Special Topic: Focusing on 2026 Fund Third Quarter Reports: Bullish on Certainty Assets! Technology Investment Returns to Fundamental Perspective
Recently, fund third quarter reports have been disclosed. Top fund managers including Yang Zongchang, Zhang Kun, Zhu Shaoxing, Xie Zhiyu, Zhou Weiwen, Liu Yanchun, Ge Lan, Jin Zicai, and Zhang Mingxin stated that after adjustments, excellent individual stocks have returned to good buying prices, and technology leader stocks are not lacking investment opportunities. They remain optimistic about AI prospects, highly recognize and favor the long-term development of the AI industry, and downplay short-term expectations. Humanoid robots have the longest prosperity duration besides AI, and may welcome their "GPT moment" in the next year. Short-term headwinds in traditional industries may be good buying opportunities.
E Fund's Yang Zongchang: Still Optimistic About AI Prospects, Short-Term Headwinds in Traditional Industries May Be Good Buying Opportunities
Yang Zongchang stated that he remains optimistic about the prospects of artificial intelligence industry development, maintains attention to large model technology and commercialization progress, and continues to seek suitable investment opportunities. At the same time, we also maintain attention to macroeconomic changes, increase research on quality companies in traditional industries. Short-term headwinds may instead bring good prices and buying timing.
Zhang Kun: Local Bubbles Exist in AI Sector, But Underlying Model Capabilities Continue to Make Breakthroughs
Zhang Kun stated that local bubbles exist in the AI technology sector. However, underlying model capabilities are still developing by leaps and bounds, and underlying model capabilities are the first principle of the entire AI industry investment. With the continuous expansion of the industry chain, the company's position in the industry chain has also become a consideration factor for the next stage. The irreplaceability of industry chain position is one of the important criteria for selecting companies.
Fullgoal Fund's Zhu Shaoxing: Excellent Individual Stocks Have Returned to Good Buying Prices, Technology Leader Stocks Are Not Lacking Investment Opportunities
Zhu Shaoxing stated that after the previous significant decline, the overall market valuation level has clearly declined, and quite a few excellent individual stocks have returned to good buying prices. At current valuations, the dividend value style can find better investment opportunities, the quality growth style also has many investment opportunities, and technology leader stocks after eliminating the false and retaining the true are not lacking investment opportunities.
Xingzheng Global Fund's Xie Zhiyu: Highly Recognize and Favor Long-Term Development of AI Industry, Downplay Short-Term Expectations
Xie Zhiyu stated that he continues to highly recognize and favor the long-term development trend of the AI industry. Overseas giants dynamically adjusting investment pace is a normal business decision, which does not mean that the AI development trend has peaked, nor does it mean that overseas capital expenditure growth will suddenly stop. We pay more attention to the long-term demand prospects and stability of the competitive landscape of the AI industry, and downplay short-term expectations.
Zhongou Fund's Zhou Weiwen: Humanoid Robots Have the Longest Prosperity Duration Besides AI, May Welcome "GPT Moment" in the Next Year
Zhou Weiwen stated that in the third quarter, he increased allocations in the humanoid robot direction. Humanoid robots are the industry trend with the longest prosperity duration besides AI. 2026 is the year of commercialization verification for humanoid robots. Future growth space is huge and capital crowding is relatively low. In about the next year, the industry may welcome its "GPT moment".
Invesco Great Wall's Liu Yanchun: Calmly View Asset Prices
Against the current backdrop of coexisting AI investment enthusiasm and weak domestic demand, we need to view asset prices more calmly. China still has relatively sufficient policy space and industrial foundation. The current insufficient domestic demand will ultimately be gradually repaired through policy optimization, corporate self-adjustment, and market clearing, but this process takes time.
Zhongou Fund's Ge Lan: Bullish on Innovative Drugs and Related Industry Chains
Looking ahead to the fourth quarter of 2026, we are still most bullish on innovative drugs and related industry chains, while also paying attention to medical device going overseas and domestic substitution, as well as recovery opportunities in consumer healthcare. Third quarter reports and international academic conferences will provide new verification windows. Investment judgments need to be further grounded in clinical data, order delivery, and operational performance.
Caitong Fund's Jin Zicai: AI Begins to Empower Various Industries More Broadly
As AI downstream applications become increasingly widespread, such as the explosion of some AI agent applications and the combination of AI and the video industry, all indicate that AI has begun to empower various industries more broadly. We also see that the tense supply situation in many upstream segments of the AI industry chain will continue. The capital market may need some time to gradually digest the reality that product prices in these segments are difficult to fall back.
Huashang Fund's Zhang Mingxin: Adhere to Prosperity Investment Strategy Based on Fundamental Changes
In this quarter, the technology sector underwent deep adjustments. Disturbances and games in chip structure and capital levels have greatly reduced market predictability. The effective boundaries of various investment paradigms have been greatly compressed, making investment more difficult. In terms of operations, we still adhere to the prosperity investment strategy based on fundamental changes. The stock market is a voting machine in the short term, but in the long term, it is definitely a weighing machine that reflects fundamental changes. MACD golden cross signals have formed, these stocks are rising well!
Comments