2025年冠军基永赢科技智选四季报揭秘，继续重仓AI硬件！

Core Viewpoint - The article emphasizes the impressive performance of the Yongying Technology Smart Mixed Fund, which achieved a remarkable annual return of 233.2% in 2025, breaking an 18-year record, despite a slight loss of 1.14% in the current year [3][4]. Fund Performance - In the first 14 trading days of 2026, several funds have reported returns exceeding 30%, with over a hundred funds achieving returns above 20%, and the average return for the entire market reaching 4.1% [3]. - The fund's net value growth rate for the fourth quarter was 13.1%, significantly outperforming the Shanghai and Shenzhen 300 Index, which had a return of -0.23%, and the Shanghai Composite Index, which returned 2.21% [5][6]. Fund Positioning and Strategy - The fund's total scale surged to 154.6 billion, reflecting a nearly 40 billion increase from the previous quarter, with the number of fund shares rising from 3.46 billion to 4.11 billion [4]. - The fund reduced its stock position to 80% by the end of 2025, down 14 percentage points from 94.4% at the end of the third quarter, indicating a strategy to lock in profits and reduce volatility [7][9]. - The combined market value of the top ten holdings decreased by 8 percentage points to 65.2% of the fund's net value, showcasing a defensive adjustment by the fund manager [9]. Portfolio Adjustments - The fourth quarter saw the introduction of four new stocks into the top ten holdings, including Dongshan Precision, Jingwang Electronics, and Cambridge Technology, while Industrial Fulian returned to the list after a six-month absence [11]. - The fund increased its holdings in existing stocks such as Huadian Co., Shenzhen South Circuit, and Shengyi Technology, while reducing its stake in previous high-performing stocks like Zhongji Xuchuang and Taicheng Light [14]. Future Outlook - The fund manager, Ren Jie, plans to continue focusing on investments related to the global cloud computing industry, particularly in the optical communication and PCB sectors, which are expected to see significant growth [15]. - The article highlights the ongoing evolution of AI applications, with a shift from rapid user acquisition to a focus on differentiated capabilities and service depth, indicating a new phase of development for model companies [15][16].