Core Viewpoint - The article discusses the recent adjustments made by top-performing fund managers in their portfolios during the third quarter of 2025, highlighting a focus on high positions and significant changes in holdings, particularly in the semiconductor and hard technology sectors [3][4][12]. Group 1: Fund Manager Adjustments - Many top-performing fund managers maintained high positions in their portfolios, with notable adjustments made to their holdings, primarily reducing positions in previously high-performing stocks [3][4]. - For instance, the Galaxy Innovation Growth Mixed Fund, managed by Zheng Weishan, had an equity investment ratio of 94.65% by the end of Q3, with a focus on the semiconductor industry and a positive outlook on domestic production [5][6]. - The Ping An Research Preferred Mixed Fund, managed by Zhang Xiaoqian, increased its stock position from 80.75% to 92.82% by the end of Q3, with significant changes in its top ten holdings [7][8]. Group 2: Investment Focus Areas - The primary investment direction for funds in Q3 was the hard technology sector, particularly the semiconductor industry, with expectations of continued investment in this area due to emerging demands from AI and the recovery of the semiconductor cycle [5][12]. - Fund managers expressed optimism about structural opportunities in the equity market, focusing on companies with clear competitive advantages and strong fundamentals, particularly in AI, energy storage, and new energy vehicles [12][13]. - The China Europe Digital Economy Mixed Fund, managed by Feng Ludan, saw its scale increase significantly, with a focus on AI infrastructure and a cautious approach to reducing positions in previously high-performing stocks [9][12]. Group 3: Market Outlook - Fund managers believe that the overall market remains healthy, with opportunities in undervalued stocks, especially in the consumer sector, as macroeconomic conditions improve [13]. - The AI sector presents both opportunities and risks, with high valuations leading to increased scrutiny on performance, making it susceptible to market sentiment and macroeconomic changes [13][12]. - There is a consensus among fund managers that the technology growth sector has moved from pessimistic to reasonable valuations, with no significant bubble in high-quality leading companies [12][13].

Core Viewpoint - The third quarter of 2025 has seen a significant adjustment in the portfolios of several high-performing fund managers, who generally maintained high positions while reducing holdings in previously high-performing stocks [1][2]. Group 1: Fund Performance and Adjustments - High-performing funds, such as the Galaxy Innovation Growth Mixed Fund managed by Zheng Weishan, maintained a high equity investment ratio of 94.65% as of the end of Q3 [2]. - The fund made notable adjustments in its semiconductor industry holdings, adding stocks like Aojie Technology, Huahong Semiconductor, and Zhongke Shuguang to its top ten holdings [2]. - Another fund, managed by Zhang Xiaoqian, increased its stock position from 80.75% at the end of Q2 to 92.82% by the end of Q3 [3][4]. Group 2: Investment Focus and Trends - The primary investment direction for funds in Q3 was the hard technology sector, particularly the semiconductor industry, with a continued optimistic outlook on domestic production prospects and AI-driven demand [2][6]. - Zhang Xiaoqian's fund focused on sectors with clear industry trends, such as AI, semiconductors, and robotics, while also increasing exposure to materials, solid-state batteries, and agriculture [6]. - The fund managed by Feng Ludan saw its scale grow from 1.527 billion to 13.021 billion yuan, with a stock position of 90.18%, emphasizing the long-term growth logic in AI infrastructure [7]. Group 3: Market Outlook and Opportunities - Fund managers expressed optimism about structural opportunities in the equity market, particularly in sectors with improving fundamentals and upward trends [9]. - The technology growth sector is viewed as having recovered from pessimistic valuations to reasonable levels, with a focus on AI, energy storage, and new energy vehicles [9][10]. - Concerns were raised about the high valuations in the AI sector, which could lead to increased volatility due to market sentiment and macroeconomic factors [10].

绩优基金大调仓 多只绩优基金三季度保持高仓位运作。具体来看，截至三季度末，郑巍山管理的银河创新成长混合基金的权益投资占基金资产净值比例为94.65%。三季 度，银河创新成长混合基金对半导体产业链细分结构进行了适当调整。从该基金前十大重仓股来看，翱捷科技、华虹公司、中科曙光成为基金新进前十大 重仓股。 "基金三季度主要投资方向为硬科技领域，主要是半导体产业链，后续仍然会延续硬科技领域的投资，注重产业趋势和公司基本面研究，继续看好AI带来 的新需求以及半导体产业周期的复苏，对国产化前景继续保持乐观。"郑巍山表示。 基金2025年三季报进入密集披露期，多位绩优基金经理的调仓情况浮出水面。整体来看，三季度，绩优基金经理们普遍保持高仓位运作，并且对持仓结构 进行了较明显的调整，主要减持了前期涨幅较高的标的。 国投瑞银瑞利混合基金经理綦缚鹏表示，三季度产品股票仓位有所增加。结构方面，依旧以低估值、稳定增长类公司为主，适度增加了TMT、化工、有 色相关股票，并进行了结构和个股上的调整。 此外，截至三季度末，冯炉丹管理的中欧数字经济混合基金规模从二季度末的15.27亿元增至130.21亿元，该基金股票仓位为90.18%。"A ...