最强赛道“吊车尾”：前海开源人工智能基金为何逆市折戟？

Core Viewpoint - The Qianhai Kaiyuan Artificial Intelligence Fund was the only fund to incur losses in 2025 among 18 AI-themed funds, with a net value growth rate of -4.15%, while others saw gains exceeding 40% [2][5]. Performance Comparison - In 2025, the A-share AI sector experienced strong performance, with the CSI Sci-Tech Innovation AI Index rising by 103.09% and other indices also showing significant increases [4]. - The Qianhai Kaiyuan AI Fund ranked 2242 out of 2274 flexible allocation funds, underperforming its benchmark by 12.55% [5][6]. Fund Management and Strategy - The fund, established in May 2016, focuses on stocks related to AI with at least 80% of its non-cash assets invested in this theme [5]. - The fund was managed by star fund manager Qu Yang until June 2025, when he stepped down due to internal adjustments, with Wei Chun taking over [7]. Investment Strategy Issues - The fund's poor performance was attributed to its focus on end-side AI stocks, while the market was led by AI computing infrastructure stocks [9]. - In Q2 2025, the fund made significant changes to its portfolio, replacing six of its top ten holdings, which subsequently led to substantial losses as these stocks declined [10][11]. Market Trends and Future Outlook - Despite the fund's struggles, the manager Wei Chun anticipates a rapid growth phase for AI hardware in 2026, driven by advancements in AI models and user experience improvements [13].