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 Viewpoint - The Hong Kong stock market has shown strong performance in 2023, with the Hang Seng Index up 9.22% and the Hang Seng Tech Index up 11.36%, contrasting with a 3.83% decline in the CSI 300 Index [1] Group 1: Fund Performance - The Changcheng Hong Kong Stock Connect Value Selection Fund, managed by Qu Shaojie, reported impressive returns, with the A class achieving 33.63% and 57.88% over the past six months and one year, respectively, significantly outperforming the benchmark [1] - The fund's performance is attributed to two main factors: the recovery of the domestic economy supported by favorable policies and a focus on technology internet and emerging consumption sectors in the Hong Kong market [1][2] Group 2: Economic Outlook - Qu Shaojie expressed optimism for the Hong Kong stock market's medium to long-term performance, citing improved economic fundamentals and favorable capital conditions [2] - The investment logic for technology internet and emerging consumption sectors remains strong, with government policies likely to stimulate consumption and high-tech innovation [2] Group 3: Emerging Consumption Trends - The rapid growth of the "subculture" demographic and the rise of domestic intellectual property (IP) are driving new consumption sectors, with young consumers showing significant potential [2] - Investment in emerging consumption should focus on companies' IP creation and operational capabilities, as well as their growth rates and management quality [2] Group 4: Fund Historical Performance - The Changcheng Hong Kong Stock Connect Value Selection Fund A class has shown varied performance since its inception in June 2019, with annual returns ranging from -31.87% in 2022 to 36.47% in 2020 [3] - The C class, established in January 2023, reported a return of -16.72% for the period from its inception to the end of 2023, with a subsequent recovery of 16.49% in 2024 [3]