The second quarter of stock market trading is already halfway through. As major indices frequently hit new highs recently, hot sectors like computing power, semiconductors, new materials, and memory chips have seen frequent surges in individual stocks. "Institutional clustering" has become a significant factor driving up popular targets. For instance, Yuanjie Technology, Zhongji Innolight, and Lianxun Instruments have recently broken through the 1,000 yuan mark. Consequently, how public funds, as institutional leaders, are adjusting their portfolios has become a focal point.
Given that the disclosure of fund second-quarter reports is still far off, an important reference is the research activity of public funds. Wind data shows that from April 27 to May 18, 2026, 11 companies were collectively researched over one hundred times. The top three were Montage Technology, Focuslight Technologies, and United Imaging Healthcare. Looking solely at research by fund companies during the same period, the top eight companies were all researched over 50 times. These were Montage Technology, Anjoy Food, Dongwei Technology, Guangli Technology, Guangzhou Guanggang Gases & Energy, Intco Medical, Roborock, and Mindray Medical.
Notably, several top-tier public fund managers appeared on the research list during this period, indicating their desire to utilize this golden period of the tech bull market for portfolio adjustments or positioning. These include Zhu Shao Xing, Zhang Kun, and Xie Zhi Yu. As AI drives reflation in manufacturing, how should ordinary investors seize layout opportunities? Ren Fei, Deputy Director of the Equity Investment Department at China Europe Fund, believes the world may enter a combination of "loose fiscal policy and tight monetary policy." The past 30 years of global monetary easing supported the classic "60% stocks + 40% bonds" portfolio. In the coming 30-year cycle of fiscal easing, a "stocks + commodities" portfolio warrants attention. The optimism for the stock market is not due to liquidity easing but is supported by the fundamentals of global manufacturing. While upstream materials and energy in tech manufacturing have already seen gains, the strength of this recovery may far exceed previous ones.
Zhu Shao Xing Leads Fulwin Fund Sends 20-Person Team to Research Moon Environment Technology Co.,Ltd. As a veteran public fund manager still active on the front lines, Zhu Shao Xing is the undisputed equity leader at Fulwin Fund. He is the sole manager of the Fulwin Tianhui Selected Growth (LOF) Fund, with over 20 years of cumulative tenure, known for his long-term holding of quality companies, focus on fundamentals, and investment style that weathers bull and bear markets.
Data from Tian Tian Fund Network shows that as of the end of the first quarter of this year, despite suspending large subscriptions, Zhu Shao Xing's managed fund size was approximately 19.739 billion yuan. The best tenure return for his managed funds is about 1888.32%. He also set a record as the first domestic active equity fund manager to manage a single fund for over 20 years and achieve over 18-fold returns.
However, most ordinary investors' perception of him still centers on his skill in discovering value stocks like Kweichow Moutai and Contemporary Amperex Technology Co. Limited. In reality, in the current era dominated by tech stocks in the bull market, veteran evergreen top managers like Zhu Shao Xing are also keeping pace with the times. Recent research records partially reveal this evolving mindset.
Wind data shows that on May 15, during an institutional research session held by Shenzhen-listed company Moon Environment Technology Co.,Ltd. (000811.SZ), Fulwin Fund sent a relatively rare 20-person team to participate, including star fund managers Zhu Shao Xing, Bi Tian Yu, Yang Dong, Liu Li Li, Zhou Wen Bo, Sha Wei, and others.
Analyzing the reasons behind such "courtesy" towards Moon Environment Technology Co.,Ltd., industry insiders point out that while factors are varied, they generally revolve around four key areas: "AI liquid cooling, dual-carbon thermal energy, hydrogen/nuclear energy, and an earnings inflection point." During this research, Zhu Shao Xing and others asked layered questions focusing on fundamentals. It is important to emphasize that Moon Environment Technology Co.,Ltd. was not in Zhu Shao Xing's first-quarter portfolio.
From the research record, for example, when answering questions about the company's business and industrial segments, Moon Environment Technology Co.,Ltd. personnel replied: "The company is committed to providing advanced system solutions and full lifecycle services in the energy and power sectors. Its main products are compressors and heat exchange devices, implementing temperature control, pressure boosting, and other cold/thermal energy management functions, covering a temperature range from -271°C to 200°C. Specific products include screw compressors, centrifugal compressors, absorption chillers, piston compressors, scroll compressors, industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, quick-freezing devices, heat exchange equipment, marine refrigeration equipment, and multi-split systems."
"From a customer industry perspective, our products are widely used in commercial refrigeration systems for food/agricultural product freezing, storage, and deep processing, cold chain logistics base construction, food/pharmaceutical vacuum freeze-drying, ice and snow sports venues, and processing/pre-treatment production lines; industrial freezing systems for energy/chemical process cooling, aerospace wind tunnel/superconducting research artificial special environments, construction aggregate cooling, and tunnel/mine excavation freezing; commercial comfort air conditioning for rail transit, commercial real estate, public venues, and research/education; industrial special air conditioning for data centers, nuclear power plants, metallurgy/petrochemicals, clean rooms, electronic plants, pharmaceuticals, mine heat hazards, and energy-saving renovations; as well as waste heat/power utilization, gas compression and liquefaction, energy storage systems, new energy equipment, and clean emissions; ferrous/non-ferrous metal casting, precision casting processing, 3D intelligent molding; industrial intelligent control, smart production lines, and smart logistics," the company emphasized.
When discussing the company's high-growth, high-certainty HRSG product business, company personnel stated: "Our affiliated company, Yantai Hyundai Moon Environment Technology Co.,Ltd. Heavy Industry Co., Ltd., established in 2004, utilizes technology from Hyundai Heavy Industries Korea to produce Heat Recovery Steam Generators (HRSG) for combined-cycle gas power plants. Cooperating with GE, Siemens, Mitsubishi, and others, it holds considerable competitiveness and has a rich portfolio of global cases. Revenue exceeded 700 million yuan in 2024 and is projected to be about 1 billion yuan in 2025."
Correspondingly, looking at the monthly chart performance in the secondary market, Moon Environment Technology Co.,Ltd.'s stock price rose approximately 44.9% in April. Its gain in May is already around 45%, surpassing last month's increase. Besides Moon Environment Technology Co.,Ltd., in late April, Zhu Shao Xing also researched Zhongmi Holdings and Huaming Equipment through group participation. Additionally, he independently researched Guaibao Pet in the new economy sector via an on-site meeting.
Xie Zhi Yu Leads Team Xingquan Global Fund Sends 10-Person On-Site Team to Research Aier Eye Hospital Group Co.,Ltd. Similarly, a veteran fund manager in the Shanghai public fund circle, Xie Zhi Yu, Vice President of Xingquan Global Fund, is also a prominent figure among evergreen portfolio managers. His cumulative tenure now exceeds 13 years. As of the end of the first quarter this year, his total current fund assets under management were approximately 34.519 billion yuan, with the best tenure return for his managed funds being about 918.47%.
Tian Tian Fund Network shows that Xie Zhi Yu currently manages funds including Xingquan Herun Mixed, Xingquan Heyi Mixed, and Xingquan Social Value Three-Year Holding Mixed. Looking at the latest net value growth rates of related products over the past two years, whether for Class A or Class C shares, the latest net value growth rates for these products all exceed 65%.
Wind data shows that on May 12, Xingquan Global Fund dispatched a 10-person research team led by Xie Zhi Yu to conduct on-site research at "eye sector leader" Aier Eye Hospital Group Co.,Ltd. (300015.SZ). Other well-known fund managers like Qiao Qian and Xie Chang Yan also participated. From the first-quarter reports of the several funds managed by Xie Zhi Yu, as of March 31 this year, Aier Eye Hospital Group Co.,Ltd. did not appear in the top holdings list of any of those three products.
In the disclosed research record, Xie Zhi Yu and others asked multi-faceted, comprehensive questions covering the company's financial and industrial progress. In response to questions about the increase in related-party transactions and the progress of the Focus Media acquisition, Aier Eye Hospital Group Co.,Ltd. replied: "The increase in the company's related-party transactions is mainly due to Focus Media purchasing products like optical cables and patch cords from the company's subsidiaries to meet business supporting needs. Regarding the acquisition of Focus Media, due diligence, auditing, valuation, and other work related to this transaction have not been completed. Key terms such as the transaction price have not been finalized, and the process is still ongoing. This transaction is subject to multiple factors and carries certain uncertainties. Investors are advised to pay attention to investment risks. Relevant progress should be based on announcements released by the company on the Shanghai Stock Exchange website."
In response to questions about "progress on the company's FAU products, 1.6T AWG products, and CW light source series products," Aier Eye Hospital Group Co.,Ltd. stated: "The company has developed high-channel FAU products for CPO applications, which have achieved small-batch shipments. Currently, the company's AWG chips and components for 1.6T optical modules have achieved small-batch shipments, and customer engagement work is proceeding as planned. The R&D work for the company's high-power CW light source series products is steadily advancing. Some high-power products have completed development and achieved small-batch shipments. Subsequent market expansion will be steadily promoted based on market demand and customer feedback."
Not only Aier Eye Hospital Group Co.,Ltd., but according to disclosed research records, in mid-April, Xie Zhi Yu also led a group for on-site research of another leading stock in the "Mao Index" - Luxshare Precision. However, the team size then was 7 people, slightly fewer than for Aier Eye Hospital Group Co.,Ltd. Besides Xie Zhi Yu, others who participated in both research sessions included Qiao Qian, Yao Dan Dan, and Cao Na.
Familiar Territory Offers Scenery E Fund Star Manager Zhang Kun Conducts Video Research on Focus Media Information Technology Co.,Ltd. If Moon Environment Technology Co.,Ltd. is a "new target" explored by Zhu Shao Xing, and Aier Eye Hospital Group Co.,Ltd. is not within Xie Zhi Yu's traditional circle of competence, then Focus Media Information Technology Co.,Ltd., researched by E Fund's star manager Zhang Kun during the same period, is one of the companies he is very familiar with. Among the top holdings in the four funds he managed as of their 2026 first-quarter reports, Focus Media Information Technology Co.,Ltd. appeared in two, though in relatively lower positions.
First, in the A-share fund E Fund Blue Chip Selected Mixed, Zhang Kun held approximately 162 million shares of the stock as of this year's first-quarter report, with Focus Media Information Technology Co.,Ltd. ranking tenth in his portfolio. Looking back over several previous quarterly reports, since the third quarter of last year, Focus Media Information Technology Co.,Ltd. has appeared for three consecutive quarters, but always in the tenth position.
Comparing this to the QDII fund managed by Zhang Kun, Focus Media Information Technology Co.,Ltd. (002027.SZ) also entered the top holdings for three consecutive quarters. The difference is that the stock ranked tenth in the portfolio in the third quarter of last year but rose to ninth place in the most recent two quarters.
Reviewing the history of Zhang Kun's investment in Focus Media Information Technology Co.,Ltd., his initial position building likely occurred around the fourth quarter of 2021. The stock entered the top holdings of his products in the fourth quarter of 2024. The aforementioned third quarter of last year also marked the first time Focus Media Information Technology Co.,Ltd. entered the top holdings of his representative work, E Fund Blue Chip Selected Mixed.
In this latest research, Zhang Kun's questions covered multiple fundamental angles and layers, including future dividends, overseas expansion, acquisition progress, and changes brought by artificial intelligence, demonstrating his familiarity with the company. As a long-term holding, the company's answers might not affect his decision to hold or sell but could likely influence his next steps for increasing or decreasing the position.
For example, in response to questions about the company's future dividend plans, the company replied: "The company has always highly valued shareholder returns and maintained a stable cash dividend policy. Over the past three years, the company's cumulative cash dividends exceeded 14.4 billion yuan, including a total cash dividend of 4.91 billion yuan for the 2025 fiscal year (this profit distribution plan is subject to approval at the company's annual shareholders' meeting). In 2025, the company further increased the dividend frequency to three times a year, with a dividend yield exceeding 5%. Judging from the company's annual report and first-quarter report, the company's operating cash flow performance is good, providing a foundation for long-term, stable dividends. In the future, while balancing the company's long-term development and shareholder interests, the company will maintain a relatively stable dividend payout ratio and frequency, sharing operating results with shareholders."
Furthermore, in response to the impact of the AI era on brand advertising, the company emphasized: "In the AI era, the core value of brand advertising will become even more prominent. Future brands will mainly follow two paths: first, becoming the preferred brand in consumers' minds; second, gaining priority display through AI recommendation mechanisms. As AI tools become new information entry points, consumer decision-making will rely more on comprehensive, objective, and efficient information recommendations. In the short term, brands can gain certain benefits through methods like GEO optimization. However, in the long run, customer acquisition costs in the AI era may be higher than in the traffic era."
"Therefore, in the AI era, a strong brand equates to a higher probability of being selected by algorithms, making brand building particularly important. If a brand has already established a clear position in consumers' minds, AI will more easily facilitate purchase decisions along users' existing preferences, and the brand can reduce reliance on high-cost traffic. Conversely, brands without established mindshare may face higher costs to appear in AI recommendation results. Meanwhile, AI lowers the barrier to content production, potentially intensifying homogenization of online content, further enhancing the value of offline physical space as a scarce media resource. The company believes that the long-term focus of brand advertising remains building consumer mindshare, forming a brand moat, and continuously enhancing brand awareness and consensus through high-frequency offline scenarios. We firmly believe that short-term online红利不如长期的品牌复利, and brand is the core to穿越 cycles," Focus Media Information Technology Co.,Ltd. further emphasized.
Besides the three veterans Zhang Kun, Zhu Shao Xing, and Xie Zhi Yu mentioned above, the most diligent fund manager in terms of research during this period was actually someone else. According to Wind data, Qianhai Kaiyuan Fund's manager Bi Jian Qiang researched over 10 listed companies, including Red Star Macalline, Sanfo Outdoor, Tangrenshen Group, etc., covering various types of targets across different sectors.
When discussing future layout directions, Ren Fei shared his perspective: "AI-driven forces become the main engine, old materials usher in new explosions." He further explained: "Behind the rapid growth of AI lies an explosive demand for computing power infrastructure. This new demand is superimposed on some old materials and old energy sources, creating huge supply-demand gaps. Taking natural gas as an example, he pointed out that while the market was generally bearish previously, the new demand brought by gas turbines (used for AI power supply) in two to three years may far exceed supply, potentially leading to significant price increases. The supply gap caused by geopolitical conflicts may be smaller than the future gap caused by AI data centers. A similar logic applies to traditional materials like fiberglass—new applications such as glass substrates and electronic cloth in advanced packaging may lead to price explosions for these familiar materials."
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