刷新17年纪录！公募“冠军基”诞生

Core Viewpoint - The article highlights the remarkable performance of the Yongying Technology Smart Selection Fund, managed by Ren Jie, which achieved a unit net value growth rate of 233.29%, making it the top-performing fund in the market for 2025 and setting a new record for annual returns in public funds [2][4]. Fund Performance and Structure - The Yongying Technology Smart Selection Fund was established on October 30, 2024, and had a scale of 11.521 billion yuan by the end of Q3 2025, with 91.59% of its total assets invested in stocks [4]. - The fund's top ten holdings are concentrated in the global cloud computing industry, covering key areas such as optical communication and PCB, indicating a clear investment style with high industry concentration [4]. Investment Philosophy - Ren Jie emphasizes that the foundation of the current market rally is more solid than in the past, driven by internal changes in the Chinese economy, with new productive forces becoming a new engine for economic growth [5][12]. - The core of investment lies in capturing "changes," which are reflected in performance and valuation changes, with a focus on long-term industry and company evolution rather than short-term market emotions [9][10]. Research and Strategy - Ren Jie's investment approach is characterized by deep research and a focus on industry trends rather than traditional sector classifications, allowing for a better understanding of cross-industry opportunities [8][9]. - The investment strategy includes dynamic adjustments based on market conditions, valuation levels, and industry signals, aiming to participate fully in uptrends while effectively managing drawdowns during corrections [9][10]. Future Outlook - The global cloud computing industry is expected to remain a key area of focus, with AI models seeing increased value and potential adjustments in business models, indicating a robust growth trajectory [13][14]. - The domestic computing power industry is anticipated to develop significantly by 2026, with a focus on the alignment of models and computing architectures, creating more opportunities within the industry chain [14]. Investment Recommendations - Investors are advised to prioritize risk control before making investment decisions, as 90% of risk management occurs prior to investment actions [17]. - A diversified investment approach is recommended to mitigate risks associated with high-volatility products, and investors should avoid attempting to predict short-term market fluctuations [17].