The equity fund in 2025 indeed shows astonishing performance and &#34;explosive power&#34;!
As of October 21, the Yongying Technology Smart Mixed Fund (hereinafter referred to as &#34;Yongying Technology Fund&#34;) has achieved a year-to-date return of 198.4% (see chart below). This champion fund recently disclosed its third-quarter report.
The quarterly report shows that the fund's scale has now exceeded 11.5 billion yuan, nearly 10 times that of the beginning of the year. At the same time, the fund added three new heavy positions in the third quarter: Sytech, Montage Technology, Shijia Photons, with year-to-date returns of 156%, 102%, and 328% respectively (as of the morning of October 22, 2025, the same below).
Additionally, Yongying Technology has removed three companies from its list of top ten heavy positions: Shenghong Technology, Yuanjie Technology, Industrial Fulian, with year-to-date increases of 561%, 252%, and 214% respectively.
What could be the logic behind such operations?
How does the fund manager view past performance?
How does he foresee the next phase of the market?
Let’s break down his third-quarter report in detail.
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<h2>Continue to Maintain High Positioning, Moderately Increase Hong Kong Stock Allocation</h2>
First, let's look at the most critical asset allocation part during the reporting period.
The third-quarter report shows that Yongying Technology Fund continues to operate with a high positioning under the contract. The stock position at the end of the reporting period exceeded 94.4%, which is basically flat compared to the end of the previous quarter.
In the context of facing billions in net subscriptions during the reporting period, this means that once the fund manager received the funds, he immediately continued to invest in favored sectors, showing a very resolute attitude.
Moreover, compared to the market allocation of the previous quarter, the Yongying Technology Fund significantly increased its allocation to Hong Kong stocks at the end of the third quarter. Although there are currently no specific holdings, historically, Yongying Technology has bought representative Hong Kong tech stocks such as Kingsoft Cloud and Alibaba.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/92d3e357-a0eb-4c61-ab47-ce0b0bc8ab8c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/92d3e357-a0eb-4c61-ab47-ce0b0bc8ab8c.png"/>
<h2>Still Heavily Invested in AI Computing Power</h2>
Additionally, from the industry sectors involved in the heavy positions, Yongying Technology Smart Mixed Fund continued to significantly invest in the AI computing power (semiconductor) sector in the third quarter. The industry attributes of Yongying Technology's heavy positions marked by WIND are all in the communication and electronics fields.
Observing Yongying Technology's top five heavy positions, whether it is NewEase, Zhongji Xuchuang, Tianfu Communication, or Shenzhen South Circuit, Hu Dian Co., Ltd., they are all important stocks in this field.
Fund manager Ren Jie stated that based on the judgment made in the second quarter of &#34; Global Model/Application - Computing Power Investment Closed Loop Formation, Chinese Optical Communication and PCB Manufacturers Share Global AI Development Dividends,&#34; the focus continued on investing in the global cloud computing industry chain in the third quarter. This logic was validated from May to August, as the overseas computing power sector completed a round of performance * valuation double hit
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f7952fcf-58ad-4d1e-b597-eb400152e71d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f7952fcf-58ad-4d1e-b597-eb400152e71d.png"/>
<h2>New Heavy Positions Focus on Electronics</h2>
From the top ten heavy positions, compared to the previous actions of completely replacing all stocks, this quarter, Yongying Technology's heavy positions have shown considerable continuity, with seven stocks remaining unchanged.
However, the stocks that increased their positions are quite noteworthy, namely Sytech, Montage Technology, and Shijia Photons.
Among them, Sytech is a well-established manufacturer engaged in the research, production, and sales of electronic circuit substrates, having long been dedicated to the field of copper-clad laminates. Currently, it mainly produces single-sided, double-sided, and high-multilayer circuit boards, widely used in high-performance computing, AI servers, 5G antennas, next-generation communication base stations, large computers, high-end servers, and other fields. Sytech's semi-annual report this year shows signs of accelerated revenue and profit growth, with a 31% increase in revenue and a 52% increase in net profit attributable to the parent company in the first half of the year.
Montage Technology is an integrated circuit design company focused on the design and marketing aspects of the integrated circuit industry chain. The company has long been a well-known player in the semiconductor field, with its main business providing chip-based solutions for cloud computing and artificial intelligence. The company's revenue grew by 58% year-on-year in the first half of the year, and net profit increased by 88%. However, the company has recently seen shareholder reductions. This year, long-term shareholders Zhuhai Rongying and China Electronics Investment have announced reductions.
Shijia Photons' main business covers three major sectors: optical chips and devices, indoor optical cables, and polymer materials for cables. Its main products encompass fiber optic communication, mobile communication, data centers, optical computing, optical sensing, laser radar, satellite communication, autonomous driving, new energy vehicles, and energy storage cables. Shijia Photons is smaller in scale than the first two companies but has a faster growth rate, with the company's revenue increasing by over 110% in the third quarter and profits growing by over 650%. Of course, the company's valuation is also quite high, with a dynamic PE close to 100 times (as shown by choice).
<h2>Reminder to Focus on the Global Cloud Industry</h2>
As a leading fund, fund manager Ren Jie believes that the global cloud computing industry is still worth focusing on in the outlook of the quarterly report.
He mentioned that in recent months, the value of AI models has been further enhanced. Global flagship models are implementing substantial &#34;price increases&#34; through methods such as not lowering prices, limiting flow, and reducing specifications, and may even adjust their business models (from subscription to pay-per-use), while the number of tokens maintains a 100% quarter-on-quarter growth, and computing power investment maintains a 10-20% quarter-on-quarter growth, indicating a significant optimization of the value model of AI models (token * unit price - cost), which is expected to be closely related to developments in model capabilities, performance, user numbers, and commercialization.
In terms of commercialization, leading global model manufacturers are beginning to create new markets through collaborations with different entities, challenging the core businesses of past giants, with major players in search, public cloud, e-commerce, and office sectors facing varying degrees of cross-industry competition. Compared to the cash flow investments of major companies from 2023 to 2025, the debt investments initiated by new cloud companies and the mutual investments between chip and model manufacturers may push global AI computing power investments to a higher level
In domestic computing power investment, due to advance ordering and stocking demands, the market has already developed a relatively comprehensive tracking forecast for the development of the computing power industry in 2026. Ren Jie stated that the weight of the long-term development direction of the industry has been increased in the investment research direction. With the deep matching of models and computing power architecture, the configuration schemes for computing/communication/storage have become rich, bringing more opportunities in the industrial chain.
As for the optical communication and PCB industries, it is expected that 2027 will be a significant year for the convergence of new technologies. Technologies such as CPO, OCS, Scaleup optical solutions, orthogonal backplanes, middle boards, and carrier boards are expected to enter the implementation phase, and the changes in value and penetration rates of related new products are worth looking forward to.
<h2>Reminder to pay attention to &#34;mean reversion after the valuation expansion cycle&#34;</h2>
The fund manager also solemnly used a considerable amount of space in the quarterly report to &#34;warn about risks.&#34; In terms of word count, it is longer than the outlook.
He said that the Yongying Smart Selection series, as a tool-based product series, is positioned in industries with high growth characteristics. He believes that the cloud computing industry has significant long-term growth potential, and has performed well in recent quarters, but one should not use past performance to predict the future; no risk asset only goes up without going down, and one must be cautious of mean reversion after the valuation expansion cycle.
Over the past few quarters, he has consistently emphasized a rational approach to tool-based products. This year, market enthusiasm has been continuously rising, and the more this is the case, the more one must manage investment appropriateness and make rational decisions.
First, before investing, ensure proper risk control. 90% of risk control occurs before the investment action; the risk exposure is locked in at the moment of purchase, and subsequent actions (such as stop-loss) are merely remedial and cannot change the flaws of the initial decision. By understanding the stage of the industry in which the fund is invested and the related industries, one can estimate the potential volatility faced in the future, thus determining whether the product is suitable for oneself.
Second, allocate reasonably and ensure risk diversification. Tool-based products inevitably have high elasticity characteristics, requiring appropriate diversification in investments; do not bet all funds on a single product, and approach asset allocation from a more rational and long-term perspective.
Third, do not attempt to predict short-term market fluctuations. The factors influencing short-term market trends are quite complex, and the market is full of uncertainties; attempting to predict accurately is as difficult as finding a needle in a haystack. Short-term timing often leads to negative returns on accounts; for industries that one is optimistic about, it is better to give them more time, as not meddling can improve real returns.
As a fund manager, I hope to discuss risks first and then talk about returns, and I hope investors fully understand the risk-return attributes of the fund before making investment decisions. Ensure idle money is invested, diversify allocations, invest regularly at low points, and take profits at the right time to achieve a better investment experience.
The above statements are still quite objective.
Risk warning and disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not consider individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk

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As of October 21, Yongying Technology Smart Selection Mixed Fund has achieved a year-to-date return of 198.4%, with a scale exceeding 11.5 billion yuan. The third quarterly report shows the addition of three new heavy positions: Sytech, Montage Technology, and Shijia Photons, with year-to-date returns of 156%, 102%, and 328%, respectively. The fund manager continues to maintain a high position, with stock positions exceeding 94.4%, and has moderately increased the allocation to Hong Kong stocks, heavily investing in the AI computing power sector

Year-to-date net value +198%, "Champion" fund "reveals" quarterly holdings, adding three new heavy positions