对话2025年股基冠军！融通基金李进：超额收益来自“时代感”的组合

Core Viewpoint - The article highlights the impressive performance of the Rongtong Fund, particularly the Rongtong Industry Trend Fund, which achieved a net value increase of 114.61% in 2025, significantly outperforming its benchmark of 17.02% [1]. Group 1: Fund Performance - The Rongtong Industry Trend Fund ranked first among standard equity funds, with a specific ranking of 1 out of 349 [1]. - The Rongtong Industry Trend Fund Zhenxuan also doubled its performance, achieving a return of 100.22% in 2025 [1]. - The fund manager, Li Jin, has a strong background in technology and has been focusing on TMT and new energy sectors since joining Rongtong Fund [1]. Group 2: Investment Strategy - Li Jin's investment strategy is centered around identifying sectors with significant demand expansion and rapid industry growth, which he refers to as "investment with a sense of the times" [4]. - The fund's excess returns are attributed to investments in AI, new consumption, and innovative pharmaceuticals [4]. - Li Jin began focusing the investment portfolio on artificial intelligence in March 2023, recognizing its potential as a major technological advancement [4]. Group 3: Market Insights - Li Jin observed a rapid increase in the use of collagen-containing cosmetics, leading to a deeper investigation into the new consumption sector, which is experiencing significant growth [5]. - He also identified the innovative pharmaceutical sector as being in the early stages of a new wave of growth, prompting investment in this area [6]. - The combination of AI, new consumption, and innovative pharmaceuticals forms a strategic "trident" for the fund's investment approach [6]. Group 4: Future Outlook - For 2026, Li Jin anticipates a shift in the economic growth engine from monetary easing to credit expansion, which will support the recovery of the real economy [8]. - He expects corporate profitability to improve due to supply-side optimization and a rebalancing of supply and demand [8]. - Li Jin believes that the overall valuation of A-shares remains reasonable, predicting a transition from valuation-driven growth to a more balanced approach driven by fundamentals and structural reforms [8]. Group 5: Continued Focus Areas - Li Jin plans to maintain a focus on sectors with long-term growth potential, particularly in AI, which is still in a critical "infrastructure" phase [9]. - He emphasizes the importance of monitoring the demand for computing power and related technologies, which are expected to see continued growth [9]. - The strategy includes ongoing attention to opportunities in new energy, innovative pharmaceuticals, and new consumption, aiming to identify high-quality growth leaders in these sectors [9].