Avoiding crowded track layout AI upstream fund managers bullish on energy "technology cow"

Wind data shows that in the past week, more than half of the top fifty mutual fund products in terms of market value are heavily invested in coal and power equipment. The deployment of computing power clusters and the high growth of overseas exports of photovoltaic modules are inseparable from stable energy supply. Massive capital expenditures are being directed towards semiconductor and AI algorithm construction, indirectly driving steady growth in demand for coal resources and grid supporting equipment, deepening the link between the traditional energy industry and the high-tech industry. In this wave of technology market trends, Wan Jiahong's macro timing multiple strategy is a representative product, and in the past week, the net asset value of the fund has increased by over 8%. According to the fund's first quarter holdings report, the fund's top ten holdings are all focused on coal and related energy targets, without any allocation to AI or semiconductor leaders, yet it is jokingly referred to as a "technology-oriented" fund by holders. Fund manager Huang Hai explained that the focus on energy-related targets is due to China's resilience in exports and energy self-sufficiency.