Special Topic: Spotlight on 2026 Fund Third-Quarter Reports: Bullish on Certainty Assets! Technology Investment Returns to a Fundamental Perspective. As 2026 fund third-quarter reports are disclosed intensively, the latest report card for Yongying Technology Select A managed by Ren Jie has been released.
As of September 30, the fund's year-to-date return reached 35.64%, but subsequent market volatility in October caused a sharp drawdown in its net value, drawing market attention to the fund manager's latest views.
At the level of industry analysis, Ren Jie elaborated in the third-quarter report on observations regarding changes in the underlying logic of the AI industry.
He pointed out that compared with the broad high-speed growth in Token generation volume and annual recurring revenue (ARR) in the first half of the year, the AI industry in the third quarter had begun to show clear structural divergence.
As Token usage continued to rise, excellent open-source models began replacing cutting-edge closed-source models in a large number of application scenarios, causing the industry to present a complex combination in which "cloud computing high growth" and "slower ARR growth for frontier models" coexist.
At the same time, downstream AI application scenarios are expanding from pure code generation to more diversified directions such as AI pharmaceuticals, personal agents, security, and R&D design tools.
In addition, leading model companies at home and abroad have fully entered the pre-training stage of next-generation large-parameter models, and investment in the post-training stage is also continuing to increase.
Based on the above judgments of industry trends, Ren Jie believes that large-scale investment in computing power remains the only path for the AI industry to improve its core competitiveness, and this long-term logic has not changed.
Therefore, in terms of investment strategy, the fund continues to focus on the global cloud computing industry chain, with key positions in core directions such as high-end chips, cluster interconnection, and high-end storage, attempting to seize the links with the highest certainty amid the wave of industry divergence.
Regarding the subsequent evolution path of the market, Ren Jie gave a relatively cautious expectation.
He pointed out that it is currently somewhat difficult for earnings per share (EPS) and total capital expenditure (CAPEX) in the global computing power sector to achieve substantial upward revisions, which means that future expected returns in the computing power sector will depend more on valuation increases rather than being driven purely by performance growth.
Further valuation improvement requires the market to build stronger confidence and expectations regarding the pace of technological iteration, the breadth of market space, and its sustainability.
Ren Jie regards the end of October as an important observation point and plans to verify the true confidence level of AI demand through overseas public cloud growth data, using this as a key basis for subsequent investment decisions.
As of the end of the third quarter, the fund's top ten heavyweight stocks accounted for 72.78% of the fund's net value and 86.17% of its stock market value.
In terms of specific position adjustments, on the one hand, profit-taking or risk-control reductions were made on some core targets that had risen significantly earlier, with holdings in Shennan Circuits, WUS Printed Circuit, and Foxconn Industrial Internet decreasing by 17.31%, 21.20%, and 15.54%, respectively, compared with the previous period.
On the other hand, it significantly increased its position in Avary Holding by 121.38% and newly bought targets such as ChangXin Technology and Shengyi Electronics, while stocks such as Eoptolink, Huada Empyrean, and Jereh Group also received varying degrees of increases.
Data source: WIND. In terms of performance, Yongying Technology Select A once recorded a gain of 68% in the second quarter, but then suffered a 19% drawdown in the third quarter.
As of October 26, its year-to-date return had fallen from 35.64% at the end of September to 13.09%, and its return over the past six months was -10.31%.
Data source: WIND. In addition, its scale also shrank, declining by more than 12.8 billion yuan from the end of the second quarter, a decrease of about 37%, with scale at 21.8 billion yuan as of the end of the third quarter.
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