精准布局热门AI赛道 主动权益翻倍基金数量达126只
持续高景气的AI硬件赛道，成为主动权益基金斩获超额收益的核心驱动力。截至6月28日，全市场年内业绩翻倍的主动权益基金共计126只。
证券时报基金研究院 匡继雄
AI硬件撑起翻倍基
Since 2026, the sustained high prosperity of the AI hardware track has become the core driving force for active equity funds to achieve excess returns. Data shows that as of June 28, a total of 126 active equity funds have doubled their performance year-to-date.
Securities Times Fund Research Institute analyzed the top ten heavyweight stocks of these doubled funds at the end of the first quarter and found a distinct commonality: 100% of these funds had AI concept stocks accounting for more than 10% of their stock investment market value. Among them, over 90% of the doubled funds had AI-related holdings exceeding 30%, which is sufficient evidence that the AI industry chain is the core driver behind the doubling of net asset value for these products.
Further analysis of the holding structure reveals that the heavy positions of most AI-themed funds are highly concentrated in the upstream segments of the industry chain. This characteristic is particularly prominent in the portfolio managed by Jin Zicai of Caitong Fund.
The seven products he manages—Caitong Duocelüe Fuxin, Caitong Jiangxin Youxuan One-Year Holding A, Caitong Jingqi Zhenxuan One-Year Holding A, Caitong Integrated Circuit Industry A, Caitong Chengzhang Youxuan A, Caitong Pinzhi Zhenxuan A, and Caitong Jiazhi Dongliang A—all rose over 130% year-to-date.
High concentration in holdings is a notable label for these funds. Eight stocks—Zhongji Innolight, Eoptolink, Dingtai Gaoke, Yuanjie Technology, Han's CNC, Shengyi Electronics, FiberHome, and Yongding Co.—appeared in the top ten heavy positions of all seven funds at the end of the first quarter. Two stocks—Shengyi Technology and WUS Printed Circuit—were heavily held by six of these funds. Only Tengjing Technology covered two funds. Overall, the top ten heavy positions of these seven doubled products totaled only 11 stocks, covering fields such as optical modules, PCB, chips, semiconductor materials, optical components, communication equipment, and specialized equipment, all belonging to the AI upstream sector. In terms of market performance, these 11 core heavy stocks have shown impressive gains year-to-date. Dingtai Gaoke, Yuanjie Technology, and Han's CNC rose over 200%, while Yongding Co., Shengyi Technology, FiberHome, Zhongji Innolight, and WUS Printed Circuit all doubled, providing solid support for fund performance.
Besides Caitong Fund, many AI-themed funds also concentrate their core positions in the AI upstream track. The four funds managed by Sun Shuo of Manulife Fund—Manulife Fuxing Weiye A, Manulife Jiyou Growth A, Manulife Jingqi Linghang Two-Year Holding, and Manulife Growth—all saw net asset value gains exceeding 100% year-to-date. The first-quarter reports showed that eight stocks—Zhongji Innolight, Eoptolink, Shengyi Technology, Hengtong Optic-Electric, Yuanjie Technology, Yongding Co., Changxin Bochuang, and Jiangnan New Materials—were included in the top ten heavy positions of all four funds, clearly indicating an upstream layout.
换手率普遍较高
Rapid rotation and high-frequency position adjustments are another major label of AI-themed funds. Data shows that among the more than 100 doubled funds where AI concept heavy stocks accounted for over 30% of stock investment market value, 80% had turnover rates exceeding 300% in 2025.
In 2025, the seven funds managed by Jin Zicai of Caitong Fund all had turnover rates over 300%, with six exceeding 500%. Even the Caitong Pinzhi Zhenxuan A, established in October of that year, achieved a turnover rate of 313.86% in just two or three months.
Caitong Jiangxin Youxuan One-Year Holding A had a turnover rate of 724.56% in 2025, the highest among the seven products. In the first quarter report of 2025, based on an assessment of potential risks in the overseas computing power sector, the fund significantly reduced its overseas computing power holdings, retaining only CamBrain as the original position in the top ten, while replacing the other nine.
After the sector correction in April and May of that year, Jin Zicai revised his market judgment. In the second quarter report, he completely reshuffled the top ten heavy positions, with communication stocks occupying seven seats, and Eoptolink, Zhongji Innolight, and TFC Communication becoming the top five holdings. Entering the second half of 2025, Jin continued to overweight overseas computing power and adjusted holdings in the optical communication sector. By the end of the fourth quarter, the number of communication sector stocks in the top ten heavy positions dropped to two, while electronics sector stocks expanded to seven.
The five AI-themed funds managed by Gai Junlong of Hongtu Innovation Fund—Hongtu Innovation Xin Science and Technology A, Hongtu Innovation Science and Technology Innovation A, etc.—are also representatives of high-turnover operations. Among the five products, four had annual turnover exceeding 1000%. Hongtu Innovation Jingqi Return A, established in September 2025, had a turnover rate of 404.84% that year. Hongtu Innovation Transformation Select A had an annual turnover rate of 1310.63%, the highest among the five funds. The top ten heavy positions of this product at the end of each quarter in 2025 involved a total of 28 stocks, with nearly 70% appearing only in a single quarter. Combined with timing operations, the stock position increased from 87.62% at the end of 2024 to 94.06% at the end of the second quarter of 2025, further pushing up the annual turnover.
The coexistence of high turnover and high concentration reflects the short-term performance orientation of some fund managers. Precise betting on hot tracks can quickly boost performance and drive product scale growth, but investment returns always come with risks. Extreme concentration in track layouts can amplify return elasticity when the industry is booming, but once the industry's prosperity turns downward, fund net asset values will face drastic fluctuations.
选中绩优AI主题基金并非易事
While AI-themed funds with doubled net asset values this year are dazzling, short-term explosiveness cannot be simply equated with a fund manager's comprehensive management ability. The true measure that withstands scrutiny is medium-to-long-term performance across cycles. Currently, as tech stocks represented by AI become more volatile, the difficulty of investing in AI-themed funds has increased significantly.
Data shows that among AI-themed funds where the proportion of AI concept heavy stocks in total stock market value exceeded 30% at the end of 2023, end of 2024, end of 2025, and end of the first quarter of 2026 (with an average above 50%), four products—Caitong Integrated Circuit Industry A, Dongfang Huixin A, Manulife Fuxing Weiye A, and ChinaAMC Advanced Manufacturing Leader A—have fund managers with over three years of management experience, year-to-date returns ranking in the top 10% of their peers, and three-year return rankings from 2023 to 2025 stable in the top 50%, demonstrating sustained leading competitiveness.
Medium-to-long-term performance is just a manifestation of investment research capabilities. Identifying the source of returns is key to further distinguishing a fund's core competitiveness. Taking ChinaAMC Advanced Manufacturing Leader A as an example, the fund had a stock position as high as 94.38% in 2025 with a turnover rate of 279.68%. The characteristics of high position and low turnover indicate that returns mainly rely on precise stock selection. Data supports this: the fund rose 66.16% in 2025, with stock selection contributing a return of 48.81%, and Eoptolink and Shengyi Technology leading in contribution.
Dongfang Huixin A showed another path: the fund had a stock position of 76.08% at the end of 2024, increased to 94.42% by mid-2025, and rose 60.22% for the year, with timing contributing a return of 3.24%.
After clarifying the sources of returns, the risk control level of fund managers is also a core dimension for screening. Comparing the four funds deeply engaged in the AI track, Caitong Integrated Circuit Industry A, Manulife Fuxing Weiye A, and ChinaAMC Advanced Manufacturing Leader A all had maximum drawdowns of less than 10% year-to-date, with drawdown control levels in the top 30% of their peers, showing significant advantages in resisting volatility.
In addition to drawdown magnitude, the recovery efficiency after net asset value declines is also a key indicator of a manager's comprehensive strength. Among the four products, Caitong Integrated Circuit Industry A, Dongfang Huixin A, and ChinaAMC Advanced Manufacturing Leader A had drawdown recovery periods of 181 days, 157 days, and 156 days respectively, all within 200 days, demonstrating strong correction and re-attack capabilities.
In the final analysis, selecting AI-themed funds cannot rely solely on short-term gain rankings. The stability of medium-to-long-term performance, clarity of return sources, and effectiveness of risk control are all indispensable. In the wave where industry trends and market sentiment intertwine, only fund products that balance aggressiveness and stability can navigate through market rotations and create sustainable long-term returns for investors.
