As 2025 unfolds, the net asset values (NAVs) of several actively managed equity funds have seen a remarkable doubling since the start of the year. This surge is underpinned by a technology-driven theme permeating the A-share structural market, with the artificial intelligence (AI) industry chain emerging as the central catalyst. With the release of third-quarter reports, the investment portfolios of the leading 'funds with doubled NAVs' have come to light, revealing a pronounced focus on core sectors within the AI industry chain, including optical communications, printed circuit boards (PCBs), and semiconductors.

Among these standout funds, Yongwin Tech Smart Selection A/C has witnessed a staggering year-to-date increase exceeding 195%. Its asset scale has expanded nearly ninefold in the third quarter alone, with significant investments funneled into leading optical module stocks such as Yangtze Optical Fibre and Cable Joint Stock Limited (YOFC) and Zhongji Innolight. Similarly, the China Europe Digital Economy Mixed A/C has recorded a year-to-date surge of over 130%, with its asset scale ballooning more than sevenfold during the same period. Its top ten heavily invested stocks encompass companies operating in the AI application and infrastructure sectors, including Alibaba Group Holding Limited-Warrants (Alibaba-W) and Tencent Holdings Limited.

The third-quarter financial results of companies within the AI industry chain have been nothing short of impressive. Cambricon Technologies Corporation, for instance, reported a staggering 2386.38% year-on-year increase in revenue for the first three quarters, transitioning from a loss-making position to profitability. Similarly, Accelink Technologies Co., Ltd. witnessed a remarkable 727.74% year-on-year surge in net profit, underscoring the sustained and robust demand for AI computing power.