Core Viewpoint - The A-share market is experiencing fluctuations due to external disturbances, but the long-term positive trend of the Chinese economy and capital market remains unchanged. The current asset declines present a buying opportunity, and the market is expected to stabilize soon [1]. Group 1: Market Trends - The technology sector, which previously led the market, is facing correction pressure, but short-term stability and policy-driven sectors are currently favored [1]. - The current market pullback is seen as a potential window for investors to prepare for the upcoming year, suggesting a strategic approach to investment during this period [1]. Group 2: Fund Performance - The Hui'an Industry Leader Mixed Fund, managed by Zou Wei, focuses on the marginal changes in industry prosperity and targets sectors with accelerating penetration rates, primarily in technology and machinery [2]. - As of October 16, 2025, the Hui'an Industry Leader Mixed A fund has achieved a one-year return of 72.73%, ranking in the top 10% of its category [2]. Group 3: Investment Strategies - Fund manager Dan Bailin emphasizes a unique approach to technology investment, focusing on overlooked opportunities and maintaining sensitivity to industry dynamics [3]. - The Hui'an Growth Preferred Mixed Fund, under Dan Bailin's management, has seen a one-year return of 108.54%, placing it in the top ten of its category as of October 16, 2025 [3]. - Despite short-term adjustments due to overseas disturbances, the long-term upward trend remains intact, and investors are encouraged to adopt a long-term perspective and consider systematic investment plans or gradual accumulation of quality equity funds during market dips [3].

Core Insights - The recent surge in the Shanghai Composite Index coincides with the active performance of the optical module and PCB sectors, indicating a recovery signal in the semiconductor computing power and AI chip industries [1] - The demand for semiconductor computing power is expected to experience explosive growth, driven by the acceleration of AI chip localization in China, transitioning the semiconductor industry from "catching up" to "running alongside" [1][2] - By 2025, China's general computing power is projected to grow by 20%, while intelligent computing power is expected to increase by 43%, making China the second-largest market globally, following the United States [1] Semiconductor Industry Outlook - AI training and inference are increasingly demanding in terms of computing power, with global AI computing power demand expected to grow over tenfold by 2030 [2] - Despite a 9.8% year-on-year decline in semiconductor industry investment in the first half of 2025, this reflects a cyclical adjustment rather than a downturn, with policy support and AI infrastructure expansion driving growth [2] - The upcoming release of the DeepSeek-R2 model, designed for low-cost and high-performance, is anticipated to stimulate computing power demand and benefit upstream sectors like chip design and wafer foundry [2] AI Chip Market Growth - The Chinese AI chip market is expected to exceed 200 billion yuan by 2025, with a year-on-year growth of over 50% [2] - The localization rate of AI chips in China is projected to rise from below 20% to over 40%, despite ongoing US-China trade tensions [2] - The success of open-source AI models is expected to expand market size and drive the commercial transformation of edge AI applications [2] Investment Focus - The expansion of computing power infrastructure is likely to boost demand for optical modules and PCBs, which are essential for AI servers and data centers [3] - The current shift in AI computing from training to inference is expected to amplify economic growth in these sectors [3] - The Huian Growth Preferred Mixed Fund, managed by the company, is focusing on AI sectors, strategically investing in computing power, algorithms, and application assets [3] New Fund Launch - The Huian Growth Navigation Mixed Fund, led by the same manager, is set to launch from September 1 to September 19, with a broader investment scope that includes both A-shares and Hong Kong stocks [4] - This new fund aims to mitigate systemic risks from a single market and capture investment opportunities across the growth sector [4]

Core Viewpoint - The A-share market is expected to enter a phase characterized by the convergence of policy implementation and mid-term performance verification, with structural trends likely dominating the market [1][2] Group 1: Market Performance and Trends - The Shanghai Composite Index closed at 3559 points, marking a new high for the year, with the market showing signs of structural differentiation and volatility in Q2 [1] - High dividend and defensive sectors performed strongly, reflecting market preference for stable cash flow and high dividends amid uncertain macroeconomic recovery [1][2] - The technology sector experienced internal differentiation, with the AI-related communication industry leading, while semiconductor and hardware sectors showed limited growth [2][3] Group 2: Investment Strategy - The investment strategy emphasizes a balanced approach, focusing on high-quality growth stocks with long-term industry trends and performance stability, while also considering defensive value sectors [3] - The fund has maintained a high allocation to the AI industry while adjusting the internal composition to increase exposure to AI infrastructure and leading application companies with stronger performance [4] - As of the end of Q2 2025, the fund achieved a net value growth rate of 59.27% over the past year, significantly outperforming the benchmark return of 10.93% by 48.34% [4]

Group 1 - The core focus of the articles is on the growth potential of AI and computing power sectors, particularly in the context of AI smart glasses, which are expected to drive the next wave of technological advancement in wearable devices [1][2]. - The AI smart glasses market is transitioning from an exploratory phase to a high-growth phase, with significant advancements in technology and product offerings anticipated [1][2]. - Predictions indicate that global sales of AI smart glasses could reach 5.5 million units by 2025, representing a 135% year-on-year growth, with further projections suggesting sales could reach 1.4 billion units by 2035, achieving a penetration rate of approximately 70% [2]. Group 2 - The integration of AI and AR technologies is seen as the future of smart glasses, with expectations that these products will replace traditional smart glasses and reach a scale comparable to smartphones [2]. - Investment strategies are recommended to focus on core components, modules, and leading companies in the AI smart glasses supply chain, as the industry trend towards AI terminals has been established [2]. - The performance of funds focused on AI, such as the Hui'an Growth Preferred Mixed Fund, has shown strong returns, indicating a favorable investment environment for those looking to capitalize on the AI sector [3].