With the disclosure of the public fund's Q4 2025 report, the highly anticipated annual &#34;champion fund&#34; - Yongying Technology Smart Selection Mixed Initiation Securities Investment Fund (hereinafter referred to as &#34;Yongying Technology Smart Selection&#34;) - has finally revealed its latest operational status.
According to the report, the Class A shares of this fund achieved an astonishing return of 233.29% over the past year, undoubtedly claiming the title of the champion among equity funds for 2025. Managed by fund manager Ren Jie, what strategies did this product adopt in the fourth quarter? How are investors voting with their feet?
<h2>Focusing on AI Computing Power, Emphasizing Optical Communication and PCB</h2>
In the quarterly report, fund manager Ren Jie elaborated on his investment logic. During the reporting period, the fund continued to focus on global cloud computing industry investments, responding to the global AI industry's cutting-edge models and commercialization progress.
Ren Jie keenly captured the changes in the AI industry. He mentioned in the report that the launch of a new generation of multimodal models by leaders in the search industry (such as Gemini's growth in the C-end market share) marks a significant leap in industry capabilities.
Regarding the application side, Ren Jie believes the ecosystem is transitioning from &#34;scale expansion&#34; to &#34;structural upgrading.&#34; Specific application directions include high-barrier vertical fields such as healthcare (e.g., OpenAI Health), enterprise-level and industry-level B-end applications, complex application forms represented by Agents and multimodal, as well as deep integration in e-commerce, advertising, and the core businesses of leading tech companies. The landing and scaling of these applications are expected to become important drivers for improving the commercialization indicators of model companies.
Ren Jie also pointed out that with the emergence of technical features such as MoE and long context, the importance of communication and storage costs within computing power clusters is rapidly increasing. The new generation of computing power clusters is accelerating the introduction of architectural innovations such as CPO/NPO, OCS, and orthogonal backplanes.
He stated that he will continue to focus on global cloud computing industry-related investments, with a particular emphasis on optical communication and PCB directions within the communication field.
Additionally, he reiterated a risk warning. He specifically emphasized in the report: &#34;The Yongying Smart Selection series is a tool-type product focused on new quality productivity... We hope to discuss risks before talking about returns.&#34; He reminded investors that this product has high growth potential and high volatility, advising them to remain rational and avoid chasing highs and cutting losses.
<h2>Extreme &#34;Hard Technology&#34; Holdings</h2>
From the holdings disclosed in the quarterly report, Yongying Technology Smart Selection's holding style still exhibits characteristics of &#34;high concentration&#34; and &#34;pure track.&#34; The top ten heavy stocks account for a very high proportion of the fund's net asset value, and are almost entirely concentrated in the AI computing hardware industry chain. However, there has been a noticeable rebalancing within the industry chain.
The top six heavy stocks have a very high proportion, with the stocks ranked first to sixth - Sytech, Zhongji Innolight, WUS, Eoptolink, SCC, and TFC - each holding a proportion exceeding 8.5%, collectively accounting for over 52%. This demonstrates the fund manager's strong confidence in leading companies in optical modules and high-end PCB
The seventh to tenth places are some new faces, including Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology. The third-quarter report shows that the heavily weighted T&amp;S, Montage Technology, Shijia Photons, and Longbridge have exited. This means that they sold off smaller upstream component stocks (chips, passive components) and bought into midstream manufacturing stocks (servers, PCBs) with stronger performance realization capabilities and larger market capitalizations, revealing a shift in the investment logic of fund managers from &#34;upstream chips/sub-segment components&#34; to &#34;midstream manufacturing/integrated systems&#34; in the AI industry chain.
Overall, although optical modules (CPO) remain core (retaining Zhongji Innolight, Eoptolink, TFC), by eliminating marginal optical communication targets and switching to PCBs and servers, the holding structure has transformed from &#34;optical communication dominance&#34; to a &#34;computing hardware all-in-one&#34; (optical + board + server).
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5224a745-2919-4735-9fb1-fac3079af21f.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/5224a745-2919-4735-9fb1-fac3079af21f.png"/>
<h2>Capital Inflow, Intense Competition for Class C Shares</h2>
With the explosive performance, Yongying Technology Smart Selection has seen significant growth in scale in the fourth quarter of 2025, accompanied by substantial capital flow.
The fourth-quarter report shows that as of December 31, 2025, the total shares of the fund reached approximately 4.113 billion shares. Among them, the Class A shares started at about 682 million shares at the beginning of the fourth quarter and increased to 1.241 billion shares by the end, nearly doubling. The Class C shares started at about 2.784 billion shares and increased to 2.873 billion shares, maintaining a slight increase.
Class C shares exhibit a &#34;large inflow and outflow&#34; characteristic. The fourth-quarter report data indicates that trading of Class C shares (typically suitable for short-term holding) was very active, with subscription shares of approximately 4.855 billion shares and redemption shares of about 4.767 billion shares. This indicates that in the fourth quarter, although a large amount of capital flowed in for subscriptions due to the &#34;champion effect,&#34; nearly an equal amount of capital chose to take profits or engage in swing trading. This also confirms the market phenomenon mentioned by fund managers in the report of &#34;chasing hotspots, buying high and selling low.&#34;
Risk Warning and Disclaimer
The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial conditions, 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 their own risk.

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The quarterly report of the Yongying Technology Smart Selection Mixed Securities Investment Fund, the champion of the 2025 annual fund, shows that its Class A shares achieved a return of 233.29% over the past year, becoming the champion among equity funds. Fund manager Ren Jie emphasized investing in the global cloud computing and AI industries, focusing on the optical communication and PCB sectors. He pointed out that the AI industry is undergoing structural upgrades, with application directions including healthcare and enterprise-level applications. At the same time, he reminded investors to pay attention to risks, maintain rationality, and avoid chasing highs and selling lows

Wallstreetcn

Zhongji Innolight

Eoptolink

Shijia Photons

Sytech

UTIMES

Montage Technology

The 2025 Fund Champion's Q4 Report is out: Annual returns exceed 230%, what did they do right this year?