Is the revival of an old fund driven by AI? Rumors that the Debon Stable Growth Fund "attracted over 12 billion yuan in a single day" have recently become a hot topic in the fund industry. By the end of the third quarter of 2025, this product's size was a mere 724 million yuan. However, it gained overnight fame due to a 35% surge in net asset value over the past month (December 15, 2025, to January 15, 2026), a performance potentially fueled by its early strategic positioning in the AI application sector. According to its third-quarter 2025 holdings report, the fund's top ten major holdings are heavily concentrated in the AI application track, including companies like Wanxing Technology, Zhuoyi Information, and Guangyun Technology. Furthermore, these top ten holdings account for a substantial 70% of the fund's net asset value, highlighting an extremely concentrated, all-in bet on AI. Among these, Zhuoyi Information's stock price soared by as much as 141% in the recent month, with direct 20% limit-up gains on January 5th and 12th. Similarly, Wanxing Technology and Guangyun Technology saw their prices surge by over 68% and 120%, respectively, during the same period. In response to the rumors of "attracting 12 billion yuan in a single day," Debon Fund quickly issued a denial, stating, "The daily scale data of public fund products can only be confirmed after end-of-day settlement, and such data is non-public information." However, the subsequent series of purchase restrictions indirectly confirmed the intense influx of capital. On the evening of January 12th, the fund announced purchase limits, capping daily subscriptions for Class A and Class C shares at 10 million yuan and 1 million yuan per channel, respectively. Just one day later, after the market closed on January 13th, these limits were tightened further, reduced to 100,000 yuan and 10,000 yuan. Despite the current fervent pursuit of Debon Stable Growth Fund A, its performance over the past three years has been lackluster. In 2023, the fund's net value growth rate was -15.14%, underperforming its benchmark by 11.73 percentage points. Its 2024 growth rate was a mere 0.26%, significantly lower than the benchmark's 11.86%. Even with an 8.06% return for the full year of 2025, it still failed to surpass the benchmark return of 9.19%.

It wasn't until the beginning of 2026, within just half a month, that Debon Stable Growth's performance finally experienced a major breakout. Information shows the fund's performance benchmark is 50% CSI 300 Index return rate plus 50% CSI Composite Bond Index return rate. Simply put, this is a flexible allocation product aiming for stock-bond balance and risk control, classified as medium risk. "The investment objective is to pursue long-term, steady appreciation of fund assets under relatively low risk, achieved through major asset allocation and active investment management in individual stocks and bonds, all under strict risk control," as stated in the Debon Stable Growth annual report. However, the third-quarter 2025 holdings report revealed a more aggressive side of the fund, with five of its top ten holdings being newly added AI-related stocks. Furthermore, Ant Fortune recently upgraded this product's risk rating to high risk, citing that "the fluctuation range of the fund's net value may have recently increased."

A source familiar with the fund industry noted that this product is a flexible allocation type, inherently allowing for relatively flexible investments. It is not a thematic fund and is not bound by restrictions to "must invest in certain types of assets." Additionally, when a fund manager takes over a product, they adjust strategies based on the product's strategic positioning, their own areas of expertise, and prevailing market trends. "If the market favors dividend assets, but the fund insists on investing in new energy, that would be inaction," the source explained by way of example. The actual change in the size of this fund still awaits disclosure in subsequent periodic reports.

The Game Between New and Veteran Investors Amid the bull market atmosphere, the rumor of Debon Stable Growth "attracting 12 billion yuan in a single day" has also become a rare example of intense popularity for an existing, older fund. This phenomenon of rapid scale expansion illustrates that, in the short term, capital is solely focused on soaring returns. From an investor's perspective, is anyone truly a winner in this frenzy? First, one must understand the rules for fund subscriptions and redemptions: hybrid funds follow a T+2 profit calculation principle. Simply put, if an investor buys before 3:00 PM on day T (the transaction day), the fund company confirms the shares on T+1, and profits only begin to be calculated on T+2. Even if new capital floods in on the same day, it must wait two trading days to benefit from the fund's holdings. During this period, the new capital remains as cash in the account and cannot immediately participate in the appreciation of the existing portfolio. Setting aside the fact that the fund manager cannot immediately deploy the newly涌入的资金 to replicate the existing strategy; during the two days governed by the T+2 rule, only the original capital is generating returns. However, once the new capital participates in the distribution, it ultimately leads to a significant dilution of the per-share gains. Furthermore, after capital follows the trend into the fund, the original holdings might enter a correction phase. Wind data shows that as of the close on January 16th, the stock prices of 8 out of the top 10 holdings from Debon Stable Growth's third-quarter 2025 report had declined. In the previous trading session, Zhuoyi Information and Guangyun Technology each fell by 20%, while Nengke Technology dropped by 10%. During the same period, the CSI Software Services Index (930601) also experienced two consecutive days of correction.

In reality, market heat does not equate to investment value, and a short-term performance explosion does not guarantee long-term, stable returns. For ordinary investors, blindly following the trend not only risks encountering hidden dangers like profit dilution and timing mismatches but also increases the likelihood of losses when the sector corrects.