Zheng hope, Jin Zicai, and Zhang Mingxin are optimistic about these directions
Under the main line of technology stock investment, the scale of growth track funds continues to grow, driving a number of leading fund managers to emerge. According to Choice statistics, as of the end of the second quarter, the scale of active equity funds managed by E Fund Manager Zheng Xi, Caitong Fund Manager Jin Zicai, and Huashang Fund Manager Zhang Mingxin reached 57.887 billion yuan, 56.549 billion yuan, and 55.742 billion yuan respectively. The disclosure of the fund's second quarter report exposed the investment direction of the leading fund managers.
Under the main line of technology stock investment, the scale of growth track funds continues to grow, driving a number of leading fund managers to emerge. According to Choice statistics, as of the end of the second quarter, the scale of active equity funds managed by E Fund Manager Zheng Xi, Caitong Fund Manager Jin Zicai, and Huashang Fund Manager Zhang Mingxin reached 57.887 billion yuan, 56.549 billion yuan, and 55.742 billion yuan respectively. The disclosure of the fund's second quarter report exposed the investment direction of the leading fund managers. Zheng hope is optimistic about four major directions As of the end of the second quarter, Zheng hope managed a total of 4 fund products, with a total management scale of more than 57.887 billion yuan, an increase of 160.52% from the end of last year. Among them, the mixed scale of E Fund Information Industry reached 21.144 billion yuan, and the scale of E Fund Global Growth Select Mix (QDII) and E Fund Information Industry Selected Stocks both exceeded 10 billion yuan. The above-mentioned funds focus on investing in the AI industry chain, including optical communications, domestic computing power, MLCC, semiconductors and other sectors. A-share companies such as Xinyi Sheng, Zhongji InnoLight, and Yuanjie Technology appear in the top ten heavyweight stocks lists of E Fund Information Industry Mix and E Fund Information Industry Selected Stocks. E Fund's top ten information industry mixed holdings While E Fund Global Growth Select Hybrid (QDII) holds the above-mentioned A-share companies, it also invests in many overseas leaders in chip manufacturing, storage, and semiconductor equipment. As of the end of the second quarter, E Fund Global Growth Select Mix (QDII) held heavy positions in Kioxia, TSMC, and Ram Research, accounting for more than 6% of fund assets. The top ten holdings of E Fund Global Growth Select Mix (QDII) When it comes to subdivided industries, Zheng hope is mainly optimistic about four major areas: One is the large model. Entering the Agent era, the ability of large models to perform complex tasks has greatly improved, becoming an effective productivity tool. Top large model companies have become the new entrance to business traffic, and AI large model companies have gradually replaced the original Internet companies and become new leaders in the technology industry; The second is the AI Capex (capital expenditure) industry chain. AI Agent accelerated its commercialization in the second quarter, AI ARR (annual recurring revenue) entered an explosive cycle, AI investment return rate increased significantly, and the profit turning point of large model companies was significantly advanced. Global AI data centers have increased investment, and the prosperity of the industry chain has increased significantly. The bottleneck links in the AI industry chain have spread from storage and communications to various electronic components such as CPUs (central processing units) and MLCCs (chip multilayer ceramic capacitors). The technology industry chain has entered a stage of tight supply; The third is the global semiconductor industry chain and the domestic semiconductor industry chain. Global semiconductors have entered a stage of overall tight supply. Capex upward revisions for wafer fabs have gradually become a must for the industry. Semiconductor equipment and equipment parts are likely to enter a stage of increasing prosperity. As domestic 7nm and 14nm domestic equipment gradually enters the commercialization stage, advanced processes and advanced packaging fields are rapidly expanding, and domestic wafer fabs and related semiconductor equipment industries are performing strongly; The fourth is new energy and energy storage. Geographical risks have caused traditional energy prices to rise, global energy storage demand has exploded, and the supply and demand pattern of the new energy industry has reversed. The profit margins of related industrial chains have entered a bottom-out and recovery stage, with the potential to exceed expectations. Jin Zicai is optimistic about the direction of AI shortage The reporter noticed that Jin Zicai now manages 7 funds, with a total fund management scale of 56.549 billion yuan, an increase of more than five times from the end of last year. As a representative product of Jin Zicai, the scale of Caitong Growth Optimized Mix reached 20.849 billion yuan at the end of the second quarter, an increase of five times from the end of last year; the scale of Caitong Value Momentum Mix was larger, reaching 10.884 billion yuan at the end of the second quarter, an increase of three times from the end of last year. The above two funds are organized around the AI industry chain and focus on areas where supply is in short supply. Among them, stocks such as Xinyi Sheng, Yuanjie Technology, and Boqian New Materials account for a relatively high proportion of fund holdings, and some stocks are almost held in top positions. Caitong Growth Selected Mixed Top Ten Heavy Holdings
Jin Zicai said that looking forward to the next stage, he will further follow industry trends and maintain allocation ratios in other short-term directions that benefit from the demand for AI. At present, the supply shortage in some aspects of AI may last for a long time, and it will be difficult to fundamentally solve it in the short term. He will also continue to research and track the fundamentals of other sectors, continue to adhere to industrial research as the basis, do a good job in the rotation of mid-range allocations in the industry, pursue investment forward-looking, trackability and replicability, invest in relatively outstanding companies on the right track that conforms to industry trends, and keep close tracking. Zhang Mingxin focuses on investing in links with a high degree of confirmation of price increases. Currently, Huashang Fund manager Zhang Mingxin manages three fund products, with a total scale of 55.742 billion yuan, an increase of more than four times from the end of last year, and the scale expansion rate was obvious during the year. Among them, as of the end of the second quarter, the mixed scale of Huashang's balanced growth reached 24.848 billion yuan, the largest scale; followed by the mixed scale of Huashang's advantageous industries and the mixed scale of Huashang Zhiyuan Return, with scales reaching 19.907 billion yuan and 10.988 billion yuan. The three funds have strong investment consistency, with most of their positions concentrated in optical communications and semiconductor materials. Among them, Zhongji InnoLight and Xinyi Sheng have the highest proportions among the three funds. The assets of the Huashang Advantageous Industry Mixed and Huashang Zhiyuan Return Mixed Funds both account for more than 8%, while the assets of the Huashang Balanced Growth Mixed Fund also account for more than 6%. At the same time, targets such as Sanhuan Group, Fenghua Hi-Tech, Yuanjie Technology, and Boqian New Materials are all among the top ten heavyweight stocks of the three funds. Huashang Balanced Growth Mix’s top ten heavyweight stocks Talking about investment logic, Zhang Mingxin said that with the further improvement of model capabilities, Agent has penetrated from the single scenario of coding to data analysis, law and other industries, and the AI business closed loop continues to accelerate. The ARR growth slope of leading model companies represented by Anthropic is steeper, and the capital expenditures of overseas cloud vendors continue to be revised significantly higher year-on-year. Industrial prosperity has spread to the bottleneck links. PCB is driven by the new generation of server architecture, and the value of a single machine has jumped significantly. High-end production capacity in CCL, MLCC and other links has shown a structural shortage, and there has been an inflection point for price increases driven by the real demand for AI. Zhang Mingxin said that in the future, he will continue to carry out high-position operations around the main line of the AI industry chain's prosperity. Among them, the overseas computing power sector is the main allocation direction, positions are adjusted according to changes in the prosperity of subdivided industries, and bottleneck directions in the industrial chain where supply and demand are tight and price increases are highly confirmed are increased, and structural alpha is continued to be mined.
Jin Zicai said that looking forward to the next stage, he will further follow industry trends and maintain allocation ratios in other short-term directions that benefit from the demand for AI. At present, the supply shortage in some aspects of AI may last for a long time, and it will be difficult to fundamentally solve it in the short term. He will also continue to research and track the fundamentals of other sectors, continue to adhere to industrial research as the basis, do a good job in the rotation of mid-range allocations in the industry, pursue investment forward-looking, trackability and replicability, invest in relatively outstanding companies on the right track that conforms to industry trends, and keep close tracking. Zhang Mingxin focuses on investing in links with a high degree of confirmation of price increases. Currently, Huashang Fund manager Zhang Mingxin manages three fund products, with a total scale of 55.742 billion yuan, an increase of more than four times from the end of last year, and the scale expansion rate was obvious during the year. Among them, as of the end of the second quarter, the mixed scale of Huashang's balanced growth reached 24.848 billion yuan, the largest scale; followed by the mixed scale of Huashang's advantageous industries and the mixed scale of Huashang Zhiyuan Return, with scales reaching 19.907 billion yuan and 10.988 billion yuan. The three funds have strong investment consistency, with most of their positions concentrated in optical communications and semiconductor materials. Among them, Zhongji InnoLight and Xinyi Sheng have the highest proportions among the three funds. The assets of the Huashang Advantageous Industry Mixed and Huashang Zhiyuan Return Mixed Funds both account for more than 8%, while the assets of the Huashang Balanced Growth Mixed Fund also account for more than 6%. At the same time, targets such as Sanhuan Group, Fenghua Hi-Tech, Yuanjie Technology, and Boqian New Materials are all among the top ten heavyweight stocks of the three funds. Huashang Balanced Growth Mix’s top ten heavyweight stocks Talking about investment logic, Zhang Mingxin said that with the further improvement of model capabilities, Agent has penetrated from the single scenario of coding to data analysis, law and other industries, and the AI business closed loop continues to accelerate. The ARR growth slope of leading model companies represented by Anthropic is steeper, and the capital expenditures of overseas cloud vendors continue to be revised significantly higher year-on-year. Industrial prosperity has spread to the bottleneck links. PCB is driven by the new generation of server architecture, and the value of a single machine has jumped significantly. High-end production capacity in CCL, MLCC and other links has shown a structural shortage, and there has been an inflection point for price increases driven by the real demand for AI. Zhang Mingxin said that in the future, he will continue to carry out high-position operations around the main line of the AI industry chain's prosperity. Among them, the overseas computing power sector is the main allocation direction, positions are adjusted according to changes in the prosperity of subdivided industries, and bottleneck directions in the industrial chain where supply and demand are tight and price increases are highly confirmed are increased, and structural alpha is continued to be mined.