Core Viewpoint - The article discusses the evolution of the A-share market, highlighting the importance of being present during key investment opportunities, particularly since the "9·24" market event, which marked the beginning of a bull market and a revaluation of assets in China [1][2]. Group 1: Market Performance - The A-share market has reached new highs in 2024, with significant performance from growth sectors since the "9·24" event [1]. - From September 24, 2024, to September 30, 2025, 41 funds under the management of Jiashi Fund achieved "doubling" performance, with 21 active equity products and 20 passive index products [3]. Group 2: Active Equity Performance - Notable active equity funds include those managed by Cai Chengfeng, who focused on the semiconductor industry with a return of 170.38%, and Li Tao, who achieved returns of 146.6% and 100.86% through his management of Jiashi Information Industry and Jiashi Quality Core [4]. - Other successful managers include Meng Xia, with a return of 132.53% in the robotics sector, and Yang Huan, whose funds achieved returns exceeding 113% [4][5]. Group 3: Passive Investment Strategy - Jiashi Fund has effectively captured beta opportunities in various technology sectors through its forward-looking index fund strategies, with significant performance in ETFs such as the Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, which rose by 206.72% since the "9·24" event [8][9]. - The fund has a comprehensive range of ETFs covering high-growth sectors, including technology and rare metals, demonstrating its capability in identifying long-term investment opportunities [9].

Core Viewpoint - The semiconductor sector has shown strong performance recently, driven by multiple factors including cyclical recovery and AI computing power, leading to improved performance of related active equity funds [1] Group 1: Fund Performance - The Jiashi Global Industrial Upgrade Fund, focused on global semiconductor investments, has seen its cumulative net value exceed 2 yuan since its establishment on February 9, 2023, with a doubling in value [1] - The fund's success is attributed to its forward-looking positioning in technology semiconductor companies amid global industrial upgrade trends [1] Group 2: Top Holdings - The top ten holdings of the Jiashi Global Industrial Upgrade Fund include several leading semiconductor stocks, with NVIDIA being the largest holding at 6.99% and having been held for 9 consecutive periods [2] - Other significant holdings include Synopsys (6.81%, 8 times), Micron Technology (6.55%, 2 times), and Texas Instruments (6.43%, 2 times) [2] Group 3: Investment Strategy - The fund manager, Chen Junjie, has extensive experience in the semiconductor industry and focuses on selecting quality stocks across US, A-share, and Hong Kong markets to pursue long-term sustainable returns [4] - Jiashi has been tracking the potential of AI since 2016 and has established a dedicated research team for smart and semiconductor industries, aiming to capture emerging growth opportunities [4] Group 4: Market Outlook - The semiconductor sector is currently experiencing a structural upturn driven by AI computing demand, which is expected to enhance overall industry demand [5] - Chen Junjie anticipates that the semiconductor industry will continue to benefit from a combination of cyclical recovery and technological innovation, leading to a "sweet spot" for growth [5] Group 5: Investment Approach - For ordinary investors, participating in the fund through regular investment can help mitigate the high volatility associated with the tech sector while benefiting from professional stock selection [6] - The fund's strategy aims to achieve steady asset allocation through gradual investment and long-term holding [6]