On October 27, the Xingzheng He Run Mixed Fund (LOF) managed by Xie Zhiyu released its third-quarter report for 2026, according to Zhi Tong Finance APP.
As of the end of the third quarter, the fund maintained a relatively high position, with equity exposure reaching 89.87%. Its top ten holdings underwent changes, with the portfolio significantly increasing its allocation to semiconductor manufacturing while introducing a new leading pharmaceutical CXO name.
Xie Zhiyu stated that the AI industry continues to actively seek new structural opportunities and the next application scenario, with new applications such as AI pharmaceuticals showing outstanding performance.
In the third quarter, the fund's top ten holdings were, in order: Nexchip Semiconductor Corporation (688249.SH), Luxshare Precision (002475.SZ), Amlogic (688099.SH), Tigermed (300347.SZ), Wuxi Apptec Co.,Ltd. (603259.SH), Tongfu Microelectronics (002156.SZ), Juhua (600160.SH), Lens Technology (300433.SZ), Hygon Information (688041.SH), and Centec Networks (688702.SH).
Compared with the second-quarter report, the fund made notable adjustments. Wuxi Apptec, Tongfu Microelectronics, and Centec Networks entered the top ten holdings for the first time. Meanwhile, previously popular names Zhongji Innolight (300308.SZ), SMIC (688981.SH), and Hwatsing Technology (688120.SH) dropped out of the top ten, suggesting significant reductions in that direction.
In terms of specific adjustments, the fund clearly added to core semiconductor and consumer electronics names against the trend. Among them, the largest holding, Nexchip Semiconductor Corporation, was substantially increased, with the share count rising from 30.4405 million shares in the second quarter to 47.4677 million shares. Amlogic increased from 9.7944 million shares to 11.8516 million shares, and Lens Technology rose from 15.2902 million shares to 21.003 million shares, also seeing significant additions. The position in Luxshare Precision remained stable. In contrast, the previously heavily weighted AI computing name Zhongji Innolight fell directly out of the top ten, indicating a clear intent to take profits.
In terms of performance, as of the end of the reporting period, the net asset value per unit of Xingzheng He Run Mixed A was 2.2119 yuan, with a net value growth rate of -24.97% for the reporting period, while the benchmark return over the same period was -9.82%. The net asset value per unit of Xingzheng He Run Mixed C was 2.1930 yuan, with a net value growth rate of -25.09% for the reporting period, against a benchmark return of -9.82%.
Xie Zhiyu said that in the third quarter, the market ended the extreme divergence of "fire and ice" seen in the second quarter and entered a period of intense rebalancing. In early July, rate hikes in Japan and South Korea, a rapid rise in long-end U.S. Treasury yields, and a combination of negative industry news caused a synchronized unwind of highly crowded global computing trades. Meanwhile, non-AI traditional sectors that had broadly oversold in the second quarter, such as financials, consumer, and cyclicals, along with Hong Kong technology and pharmaceutical sectors, saw a round of recovery. However, domestic macroeconomic data was dragged down by weak domestic demand, credit expansion remained sluggish, and the recovery in traditional pro-cyclical industries lacked sustained fundamental support. These factors, combined with uncertainties in external liquidity, geopolitical conflicts, and trade policy, led to an overall decline in market risk appetite in the third quarter.
He continued that looking ahead, he remains highly confident in and bullish on the long-term development trend of the AI industry. Overseas giants dynamically adjusting the pace of investment is a normal business decision and does not mean that the AI development trend has peaked, nor does it mean that overseas capital expenditure growth will suddenly stop. He will pay more attention to the long-term demand prospects and the stability of the competitive landscape in the AI industry, while downplaying short-term expectations.
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