In 2024, the publicly raised "Champion Fund" disclosed its annual report. Last year, the fund had a high return of 69.23%, with heavy investments in AI computing power and applications.

In 2024, the public offering "Champion Base" released its quarterly report. On January 21, Morgan Stanley Digital Economy, managed by Vice President Lei Zhiyong of Morgan Stanley's Equity Investment Department, disclosed its fourth-quarter report for 2024, revealing the top ten heavy positions in the fund's holdings. Regarding specific adjustment information, as of December 31, 2024, the top ten heavy positions in Morgan Stanley's Digital Economy Mix were Zhongji Innolight (300308.SZ), Wus Printed Circuit (002463.SZ), Eoptolink Technology Inc. (300502.SZ), Shenzhen Envicool Technology (002837.SZ), Shengyi Electronics (688183.SH), Hygon Information Technology (688041.SH), Range Intelligent Computing Technology Group (300442.SZ), Shennan Circuits (002916.SZ), Goertek Inc. (002241.SZ), Zhejiang Crystal-optech (002273.SZ), mostly AI-related computing power and application-end companies in the industrial chain. Regarding changes in holdings, eight of the heavy positions were already held at the end of the second quarter of 2024, with stable holdings. Shengyi Electronics and Zhejiang Crystal-optech entered the top ten heavy positions. At the end of the third quarter of 2024, Suzhou TFC Optical Communication (300394.SZ) and Foxconn Industrial Internet (601138.SH) were adjusted out of the top ten holdings. Data from Wind shows that as of December 31, 2024, the Morgan Stanley Digital Economy achieved a high annual return of 69.23%, surpassing the second place fund on the active equity fund annual performance list by 17.38 percentage points, ranking first among all active equity funds in the market and marking the first time a foreign-funded public fund company won the annual championship. The annual report shows that the fund size and shares of the Morgan Stanley Digital Economy Mix continued the growth trend since the beginning of last year. As of December 31, 2024, the fund had 2.471 billion shares and a fund size of 3.379 billion yuan, increasing 9 times and 16 times respectively since the beginning of the year. In terms of positions, the Morgan Stanley Digital Economy Mix maintained a high position operation, with the stock assets accounting for 82.86% at the end of 2024, up 0.61 percentage points from the end of the third quarter of 2024. The fund continued to focus on the digital economy sector represented by digitization and intelligence, with a high position in TMT. In terms of performance, as of the end of the fourth quarter, the net asset value of Class A shares of the Morgan Stanley Digital Economy Mix was 1.3750 yuan, with a cumulative net asset value of 1.3750 yuan, and a net asset value growth rate of 16.54%. The net asset value of Class C shares was 1.3601 yuan, with a cumulative net asset value of 1.3601 yuan, and a net asset value growth rate of 16.36%. Lei Zhiyong stated in the fourth-quarter report that the Morgan Stanley Digital Economy Mix fund focuses on the digital economy sector represented by digitization and intelligence, with a high position in TMT, and the performance of the above sectors in the fourth quarter was boosted by market risk preferences, with the fund's net asset value rising and outperforming the performance benchmark. Looking ahead to 2025, from the perspective of tracking the industry, IT infrastructure, especially smart computing, is expected to benefit from continued global AI investment, maintaining good momentum; at the same time, the continuous enhancement of AI cloud computing power and large model capabilities lays the foundation for innovations in AI applications such as edge AI. The fund is optimistic about investment opportunities in smart computing infrastructure and AI applications in the future and will continue to explore companies that match quality and stock prices in the above direction, striving to achieve appreciation of fund assets.