来源：涨基财富 最近基金三季报已经在开始陆续披露了，老K选了几个看了一下。 细看这只基金的三季报有很多内容比较有意思，持仓、规模变化、基金经理最新观点展望都值得我们好好的去看一下。 可以说永赢科技智选是今年市场上最幸运的基金，今天老K就先跟大家一起分享下这只基金的基金经理在三季报中写的基金的投资策略和运作分析。 在运作分析里面，基金经理写到本基金基本维持高仓位运作，基于我们二季度做出的"全球模型/应用-算力投入闭环形成，中国光通信、PCB厂商分享全球 AI发展红利"的判断，继续聚焦全球云计算产业链的投资，这一逻辑在5-8 月得到验证，海外算力板块完成了一轮业绩*估值的双击。 其中重点关注的就是年内涨幅居前的几只基金，特别是今年断层领先，截至10月23日，年内涨幅超过186%的永赢科技智选。 数据截止：2025.10.23 这只基金重仓CPO，这个大家应该都知道。在这里基金经理阐述了重仓的逻辑，全球AI发展带动了算力板块的高速成长。中国光通信、PCB厂商分享全球 AI发展红利"，迎来了一轮业绩*估值的双击大涨。 展望后市方面，基金经理强调全球云计算产业仍然值得重点关注。并且强调新云厂商掀起的举债投资、芯片与模型 ...

Core Insights - Several fund companies have disclosed their Q3 2025 reports, including two "doubling funds," namely China Europe Digital Economy Mixed Fund and Yongying Technology Select [1] Fund Performance - The China Europe Digital Economy Mixed Fund, managed by Feng Ludan, saw its scale surge from 1.527 billion to 13.022 billion, an increase of over 750% [3] - As of October 23, the fund's A share has a year-to-date return of 127% [3] - The top ten holdings of the fund include companies like NewEase, Alibaba-W, and Tencent Holdings [3] Investment Strategy - The fund maintains a high allocation and focuses on five core investment directions: AI infrastructure, intelligent robotics and autonomous driving, AI applications, edge AI, and the domestic AI industry chain [3] - Specific adjustments include a slight reduction in AI infrastructure, increased allocation to intelligent robotics, optimization of AI application portfolios, and enhanced allocation to edge AI [3] Market Outlook - The AI sector's overall valuation is no longer in a low range, with some popular stocks reflecting optimistic growth expectations for the coming years [4] - Investment opportunities and risks coexist, as the AI technology is in a phase of accelerated iteration and commercialization, with a high industry ceiling [4] Other Fund Performance - Yongying Technology Select Fund's scale expanded from 1.166 billion to 11.521 billion, nearly a ninefold increase in a single quarter [4] - As of October 23, the fund's A share has a year-to-date return exceeding 185% [4] - Key holdings include leading optical module stocks, with significant increases in positions for NewEase, Zhongji Xuchuang, and Tianfu Communication [4] Future Trends - The global cloud computing industry remains a key focus, with AI model values being enhanced through various pricing strategies [5] - The investment in AI computing power is expected to rise, driven by new cloud companies and mutual investments between chip and model manufacturers [5] - The optical communication and PCB industries are anticipated to see significant technological advancements by 2027, with new products expected to enter the market [6]

Core Viewpoint - The article highlights the significant inflow of funds into high-performing funds in the technology and pharmaceutical sectors during the third quarter, indicating a bullish market sentiment and investment opportunities in these areas [3][4]. Fund Performance - Multiple fund companies, including China Europe Fund and Yongying Fund, have reported substantial growth in their fund sizes for the third quarter, particularly in technology and pharmaceutical sectors [3]. - The China Europe Digital Economy Mixed Fund, managed by Feng Ludan, saw its size increase from 1.527 billion to 13.022 billion, a growth of over 750%, with a year-to-date return exceeding 127% [5]. - Yongying Technology Select Fund's size expanded from 1.166 billion to 11.521 billion, achieving a year-to-date return of over 185% [5]. - The Long城 Pharmaceutical Industry Select Fund increased its size from 1.132 billion to 1.790 billion, with a year-to-date return exceeding 80% [6]. Investment Trends - The article notes a significant increase in holdings of key stocks in the technology sector, such as Xin Yiseng and Alibaba, by the Yongying Technology Select Fund [5]. - In the pharmaceutical sector, the Long城 Pharmaceutical Industry Select Fund's top holdings include companies like Innovent Biologics and 3SBio, focusing on clinical data and overseas licensing [6]. AI Sector Insights - The AI sector is experiencing both investment opportunities and risks, with high valuations leading to increased scrutiny on performance [8][9]. - The global cloud computing industry remains a focal point for investment, with AI model values being optimized through various strategies [9][10]. - The article suggests that investors should diversify their investments in the AI sector to mitigate risks associated with high valuations and market volatility [9]. Future Outlook - The Long城 Pharmaceutical Industry Select Fund manager emphasizes a shift towards focusing on core pipeline competitiveness and the balance between long-term growth potential and market expectations [10].

从持仓来看，重仓方向依然是CPO（共封装光学）板块，个股上的主要调整是胜宏科技、工业富联、源 杰科技退出前十大（指重仓股，下同）。 《每日经济新闻》记者注意到，除了这只基金外，永赢旗下多只三季度新成立的产品，也出现了规模大 幅增长的情况。另外，在智选系列产品的三季报中，均出现了统一的风险控制提醒。 多只新基金规模大增 10月22日，永赢科技智选披露了2025年三季报，这只基金截至今年9月底，前三季度累计收益超过 190%，亮眼的业绩吸引了诸多投资者的关注。 从三季度申赎情况来看，三季度A类和C类份额累计获得超100亿份的申购，其中C类份额单季度申购超 过92亿份。虽然同时也有超70亿份的赎回，但C类份额在三季度依然获得大幅增长，从期初的6.2亿份大 增至期末的27.8亿份。 10月22日，更多基金三季报出炉，其中也包括了目前排在业绩榜第一位的永赢科技智选，记者注意到， 该基金在三季度累计申购量超过了100亿份，虽然同时也有超70亿份的赎回，但整体规模依然获得大幅 增长。 每经记者：黄小聪每经编辑：叶峰 值得注意的是，尽管这些产品的基金经理不太一样，但在这些产品的三季报中，都出现了相同的风险提 醒，显然是公司的 ...

Group 1: Core Insights - The technology sector has shown remarkable performance in the third quarter, with the Yongying Technology Smart Selection fund achieving a 194% increase, leading to a significant growth in fund size from 1.166 billion to 11.521 billion yuan [1][2] - The top holdings of the Yongying Technology Smart Selection fund include high-performing stocks in the optical module sector, contributing significantly to the fund's net value [2] - The innovative drug sector has also performed well, with funds like Changcheng Pharmaceutical Industry Selection seeing over 100% growth, despite a recent pullback [4][5] Group 2: Fund Performance and Holdings - Yongying Technology Smart Selection's net value increased by 99.74% in the third quarter, with major holdings including Xinyisheng, Zhongji Xuchuang, and Tianfu Communication [2] - Changcheng Pharmaceutical Industry Selection's top holdings include major biotech firms, with a fund size increase from 1.132 billion to 1.790 billion yuan [4][5] - The fund manager of Changcheng Pharmaceutical expressed optimism about the value of innovative drug stocks, indicating a shift towards a focus on clinical data and overseas licensing [5][7] Group 3: Market Outlook - The fund managers believe that both technology and pharmaceutical sectors still have potential for growth, although careful stock selection is necessary [7] - The global cloud computing industry is expected to continue growing, with AI models seeing increased value and investment [3][8] - The technology and PCB industries are anticipated to experience significant developments by 2027, with new technologies expected to emerge [8]

Core Insights - The article highlights the significant performance of certain funds in the third quarter, particularly the "Yongying Technology Smart Selection" fund, which achieved a remarkable 194% increase, making it the top-performing fund of the year [1][2] - The report indicates a substantial growth in fund size, with "Yongying Technology Smart Selection" increasing from 1.166 billion to 11.521 billion yuan, nearly a ninefold increase in a single quarter [2] - The article also discusses the ongoing optimism in the innovative pharmaceutical sector, with funds like "Great Wall Pharmaceutical Industry Selection" showing over 100% growth [1][4] Fund Performance - "Yongying Technology Smart Selection" fund's top holdings include leading optical module stocks such as "Yizhongtian" (Xinyi Sheng, 300502), Zhongji Xuchuang (300308), and Tianfu Communication (300394), which significantly contributed to its net value [2] - The fund's share count surged from 700 million to 3.466 billion, resulting in a profit of 4.715 billion yuan for investors in the third quarter [2] - The "Great Wall Pharmaceutical Industry Selection" fund also saw its size grow from 1.132 billion to 1.790 billion yuan, with a share increase from 678 million to 932 million [5] Sector Insights - The global cloud computing industry remains a focal point, with AI model valuations increasing and a notable 100% quarter-on-quarter growth in token numbers [3] - The innovative pharmaceutical sector continues to attract attention, with funds maintaining high stock positions despite recent market adjustments [6][8] - The article suggests that the technology and pharmaceutical sectors may still have upward potential, although careful stock selection is advised [8] Future Outlook - The article indicates that the technology sector, particularly AI and cloud computing, is expected to see increased investment, with potential for new opportunities in the industry chain [9] - The innovative pharmaceutical sector is projected to strengthen its global competitiveness, supported by upcoming industry conferences and positive data trends [8] - The article emphasizes the importance of not solely relying on past performance to predict future outcomes in the cloud computing sector, highlighting the need for caution [9]

在当下的市场环境中，公募基金经理这一群体正经历着前所未有的人才更替和规模扩容。 截至9月24日，公募基金经理的数量已突破4000名，达到历史新高。与之相对的，是经验结构的明显变 化：投资年限在3年以内的"新面孔"多达1491人，占比超过三分之一，而任职超过12年的资深老将，仅 有224人。与此同时，年内新晋上任的基金经理已达362人，刷新了近年纪录。 行业正在变得年轻，节奏也在变得更快。在主动权益产品频繁发行、投资风格不断切换的背景下，越来 越多"80后""90后"基金经理被推上舞台，直接参与市场定价。他们中的一部分人，已经在今年的业绩榜 单中脱颖而出，开始成为市场关注的焦点。 基金经理的群像正在重塑，也许比行情本身变化得更快。 新生代接棒，基金经理规模突破4000人 基金经理人数达到4073人，标志着行业规模与投研队伍扩张的同步提速。但比起总量增长，更值得关注 的是"结构的变迁"与"节奏的变化"。 投资年限在三年以内的基金经理高达1491人，占比达到36.61%。这也意味着基金行业正处于高速新陈 代谢的阶段。与此同时，只有488人拥有十年以上投资经验，而在12年以上的老将群体中，人数仅有224 人，占比不足 ...

Group 1 - The core viewpoint of the articles highlights the emergence of "doubling funds" in the market, particularly in high-growth sectors like technology and pharmaceuticals, driven by favorable market conditions and strategic fund management [1][2][3] - As of September 16, 75 funds have achieved "doubling" status, with notable performers like Yongying Technology Select A and Huatai-PineBridge Hong Kong Advantage Select C, which have returns exceeding 150% [2] - The performance of these funds is closely tied to industry themes, with a strong focus on technology innovation, including AI, robotics, and medical advancements, which have been supported by policy and market trends [3] Group 2 - The significant inflow of capital into "doubling funds" has led to substantial growth in fund sizes, exemplified by Yongying Technology Select, which grew from 0.26 billion to 11.66 billion in assets under management within a year [2] - Fund managers are maintaining high positions in their portfolios, focusing on key areas such as AI infrastructure and innovative pharmaceuticals, which are expected to continue driving growth [3] - The rapid expansion of fund sizes has prompted some funds to impose purchase limits to manage growth and maintain operational flexibility [2]

Group 1 - The core investment focus is on three segments: computing power, agents, and "AI + industry" [1] - Ant Group has significantly invested in computing power companies over the past two to three years, emphasizing the need to address token consumption and energy support for future personalized intelligent agents [1] - BOE Technology Group plans to invest 50 billion yuan in R&D and 500 billion yuan in procurement over the next three years to support technological breakthroughs and industry upgrades, with AI integrated into its overall development strategy [1] Group 2 - AI has become a core driver of performance for public funds, with top-performing funds heavily investing in AI-related stocks [3] - As of September 14, the best-performing fund, Yongying Technology Smart Selection, has achieved nearly 190% return this year, reflecting the strong performance of AI sector stocks [3] - Long-established funds, such as Changsheng Urbanization Theme Fund, have also seen significant returns, approximately 85%, due to the AI boom [3]

Group 1: Fund Fee Reform - The China Securities Regulatory Commission (CSRC) has successfully completed the public fund fee reform, marking a significant milestone in the industry [1][2] - The revised regulations include reductions in sales fees for public funds, full allocation of redemption fees to fund assets, and the establishment of differentiated caps on trailing commission payments [1][2] Group 2: Personnel Changes in Fund Companies - A significant personnel change occurred as Zhu Yongqiang, the general manager of Xinda Australia Fund, retired due to reaching the retirement age, with Deputy General Manager Fang Jing temporarily taking over [2] Group 3: Regulatory Actions Against Fund Companies - Nine fund companies received warnings or corrective orders from regulators in the first half of the year, with some facing fines for various violations [3][4] - Reasons for penalties included inappropriate candidates for leadership positions, violations of foreign exchange registration regulations, and inadequate internal control management [4] Group 4: Fund Performance and Financial Results - The public fund industry reported a total revenue of 113.156 billion yuan in management fees, trading commissions, custody fees, and sales service fees, reflecting a 20.52% increase year-on-year [7] - Major fund companies such as E Fund, ICBC Credit Suisse, and Southern Fund reported net profits exceeding 1 billion yuan in the first half of the year, with some companies experiencing significant profit growth [6][7] Group 5: Market Trends and Fund Issuance - The A-share market has shown strong performance, with public equity funds experiencing a resurgence in profitability, leading to a significant increase in fund issuance [8][10] - A new fund, the招商均衡优选混合基金, exceeded its fundraising cap of 5 billion yuan on its first day, raising over 7 billion yuan [10] Group 6: Fund Purchase Restrictions - The "champion fund" 永赢科技智选 implemented purchase limits, initially capping single accounts at 1 million yuan, later reducing it to 10,000 yuan to guide rational investment decisions [9]