科技股分歧渐显 基金经理详解AI产业链纵深机会 ◎记者 陈玥 10月以来A股震荡调整，年内表现"一骑绝尘"的科技股有所波动。对此，多位受访基金经理表示，表面 上看本轮市场调整是由外部因素触发，实质上是市场对前期大幅上涨的科技板块自发的获利回吐。不 过，AI等科技产业的长期发展趋势并未改变，当前的调整或将为后续的健康发展奠定基础。 以人工智能、数字经济、集成电路为代表的科技板块已成为A股市场上最热门的赛道。Choice统计数据 显示：截至10月20日，被动指数基金中，多只通信、人工智能、芯片相关产品近一年净值增长超50%； 在主动基金中，中欧数字经济、华富科技动能、广发成长领航一年持有、大成科技创新等多只重仓科技 标的的产品近一年净值增长均超100%。 对于10月以来的市场波动，泓德基金基金经理、成长组组长于浩成告诉上证报记者，背后主要有两方面 因素：一方面，以AI为代表的科技板块经历三季度的显著上涨后，估值修复已较为充分，部分投资者 选择获利了结，形成技术性调整压力；另一方面，外部因素对科技板块情绪面造成了冲击。于浩成说， 尽管短期内出现调整，但AI等科技产业的长期发展趋势并未改变，当前的调整或为后续健康发展 ...

Core Viewpoint - The A-share market has experienced a significant turnaround since the implementation of a series of market stabilization policies, with major indices showing substantial gains over the past year [1][2]. Market Performance - As of September 23, 2025, the CSI 300 Index has increased by 40.68%, while the STAR 50 Index has surged by 118.85% since the "9.24 market" began [1]. - The Shanghai Composite Index rose by 4.15% in a single day, and the ChiNext Index jumped by 5.54%, indicating a broad recovery in market sentiment [1]. - The CSI 50 Index, representing traditional industries, saw a modest increase of 30.16%, contrasting with the 114.38% rise of the STAR 100 Index, which focuses on hard technology [2]. Fund Performance - Nearly 90% of the 13,273 funds in the market achieved positive returns, with 774 funds doubling their net value and 13 funds exceeding a 200% increase [2]. - The top-performing funds include 德邦鑫星价值, 中欧数字经济, and 中信建投北交所精选, among others, showcasing the effectiveness of active management in a structural market [2]. Sector Analysis - The telecommunications sector led the market with a 124.09% increase, followed by electronics at 121.05% and computers at 82.15%, forming a strong "technology trio" [2]. - In contrast, sectors such as food and beverage, transportation, and utilities saw gains of less than 20%, highlighting a clear structural shift in market funding [2]. Investment Strategy - The 德邦鑫星价值 fund, managed by 雷涛 and 陆阳, achieved a remarkable 280% increase, with its net value rising from 0.99 yuan to 3.54 yuan over the past year [3]. - The fund's strategy focused on the AI computing power industry, identifying key trends and investment opportunities through in-depth industry research [3][4]. Future Outlook - The technology sector is expected to maintain its strength, driven by optimistic long-term expectations and increased capital inflow into high-growth areas such as AI computing and domestic chips [5][6]. - The ongoing support from national policies and technological breakthroughs is anticipated to further enhance the performance of the technology industry [6]. - The AI industry is viewed as being in its early stages, with significant growth potential ahead, as it is expected to transform traditional industries and create new applications [6].

Group 1 - The humanoid robot revolution is expected to create a demand for rare earth minerals worth $800 billion, with each robot requiring approximately 0.9 kg of rare earth metals [1] - The U.S. relies on China for 70% of its magnetic materials, and new mines take an average of 17.8 years to become operational, limiting short-term options for the U.S. [1] - The rare metal ETF (561800) has seen a significant increase in shares, with a growth of 750,000 shares over the past six months, ranking first among comparable funds [1] Group 2 - The rapid development of humanoid robots is anticipated to drive a swift increase in demand for rare earth permanent materials, particularly in servo motors used for joint movements [2] - Rare earth permanent materials enhance motor efficiency, power density, and control precision, making them essential for servo motors in humanoid robots [2] - Companies with high technical barriers and flexible production capacities in the rare earth permanent sector are recommended for investment during this growth phase [2] Group 3 - The stock of Huafu Technology Momentum has increased by 70.61% over the past year and 41.65% year-to-date, reflecting the accelerating commercialization of humanoid robots [3] - Investment opportunities in the rare earth permanent sector can be accessed through the rare metal ETF (561800) and Huafu Technology Momentum (A/C: 007713/017968) [3]