AI主题基金调仓曝光！基金经理如何看待估值“泡沫”？

Core Viewpoint - The article discusses the performance and strategies of several funds heavily invested in the artificial intelligence (AI) sector, revealing both consensus and divergence among fund managers regarding future market trends and investment opportunities in this space [1][3]. Group 1: Fund Performance and Adjustments - Several high-performing funds have disclosed their fourth-quarter reports for 2025, showing significant gains attributed to their investments in the AI sector, with one fund, China Europe Digital Economy, achieving an annual increase of approximately 143.07% [3]. - Fund managers have made adjustments to their portfolios, with some increasing their holdings in AI-related stocks like Shengyi Technology and Inspur Information, while reducing positions in others like Zhongji Xuchuang and Xin Yi Sheng [3][4]. - The focus of these funds has shifted towards sectors such as optical communication and liquid cooling, indicating a strategic pivot in response to market conditions [4]. Group 2: Investment Opportunities and Risks - The AI sector is seen as entering a phase where investment opportunities are emerging alongside risks, with fund managers emphasizing the need to monitor technological advancements and business model validations [6][10]. - There is a growing interest in hardware investments closely tied to computing power, with expectations that components like optical modules and memory chips will see increased capital expenditure in 2026 [6]. - The demand for electricity driven by AI data centers is expected to outpace traditional grid expansion, potentially leading to an energy crisis, which presents both challenges and investment opportunities in the power infrastructure sector [7]. Group 3: Perspectives on Market Valuation - The debate over whether the AI sector is experiencing a bubble is ongoing, with some fund managers arguing that while valuations have risen, many leading companies do not exhibit bubble-like characteristics [9]. - Concerns about high valuations leading to increased volatility are highlighted, with the need for companies to deliver on performance expectations becoming more critical [10]. - The article suggests that the key issues are not whether a bubble exists, but rather the pace of technological progress and the ability of businesses to convert new capital into real revenue and profits [10].