As the annual reports of public funds are gradually disclosed in 2025, the changes in the positions of top fund managers have once again become the focus of the market. Xie Zhiyu, as a representative figure with long-term stable performance and clear style, has shown distinct structural adjustment characteristics in products such as XingquanHerun and XingquanHeyi in the latest reports. The latest fund annual report shows that compared with the mid-year report of 2025, Xie Zhiyu bought multiple stocks in the second half of last year, including Zhongjixuchuang (300308.SZ). In terms of industry allocation, comparing the holdings of Xie Zhiyu's managed funds at the end of 2024 and 2025, it can be clearly seen that Xie Zhiyu's investment focus has shifted towards AI-related electronics, communication industry chains, semiconductors, and innovative drugs in the technology growth field. The proportion of the electronics and communication sectors is relatively high, continuing its feature of "moderate concentration + diversified diversification." Specifically, looking at the top twenty heavy-weighted stocks at the end of 2025, Xie Zhiyu's managed XingquanHerun and XingquanHeyi bought new stocks in the second half of the year such as Zhongjixuchuang, Huahaiqingke, Tuojing Technology, Shenghong Technology, Dongshan Precision, and China Eastern Airlines. In addition, XingquanHerun also bought new stocks such as Jucheng Shares, Sinopec, Wanchen Group, Beijing Junzheng, and Zhongchong Shares. XingquanHeyi also purchased Baiwei Storage, Huiquantech, PharmAbcine, Shell-W, and DeYe Holdings. The top ten heavy-weighted stocks of XingquanHerun, the largest product in terms of scale, are: Zhongjixu Chuang, Juhua Shares, Ningde Times, Jincheng Shares, Lixun Precision, Baiwei Storage, Lanqi Technology, Dongshan Precision, Tuojing Technology, Huahaiqingke. Among them, Northern Huachuang, Blue Technology, and Focus Media fell out of the top ten heavy-weighted stock ranks, while Huahaiqingke, Tuojing Technology, and Baiwei Storage entered the top ten heavy-weighted stocks. Regarding performance, as of the end of the reporting period, the net asset value of XingquanHerun Mixed A fund shares was 2.0802 yuan, with a growth rate of 35.72% during the reporting period, compared to a benchmark return of 14.04%. The net asset value of XingquanHerun Mixed C fund shares was 2.0717 yuan, with a growth rate of 47.96% during the reporting period, compared to a benchmark return of 22.50%. In addition, as of the end of the reporting period, the net asset value of XingquanHeyi Mixed A fund shares was 1.9356 yuan, with a growth rate of 38.16% during the reporting period, compared to a benchmark return of 15.75%. The net asset value of XingquanHeyi Mixed C fund shares was 1.8689 yuan, with a growth rate of 37.31% during the reporting period, compared to a benchmark return of 15.75%. In the 2025 fund annual report, Xie Zhiyu stated that as large models continue to develop, AI is quietly changing the world. Around the main theme of AI, investment opportunities in the market are emerging constantly. In the overseas computing power sector, under the promotion of new technologies, demand from large customers and new technologies have set new highs over the past 25 years. In the fields of optical modules and PCB, domestic supply chain leaders have gained a higher say on the international stage; in the areas of liquid cooling and power supply, domestic leaders are making breakthroughs. Under the pull of AI's massive capital expenditure, overseas regions are facing power and storage shortages, leading to a highly prosperous period for domestic energy storage, gas turbine, and storage-related industry chains, with individual sock opportunities emerging. The breakthrough of domestic computing power has boosted the prosperity of the domestic semiconductor industry, especially as domestic memory factories are expected to go public in 2026, with a focus on domestic semiconductor equipment and consumables. Looking ahead to 2026, Xie Zhiyu believes that the non-linear growth brought by AI remains the key focus, and after the macroeconomic stabilization and recovery, the differentiation and recovery of traditional industries are also worth looking forward to. On one hand, in the fields of optical modules, storage, energy storage, and gas turbine industry chains, leading companies that can provide stable supply will continue to receive a high premium, while the supply-demand gap is expected to be maintained for the long term. In terms of AI investment targets in 2026, efforts will be focused on finding niche areas with technological iteration dividends and expanding supply-demand gaps, while being cautious of the pitfalls of deteriorating competitive landscapes. On the other hand, with the introduction of countercyclical control policies and the implementation of anti-monopoly policies, the probability of macroeconomic stabilization and recovery is increasing, and some chemical industries are leading the way in promoting new opportunities and improving prosperity. In the consumer sector, the 2026 Spring Festival consumption data has rebounded comprehensively, with encouraging rises in the quantity and price of services such as travel and hotels. After experiencing a downturn in consumer spending for 3 to 4 years, there is hope for a bottoming out and recovery in 2026, with some leading companies in new consumption realizing iterative upgrades in their business models and accelerating their expansion overseas.