Core Insights - The report indicates a significant trend of capital flowing into high-performing public funds, with many actively managed equity funds experiencing substantial growth in scale during Q4 2025 [1][2] - Fund managers are maintaining high equity positions, with an average stock allocation of 86.78%, reflecting optimistic expectations for the A-share market in 2026 [3] Fund Performance - In Q4 2025, nearly 40 actively managed equity funds reported a quarter-on-quarter increase in scale, with two funds growing over tenfold [2] - The "China Europe Cycle Preferred Mixed Fund" saw its scale increase from 0.36 billion to 15.75 billion, a growth of 4217.93%, correlating with a performance return exceeding 45% in Q4 2025 and over 98% for the year [2] - The "Orient Alpha Technology Selected Mixed Fund," established in September 2025, grew from 0.11 billion to 3.94 billion, a 3478.29% increase, with returns exceeding 34% since inception [2] - The "Huafu New Energy Stock Fund" reported the largest scale increase of 26.49 billion, with returns exceeding 68% for the year [2] Fund Manager Strategies - Fund managers are maintaining high equity positions, with 44% of funds having allocations exceeding 90%, indicating a bullish outlook for the market [3] - Notable funds such as "Changcheng Jiuxiang Mixed A" and "Huafu New Energy Stock Fund" have allocations above 92%, reflecting an increase from Q3 2025 [3] - Four funds reported doubling their net value, with stock allocations ranging from 87.34% to 94.5%, focusing on technology sectors like AI infrastructure [3] Investment Focus - The prevailing strategy among high-performing funds includes increasing investments in AI infrastructure and resource sectors, with significant adjustments in top holdings [3] - The "China Europe Cycle Preferred Mixed Fund" added resource stocks such as "Shengtun Mining" and "Yun Aluminum," with the latter seeing a price increase of over 50% in Q4 [3] - Fund managers are preparing for the 2026 A-share spring market, with consensus on focusing on AI industry chains, resource security, and humanoid robotics [3] Sector Outlook - The manager of the "Orient Alpha Technology Selected Mixed Fund" is optimistic about the storage industry in Q1 2026, citing a continuing upward trend in storage chip prices [4] - The manager of the "China Europe Digital Economy Fund" views the AI sector as entering a phase of emerging bubbles, cautioning against high valuations that reflect overly optimistic growth expectations [4] - The "China Europe Cycle Preferred Mixed Fund" manager is focusing on opportunities in new energy metals, electrolytic aluminum investments, and resource security policies [4] - The "Huafu Technology Momentum Fund" is heavily invested in humanoid robotics, covering various production stages, while also acknowledging the uncertainties in technology development and production scaling [4]

每经记者 任飞 每经编辑 彭水萍 同样是规模大幅提升的案例，偏股混合型基金当中的华富科技动能是目前已公布一季报的同类型基金之 一，A类份额季内净值增长率达到37.12%，位列所有同类型基金第12名。期初这只基金的总规模仅1.08 亿份，季末已升至6.7亿份。 此外，灵活配置型基金当中的长城久鑫，也出现规模的提升，目前也是该类型基金中披露一季报的绩优 产品之一，A类份额一季度净值增长率达到32.7%，位列同类型基金的第五位。基金总规模从期初的 0.21亿份升至0.67亿份，提升幅度明显。 今年一季度，公募基金在发行端取得不错的成绩，存量的绩优产品也顺势获得规模提升的机会。不过， 季内也有不少权益类产品发生大额赎回，甚至有的基金在一季度发生清算。因此，能够在这样分化的市 场当中取得规模的增长，业绩的加持功不可没。 从对标业绩比较基准的差异来看，上述基金均大幅领先业绩比较基准收益率，以初始基金来看，平安先 进制造主题、华富科技动能、长城久鑫分别超越各自业绩比较基准49.07个百分点、37.47个百分点、 33.65个百分点。 紧扣科技投资主线，机器人赛道受关注 近日，公募基金2025年一季报陆续开始披露，一些季内业 ...