On January 13th, funds including Eastmoney Excellent Growth Mixed and Eastmoney Cyclical Drivers Mixed released their fourth-quarter reports. An examination of these funds' top holdings during the quarter reveals a significant tilt towards the commercial aerospace sector. The top holdings of Eastmoney Cyclical Drivers Mixed included recent high-flyers such as China Satellite Communications Co., Ltd., China Spacesat Co., Ltd., Beijing Aerospace Technology Co., Ltd., Shanghai Aerospace Automobile Electromechanical Co., Ltd., and Zhejiang Zhengrun Technology Co., Ltd., with its top ten holdings almost entirely concentrated in this sector, marking a substantial shift from its portfolio at the end of the third quarter. Notably, some of these funds experienced significant net subscriptions in the fourth quarter of last year, and their recent net asset value (NAV) performance has frequently shown single-day increases exceeding 5%. From the perspective of the fund managers, the convergence of supportive policies and industrial development in the commercial aerospace sector underpins their confidence in focusing investments there, and they have expressed an intention to continue concentrating on related areas. Some funds have seen substantial NAV increases after adjusting their portfolios to the commercial aerospace sector in the fourth quarter. On January 13th, public offering funds continued to release their Q4 2025 reports, with the reports for Eastmoney Excellent Growth Mixed and Eastmoney Cyclical Drivers Mixed being published. These two funds have also been among those with significant recent NAV gains, and an analysis of their top holdings shows that some have already pivoted to the commercial aerospace track. Eastmoney Cyclical Drivers Mixed is the most typical example. Its Q4 2025 report indicates that all of its top ten holdings were newly added positions and entirely related to the commercial aerospace industry. China Satellite Communications Co., Ltd., China Spacesat Co., Ltd., Shanghai Hanxun Telecom Co., Ltd., Beijing Aerospace Technology Co., Ltd., and Tongyu Communication Inc. held the highest market values in its portfolio at the end of the quarter. It is worth noting that although this fund's performance in the fourth quarter was mediocre, its NAV has shown strong performance since the start of 2026, fueled by the heating up of the commercial aerospace sector. On January 12th, the NAV of its A-share class was reported at 1.9593 yuan, a surge of approximately 8.86%, bringing its year-to-date NAV increase to 27.07%. However, this fund had almost no exposure to commercial aerospace investments in the third quarter of last year; its top holdings at that time were still Enlight Media Group Co., Ltd., Actions Technology (Zhongke Lanxun), Amlogic (Shanghai) Co., Ltd., and Contemporary Amperex Technology Co., Limited. Admittedly, this fund's top holdings frequently undergo major adjustments; since Q3 2024, its top ten holdings have differed from the previous quarter each quarter, with complete overhauls occurring in some periods. Following its bet on commercial aerospace, the fund also achieved considerable size growth in the fourth quarter of last year. At the end of Q3 last year, the fund's total shares stood at 0.11 billion, which had risen to 0.49 billion by the end of Q4. Although its total size remains a modest 75 million yuan, the quarter-on-quarter increase in net subscriptions during the quarter was quite significant. In the view of the fund managers, the synergy between policy support and industrial advancement in the commercial aerospace sector is the foundation of their confidence in focusing their industrial investments, and they have stated they will continue to concentrate on investments in related fields. Fund manager Fang Yihang stated in the quarterly report summary that, from a medium-term perspective, the industry is crossing an inflection point from "exploration and verification" to "growth explosion," with low-orbit constellation deployment accelerating in 2026, launch frequency expected to exceed 100, and the commercial closed-loop continuously improving. The fund will continue to focus on key areas such as reusable rockets and satellite payloads. Some analysts point out that the rise of the commercial aerospace sector is not a short-term outburst of market sentiment but an inevitable result driven by three core factors: the release of policy dividends, breakthroughs in core technologies, and rigid industrial demand. AI applications are also attracting capital attention, with many recently strong funds heavily invested in the theme. Since the beginning of the year, major A-share indices have shown significant gains, maintaining a strong upward trend with rising prices and volume in the short term. However, profitable market effects remain concentrated in a few areas like AI applications and commercial aerospace, essentially reflecting a market dominated by structural opportunities. Therefore, the key strategy must still focus on the market's core hotspots. The Q4 2025 reports of recently strong funds corroborate this point. Many products increased their positions or adjusted their portfolios into the AI application direction during Q4 last year, involving both A-shares and H-shares. Driven by related stocks, it is not uncommon to see single-day fund NAV increases exceeding 10%. The Q4 2025 report for Eastmoney Excellent Growth Mixed shows that among its top ten holdings, positions in Kingsoft Cloud Holdings Ltd., Kingsoft Corporation Limited, Airu Software Co., Ltd., and Maifouzi Digital Technology Group Ltd. were increased compared to the end of Q3 last year. The quarter-on-quarter increase in the Kingsoft Cloud position reached 175.56%. Year-to-date until January 12th, its gain has reached 20.87%. The C-share class of this fund achieved a single-day NAV increase of 13.95% on January 12th. Similar cases are not rare. Wind statistics show that on January 12th alone, among active equity funds, 16 mixed funds had daily returns exceeding 10% (counting initial share classes). An analysis of their asset allocations reveals that some had already positioned themselves in stocks related to AI applications and commercial aerospace as early as the third quarter of last year. Western SECURITY Gains Technology Innovation A achieved a single-day gain of 14.17%. Its periodic report shows that as of the end of Q3 2025, the fund was heavily invested in AI application concept stocks such as Shanghai Zhengyan Information Technology Co., Ltd. (Hehe Xinxi), Meitu Inc., Sangfor Technologies Inc., Nancal Technology Co., Ltd., Kingsoft Cloud Holdings Ltd., Tax Friend Co., Ltd., and 4Paradigm Technology Inc. These stocks all gained over 10% on January 12th, contributing significantly to the fund's profits. Will 2026 mark the beginning of an "application is king" era? Harvest Fund stated that, overall, AI applications, especially in the software segment, are at a critical inflection point transitioning from "valuation-driven" to "earnings-driven." Looking ahead, mainstream market views are also relatively optimistic. In its latest global analyst survey, Fidelity International pointed out that its analyst teams across major global markets are closely monitoring how companies are creating value through AI and the impact of these investments on actual business operations. Huaan Fund analysis indicates that benefiting from innovation drug BD out-licensing and stabilized industry financing, domestic demand for CRO orders is showing increases in both volume and price, with new contract signings accelerating quarter by quarter and project volume achieving double-digit growth. OpenAI's launch of a health assistant feature, capable of integrating electronic medical record data to provide diagnostic support, has brought significant attention to AI in healthcare.
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