2026年A股新一年行情即将开启。 在A股元旦休市期间，恒生科技指数一改连续数月的调整，大涨4%，纳斯达克中国科技股指数上涨4.81%，市 场做多情绪浓厚。 展望2026年，公募机构普遍认为，一些高景气行业的行情有望延续，而一些主题投资仍将受到政策的不断催 化，有望继续极致演绎。不过，在AI赛道的投资布局中，市场需警惕2026年资本开支的潜在变化。 市场做多氛围浓厚 2025年行情收官，公募基金收益显著回暖。整体来看，Wind数据显示，2025年全年收益率翻倍的基金数量高 达90只。永赢科技智选基金以233.29%的单位净值涨幅成为年度涨幅第一，中航机遇领航、红土创新新兴产 业、恒越优势精选、信澳业绩驱动和中欧数字经济等基金紧随其后，单年度业绩涨幅均超140%。 从高回报基金重仓行业来看，主要为行业发展处于0-1阶段的主题投资以及行业高景气贡献超预期回报的成长 板块，如算力、人形机器人、创新药、有色金属、新消费等板块的基金2025年收益颇丰。 在2025年尾声，沪指11连阳实现强势收官，为A股市场2026年开局筑牢基础。 港股市场率先迎来开门红，在A股元旦休市期间，恒生科技指数一改连续数月的调整，大涨4%。此 ...

Core Insights - The AI sector has seen a significant turnaround in fund performance, transitioning from losses to substantial gains in a short period, particularly after July [1][2][4] Group 1: Fund Performance - Many funds that were underperforming in the AI sector earlier this year have experienced a dramatic recovery, with some achieving over 70% returns in the last three months [2][5] - Specific funds, such as the Xin'ao Performance Driven Fund, saw their net value increase from 0.7264 yuan in January to 1.2948 yuan by August 22, marking a 105% increase in net value over three months [2][3] - The Caitong Integrated Circuit Industry Fund transitioned from a 26% loss to a 44% gain within three months, highlighting the impact of the AI sector's resurgence [3][4] Group 2: Market Trends - The market has exhibited clear thematic rotation, with the AI sector gaining traction as the pharmaceutical sector's performance began to cool down [4][5] - The CSI Artificial Intelligence Index saw a cumulative increase of 35% from July 1 to the present, indicating a strong recovery in the AI sector [5] Group 3: Investment Strategies - Investment in the AI sector is increasingly focused on computing power, with expectations for demand to grow exponentially due to advancements in AI applications [6][7] - Key drivers for the strong performance in the computing power segment include increased capital expenditure from major cloud providers and the release of new AI models by companies like OpenAI [6][7]

Group 1 - The AI sector has seen a significant turnaround in performance after a challenging first half of the year, with many funds transitioning from losses to substantial gains in just a few months [1][2][3] - As of August 24, the top 20 performing equity funds over the last three months have all focused on the AI computing sector, achieving returns exceeding 70%, with some funds like Zhonghang Opportunity leading with a 111% return [2][5] - The shift in market focus from pharmaceuticals to AI has been a key driver for many funds, which previously struggled during the first half of the year [6][7] Group 2 - The AI sector's performance is closely linked to market rotation trends, with a notable shift occurring in July as the pharmaceutical sector began to cool down [6][7] - The China Securities Artificial Intelligence Index has shown a cumulative increase of 35% since July 1, highlighting the renewed interest and investment in AI [7] - Analysts emphasize that the core of AI investment lies in computing power, with increasing demand driven by accelerated application scenarios and technological advancements [8][9] Group 3 - Key factors driving the strong performance of the computing power sector include higher-than-expected capital expenditure plans from major cloud providers, the release of new AI models, and robust supply chain feedback indicating strong demand [9] - The investment landscape is expected to benefit from various segments such as GPU and ASIC chips, optical modules, and AI servers, which are anticipated to see significant growth [9]

Core Insights - The AI sector has experienced a significant turnaround in performance, with many funds that previously struggled now achieving substantial gains since July [1][2][6] Group 1: Fund Performance - Many equity funds that focused on AI initially faced losses but have seen a remarkable recovery, with top-performing funds in the AI computing sector achieving returns exceeding 70% in the last three months [2][6] - Specific funds, such as the Xin'ao Performance Driven Fund, saw their net value increase from 0.7264 yuan in January to 1.2948 yuan by August, marking a 105% increase in just three months [2][3] - The Caitong Integrated Circuit Industry Fund transitioned from a 26% loss to a 44% gain within three months, highlighting the dramatic impact of the AI sector's resurgence [3][5] Group 2: Market Trends - The market has shown a clear theme rotation, with the AI sector gaining traction as the pharmaceutical sector's performance cooled down [6][7] - The CSI Artificial Intelligence Index saw a cumulative increase of 35% from July 1, indicating a strong recovery in the AI sector [7] Group 3: Investment Opportunities - Analysts emphasize that the core of AI investment lies in computing power, with accelerated application scenarios expected to drive demand [8][9] - Key drivers for the strong performance in the computing power sector include increased capital expenditure from major cloud providers, advancements in AI models, and robust supply chain feedback indicating high demand [9] - The domestic computing power sector is anticipated to benefit from the growing AI demand, with opportunities arising in GPU and ASIC chips, optical modules, and AI server-related components [9]

Core Viewpoint - The AI sector has experienced a significant turnaround in performance, with funds that previously underperformed now achieving substantial gains as market themes shift from pharmaceuticals to AI [1][2][4]. Group 1: Fund Performance - As of August 24, the top 20 performing equity funds, all from the AI computing sector, reported returns exceeding 70% over the last three months, with the highest return reaching 111% [2]. - Funds that were heavily invested in AI saw a dramatic recovery, with examples like the Xin'ao Performance Driven Fund increasing from a net value of 0.7264 yuan in January to 1.2948 yuan by August 22, marking a 105% increase [3]. - The Caitong Integrated Circuit Industry Fund also rebounded, with its net value rising from 1.5468 yuan in June to 2.8347 yuan by August 22, reflecting a year-to-date return of approximately 44% [3]. Group 2: Market Dynamics - The market has shown clear thematic rotation, with the pharmaceutical sector cooling down and the AI sector gaining momentum, evidenced by a 35% increase in the CSI Artificial Intelligence Index since July 1 [5]. - The AI sector's previous underperformance was attributed to the strong performance of the pharmaceutical sector, which saw significant gains earlier in the year [4]. Group 3: Future Outlook - Analysts suggest that the AI sector's growth will be driven by increasing demand for computing power, particularly as application scenarios accelerate [6]. - Key factors contributing to the strong performance of the computing power sector include higher-than-expected capital expenditure plans from major cloud providers, advancements in AI models, and robust supply chain feedback indicating strong demand [7]. - Investment opportunities are expected to arise in areas such as GPU and ASIC chips, optical modules, and AI servers, as the industry anticipates exponential growth in computing power demand [7].

Group 1 - The AI sector has seen a significant turnaround in fund performance, with many funds that previously underperformed now achieving impressive returns in a short period [1][2][4] - As of August 24, the top 20 performing funds in the last three months are all from the AI computing sector, with returns exceeding 70%, and the highest reaching 111% [2][3] - The shift in market focus from pharmaceuticals to AI has been marked, with funds that were previously struggling now experiencing substantial gains [3][5] Group 2 - The AI sector's resurgence is attributed to a rotation in market themes, with the pharmaceutical sector cooling down and AI gaining traction [4][5] - The China Securities AI Index has increased by 35% since July 1, indicating a strong recovery in the AI sector [5] - Factors driving the strong performance in the AI computing sector include increased capital expenditure from major cloud providers, advancements in AI models, and robust demand across the supply chain [6] Group 3 - Investment strategies in the AI sector are focusing on computing power, with expectations for accelerated demand as application scenarios become more prevalent [5][6] - Key areas of investment include GPU and ASIC chips, optical modules, and AI servers, which are anticipated to benefit from the growing demand for computing power [6] - The domestic semiconductor industry is expected to gain from the AI sector's growth, with opportunities arising from open-source models supporting local chip manufacturers [6]