With the disclosure of the first quarter report of public funds in 2026, the performance landscape of active equity funds (including common stock type, partial stock mixed type, and flexible allocation type) has gradually become clear. Overall, against the backdrop of global liquidity margin changes and continuous industry structure upgrades, fund managers have achieved significant excess returns through in-depth exploration of segmented tracks. Among them, Western Liberty's New Dynamic Growth, GF Vision Select, and China Life Anbao Digital Economy products have stood out in different segmented types, becoming representative funds leading the performance in the first quarter. Through the disclosed position of the first quarter report, it can be found that the differentiation in investment strategies of the three products is quite clear, focusing on resource products, storage and optical communication, and communication infrastructure in the digital economy, reflecting the structural characteristics of the current market driven by multiple factors. Specifically, the performance of Western Liberty's New Dynamic Growth in the first quarter was particularly remarkable. According to its disclosed positions, the fund focuses on resource stocks, particularly concentrated in the gold sector. Its top ten major holdings include Shandong Gold International, Chifeng Gold, Hunan Gold, Zhongjin Gold, Zhaojin Gold, Shenda Resources, Shandong Gold, Wenshi Group, Lihua Group, and Yiwei Lithium Energy. In terms of investment logic, gold assets performed strongly in the first quarter, mainly benefiting from various factors such as increasing global uncertainties, decreasing real interest rates, and increasing demand for safe havens. The fund manager effectively captured this round of resource product market trends by having a high allocation in the gold industry chain. Furthermore, positions were also taken in some non-ferrous metals and energy assets to further enhance the portfolio's cyclical resilience. It is worth noting that the fund did not simply diversify within resource stocks, but concentrated on leading enterprises with cost advantages and resource reserves, demonstrating strong fundamental screening capabilities. In contrast, GF Vision Select continued to focus on the technology growth sector. In the first quarter, it continued to emphasize the storage sector while significantly increasing its allocation to optical communications. Looking at the changes in holdings, companies such as Yangtze Optical Fibre and Cable, Zhongtian Technology, Hengtong Optic-Electric, Xiechuang Data, Baiwei Storage, Delixi, Yaxiang Integrated, Hongjing Technology, Hangdian Shares, and Guoke Micro became new additions to the top ten major holdings list. In terms of performance, in the first quarter, the net asset value growth rate of Class A shares of the fund was 58.03%, and the net asset value growth rate of Class C shares was 57.86%, while the benchmark return rate during the same period was -3.21%. In terms of investment logic, with the gradual recovery of the global semiconductor cycle and stable recovery of storage prices, related companies have seen significant improvements in profit expectations. The optical communications sector has benefitted from the outbreak of AI computing demand and accelerated construction of data centers, significantly improving industry profitability. By allocating in these two highly correlated areas, the fund manager achieved comprehensive coverage of the "computing infrastructure" theme. From a portfolio structure perspective, GF Vision Select has achieved a good balance between growth and certainty, retaining highly elastic technology stocks, while enhancing portfolio stability through leading companies in the industry. Also focusing on the communication sector is China Life Anbao Digital Economy. As a thematic fund on the digital economy, it continued to strengthen its heavy allocation in the optical communication sector in the first quarter. Looking at its positions, companies such as Zhongtian Technology, FiberHome Communications, Changjiang Communications, Yangtze Optical Fibre and Cable, Hengtong Optic-Electric, Zhongji Xuchuang, New Yisheng, Huiliang Technology, Tefa Information, and Tencent Holdings have become new additions to the top ten major holdings. In terms of performance, as of the end of the first quarter, the net asset value of China Life Anbao Digital Economy's A shares was 2.2381 yuan, with a net asset value growth rate of 45.38%; the net asset value of its C shares was 2.2167 yuan, with a net asset value growth rate of 45.21%; and the benchmark return rate was -7.48%. In terms of investment logic, China Life Anbao Digital Economy has a higher concentration in the communication sector, with a more focused investment style. Its core logic is that with the advancement of the "Digital East" project and the acceleration of AI applications, the demand for data transmission and network infrastructure continues to increase, leading to a new growth cycle for fiber optic cables and communication equipment companies. The fund manager aims to capture the performance opportunities brought by the industry's upward trend through deep placement in core industry companies. Looking at the performance in the first quarter, this strategy has achieved good results. Comparing the investment strategies of the three champion funds, it can be seen that the current market opportunities present a clear "multi-mainstream parallel" characteristic. The resource product logic represented by Western Liberty's New Dynamic Growth relies mainly on macroeconomic environment and commodity cycles; GF Vision Select reflects the exploration of sub-sectors in technology growth; while China Life Anbao Digital Economy focuses on the long-term track under policy drive and industry upgrade backgrounds. This differentiation not only reflects the different understandings of fund managers towards the market, but also demonstrates the increasing importance of structural allocation, as a single investment theme is difficult to fully cover market opportunities in the current stage.