Core Viewpoint - The third quarter of 2025 has seen a significant adjustment in the portfolios of several high-performing fund managers, who generally maintained high positions while reducing holdings in previously high-performing stocks [1][2]. Group 1: Fund Performance and Adjustments - High-performing funds, such as the Galaxy Innovation Growth Mixed Fund managed by Zheng Weishan, maintained a high equity investment ratio of 94.65% as of the end of Q3 [2]. - The fund made notable adjustments in its semiconductor industry holdings, adding stocks like Aojie Technology, Huahong Semiconductor, and Zhongke Shuguang to its top ten holdings [2]. - Another fund, managed by Zhang Xiaoqian, increased its stock position from 80.75% at the end of Q2 to 92.82% by the end of Q3 [3][4]. Group 2: Investment Focus and Trends - The primary investment direction for funds in Q3 was the hard technology sector, particularly the semiconductor industry, with a continued optimistic outlook on domestic production prospects and AI-driven demand [2][6]. - Zhang Xiaoqian's fund focused on sectors with clear industry trends, such as AI, semiconductors, and robotics, while also increasing exposure to materials, solid-state batteries, and agriculture [6]. - The fund managed by Feng Ludan saw its scale grow from 1.527 billion to 13.021 billion yuan, with a stock position of 90.18%, emphasizing the long-term growth logic in AI infrastructure [7]. Group 3: Market Outlook and Opportunities - Fund managers expressed optimism about structural opportunities in the equity market, particularly in sectors with improving fundamentals and upward trends [9]. - The technology growth sector is viewed as having recovered from pessimistic valuations to reasonable levels, with a focus on AI, energy storage, and new energy vehicles [9][10]. - Concerns were raised about the high valuations in the AI sector, which could lead to increased volatility due to market sentiment and macroeconomic factors [10].