The A-share market has continued its structural characteristics this year. On one hand, opportunities exist in growth stocks driven by high景气度 (prosperity) and industry trends, with overseas computing power and domestic computing power taking turns leading the charge, boosting both the ChiNext and STAR Market boards. On the other hand, traditional sectors remain weak, creating a tale of two markets. Beta opportunities are narrowing, while the value of Alpha is becoming increasingly prominent. In such a market environment, the quality of active management is particularly important. With the recent completion of disclosures for mutual fund annual reports and Q1 reports, data from Guotai Haitong Securities shows that as of March 31, 2026, ChinaAMC ranked first in the five-year excess return ranking among large-scale equity asset management companies. Historically, ChinaAMC's calling card was its ETFs, but it is now showing the market another facet of its capabilities through its active equity strategies. ChinaAMC has previously compared ETFs to LEGO bricks. Broad-based ETFs, sector ETFs, bond ETFs, commodity ETFs, and overseas ETFs are like standard bricks of different colors and shapes, allowing investors to assemble balanced, transparent, and low-cost foundational portfolios based on their risk preferences, age, and market outlook. Active funds focused on specific sectors or themes, however, are akin to custom modules or upgrade packs. Fund managers, through in-depth research, careful stock selection, and dynamic adjustments, aim to pick the highest-quality stocks within specific sectors to optimize portfolio structure and enhance overall functionality. Since the bull market of 2025, active products have seen a recovery in their ability to generate excess returns. Many actively managed thematic funds in the technology sector have gained market attention due to their clear exposure and alpha generation. However, ChinaAMC was actually one of the earliest institutions in the mutual fund industry to combine active management with a passive-oriented mindset. A prime example is ChinaAMC's "龙头系列" (Leading Series). Launched starting in 2023, it now covers clearly defined areas such as the digital industry, semiconductors, advanced manufacturing, the internet, and innovative drugs.
Following DeepSeek, AI Represents the Hardest Fundamental Factor In 2025, ChinaAMC's active equity products delivered impressive performance. Sixteen of its products ranked in the top 5 or top 5% of their respective sub-categories across one-year to five-year periods. The most representative performance, of course, came from the booming technology sector. Benefiting from the high景气度 (prosperity) in industries like AI large models and computing power infrastructure, ChinaAMC accurately captured the structural opportunities within this industrial wave through deep industry research. As of March 31, 2026, ChinaAMC Digital Industry Mixed Fund A (019829) achieved a net asset value growth rate of 123.73% for the full year of 2025, followed by a further 46.32% growth in the first quarter of 2026. According to Galaxy Securities statistics, it consistently ranked near the top among TMT and information technology funds, placing 3rd out of 62 peers over the past year.
Fund manager Shi Zhixu, with years of experience深耕 (deep cultivation) in the technology industry chain, focuses the ChinaAMC Digital Industry fund on high-growth sub-sectors like AI application software, new terminal devices, and computing power infrastructure. His investment framework emphasizes the logic of technological iteration and commercial application, selecting core companies with strong technical barriers and order visibility. The fund demonstrated strong爆发力 (explosive growth potential) during the爆发 (explosion) of AI large models and the expansion of computing infrastructure. Similarly, the ChinaAMC Digital Economy Leader Mixed Fund A (016237), also focused on the broader tech sector, achieved a net asset value growth of 61.56% in 2025 and continued its upward trend in Q1 2026 with a 29.46% increase.
Fund manager Zhang Jingsong, with long-term expertise in software, semiconductors, smart cars, and AI, has leveraged solid industry research to position the fund early in promising leaders during their initial growth phases. Following last Friday's update to the DeepSeek V4 version, which included adaptation for domestic computing power like Ascend and Cambricon, this particular direction received a boost. The ChinaAMC Semiconductor Leader Fund A (016500) is precisely focused on the semiconductor and domestic substitution theme. The overseas computing power chain, represented by optical modules on the ChiNext board, and the domestic computing power chain, represented by the STAR Market, are becoming the two main pillars supporting the market. Centered around AI technology, ChinaAMC has formed a comprehensive active equity product map covering the entire AI industry chain.
Indeed, both domestically and internationally, technology stocks that are not traditionally favored by value investors are experiencing a double boost from rising share prices and improving earnings. The high景气度 (prosperity) and long-term sustainability driven by AI capital expenditures are turning technology companies across the AI产业链 (industrial chain) into genuine "fundamental plays"—a precious quality in the current environment of scarce high-growth sectors and an asset shortage. It's no wonder that more and more investors are saying that, purely from a fundamental perspective, investing in silicon-based (tech) logic is far more solid than investing in carbon-based (traditional) logic. If one considers high valuations in tech stocks as speculative, then investing in traditional value stocks with poor fundamentals that are still waiting for their financial reports to clear up might be even more speculative. This might be a hard truth, but it holds considerable merit.
From Energy Storage to Power Grids: Global Energy is Being Repriced Of course, investing in "silicon" isn't just about chips. The construction of AI computing centers and the energy storage and power demands driven by high oil prices have passed the baton of景气度 (prosperity) to the overseas expansion direction of power equipment. Chinese high-end manufacturing emerged as another clear主线 (main theme) in 2025 and continuing into Q1 2026. The fund manager of ChinaAMC Core Growth Fund A (012703), Shi Yunkai, has long been rooted in industry research, continuously tracking成长赛道 (growth tracks) like energy metals, new energy, and clean energy. In the first quarter, the supply-demand reversal logic in the lithium battery industry chain played a key catalytic role in market performance. Coupled with unexpected supply disruptions in overseas mining regions, the fund maintained its holdings and significantly strengthened its position in leading companies within the lithium mining industry chain that have clear capacity expansion plans and can withstand external supply chain risks. If AI computing power represents a new growth pole, then the comparative advantage of Chinese manufacturing, represented by new energy vehicles, energy storage, and power equipment, is being重新定价 (repriced) by the global market. Geopolitical conflicts causing a significant rise in oil prices this year have provided a vivid lesson for both overseas and domestic investors to重新认识 (reassess) Chinese manufacturing. The ChinaAMC Clean Energy Leader Fund A (018918) grew by 33.92% in Q1 2026, and the ChinaAMC Low Carbon Economy One-Year Hold Fund A (015229) saw a net asset value increase of 38.02% in the same quarter. Both products demonstrated strong offensive capabilities against the backdrop of energy transition and green development.
From this perspective, the ChinaAMC Industry景气度 (Prosperity) Mixed Fund A (003567) offers another view on transcending cycles. It doesn't simply chase after well-known white-chip leaders, but focuses on挖掘 (unearthing) good companies that are undervalued due to cognitive biases within high-growth sectors. The ChinaAMC Industry景气度 (Prosperity) fund achieved a net asset value growth of 59.40% in 2025, generating fund profits of 3.573 billion yuan for its holders last year. In the first quarter, it focused on挖掘 (identifying) potential investment targets benefiting from artificial intelligence technology and its related industry chain. While maintaining a relatively balanced overall portfolio allocation, it kept a relatively high allocation to the TMT sector and also made allocations in消费 (consumption), healthcare, education, new materials, and other areas. Since its inception in 2017, the fund has delivered a cumulative return of 437.55%, compared to a benchmark return of only 37.42% over the same period. Its five-year return stands at 163.63%, ranking 3rd out of 156 peers. All industries have cycles, but there are always industries that are young and industries that are currently prosperous. From this viewpoint, no sector remains prosperous forever, but the method of investing in prosperous industries remains effective. To some extent, the ChinaAMC Industry景气度 (Prosperity) fund embodies this philosophy.
Improved Liquidity in the Beijing Stock Exchange: Specialized, Sophisticated SMEs Quietly Generating Returns While the ChiNext and STAR Market represent high-growth areas in overseas/domestic and manufacturing/technology respectively, the Beijing Stock Exchange represents an opportunity arising from the difference between market consensus and reality—an预期差 (expectation gap). On Friday, April 17, 2026, the Beijing Market 50 Index experienced a sudden surge in the afternoon, rising over 5% at one point. The reason was revealed that evening: Ten mutual fund companies, led by ChinaAMC, collectively announced that starting April 20th, they would increase the total share上限 (cap) for their Beijing Market 50 Index funds from 500 million shares to 1.5 billion shares, while simultaneously resuming large-amount subscriptions. This move could be a stress test for the future launch of Beijing Stock Exchange-themed ETFs. Discussions about such ETFs have been ongoing for years. As the trading volume and capacity of the Beijing Stock Exchange gradually increase, its ability to absorb capital and its function in discovering the value of small-cap companies will be further enhanced. It is understood that markets with ample liquidity have higher pricing efficiency, but markets with average liquidity are not devoid of good stocks, a phenomenon particularly evident in the Beijing Stock Exchange. Over the years, ChinaAMC fund manager Gu Xinfeng has conducted deep tracking and research on the Beijing Stock Exchange and its predecessor, the New Third Board Select Layer, accumulating substantial research experience and generating excellent excess returns.
Q1 reports show that he holds concentrated positions in leading companies within the Beijing Stock Exchange that fit the "专精特新" (Specialized, Sophisticated, Characteristic, and Innovative) profile. These cover优质龙头 (quality leaders) in细分行业 (sub-sectors) such as automotive parts, consumer electronics, high-end equipment, advanced composite materials, and seed technology. Among Beijing Stock Exchange thematic funds, ChinaAMC's offering has led in performance over the long term, demonstrating deep positioning in emerging sectors and a sustained ability to generate alpha.
ChinaAMC Active Equity: Resonating in Sync Beyond sector-themed funds, Zhu Yi's ChinaAMC Value Select Fund focuses more on value investing, while Tu Huanyu's ChinaAMC Innovation Frontier Fund leans more towards growth. Both are fund managers with extensive management experience who have proven their ability to navigate both bull and bear markets and manage large pools of capital. In the current market environment, this experience is invaluable. According to the latest disclosed 2025 annual report, ChinaAMC's public fund products collectively generated profits of 235.646 billion yuan for investors. Among them, six active funds each generated profits exceeding 1 billion yuan.
Proactive research and strong performance have delivered solid returns for holders. ChinaAMC's comprehensive push in active equity is built upon an investment research system cultivated over many years. The company has established a platform-based, systematic, and professional research team. Through teamwork and in-depth research, it aims to achieve accurate predictions of industry trends and careful stock selection. Whether it's挖掘 (uncovering) value in cutting-edge technology or making strategic allocations for the energy transition, ChinaAMC's investment research team can flexibly adapt to different market environments: seizing爆发 (explosive) opportunities during upswings and smoothing volatility through position and structural adjustments during downturns, striving to enhance the long-term investment experience for holders. For investors seeking long-term, steady growth and hoping to share in the红利 (dividends) of China's structural economic growth, ChinaAMC's matrix of active equity products represents an important option worthy of in-depth study and consideration for allocation.
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