Fund annual reports are being densely disclosed. Top-performing fund managers remain confident in China's assets.

For stock trading, look at the analysis reports from the Golden Unicorn analysts. Authoritative, professional, timely, and comprehensive, helping you discover potential thematic opportunities!

Intensive Disclosure of Fund Annual Reports

High-Performance Fund Managers

Firmly Bullish on Chinese Assets

As public fund annual reports for 2025 are intensively disclosed, the complete positioning roadmap of several high-performing funds has come to light. Multiple high-performing fund managers have clearly stated in their annual reports that they are firmly bullish on Chinese assets and will focus on industrial trends to identify quality targets.

High-Performing Funds Anchoring Industrial Trends

From the positioning roadmaps disclosed by high-performing funds, fund managers are primarily aligning with industrial development trends.

In 2025, the Ping An Dingyue Mixed Fund managed by Lin Qingyuan achieved a return of over 80%. From the fund’s holdings, as of the end of 2025, the investment in the manufacturing sector accounted for over 80% of the fund’s net asset value. The top ten heavy holdings are Yingliu Holdings, Huadian Co., Shengyi Technology, Shenzhen South Circuit, Zhongji Xuchuang, Aerospace Technology, Zhongwei Company, Changbao Co., Jiao Cheng Ultrasonic, and Igor. Additionally, the fund’s holdings in Wanze Shares, Zhongyuan Neipei, Huaming Equipment, Dongfang Electric, and Dongfang Tantalum all accounted for over 3% of the fund’s net asset value.

“We expect market funds to further concentrate on Chinese manufacturing leading enterprises that possess a global perspective and can participate in global competition. Although market volatility may remain at a medium to high level, this provides a favorable environment for actively managed equity funds to achieve excess returns,” Lin Qingyuan stated, noting that this concentrated allocation is not a blind bet, but rather a positive outlook on the development of China’s new productive forces.

Li Jin’s Rongtong Industry Trend Equity Fund achieved a return of over 110% in 2025, with its holdings focused on the artificial intelligence sector. As of the end of 2025, besides the fund’s top ten heavy holdings, the fund’s stock values in Tianfu Communication, Huadian Co., and Juguang Technology accounted for over 3% of the fund’s net asset value.

“China’s economy is vast and diverse, with several industries exhibiting structural trends every year. In terms of individual stocks, we focus on leading companies that are unavoidable in the industrial chain, have evident advantages, and possess business barriers,” Li Jin said regarding his allocation strategy, emphasizing that major bull stocks are primarily born out of significant industrial trends, and the fund seeks out time-sensitive industrial trends from a mid-level industrial perspective.

Jiang Shan’s Invesco Great Wall Steady Return Mixed Fund also focuses on the AI industrial chain, achieving a return of over 130% in 2025. As of the end of 2025, besides the fund’s top ten heavy holdings, the fund’s stock values in Shengtun Mining (rights protection), Tengjing Technology, Tonglian Precision, Century Huatong (rights protection), and Hengbo Shares all accounted for over 2% of the fund’s net asset value.

“In the past year, advancements in the AI industry have made us even more convinced that this is a technological revolution on an industrial scale, which means that future production and living methods, as well as production relationships, will change because of it,” Jiang Shan said.

Firmly Bullish on the Market Outlook

In addition to disclosing all holdings, several high-performing fund managers wrote lengthy articles in their fund annual reports discussing their views on the market outlook. Overall, high-performing fund managers remain firmly bullish on Chinese assets and will actively seek quality targets going forward.

Zhao Feng, manager of the Ruiyuan Balanced Value Three-Year Holding Mixed Fund, wrote: “We are confident in the long-term competitiveness of Chinese enterprises and hold firm confidence in China’s economic fundamentals. Although the global geopolitical situation is unstable, China has a complete and strong industrial chain foundation, a stable and secure domestic large market, and increasingly strong innovation capabilities, making its equity assets undeniably attractive to global investors. We believe that Chinese equity assets can continuously create returns that exceed other asset classes for investors.” He stated that in 2026, the supply of funds will still be relatively abundant, and insurance funds flowing into the equity market could still reach several hundred billion yuan. Even if market volatility increases due to rising valuation levels, the risk of a trend decline is relatively small, and structural opportunities will abound.

In Chen Peng’s view, manager of the Anxin Growth Selected Mixed Fund, with the steady development of the economy and the recovery of corporate profits, the market will continue to improve. With the continuous development of artificial intelligence, the world may be in a period of technological industry explosion. In this wave, the Chinese economy is steadily moving towards innovation-driven and quality efficiency enhancement. Against this backdrop, we should pay more attention to changes in industry prosperity and deeply explore the fundamentals of companies.

“Whether from the perspective of industrial fundamentals or from various levels such as liquidity and policy, we are full of confidence in the returns of A-shares. At the industry level, AI remains the most exciting industrial mainline. As internet giants continue to increase investment and financing, AI will no longer just drive the demand for the IDC (Internet Data Center) industry, but will also exert a greater impact on the macro economy through driving infrastructure investment. Therefore, the connotation of AI investment will expand from the traditional IDC supply chain to a broader range of fields such as power grids, new energy, bulk electronic components, and even energy metals.” Jiang Shan believes that on the application side, there is also hope for multiple breakthroughs, and the upgrade of smart devices and the progress of robotics will have epoch-making significance, pushing the AI industry into a stage of positive interaction between application scenarios and capital expenditure.

		Sina's Statement: This message is reprinted from Sina's cooperative media. Sina.com publishes this article for the purpose of conveying more information, and does not mean endorsing its views or confirming its descriptions. The content of the article is for reference only and does not constitute investment advice. Investors operate based on this, and risks are borne by themselves.

Massive information, precise interpretation, all available in the Sina Finance APP.