开年以来，春季躁动持续演绎，科技与资源品双主线同步强势。尽管近期市场回调蓄力，以AI为代表 的科技成长方向，由于长期产业逻辑坚实，仍是市场不可忽视的热点。恰逢长城基金旗下产品2025年四 季度报告悉数披露，一同围观下长城"科技+"领域基金经理们的最新研判~ 陈良栋：关注基础化工、电子设备 2025年四季度中国宏观经济总体平稳，出口保持超强韧性，成为中国转型升级过程中的重要支撑点，但 是宏观经济修复力度环比走弱，PPI和CPI同比数据代表企业盈利仍有压力，预计政府会持续推出政策来 稳住宏观经济大盘，通过时间换空间，结构升级来带动整体优化发展。另外中美关系持续缓和，市场流 动性偏宽松，市场对中国发展信心增强，风险偏好持续提升。在前三季度市场明显的分化行情之后，四 季度市场预期比较稳定，因此市场结构分化程度有所缩小，市场在均衡过程中等新的基本面和预期变 化。期间，本基金重点关注基础化工和电力设备行业等方向。（长城产业臻选2025年四季报） 储雯玉：AI硬件产业链前景可期 报告期内，本基金紧跟产业链趋势，围绕AI主线进行布局，尽管2025年四季度科技板块整体表现不 佳，我们仍通过板块间的轮动努力控制回撤。往后展望，随 ...

Core Insights - The "Technology+" trend is reshaping various industries, injecting vitality into sectors such as manufacturing, healthcare, energy, and agriculture [1] - Longcheng Fund is focusing on deep research and investment in technology sectors, including new energy, new materials, semiconductors, biotechnology, artificial intelligence, military industry, and healthcare [1] Group 1: Market Performance and Trends - In Q3, the A-share market showed steady growth with significant structural differentiation, particularly in the communication, electronics, and non-ferrous metals sectors, driven by strong overseas AI demand and capital expenditure expectations [2][3] - The macroeconomic environment in China is improving, with expectations of continued government policies to stabilize the economy and enhance overall development [2] Group 2: Sector Focus and Investment Strategies - Investment strategies are centered around identifying opportunities in sectors like non-ferrous metals, electronics, machinery, and power equipment, with a focus on AI hardware and related technologies [2][4] - The U.S. is experiencing a strong cycle of technological innovation, particularly in AI, which is driving demand for high-performance computing chips [3][4] Group 3: Long-term Growth and Innovation - Longcheng Intelligent Industry Fund is focusing on software, AI applications, domestic computing power, semiconductor equipment, and manufacturing, identifying companies with technological advantages and growth potential [4] - The emphasis on AI applications and autonomous control in semiconductor materials and military semiconductors is expected to yield significant investment opportunities [6][7] Group 4: Robotics and AI Applications - The robotics sector is anticipated to see substantial growth, particularly in core component manufacturing and integration, with expectations for significant advancements by 2025 [5] - AI applications are expected to enter a phase of practical implementation, with ongoing investments in infrastructure and technology driving growth [7][8]