Special Topic: Focusing on 2025 Fund Q4 Reports: AI Applications, Commercial Space, Nuclear Fusion – Who Will Lead the 2026 Investment Theme? According to performance data from the fourth quarter of 2025, the 16 funds within the Yongying Smart Select series exhibited divergent overall performance. Yongying Fund Smart Select Series Performance Overview Data source: Wind, as of 20260122 In terms of year-to-date returns, core hard-tech sectors represented by storage chips, AI applications, and semiconductors have demonstrated robust performance elasticity. Among them, Yongying Pioneer Semiconductor Smart Select A led with a return of 30.76%, closely followed by Yongying Information Industry Smart Select A, which rose 26.46% year-to-date. Furthermore, funds focused on semiconductors, computing power, and cutting-edge technologies on the Beijing Stock Exchange, such as Yongying Semiconductor Industry Smart Select A, Yongying Digital Economy Smart Select A, and Yongying Emerging Industries Smart Select A, also recorded double-digit growth. Observing the single-quarter performance from Q4 of last year, sector rotation and shifts in market sentiment were more pronounced. The most outstanding performer was Yongying High-End Equipment Smart Select A, achieving a remarkable single-quarter return of 56.42%; Yongying Manufacturing Upgrade Smart Select A and Yongying Pioneer Semiconductor Smart Select A also continued their strong momentum. In contrast, funds focusing on Hong Kong growth stocks, innovative drugs, and AI media, namely Yongying Hong Kong Stock Connect Technology Smart Select A, Yongying Pharmaceutical Innovation Smart Select A, and Yongying Consumer Leader Smart Select A, were among the worst performers. The following sections systematically outline the Q4 portfolio structures and core views of the fund managers for the 16 products in the Yongying Smart Select series: Yongying High-End Equipment Smart Select A (Commercial Space) This fund's holdings are concentrated in core enterprises of the aerospace industry chain, covering the entire spectrum from satellite manufacturing and launch services to ground equipment and applications. Its top ten holdings are: China Satellite, Superjet Co., Ltd., Shanghai Gangwan, China Satcom, Aerospace Electronics, Tianyin Electromechanical, Sunway Communication, Western Materials, Shanghai Hanxun, and Shunhao Co., Ltd. Fund manager Zhang Lu believes the outstanding Q4 performance was primarily driven by three factors: breakthroughs at the policy level, including the establishment of the Commercial Space Department by the National Space Administration and the release of a three-year action plan, integrating commercial space into the national aerospace development framework; significant acceleration in industrial progress, with Starlink constellation launch frequency notably increasing since June and important breakthroughs achieved in reusable rocket testing; and the new direction of "space computing power" opening long-term imaginative space, envisioning the deployment of AI computing infrastructure in space to utilize solar power and the low-temperature environment to address ground-based computing bottlenecks. Looking ahead to 2026, the fund will focus on the bidding progress, launch frequency, and quality of the two major satellite internet constellations, the progress in multiple test launches of reusable rockets, innovative breakthroughs in satellite applications for terminals like low-altitude economy, smartphones, connected cars, and robotics, as well as the IPO progress and capitalization process of commercial space companies. The sector may experience repeated activity driven by multiple catalysts. Yongying New Energy Smart Select A (New Energy + Robotics Second Curve) This fund has achieved an 11.25% return year-to-date. It focuses on allocating to new energy vehicle component companies with potential in robotics businesses. Its top ten holdings are: Zhejiang Rongtai, Siling Intelligent Drive, Weichuang Electric, Wuzhou New Spring (Rights Protection), Longsheng Technology, Hengli Hydraulics, Wanxiang Qianchao, Jinwo Shares, Zhenyu Technology, and Hengbo Co., Ltd. Fund manager Hu Ze pointed out that the new energy vehicle industry has entered a stage of intense competition, making expansion into the robotics field a key strategic move for component companies to secure a second growth curve. He noted that over half of the component companies are already planning moves into humanoid robotics. Major automakers' investments in AI computing power and autonomous driving can be repurposed for robotics AI models, while component manufacturers' capabilities in high-precision, low-cost manufacturing can also serve robotics production. Leading automakers are expected to launch Version 3 humanoid robots in 2026, featuring significant design upgrades. During this period, numerous Chinese component manufacturers are expected to secure designated supplier status for related humanoid robots. Based on in-depth research and tracking, Chinese suppliers are poised to become key players in critical areas such as lead screws, reducers, motors, sensors, electronic skin, and structural components. The fund will prioritize investing in companies that can genuinely become humanoid robot suppliers and reflect robotics business contributions in their revenue. Yongying Pharmaceutical Innovation Smart Select A (Innovative Drug Globalization) This fund has a size of 5.931 billion yuan, with a year-to-date return of 4.70%, but faced an 18.65% drawdown in Q4. Its top ten holdings are: Akeso Biopharma, Hengrui Pharmaceuticals, BeiGene, Innovent Biologics, Ascentage Pharma, Kelun-Bota Biotech B, Baili Tianheng, RemeGen, Dizal Pharma, and Sansheng Pharmaceuticals. Fund manager Shan Lin emphasized that the current innovative drug industry cycle is comparable to China's new energy revolution, home appliance globalization, and the 2018-2021 CXO wave, representing a concentrated release of accumulated industrial potential. China has gained a globally leading advantage in novel therapies like bispecific antibodies and ADCs, and is expected to secure more product licensing-out (BD) collaborations globally based on superior clinical data. Looking ahead to 2026, the trend of innovation globalization is expected to continue, with several major domestic innovative drugs potentially achieving proof-of-concept and demonstrating competitiveness on the world stage. BD expectations adjusted in the second half of 2025 have gradually returned to rationality. Future investments will deeply analyze products' global competitiveness, focusing on value realization paths such as endogenous profit growth, innovation globalization, and clinical pipeline advancement. Ultimately, companies that can weather cycles will be those possessing genuine hard technology strength and the ability to continuously create clinical value. Yongying Semiconductor Industry Smart Select A (Lithography Machines + Advanced Processes) This fund has a size of 5.852 billion yuan and a year-to-date return of 13.95%. Its top ten holdings are: SMIC, Morningray Optoelectronics, Aopu Photoelectronics, Huicheng Vacuum, Fujing Technology, Jiangbolong, Deming Li, Cambricon, Yandong Micro, and GigaDevice. It maintains a comprehensive layout across semiconductor equipment, materials, and design segments. Fund manager Zhang Haixiao stated that the domestic semiconductor industry continues to develop rapidly along the theme of import substitution, with the national systemic approach playing a role in numerous bottleneck areas. Judging from exhibits at the Shanghai Industrial Fair and the Shenzhen Bay Chip Exhibition, the technical level of domestic companies' equipment is continuously improving. He noted that "a workman must sharpen his tools if he is to do his work well," highlighting the lithography machine as the most critical link in semiconductor equipment. The industry is supported by three main factors: sustained policy support, with the National Integrated Circuit Industry Investment Fund phases I, II, and III cumulatively raising over 650 billion yuan, combined with local support and market financing, creating massive investment; strong global enthusiasm for AI investment, with related capital expenditure expected to reach $4-5 trillion in 2025, becoming the most significant driver of downstream semiconductor demand; and the improvement of domestic semiconductor production capacity, with previously constrained capacity bottlenecks expected to see significant improvement by 2026. The fund maintains its allocation to the core lithography machine industry chain, advanced process产业链, and computing power and storage产业链. Yongying Low-Carbon Environmental Protection Smart Select A (Low-Altitude Economy) This fund has a size of 1.099 billion yuan and a year-to-date return of 6.95%. Its top ten holdings are: Zongheng Shares, Zongshen Power, Changyuan Donggu, Les Information, Wanfeng Aowei (Rights Protection), Longsheng Technology, Narui Radar, Guorui Technology, Sichuan Jiuzhou, and Sichuang Electronics. It focuses on core segments like eVTOL aircraft, power systems, and air traffic control systems. Fund manager Hu Ze indicated that in late March 2025, the Civil Aviation Administration issued the first Type Certificate (TC) for an eVTOL project, marking the legal recognition of its commercialization. However, projects have since remained in the flight testing phase, unable to achieve large-scale commercial operation, with progress in low-altitude infrastructure lagging behind expectations; the current main bottleneck lies in low-altitude infrastructure construction. Hu Ze admitted that the pace of industry commercialization and infrastructure progress has been slightly slower than expected in the short term, and the sector is currently in a stage of building momentum. As an important representative of new quality productive forces, the low-altitude economy remains a key long-term development direction, with various tasks advancing orderly. It is expected that with the future development of low-altitude infrastructure and the validation of business models, the industry will achieve substantive progress. Yongying Emerging Consumption Smart Select A (Growth Consumption + Globalization) This fund has a size of 1.216 billion yuan and a year-to-date return of 5.15%. In Q4, the portfolio increased its allocation to real estate chain companies that achieve growth through their own alpha. Fund manager Jiang Weihua stated that in the current market environment, high-quality consumer growth stocks offer compelling value. Companies expanding globally are enjoying dividends from first-mover advantages; the real estate chain, after deep adjustments, has seen significantly improved competitive dynamics, with some leading companies maintaining stable operations; attention is also paid to emerging consumption areas like gaming and cosmetics, as well as innovative drug leaders entering a product harvest period. The fund is committed to uncovering excess growth opportunities among high-quality small and mid-sized companies in the consumption sector. Yongying Consumer Leader Smart Select A (AI Media + Gaming) This fund has a size of 361 million yuan and a year-to-date return of 12.83%. Its top ten holdings are: Century Huatong (Rights Protection), Kaiying Network, Perfect World, Giant Network, 37 Interactive Entertainment (Rights Protection), Tencent Holdings, Bilibili W, Focus Technology, China East Education, and Shanghai Film. It is heavily weighted in gaming leaders, supplemented by internet platforms and film-related stocks. Fund manager Bao Kai mentioned that the consumption sector overall was weak in Q4, with the CSI Consumer Index falling 7%. Emerging consumption faced significant pressure in Q4 2025, partly due to marginally weakening fundamentals and partly influenced by market sentiment and capital flows. The pullback in the gaming sector was more attributable to excessive short-term market sentiment and strong profit-taking pressure, rather than the end of the trend. The product life cycles and earnings realization cycles of leading stocks are still expected to continue, potentially driving a dual increase in profits and valuations in the upcoming peak season. Additionally, the relaxation of regulations in the film and television sector may lead to an increase in high-quality supply. The fund has also begun to focus on service consumption opportunities, supported by national policies and subsidies, and coupled with the absence of inventory pressure, the fundamental inflection point for service consumption might arrive faster than for goods consumption. Yongying Digital Economy Smart Select A (Computing Chip Self-Sufficiency) This fund has a size of 3.817 billion yuan and a year-to-date return of 13.13%. Its top ten holdings are: Hygon Information, SMIC, Cambricon, Envicool, Ruijie Networks, Huafeng Technology, Centec Communications, GigaDevice, Weice Technology, and Huahong Semiconductor. It maintains a comprehensive layout in domestic computing chips, advanced manufacturing, and supporting segments. Fund manager Wang Wenlong stated that domestic artificial intelligence is still in its early stages, with model iteration accelerating and leading players beginning to emerge. Infrastructure investment continues to accelerate, but due to a tight supply-demand balance, the industry's growth trajectory is determined by the supply slope. As downstream applications scale, demand growth may persistently outpace supply growth, likely leading to sustained high industry景气度. Self-sufficiency is the core logic. Throughout 2025, the industry repeatedly experienced Sino-US博弈 over chip imports, yet China demonstrated remarkable resilience, firmly committed to the self-sufficiency of the computing power chain, making import disruption factors increasingly insignificant. He believes that China will inevitably see the rise of an independent computing power industry chain. During the reporting period, the fund fully adhered to domestic computing power, increased holdings in stocks with higher earnings certainty, and conducted some valuation rotation. The overarching strategy remains firmly holding domestic computing chips and is expected to be maintained for a considerable time. Yongying Advanced Manufacturing Smart Select A (Year of Humanoid Robot Mass Production) This fund, with a size of 19.462 billion yuan, is the largest in the series, achieving a year-to-date return of 12.91%. Its top ten holdings are: Xinquan Automotive, Zhejiang Rongtai, Siling Intelligent Drive, Johnson Electric Holdings, Wuzhou New Spring, Sanhua Intelligent Controls, Tuopu Group, Weichuang Electric, Beite Technology, and Ningbo Huaxiang. It focuses on allocating to key component suppliers for humanoid robots. Fund manager Zhang Lu stated that 2026 could be the inaugural year for mass production of humanoid robots, potentially featuring revolutionary product releases globally. The approach of mass production will bring certainty to the sector, with companies possessing both technological and channel advantages likely to benefit first. The sector may exhibit four key characteristics going forward: the industry will enter its mass production phase; companies with technology and channel advantages will benefit first; monitor the IPO progress of important domestic robot companies, as the domestic supply chain may flourish diversely; and the "usability," "scenario-specific application," and "intelligence" of robots are the three key factors determining product competitiveness. Citing Elon Musk's repeated assertions that the future ratio of humans to humanoid robots could exceed 1:1, she highlighted that the humanoid robot industry chain is long and complex, involving multidisciplinary integration and hardware-software synergy, potentially representing a long-term, substantial investment theme akin to the Apple supply chain in consumer electronics or the Tesla EV supply chain in its day. Yongying Technology Smart Select A (Cloud Computing + Optical Communication) This fund has a size of 15.468 billion yuan, with a year-to-date return of 3.05% and a Q4 return of 13.18%. Its top ten holdings are: Shengyi Technology, Zhongji Innolight, Wus Printed Circuit, Eoptolink, Shennan Circuits, TFC Optical Communication, Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology. It is heavily weighted in core computing infrastructure components like optical modules and PCBs. Fund manager Ren Jie mentioned that the new generation multimodal model launched by a search industry leader has once again elevated industry capabilities. From the user perspective, Gemini's market share in the consumer segment continues to grow. The model still has significant potential for improvement in areas like Agent technology, multimodality, and autonomous learning. The industry shows three major trends: the application ecosystem is transitioning from scale expansion to structural upgrade, entering a second development phase centered on user segmentation, capability differentiation, and service depth; computing architecture is innovating, with features like MoE, long context, and multi-Agent enhancing the importance of communication and storage, while innovative technologies like CPO/NPO and OCS are being rapidly adopted; companies that deeply participated early in the R&D and supply chain collaboration with leading manufacturers are likely to gain significant industry红利 as penetration rates increase. The fund will continue to focus on the global cloud computing industry, paying particular attention to optical communication and PCB directions within the communications field. Yongying Information Industry Smart Select A (AI Applications + B2B Agent) This fund, with a size of 899 million yuan, achieved a year-to-date return of 26.46%, making it the best performer in the series. Its top ten holdings are: Hand Information, Kingsoft Office, Shuiyou Co., Ltd., Sangfor Technologies, Foxit Software, Hehe Information, Focus Technology, Kingdee International, Digiwin Digital Intelligence, and Zhuoyi Information. It focuses on enterprise-level software and companies implementing AI applications. Fund manager Wang Wenlong, based on market observations, pointed out that AI applications in 2025 have shown clear characteristics of industrial implementation. In vertical sectors like programming development and advertising marketing, AI technology is rapidly penetrating actual business processes as leading internet companies' large models continue to iterate and open up. Concurrently, AI agents (Agents) for enterprise use have begun pilot applications in multiple industries, with related technology service providers seeing an acceleration in order growth. The current sector performance has not fully reflected fundamental progress, with the core矛盾 being: the long-term logic for AI applications was already fully anticipated and traded between 2023 and early 2025, but actual industrial implementation still follows an objective, step-by-step process. Additionally, the software industry's performance inherently lags the macroeconomic cycle, generally facing an order trough in 2024, while financial statement improvements lag behind order recovery – judging from Q3 2025 report data, the industry may have passed its most difficult period. As the penetration of AI technology applications continues to increase, coupled with the approaching inflection point in the software industry's own earnings cycle, the sector is poised for a potential "double click" scenario where valuation and earnings resonate positively. Referring to the development trajectory of the previous cloud computing industry cycle, when AI-related order revenue reaches a certain threshold within a company's overall revenue, it often signals the start of a new industry景气 cycle. Yongying Manufacturing Upgrade Smart Select A (Controlled Nuclear Fusion) This fund has a size of 1.428 billion yuan, with a year-to-date return of 12.45% and a Q4 return of 11.86%. Its top ten holdings are: Lianchuang Optoelectronics, Yongding Co., Ltd., ATA Technology, Heduan Intelligent (Rights Protection), Guoguang Electric, Xuguang Electronics, Prince New Materials, Xizi Clean Energy, Aikesaibo, and Xinfengguang. It invests in core segments like superconducting materials, vacuum equipment, and power supply systems. Fund manager Hu Ze analyzed that 2025 is a critical launch year for controlled nuclear fusion experimental reactors entering intensive planning and construction. Led by the Hefei BEST project, multiple rounds of centralized bidding have taken place within the year, marking the entry of China's industrial layout in this field into a substantive stage. Current technological breakthroughs mainly benefit from two core advancements: on one hand, AI technology significantly enhances the simulation and control capabilities of plasma operational states; on the other hand, the application of high-temperature superconducting materials allows for a substantial reduction in device size, directly driving down construction and operational costs. Controlled nuclear fusion technology boasts multiple advantages including renewability, near-zero radiation, operational stability, and strong grid compatibility. If large-scale application is achieved in the future, it has the potential to become the ultimate solution for humanity's energy system,届时 presenting explosive development opportunities for related industries. Looking ahead to investment布局 for 2026, the focus will be on the construction progress of next-generation projects like Spark, HL-3 Modification, and Xianjue. The advancement of these projects is expected to directly drive business growth for related companies in the industry chain, potentially creating sector-wide investment opportunities. Simultaneously, tritium fuel cycle self-sustaining technology, as a core link in the commercialization of controlled nuclear fusion, and its technological breakthroughs and industrialization progress will also be key areas for continuous tracking. Yongying Emerging Industries Smart Select A (Beijing Stock Exchange + Specialized, Refined, Distinctive, and New) This fund has a size of 334 million yuan and a year-to-date return of 13.25%. Its top ten holdings are: Fujikura (likely referring to a BSE-listed entity with a similar name, context suggests a BSE stock), Naconor, Gebija, Shuguang Shuchuang, Yuanhang Precision, Beterui, Kaite Shares, Xingtu Cekong, Lingge Technology, and Tongli Shares. It selectively picks leaders in various细分 segments on the Beijing Stock Exchange. Fund manager Ou Zichen stated that the Beijing Stock Exchange gathers a large number of small and mid-cap growth stocks with innovative vitality. Among them, growth assets represented by new quality productive forces, although having entered a phase of wide fluctuations after market gains, still possess vast long-term growth space. At the current market stage, the fund will focus on industrial opportunities with clear potential for breakthroughs from 0 to 1, such as artificial intelligence, humanoid robots, solid-state batteries, quantum computing, and commercial space. Taking solid-state batteries as an example, with the协同 promotion of the entire industry chain, related technological progress has significantly accelerated, and 2026 is expected to be the inaugural year of industrialization. Notably, a group of core enterprises occupying important positions in cutting-edge industry chains like solid-state batteries, humanoid robots, and commercial space have already emerged within the Beijing Stock Exchange. Simultaneously, this type of innovative growth stock will also benefit from the continuous improvement of market liquidity. As the number of listed companies on the Beijing Stock Exchange grows steadily and high-quality enterprises continue to gather, those优质 companies possessing the "Specialized, Refined, Distinctive, and New" characteristics and establishing unique competitive advantages in their细分 fields are expected to gain more development opportunities amid the deepening reform of the capital market. Yongying Hong Kong Stock Connect Technology Smart Select A (Hong Kong Growth + AI Empowerment) This fund has a size of 704 million yuan and a year-to-date return of 7.13%. Its top ten holdings are: Tencent Holdings, Bilibili W, SMIC, Alibaba W, Kingdee International, JD Health, China Mobile,范式 Intelligent (likely a specific AI/tech company), Cambridge Technology, and Meituan W. It allocates to internet leaders, chip manufacturing, and software companies. Fund managers Zhu Chenge and Ren Jie explained their allocation strategy: current AI model applications are transitioning from the initial scale-expansion phase to a new phase of structured upgrade centered on user segmentation, capability differentiation, and service depth. Based on this judgment, the fund focuses on two types of targets in the Hong Kong market: first, internet platform enterprises with leading advantages in AI model capabilities; second, software service providers that have achieved scaled AI implementation in enterprise application scenarios with clear business models. As the global penetration of AI applications continues to increase, the long-term value of internet communities and platforms that have accumulated rich human-interaction data and high-quality content assets is being重新认知 and repriced by the market. The fund has accordingly allocated to relevant domestic targets with significant advantages in content ecosystems and user data. Although the core businesses of some leading companies still face short-term pressures, their firm investment and continuous exploration in AI technology are expected to inject new momentum into medium-to-long-term主业 growth and business model evolution. Looking ahead to 2026, the fund will continue to focus on three core directions: technological innovation, supply chain self-sufficiency, and technology globalization, actively discovering and investing in high-quality companies with sustained growth potential. Yongying New Materials Smart Select A (Solid-State Batteries) This fund has a size of 1.218 billion yuan and a year-to-date return of 6.01%. Its top ten holdings are: Xiamen Tungsten New Energy,华盛 Lithium Battery, Dangsheng Technology, Boyuan Shares, Tiantie Technology, Naconor, Tinci Materials, Ganfeng Lithium, Hailiang Co., Ltd., and Weidao Nano. It covers segments like solid-state battery electrolytes, anode materials, and equipment. Fund manager Ou Zichen analyzed that solid-state batteries, with significant advantages such as higher theoretical energy density, wider operating temperature ranges, and superior theoretical safety performance, have become the globally recognized key development direction for the next generation of lithium batteries. Currently, semi-solid-state batteries are gradually achieving commercial application in fields like consumer electronics and new energy vehicles; meanwhile, the technological iteration of all-solid-state batteries has noticeably accelerated with the协同推进 of the upstream and downstream industry chain, and 2026 is expected to be the inaugural year for scaled mass production. Observing the industry chain, new electrolyte technologies represented by sulfide electrolytes are rapidly breaking through and driving costs down continuously, new anode systems like silicon-carbon anodes and lithium metal anodes are gradually moving towards scaled commercial use, and specialized equipment adapted for all-solid-state battery manufacturing is also being finalized at an accelerated pace. From a market perspective, the domestic liquid lithium battery industry scale reached 1.2 trillion yuan in 2024 and is expected to maintain rapid growth. As solid-state battery technology matures, it is expected to gradually replace a considerable share of the existing liquid lithium battery market. Notably, since Q4 2025, as the entire lithium battery industry chain entered an upward景气 cycle, a明显的良性共振 development trend has formed between the solid-state battery细分领域 and its parent industry. Yongying Pioneer Semiconductor Smart Select A (Storage Chip Super Cycle) This fund, with a size of 9.326 billion yuan, achieved a year-to-date return of 30.76%, making it the best performer in the series. Its top ten holdings are: Deming Li, BIWIN Storage, Shannon芯创, Jiangbolong, Ingenic Semiconductor, GigaDevice, Jingzhida, Shengong Shares, Kaipuyun, and Montage Technology. It focuses on storage chip design, modules, distribution, and equipment segments. Fund manager Zhang Haixiao pointed out that investment enthusiasm in the global AI field remains high, with related capital expenditure expected to reach $4-5 trillion in 2025, which has become the most significant growth engine driving downstream demand in the semiconductor industry. Since 2023, AI computing demand has successively driven the high-end chip markets like GPUs and HBM; currently, its带动效应 on the storage chip market, which exceeds $150 billion in size, is becoming increasingly prominent. From a demand structure perspective, inference-side demand is becoming the main driver of AI computing power growth. Particularly in deep thinking modes, systems generate a large amount of intermediate data requiring real-time storage by increasing inference iterations and duration to enhance answer accuracy, significantly boosting demand for storage chips like DRAM and NAND. The supply side shows持续克制. After the previous industry景气 cycle, storage chip prices fell significantly, and original manufacturers generally faced losses, leading to cautious overall capital expenditure, with increases only in specific areas like HBM in 2023. The current mismatch between supply and demand structures has pushed storage chip prices into an upward trajectory. In this涨价 cycle, the受益 sequence for various segments of the industry chain is unfolding gradually: sales channel enterprises (including module manufacturers, distributors, etc.) will benefit first; subsequently, the profitability of wafer original manufacturers and chip design companies will also improve; if demand growth proves sustainable, equipment and material manufacturers are expected to benefit later from order growth driven by capacity expansion. Looking ahead to 2026, global storage manufacturers' capital expenditure is expected to remain prudent, price changes will remain a core industry observation indicator, and companies in the sales channel segment are expected to exhibit greater elasticity during this storage "super cycle."
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