Special Topic: 2025 Fund Q4 Report Preview: AI Applications, Commercial Aerospace, and Nuclear Fusion – Which Will Lead the 2026 Investment Theme?
The Q4 2025 reports of public offering funds are being disclosed sequentially. Wind data shows that as of January 16, over 50 equity funds have disclosed their Q4 2025 reports. Overall, the short-term performance of different funds has diverged. Looking ahead, many fund managers are optimistic about investment directions such as AI infrastructure and commercial aerospace.
The equity market experienced overall volatile adjustments in the fourth quarter of 2025, leading to a divergence in the performance of equity funds. As of January 16, among the 56 equity funds (counting only primary share codes) that had disclosed their Q4 2025 reports, 33 achieved net asset value growth in Q4 2025, while the others saw varying degrees of decline.
Both the Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Enjoy Life Fund and the Qianhai Kaiyuan Great Ocean Mixed Fund achieved net asset value growth rates exceeding 30% in Q4 2025. Compared to the beginning of the reporting period, the fund units/shares for these two funds increased by 303 million and 76 million units/shares, respectively.
Specifically, the Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Enjoy Life Fund focused its investments over the past year on the global AI infrastructure sector. It adjusted its portfolio structure in Q4 2025, emphasizing two key areas: optical communication and liquid cooling. As of the end of 2025, its top ten holdings included companies such as Zhongji Innolight, Sunsea Telecommunications, and Cambridge Technology. The Qianhai Kaiyuan Great Ocean Mixed Fund has deep involvement in areas like commercial aerospace. By the end of 2025, its top ten holdings included Shanghai HanXun, China Satellite, and ZhenEr Technology.
Furthermore, funds like the Ping An CSI Satellite Industry Index Fund and the Tongtai New Energy 1-Year Holding Stock Fund also achieved net asset value growth rates above 20% in Q4 2025. Among them, the Ping An CSI Satellite Industry Index Fund tracks the CSI Satellite Industry Index, concentrating investments in satellite manufacturing and launch services. The Tongtai New Energy 1-Year Holding Stock Fund primarily focuses on the controllable nuclear fusion sector. By accurately targeting these technological trends, these funds successfully realized their investment performance.
It is noteworthy that although some funds experienced maximum net asset value drawdowns of up to 15% in Q4 2025, when viewed over the entire year of 2025, the vast majority of such funds still achieved net asset value growth.
Zeng Fangfang, Head of Public Fund Product Operations at Shenzhen Qianhai Paipaiwang Fund Sales Co., Ltd., commented: "Compared to the market environment of 2025, which featured more pronounced structural trends and richer thematic opportunities, the fourth quarter's time window was shorter, and market volatility was greater. Influenced by market style, heavily-weighted sectors, and individual stock performance, temporary underperformance in fund results is often due more to style mismatch than to deficiencies in investment research capabilities. Simultaneously, investors eager to realize gains, who engage in large-scale redemptions after a fund's performance recovers, can also impact the fund's short-term results."
Looking ahead to investment directions for 2026, many fund managers express optimism about the technology sector.
"AI remains the most attractive investment theme globally," Liang Ce, Portfolio Manager of the Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Enjoy Life Fund, stated. On one hand, AI has become a core growth driver across different global capital markets because its technology continues to advance non-linearly. On the other hand, given no fundamental change in the current algorithmic framework, AI infrastructure, as a core support, possesses long-term investment value.
Regarding investment strategy, Liang Ce believes that continuing a strategy favoring 'hardware over software' is viable, focusing on structural areas more likely to generate alpha. For instance, the growth potential of optical communication is highly likely to outperform the broader market; the penetration rate of the liquid cooling industry is increasing, and its supply chain structure is changing, potentially giving rise to leading companies with global competitiveness, making it an area worthy of significant allocation.
Fang Yihang, Portfolio Manager of the Dongcai景气驱动混合发起式 Fund, believes that from a medium-term perspective, commercial aerospace is transitioning from "exploration and verification" to "growth explosion." In 2026, low-earth orbit constellation deployment is accelerating, launch frequency is expected to exceed one hundred, and the commercial closed-loop is continuously improving. Subsequently, the focus will be on key areas like reusable rockets and satellite payloads, tracking order finalization and technological breakthroughs, adhering to leading companies, and capturing the medium-to-long-term investment opportunities brought by industrial scaling.
"Fund managers' portfolio adjustments are based on conviction in long-term industry trends," Zeng Fangfang noted. In the early stages of such adjustments, the industry might be in its infancy, making it difficult for performance to materialize quickly. Individual stock prices are more susceptible to market sentiment and short-term news, leading to volatile performance. However, once industry progress exceeds expectations or favorable policies are concentrated, the valuation and performance of related companies might experience a double boost, leading to a significant recovery in the net asset value of related funds.
Compared to fixed-income products, equity funds exhibit more pronounced performance volatility characteristics. Zeng Fangfang believes that short-term fluctuations do not alter long-term value. For equity funds, investors should pay more attention to whether the fund manager's investment framework is clear, whether their industry research is deep, and whether long-term performance records validate the strategy's effectiveness. For high-growth thematic funds focusing on ambitious frontiers ("star and sea" themes), it is even more crucial to emphasize the alignment between the industry cycle and the fund's risk-return profile.
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