Since the beginning of the year, the spring rally has continued to unfold, with technology and resource sectors emerging as two strong, simultaneous main themes. Despite recent market pullbacks for consolidation, the technology growth sector, represented by AI, remains a significant market hotspot due to its solid long-term industrial logic. Coinciding with the full disclosure of Great Wall Fund's product reports for the fourth quarter of 2025, let's examine the latest insights from the fund managers in Great Wall's "Tech+" domain.
Chen Liangdong focused on basic chemicals and electronic equipment during the period. In the fourth quarter of 2025, China's macroeconomy was generally stable, with exports demonstrating remarkable resilience and serving as a crucial support point during the nation's transformation and upgrading process. However, the momentum of macroeconomic recovery weakened sequentially, and PPI and CPI year-on-year data indicated continued pressure on corporate profits. It is anticipated that the government will persistently introduce policies to stabilize the broader macroeconomic landscape, aiming for overall optimized development through structural upgrades while buying time. Furthermore, with ongoing easing in Sino-US relations, relatively loose market liquidity, and enhanced confidence in China's development, risk appetite continued to improve. Following the significant divergence in market trends during the first three quarters, market expectations stabilized considerably in Q4, leading to a narrowing of structural disparities as the market awaited new fundamental developments and shifts in expectations. During this period, the fund primarily concentrated on sectors such as basic chemicals and power equipment.
Chu Wenyu expressed optimism regarding the prospects of the AI hardware industry chain. Throughout the reporting period, the fund closely followed industry chain trends, allocating around the AI theme. Although the technology sector overall performed poorly in Q4 2025, efforts were made to control drawdowns through rotation between subsectors. Looking ahead, with advancements in large model capabilities and the maturation of innovative end-device products, the AI hardware industry chain is still expected to show promising prospects. Concurrently, the accelerated expansion of domestic advanced process capacity is likely to provide a boost to the entire semiconductor manufacturing segment.
You Guoliang highlighted the commercial aerospace sector as worthy of continued attention. The product largely maintained its focus from the third quarter, centering on two main themes: national strategic emerging industries and pan-artificial intelligence. Particular attention was paid to machinery industry companies related to 3D printing technology, which exhibits favorable industry trends and potential benefits across multiple fields like commercial aerospace, consumer electronics, and computing power. Overall, stocks within the commercial aerospace sector generally saw significant gains in Q4 2025. Despite substantial short-term appreciation, commercial aerospace, as a national strategic emerging industry, is a vital component of the "space power" construction proposed in the "16th Five-Year Plan" recommendations. Its development overseas is also vigorous, making it a key area of competition among major powers with increasing importance. Moreover, significant positive catalysts such as reusable rocket recovery and low-orbit satellite constellation deployment have yet to materialize, warranting ongoing focus.
Zhao Fengfei emphasized identifying high-growth stocks in sectors with strong momentum. In Q4 2025, the fund focused on high-quality companies within technology sectors like software, AI applications, domestic computing power, semiconductor equipment and manufacturing, and IT application innovation. These companies align with industrial development trends, possess technological advantages in their respective fields, and retain long-term growth potential. Currently, the economy faces pressures but also demonstrates resilience. China's strength, displayed through tariff countermeasures and the "93" military parade, is now formidable. Within the industry, the new development phase of the AI industry driven by large models remains intense, and the implementation of AI applications is highly anticipated. Following DeepSeek's notable emergence earlier in the year, many "DeepSeek moments" have been witnessed in other fields, boosting confidence in China's technological self-reliance and innovation. Meanwhile, breakthroughs in critical areas like domestic chips continue. Long-term technological innovation and industrial transformation are expected to persist, presenting new opportunities for the capital markets. Moving forward, the strategy will remain focused on technology growth companies related to the intelligent industry, monitoring positive changes in sectors and individual firms to unearth long-term growth stocks with high景气度 (momentum/growth) and excellent quality, seeking companies' long-term competitive advantages from R&D and management perspectives.
Qu Shaojie suggested that a structural rebound in Hong Kong stocks is likely. Hong Kong tech stocks experienced a significant correction in Q4 2025, primarily influenced by three factors: downward revisions to earnings expectations, structurally tight liquidity, and internal fundamental divergence within the sector. However, these impacts are considered short-term. Long-term growth logic for Hong Kong-listed technology and internet companies remains sound. A structural rally in Hong Kong tech stocks is anticipated to resume in 2026, with subsectors like internet, AI, semiconductors, and cloud computing expected to maintain growth momentum. The fund continues to monitor China's technology internet industry. As China enters a technological innovation cycle, this sector has demonstrated strong growth dynamics. Various subsectors, including internet, new energy vehicles, gaming, photo editing, smart wearables, advertising production, music, smart driving, mobile phones, and social media, are beginning to integrate with AI, potentially unlocking massive new growth avenues through AI-driven secondary growth curves.
Yu Huan pointed to catalysts in the humanoid robot industry. As of the end of Q4 2025, the fund remained focused on the robotics sector, particularly upstream and downstream companies such as core component manufacturers, joint module makers, and whole-machine integrators, primarily within the automotive, machinery, electronics, and power equipment industries. Looking ahead to 2026, numerous industry catalysts are anticipated, potentially accelerating the mass production and implementation phase. The fund will continue monitoring this sector, seeking excellent listed companies with strong market positioning, high barriers to entry, and significant value capture within this industry.
Yang Weiwei expressed a positive outlook on domestic computing power and military semiconductors. After a surge in the third quarter, semiconductor performance was relatively muted in Q4 2025. Areas that outperformed included memory, semiconductor equipment benefiting from memory capacity expansion, and military semiconductors, while consumer-focused design companies adversely affected by memory price increases performed poorly. During the reporting period, focus was placed on semiconductor equipment companies benefiting from memory expansion and, prior to the market move, on certain military semiconductors. Currently, key areas of optimism include domestic computing power, semiconductor equipment and materials benefiting from domestic wafer fab expansion, and military semiconductors.
Liu Jiang maintained an optimistic stance on computing power. The market remained positive in Q4 2025, consistently validating the optimistic outlook on investment opportunities. On one hand, the macroeconomy entered an interest rate cut cycle, creating a favorable environment for equity markets. On the other hand, driven by AI technological progress, the global economy is entering a new innovation cycle, complemented by strong policy support for strategic emerging industries, which is expected to drive the emergence of investment opportunities. AI's role as a crucial engine for the current tech industry and economic development is increasingly becoming a consensus. The fund identified related investment opportunities early and has continued to allocate around the pan-AI industry. Computing power, acting as the "pick-and-shovel" provider for the AI industry, experienced the first surge in景气度 (momentum) and remains a source of optimism looking forward. Reasons include: First, as the foundation for AI industry development, computing power is fundamental to product competitiveness and a significant barrier; international and domestic tech leaders are substantially increasing related capital expenditures. Second, demand for computing power continues to grow rapidly alongside AI development. Within the computing power industry itself, technological iteration leads to increased demand for key components, greater manufacturing complexity, and significant value expansion. Particularly, the optical communication subsector, with its unparalleled interconnection advantages, shows clear potential for value expansion. Furthermore, computing power is a rapidly evolving field, evident in areas like optical communications, PCBs, liquid cooling, power supplies, and space-based computing, requiring close tracking of technological changes to capture related investment opportunities. Long-term, the AI industry's development is likely to mirror mobile internet—infrastructure like computing power leads, followed by a blossoming of applications, leading to overall industry prosperity. Positive progress is already visible on the application side, making related investment opportunities promising. Continuous tracking will aim to capture the long-term, sustained opportunities within the AI industry.
Note: The fund manager views expressed above represent analysis based on market conditions at the time of this material's preparation and do not necessarily indicate the fund's future long-term investment directions. Fund managers' views and investment orientations may adjust according to changing market conditions and other factors. Please refer to the fund contract for the fund's specific investment scope and restrictions.
Disclaimer: Information herein is sourced from channels deemed reliable by the company and personal judgments of researchers, but the company does not guarantee its accuracy or completeness. This communication is not a complete representation or summary of relevant securities or markets. Any opinions expressed are subject to change without notice. This communication should not serve as a substitute for the recipient's independent judgment or basis for investment decisions. The company, its affiliates, employees, or agents assume no liability for any losses resulting from the use of this content. Redistribution, reproduction, republication, or any form of distribution without prior written permission from Great Wall Fund Management Co., Ltd. is prohibited. Alterations or modifications that distort the original meaning are not permitted. The fund manager reminds that every citizen has the obligation and right to report money laundering crimes and should strictly comply with relevant anti-money laundering laws and regulations. Market risks are present; invest with caution.
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