Core Insights - The A-share market has shown remarkable performance in 2025, with total trading volume reaching 301.92 trillion yuan in the first three quarters, surpassing the total for 2021 [1] - The Shanghai Composite Index increased by approximately 15.84%, while the Shenzhen Component Index rose by about 29.88%, and the ChiNext Index surged over 51% [1] - Active equity funds have significantly improved performance, with an average return of 35.13% for existing funds, and 21.33% of funds achieving returns of 50% or more [1] Fund Performance by Size 100 Billion and Above - The top-performing fund is "Yongying Advanced Manufacturing Smart Selection Mixed Initiation C" managed by Zhang Lu, with a return of 101.68% [4] - The average return for active equity funds in this category is 34.37%, with the top 10 funds having a minimum return of 32.72% [2] 50-100 Billion - "Penghua Carbon Neutral Theme Mixed C" managed by Yan Siqian leads this category with a return of 110.85% [9] - The average return for funds in this size category is 35.55%, with the top 10 funds requiring a minimum return of 48.53% [7] 20-50 Billion - "Yongying Medical Innovation Smart Selection Mixed Initiation C" managed by Shan Lin tops this group with a return of 114.01% [13] - The average return for this category is 40.07%, with the top 10 funds needing a minimum return of 91.06% [11] 10-20 Billion - "Yongying Technology Smart Selection Mixed Initiation C" managed by Ren Jie achieved a return of 193.09%, ranking second among all active equity funds [17] - The average return for funds in this category is 38.14%, with the top 10 requiring a minimum return of 91.35% [15] 5-10 Billion - "Zhonghang Opportunity Navigation Mixed Initiation C" managed by Han Hao leads with a return of 126.16% [21] - The average return for this size group is 36.73%, with the top 10 funds needing a minimum return of 98.86% [19] 1-5 Billion - "Yongying Technology Smart Selection Mixed Initiation A" managed by Ren Jie tops this category with a return of 194.49% [24] - The average return for funds in this category is 36.94%, with the top 10 requiring a minimum return of 113.50% [23]

Core Insights - The investment focus of the Galaxy Fund's research team is on three key segments within the technology sector: overseas AI supply chain, domestic AI, and specific areas within the semiconductor sector [1][5][6] Group 1: Investment Opportunities - The overseas AI supply chain includes segments such as semiconductor original design manufacturers, optical modules, printed circuit boards, and liquid cooling power supplies, all showing strong performance [1][5] - Domestic AI has seen improvements across various supply chain segments since July, driven by rapid technological upgrades and strategic autonomy, which is expected to stimulate growth [6] - The semiconductor sector's specific areas, including digital and analog chips, are anticipated to perform well based on future demand [6] Group 2: Fund Performance - Galaxy Fund's technology-themed funds have shown impressive performance, with the Galaxy Innovation Mixed A fund achieving a net value growth rate of 108.37% over the past year, significantly outperforming its benchmark [2] - The Galaxy Intelligent Mixed A fund also performed well, with a growth rate of 50.62%, indicating a strong focus on technology investments [2] Group 3: Research and Development - The Galaxy Fund emphasizes deep research as a key strength, having initiated studies in low-altitude economy and various cutting-edge technology sectors, including humanoid robots and AI healthcare [4] - A collaborative research framework has been established, allowing for continuous evolution and adaptation of investment strategies through regular industry discussions and strategy meetings [4] Group 4: Long-term Investment Strategy - The investment philosophy prioritizes long-term growth potential over short-term gains, focusing on sectors with sustainable development prospects [6] - The team aims to leverage data-driven insights to refine investment logic and allocate resources effectively to promising companies [6]

Group 1 - SIRUI Technology (688536.SH) reported its semi-annual results for 2025, with 68 institutional investors disclosing holdings totaling 59.09 million shares, representing 44.56% of the total share capital [1] - The top ten institutional investors collectively hold 40.23% of the shares, with an increase of 1.09 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, accounting for 2.33% of the total, including notable funds such as Galaxy Innovation Mixed A and Jiashi SSE STAR Market Chip ETF [2] - Conversely, 22 public funds reduced their holdings, with a decrease of 1.76%, including funds like Wanjiayou Selected and Wanjiayou Independent Innovation Mixed A [2] - A total of 35 new public funds disclosed their holdings this period, while 16 funds were not disclosed compared to the previous quarter [2]

Group 1 - SMIC (688981.SH) released its 2024 annual report on March 28, 2025, indicating that as of March 27, 2025, 535 institutional investors disclosed holding shares in SMIC A-shares, totaling 817 million shares, which accounts for 10.25% of SMIC's total share capital [1] - The top ten institutional investors include notable entities such as the National Integrated Circuit Industry Investment Fund II, China Merchants Bank, and various ETFs focused on the semiconductor sector, with the top ten collectively holding 7.17% of the shares [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutional investors decreased by 1.25 percentage points [1] Group 2 - In the public fund sector, three funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.95% [2] - A total of 31 new public funds were disclosed during this period, including various ETFs and mixed funds focused on large-cap indices and digital economy [2] - There were 230 public funds that did not disclose holdings in this period, including several semiconductor-focused ETFs and mixed funds [2]