 2025 marks a significant transformation for actively managed equity funds, driven by the AI revolution, leading to a structural market trend and unprecedented performance for public funds, with nearly 80 funds achieving over 100% returns [1][2]. Group 1: Fund Performance and Management - The top-performing fund, Yongying Technology Smart Selection A, managed by Ren Jie, achieved a cumulative return of 240.56%, surpassing the second-place fund by over 60 percentage points, and breaking the 17-year record previously held by Huaxia Large Cap Select Mixed A [1]. - The fund's inception was on October 30, 2024, with an initial size of approximately 10.32 million yuan, which grew to 11.52 billion yuan by the end of Q3 2025, showcasing its transformation from a "seed product" to a market sensation [4]. - Ren Jie’s investment philosophy emphasizes deep research, focusing on dynamic changes in industries and companies, and maintaining a flexible investment framework to capture opportunities in both performance and valuation [2][6]. Group 2: Investment Strategy and Market Trends - Ren Jie transitioned from a traditional investment approach to one that embraces emerging industry trends, allowing for better identification of cross-industry investment opportunities, particularly in AI and related sectors [6][7]. - The fund's strategy involved a significant shift to overseas AI computing chains in Q2 2025, driven by positive signals from major companies and optimistic capital expenditure guidance from tech giants [4]. - The investment philosophy is built on three pillars: research-driven decision-making, focusing on changes in performance and valuation, and a flexible response to market conditions [6][7]. Group 3: Future Outlook and Market Dynamics - Looking ahead to 2026, the AI-driven industrial transformation is expected to remain a core market opportunity, with a shift from liquidity-driven optimism to fundamental verification [8]. - Ren Jie identifies key investment opportunities in the cloud computing sector and core areas like optical communication and PCB, which are expected to benefit from the ongoing AI wave [8]. - The current A-share market reflects a profound change in driving logic, with internal economic dynamics becoming the main force behind market growth, supported by technological innovation and a shift in asset allocation towards equity markets [10].