证券时报记者 安仲文 从产品净值表现来看，申万菱信数字产业基金、华银健康生活、银华数字经济、创金合信软件产业等一 批行业主题基金近期表现亮眼。以华银健康生活为例，该基金在1月5日、1月6日单日净值涨幅分别高达 11.8%、6.77%。该基金的持仓主要覆盖数字医疗、互联网医疗等相关品种，精准踩中了本轮行情的风 口。QDII产品同样受益于数字经济赛道的强劲表现，中欧基金旗下的中欧港股数字经济基金，净值表 现在开年以来位居公募QDII前列。 基金重仓股方面，数字经济赛道股在做多信心的驱动下，持续获得资金关注。鹏华基金重仓的晶泰控 股、广发基金重仓的同程旅行、嘉实基金重仓的哔哩哔哩、景顺长城基金重仓的心动公司等一批权重股 走势强劲。事实上，这波数字经济行情并非突如其来，其演绎早在2025年12月的最后两周便已逐步展 开，并在2026年开年后得到进一步加强。例如，永赢基金旗下多只产品重仓的贪玩（09890.HK），成 为近期数字经济赛道行情的领涨品种之一。该股自2025年12月8日起便率先启动，至今累计涨幅已超过 50%，为相关基金带来了丰厚收益。 基金业内人士认为，数字经济赛道的强势爆发或预示着科技股行情正进入"寻找 ...

随着公募仓位新一轮布局切换的窗口正式开启，数字经济或成为基金开年后角逐的重点。 在AI投资逻辑先硬件后软件的策略引导下，沉寂一年的数字经济赛道近期表现极为凌厉，或预示着基金在新 一年布局主线的微妙变化，公募此前配置的前四大行业有三个指向硬科技。 多位基金经理认为，新年赛道行情变化，反映公募在不同赛道间的"高低切换"与"多退少补"，也预示着基金对 AI技术从"修路"（算力基础设施建设）向"开店通车"（应用落地变现）递进转变预期强烈。 数字经济主题基金开年领跑 券商中国记者注意到，相较于硬科技主题基金，以数字经济为代表的"软科技"赛道在2025年整体表现相对平 淡。尽管股票市场的科技叙事主导了过去一年，但核心主角却围绕半导体、芯片为代表的硬科技，数字经济赛 道虽有AI技术赋能，却始终未能成为行情的主唱，数字经济主题基金在2025年的整体表现平淡，显著落后同 期的算力基金、半导体基金等硬科技产品。例如，近期弹性表现突出的申万菱信数字产业基金、银华数字经 济、中欧港股数字经济、银河康乐等基金，在2025年全年的收益率分别约为21%、32%、15%、17%。 新年开启的三个交易日，数字经济赛道表现凌厉，整体弹性在各行业 ...

Core Insights - The digital economy is becoming a focal point for funds as they adjust their strategies for the new year, indicating a shift in investment focus towards AI applications and away from traditional hard technology sectors [1][3]. Group 1: Digital Economy Performance - The digital economy sector has shown strong performance at the beginning of the year, with significant gains in various thematic funds, highlighting its explosive potential [1]. - Specific funds like Huayin Health Life and others have reported substantial single-day net value increases, indicating a strong market response to digital economy investments [1]. - QDII products have also benefited from the robust performance of the digital economy sector, with notable net value elasticity [1]. Group 2: Fund Holdings and Market Trends - Major funds are heavily invested in digital economy stocks, with significant holdings in companies like Jingtai Holdings and Bilibili, reflecting strong market confidence [2]. - The recent market rally, termed "开门红," has been building since late December 2025, confirming a trend towards digital economy investments [2]. - Analysts suggest that the strong performance of the digital economy sector indicates a critical phase in the tech stock narrative, shifting focus from hard assets to software's role in productivity [2]. Group 3: Fund Strategy Adjustments - Public funds are employing a strategy of "high-low switching" in their asset allocation, moving from overexposed hard technology sectors to the more promising digital economy [3]. - Data shows that as of Q3 2025, the highest allocated sectors for public funds were electronics, pharmaceuticals, power equipment, and communications, with electronics being the most heavily weighted [3]. - The shift in strategy is seen as a response to profit-taking in hard technology, with digital economy sectors viewed as ideal for new investments [3]. Group 4: Future Outlook - Fund managers are optimistic about the upcoming performance of the digital economy sector, anticipating a transition from infrastructure investment to commercial realization of AI applications [6]. - The consensus among fund managers is that the digital economy is on the verge of significant earnings releases, as AI applications begin to materialize [6]. - Predictions indicate that the technology sector will maintain a balanced growth trajectory, with an emphasis on both domestic and international AI capabilities [7].