In-Depth Analysis of Top-Performing Funds' Q4 2025 Position Adjustment Strategies: AI, Innovative Drugs, and Robotics as Core Allocation Tracks

I will now provide an in-depth analysis based on the latest Q4 2025 fund reports and market data.

Based on the disclosed Q4 2025 fund reports, top-performing fund managers generally maintained high-position operations (most with 85% to over 90% of positions), and their allocation strategies showed distinct

characteristics. Position adjustments focused primarily on three high-prosperity tracks:

• Positions are further concentrated in core computing power segments such as optical modules, PCB, liquid cooling, and storage
• Leading funds such as China Europe Digital Economy (2025 return: 143%) and Tongtai Digital Economy (2025 return: 85.98%) have all designated AI as their core allocation [1][2]
• Fund managers have started expanding allocations from pure computing power stocks to derivative segments such as “optical” and “storage” [3]

• Benefiting from accelerated approvals (76 innovative drugs approved in 2025, up 58.3% year-on-year), the establishment of a closed-loop payment system (dual-track of medical insurance + commercial insurance), and accelerated overseas expansion (total outbound licensing transaction volume reached USD 135.655 billion in 2025) [4][5]
• Products such as Tianhong Innovative Drug ETF have performed strongly since the start of 2026

• Robotics-themed funds such as Huafu Technology Momentum have increased their “purity”, with their top holdings focusing more on core actuator components (joints, gears, lead screws, motor servo systems) [6]
• 2025 is referred to by the industry as the “first year of humanoid robot mass production”, with the top six global humanoid robot manufacturers by shipment volume all being Chinese enterprises, accounting for 86.9% of the global total [7]

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• Chen Zongchao of Tongtai Fund clearly stated: “Artificial intelligence has launched a new Kondratiev wave cycle”, believing that the main battlefield of this AI wave will shift from the West back to China [2]
• Open-source breakthroughs in domestic large models such as DeepSeek have convinced global investors that China has rapidly caught up with and even surpassed the US in the AI field
• Fund managers generally expect that AI investment opportunities will continue to expand into new technologies and trends in 2026

• From Pure Computing Power to “Optical” and “Storage”:
  Du Houliang of China Europe Fund believes that the proportion of “optical” (optical interconnection) and “storage” in overall capital expenditure is expected to continue to increase in 2026 [3]
• From Hardware to Applications:
  With the sharp decline in inference costs, AI applications may truly enter their “year of explosive growth” in 2026 [2]
• From Overseas to Domestic Computing Power:
  The domestic AI computing power industry chain is breaking through from “1 to N”, with high-end chip foundry capacity gradually increasing

Dimension	Core Changes
Approval	76 innovative drugs approved in 2025, up 58.3% from 2024, with domestic drugs accounting for over 80%
Payment	The new version of the national medical insurance catalog and the first version of the commercial insurance innovative drug catalog are implemented simultaneously, forming a closed-loop of “medical insurance + commercial insurance”
Overseas Expansion	Total annual outbound licensing transaction volume reached USD 135.655 billion, with cumulative down payments of USD 7 billion (157 transactions)

• Zhongtai Securities pointed out that the key to this round of innovative drug market is the transition from “narrative” to actual value realization [4]
• Different from 2019-2021, the current overseas expansion of innovative drugs is transitioning from “quantity” to “quality”
• It is recommended to focus on two types of enterprises: companies that have successfully licensed mature products to multinational corporations (MNCs), and companies with platform advantages in cutting-edge technology fields

• Jensen Huang, CEO of NVIDIA, announced at CES 2026: “The robotics field has officially ushered in its own ‘ChatGPT moment’” [7]
• Huatai Securities defines 2026 as the “year of advancement” for the practical execution capability of humanoid robots
• Zhiyuan Robotics has captured 39% of the global market share with annual shipments exceeding 5,100 units, ranking first in the world

• Core actuator components (joints, gears, lead screws, motor servo systems) have become the focus of institutional allocations [6]
• Industrial robots, service robots, and humanoid robots form multi-level investment opportunities
• The top six global humanoid robot manufacturers by shipment volume in 2025 are all Chinese enterprises, indicating great potential for the domestic industry chain

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Allocation Strategy	Recommended Proportion	Key Directions
Core Positions	60%-70%	Tech-style active funds with all-market stock selection
Satellite Positions - Segmented ETFs	20%	AI Computing Power/Data Center ETFs, Semiconductor Equipment ETFs, Robotics ETFs
Satellite Positions - Cross-Border	10%-20%	QDII funds investing in overseas tech stocks (such as Nasdaq Tech)

• Index Funds:
  ETFs focusing on tracks such as semiconductors and AI, whose underlying assets are highly aligned with industrial trends, with clear and transparent styles [8]
• Active Equity Funds:
  Products managed by fund managers who specialize in the tech sector and have a mature stock selection framework
• Quantitative Enhanced Funds:
  Systematic stock selection with relatively diversified positions, suitable for capturing the overall beta returns of the track

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1. Valuation Risk:
   After more than a year of gains, the valuations of some AI and innovative drug targets have reached historical highs
2. Technology Iteration Risk:
   Rapid changes in AI technology routes may render some investment logics invalid
3. Policy Risk:
   Intensity of medical insurance cost control, US healthcare reform, and the pace of interest rate cuts by the Federal Reserve, among others

• Core + Satellite Strategy:
  Use blue-chip stocks as core positions and the foundation, and use second-tier growth stocks (“gray horses”) to increase flexibility [2]
• Dynamic Adjustment:
  Continuously track various segmented tech tracks and maintain sensitivity to new technologies
• Valuation Discipline:
  Some fund managers reduced their holdings of new consumer and innovative drug stocks in Q3 2025, citing valuations that have discounted future growth [9]

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The Q4 2025 position adjustment strategies of top-performing funds have the following core implications for 2025 market trends:

Fund managers are placing greater emphasis on industry prosperity and industrial trend verification, rather than simply betting on valuation recovery. “Balancing high earnings certainty and high flexibility” has become the main allocation approach.

Whether it is AI computing power, innovative drugs, or robotics, all have the characteristics of industrial transformation from “0 to 1” or “1 to N”, which aligns with fund managers’ pursuit of long-term growth space.

Some fund managers have chosen to instrument and specialize their products in specific tracks, achieving excellence in a single field. The explosive performance of tech funds in 2025 has proven the effectiveness of this strategy in a structural bull market, but it also faces challenges such as track congestion and scale bottlenecks.

As the scale of ETFs increased by over RMB 2 trillion to RMB 6 trillion in 2025, the discourse power of institutional capital in core tracks continues to strengthen, and high-quality assets are expected to enjoy sustained premiums.

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[1] Wall Street CN - First Batch of Public Fund Q4 Reports Released: Top-Performing Fund Managers Confirm AI-Driven Industrial Transformation as the Core Market Theme (https://wallstreetcn.com/articles/3762936)
[2] Wall Street CN - Interview with Li Jin, Winner of 2025 Equity Fund Championship at Rongtong Fund: AI, New Consumption, and Innovative Drugs Form the “Trident” (https://www.rtfund.com/a/554FA6D1AF4CB31166B2C77E86F8BD71)
[3] Securities Times - Facing the AI Bubble Theory: Fund Managers Explore Investment Opportunities from Multiple Dimensions (https://www.stcn.com/article/detail/3598834.html)
[4] Sina Finance - Accelerated Approvals + Closed-Loop Payment + Overseas Expansion: Innovative Drug Industry Enters a Golden Age (https://finance.sina.com.cn/jjxw/2026-01-07/doc-inhfmycv4886715.shtml)
[5] Sina Finance - Interview with Fund Manager Mao Dingding: What is the Investment Logic of A-Share Innovative Drugs? (https://finance.sina.com.cn/roll/2026-01-08/doc-inhfsfzz0691052.shtml)
[6] Securities Times - Robotics Funds Increase “Purity”! Latest Position Adjustments of Popular Funds Exposed (https://www.stcn.com/article/detail/3598559.html)
[7] Sina Finance - Investment Opportunities in the Humanoid Robot Sector Highlighted (https://finance.sina.com.cn/jjxw/2026-01-07/doc-inhfmppx6538561.shtml)
[8] Daily Economic News - 2025 Tech Funds “Surge”: Multiple Products Double Their Net Value (https://www.mrjjxw.com/articles/2025-12-15/4181588.html)
[9] Securities Times - Multiple Funds Announce Purchase Restrictions (https://www.stcn.com/article/detail/3589409.html)
[10] Xiangcai Securities - Focus on Investment Opportunities in Robotics Industry ETFs (https://www.nbd.com.cn/articles/2026-01-13/4218047.html)