As mutual funds release their second-quarter reports for 2026, Tongtai Funds was among the first to disclose, publishing the quarterly reports for four of its products on July 9th. These include two ordinary equity funds, Tongtai Industry Select A and Tongtai Digital Economy A, as well as the hybrid bond fund Tongtai Tongxin A and the hybrid bond secondary fund Tongtai Hengsheng A.
In terms of performance data, as of July 10th, Tongtai Digital Economy A has delivered a year-to-date return of 84.26%, Tongtai Industry Select A 40.12%, Tongtai Hengsheng A 3.73%, and Tongtai Tongxin A 2.53%.
Taking the end of the second quarter as a cut-off, the first-half returns for these products were 107.86%, 63.24%, 6.07%, and 3.72%, respectively. It is noteworthy that while both Tongtai Digital Economy A and Tongtai Industry Select A are managed by Mai Jianpei, their year-to-date performance gap exceeds 44 percentage points.
As a hybrid bond secondary fund, Tongtai Hengsheng A, which balances fixed income with equity enhancement, achieved a year-to-date return of 3.73% with a significantly lower maximum drawdown compared to pure equity products. Tongtai Tongxin A, a hybrid bond fund, returned 2.53%, both reflecting the stability of a core fixed-income strategy.
Over a longer horizon, Tongtai Digital Economy A has returned 285.96% over the past two years, with a cumulative return of 118.26% since inception.
Mai Jianpei's Strategy: AI Computing Infrastructure as the Core, Focusing on Token Production and Commercialization
The two products managed by Mai Jianpei, Tongtai Industry Select A and Tongtai Digital Economy A, both concentrated their portfolios heavily on the AI computing infrastructure industry chain during the second quarter. In his quarterly report review of the first half, Mai pointed out that the A-share market in the first half of 2026 exhibited extreme structural divergence, with profitable opportunities concentrated in the technology and growth sectors. He views this market trend as a reflection of the market's further confirmation of the high growth prospects in AI infrastructure, which he believes is sustainable. During the reporting period, based on the alignment of growth prospects and valuations, he significantly overweighted overseas computing power chains with faster earnings realization and optical chip segments facing prominent supply-demand imbalances.
Looking ahead to the second half of the year, Mai Jianpei believes AI computing infrastructure remains the core theme for technology investment, with the underlying industry logic unchanged, high growth prospects intact, low penetration rates, and core company valuations not significantly overstretched.
He outlines three supporting logics: the continuous evolution of large models towards multimodal and agent-based directions, with no visible ceiling for technological breakthroughs; current AI applications are still limited to a few fields like programming and film production, leaving vast room for the restructuring of B2B enterprise workflows; and as AI transitions from training-driven to inference-driven, Token consumption is growing exponentially, with global tech giants continuously revising their capital expenditure upwards, indicating broad incremental space for upstream infrastructure.
Regarding specific investment approaches, he stated he will deepen the portfolio layout by closely following the theme of "Token production and commercialization."
On one hand, he will focus on the pricing power elasticity arising from tight supply and demand in computing infrastructure, as well as opportunities for domestic manufacturers to accelerate their entry into the global core supply chain through technological breakthroughs like hyper-node architecture. On the other hand, he will closely monitor new technologies like CPO and OCS that address data transmission bottlenecks, while also paying attention to the value re-evaluation of underlying infrastructure such as liquid cooling and power-grid coordination extended by computing power expansion.
Ma Yi's Approach: Fixed-Income Core with Equity Enhancement, Focusing on Balanced Tech Growth and Dividend Allocation
In his review for Tongtai Hengsheng A's quarterly report, Ma Yi noted that the domestic bond market generally experienced volatile recovery in the second quarter, with the 10-year government bond yield declining by approximately 9 basis points over the quarter. Structurally loose liquidity provided support for the bond market, but fluctuations in fundamental expectations and hawkish signals from the Federal Reserve caused periodic market disturbances. In the equity market, high-growth industrial chains like semiconductors and artificial intelligence led gains, while consumer and cyclical sectors faced relative pressure.
During the reporting period, Tongtai Hengsheng A employed a stable and balanced strategy for asset allocation. On the fixed-income side, the strategy centered on coupon income, with balanced allocations to interest rate bonds and high-grade credit bonds, maintaining a neutral duration to earn coupon income while strictly controlling interest rate volatility risk.
On the equity side, the focus was on three key areas: technology growth, non-bank financial dividends, and resources/metals. This quarter, holdings in the resources/metals sector were appropriately reduced in line with market logic. Within the technology growth sector, the PCB industry chain and optical module stocks formed the core holdings, effectively capturing the benefits of the AI hardware industry's development.
Looking forward, Ma Yi believes the core global macroeconomic contradiction centers on the intensification of the US reflation trade. In the second half of the year, the Federal Reserve is likely to maintain a high-interest-rate stance, and if inflation rebound pressures persist, a restart of interest rate hikes cannot be ruled out.
The delayed pivot in overseas liquidity will shift global asset pricing logic from a valuation-driven (denominator) market to one increasingly driven by earnings (numerator). High-quality assets with solid profit support will continue to benefit. The domestic economy is in a critical transition period between old and new growth drivers. The pure bond market is expected to continue its volatile pattern, while the equity market may persistently exhibit a structural bull market dominated by industry trends and earnings realization.
In subsequent operations, Ma Yi stated he will focus on two key areas: First, the broad AI technology sector, where continued increases in capital expenditure by overseas giants provide strong earnings expectations for the hardware industry chain, though vigilance is needed against periodic volatility caused by crowded trades. Second, the resources and dividend direction. While the metals sector faces increased short-term volatility due to geopolitical factors and Federal Reserve policy disturbances, core strategic resource commodities still possess medium- to long-term allocation value. The non-bank financial dividend sector, with reasonable valuations and stable earnings, also offers high defensive and allocation value.
Portfolio Holdings: Mai Jianpei Overweights Optical Modules and Computing Chips, Ma Yi's Bond-Focused Portfolio Also Tilts Towards Tech
Judging from the top ten holdings disclosed in the second-quarter reports, the portfolio of Tongtai Industry Select A, managed by Mai Jianpei, is highly concentrated in the AI computing power direction. Its largest holding, Yuanjie Technology, accounts for 9.07% of the net asset value and has gained 90.35% over the past three months. Xinyisheng holds an 8.58% weight with a 40.33% three-month gain, and Zhongji Xuchuang holds 8.54% with a 49.09% three-month increase.
The holding structure of Tongtai Digital Economy A is similar, with its top ten holdings also centered on AI computing power stocks like Zhongji Xuchuang and Xinyisheng. Both products have achieved significant excess returns over the past three months, with holdings like Jiehuate, Purun Shares, and Jingce Electronics gaining over 100%, contributing substantial elasticity to the portfolios.
Although its equity allocation is limited as a secondary bond fund, Tongtai Tongxin A, managed by Ma Yi, has precisely targeted the AI hardware uptrend in its top ten holdings. It holds core stocks like Zhongji Xuchuang, Xinyisheng, Shenghong Technology, and Tianfu Communication, while also maintaining a balanced allocation to sector leaders like CATL, Kweichow Moutai, Sungrow Power, and Cambricon. Among these, GigaDevice has surged 131% over the past three months.
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