公募基金2025年三季报拉开帷幕，以人工智能为核心的TMT板块，以及伴随出海业务拓展而景气回升 的创新药行业，均实现了业绩逐步兑现与景气度攀升。从已披露的三季报来看，AI主题基金在重仓股 结构和仓位比例上的变化是什么？四季度的基金配置思路如何？本期《财经头条》特邀申万宏源证券总 经理助理、TMT首席分析师刘洋为我们做观点分享。 ...

Group 1 - Over 60% of actively managed equity funds have recovered their net asset values to pre-April 7 levels as of June 9, driven by sectors such as innovative pharmaceuticals, new consumption, gold, and AI [1][2] - Funds heavily invested in innovative pharmaceuticals, such as Changcheng Pharmaceutical Industry Select A and Zhonghang Preferred Navigation A, have rebounded over 30% in the last two months, with some funds achieving returns exceeding 70% year-to-date [2][3] - AI-themed funds have also seen significant recovery, with several funds gaining over 10% from June 3 to June 9, indicating a strong performance in the AI sector [4][6] Group 2 - The market is experiencing a style shift, with recent adjustments in innovative pharmaceuticals and new consumption sectors, prompting discussions about potential short-term corrections [1][6] - The upcoming dividend distribution period for dividend assets may create selling pressure, potentially benefiting aggressive technology sectors if funds flow out of defensive assets [6][7] - There is a focus on technology stocks, particularly in AI and innovative pharmaceuticals, as they are expected to perform well due to favorable market conditions and industry catalysts [6][7]