The 2026 third-quarter fund reports have been released. Looking back at the third quarter, A-share trading sentiment was sluggish, the technology sector continued to adjust, and previously strong areas such as AI infrastructure cooled notably. Entering the fourth quarter, the market is still searching for a new narrative anchor amid volatility. Amid multiple disruptions, does the logic for technology still hold? How should we view technology sub-sectors such as commercial aerospace and AI? Let us look at the analysis from You Guoliang, fund manager of Great Wall Jiujia Innovative Growth.
In the 2026 third-quarter report of Great Wall Jiujia Innovative Growth, You Guoliang stated that in the third quarter, the Federal Reserve raised interest rates for the first time in more than three years, long-term U.S. Treasury yields hit new highs in recent years, the global risk-free rate center shifted markedly upward, and risk assets came under broad pressure. Market concerns about the sustainability of future AI capital expenditure resurfaced, and AI upstream technology stocks that had previously posted huge gains faced concentrated profit-taking, with AI hardware-related sectors both overseas and in A-shares declining to varying degrees. A-shares performed even more weakly amid factors such as crowded positioning structure and geopolitical risk disruptions. The STAR 50 Index and ChiNext Index, which led gains in the first half, both posted their largest historical single-quarter declines in the third quarter. In terms of industry performance, traditional value-oriented sectors such as coal, petroleum, and banking led gains, while technology and manufacturing sectors that had been strong in the second quarter, such as electronics and communications, posted relatively large declines.
You Guoliang said he will continue to focus on aerospace and artificial intelligence as the two key innovative technology themes and make adjustments based on market changes. In the AI sector, he moderately reduced attention to upstream hardware names that had previously risen too much; in the commercial aerospace sector, he focused on directions with relatively predictable order rhythms and clearer industrial logic. In addition, based on his outlook for next year's market, he also maintained attention on military directions with strong innovative attributes, such as unmanned equipment.
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