前瞻布局，团队协作力争捕捉投资机遇 出色的业绩源于对产业机遇的前瞻把握与团队的高效协作。而中欧科技战队对科技行业的深度洞察，在 光模块这一细分领域得到了充分体现，早在2023年一季度，团队就开始关注和研究光模块领域，为后续 的投研决策奠定了坚实基础。 在此过程中，科技组组长杜厚良带领团队构建了一张覆盖全产业链的"勾稽关系大表"，从TEC、光器 件、到GPU数量，再到GPU下游客户的资本开支情况，层层递进、交叉验证。 今年以来，科技板块持续成为市场关注焦点，表现尤为亮眼。Wind数据显示，截至9月末，创业板指、 科创50指数年内涨幅均超50%，分别创下近三年、近四年新高。 当前来看，在政策与技术的双轮驱动下，科技行业正迎来新一轮发展机遇。政策层面，科创板"1+6"新 政、"人工智能+"行动方案等重磅政策陆续出台，彰显出国家鼓励科技创新的坚定决心；技术层面，AI 大模型技术迭代加速，包括光模块在内的算力基础设施、智能驾驶等细分领域蓬勃发展，均有望为前瞻 布局相关产品的投资者带来可观回报。 在此背景下，科技主题基金表现出彩，银河证券数据显示，截至2025年9月30日，中欧基金科技战队旗 下多只产品过往业绩排名突出， ...

Core Viewpoint - The first half of 2025 has seen significant performance in equity funds, particularly in technology sectors and innovative pharmaceuticals, with rapid market rotation creating both opportunities and challenges for funds [1] Group 1: Fund Performance - Several funds have outperformed the market indices, showcasing their resilience during market fluctuations and highlighting their investment value [1] - Notable funds include China Europe Fund's technology-themed funds, which have shown strong performance in the turbulent market, ranking high in long-term performance [1][3] Group 2: Specific Fund Highlights - China Europe Digital Economy A achieved a return of 34.48% in the first half of 2025, significantly outperforming its benchmark of 2.96% [3] - China Europe High-end Equipment A returned 27.96%, while China Europe Intelligent Manufacturing A returned 27.36%, both exceeding their respective benchmarks [3] - Over the past year, China Europe Digital Economy A has seen a return of 93.07%, ranking first in its category [4] Group 3: Investment Strategies - The investment strategy of China Europe Digital Economy A focuses on the entire AI industry chain, emphasizing short-term opportunities and long-term growth [6] - China Europe Intelligent Manufacturing A, managed by an expert in reverse investment, has concentrated on hard technology sectors, achieving a return of 27.36% against a benchmark of 1.44% [7] Group 4: Long-term Performance - Over a three-year period, China Europe Intelligent Manufacturing A has returned 37.05%, ranking in the top 1% of its category [9] - China Europe Electronic Information Industry has also performed well, with a three-year return of 24.22%, surpassing its benchmark [9] Group 5: Investment Framework - China Europe Fund has developed a robust investment framework termed "China Europe Manufacturing," which emphasizes professional division of labor, standardized processes, and intelligent platforms to enhance investment quality and efficiency [10][11] - This framework has established a comprehensive non-standardized database, facilitating the identification of competitive companies and fostering collaborative research [10][11]