外资公募绩优产品持仓曝光！制造业为底盘，科技与资源品双线布局

Core Viewpoint - In 2025, several foreign public funds achieved significant excess returns, with clear positioning in technology growth and resource sectors, reflecting strong stock selection and allocation capabilities [1][3]. Group 1: Performance of Foreign Public Funds - Multiple foreign public funds recorded impressive gains in 2025, with standout performances from products like BlackRock Advanced Manufacturing A, which rose 63.34%, and Robeco Resource Select A, which surged 97.28%, indicating strong grasp of structural market trends [3]. - The overall portfolio structure of these funds remains centered on manufacturing, while maintaining high attention to technology growth and resource opportunities [3]. Group 2: Specific Holdings and Strategies - BlackRock Advanced Manufacturing A focused heavily on manufacturing, with key technology stock positions in Q4 including Zhongji Xuchuang and Lixun Precision, leaning towards high-end manufacturing [3]. - Fidelity Low Carbon Growth A also prioritized manufacturing, with significant holdings in companies like Xinyi Solar and Shanghai Fudan, balancing low-carbon transition and technology growth [3]. - Robeco Resource Select A displayed a more diversified portfolio, investing in materials and mining sectors, with major positions in Zijin Mining and China Aluminum, highlighting a clear focus on commodities and related industries [3][4]. Group 3: Market Outlook and Strategic Adjustments - Foreign institutions are optimistic about the medium to long-term opportunities in resource sectors while making structural adjustments in technology investments, believing in the ongoing value reassessment of Chinese stocks amid economic transformation [6]. - Robeco Resource Select's manager expressed confidence in the resource sector, anticipating further market expansion in 2026, which will provide more options for portfolio allocation [6]. - Schroders China Power's managers indicated a strategy shift from high-expectation technology sectors to undervalued non-bank financials and chemicals, reflecting a rebalancing of their investment approach [6]. Group 4: Focus on Technology and Future Expectations - The AI sector's profit expectations have been revised upward, but stock performance remains subdued, leading to a cautious approach towards further investments in AI hardware while increasing exposure to application sectors and related supply chains [7]. - Allianz China Select's manager highlighted a sustained high equity position, focusing on quality technology assets as key drivers of value reassessment in Chinese stocks, with expectations for continued excess returns in 2026 [7].