On January 22, Invesco Great Wall Fund released the fourth quarter report of 2025 for the Invesco Great Wall Herun Mixed Securities Investment Fund. Compared with the previous quarter, the Invesco Great Wall Herun Mixed fund managed by Xie Zhiyu increased its position in Contemporary Amperex Technology Co.,Ltd. (CATL) (300750.SZ), while several semiconductor industry chain-related stocks including BIWIN Storage (688525.SH), Tuojing Technology (688072.SH), and Huahai Qingke (688120.SH) newly entered its top ten holdings. Stocks such as Zhongji Innolight (300308.SZ), Juhua Group (600160.SH), and Amlogic (688099.SH) saw their positions reduced, whereas NAURA Technology Group (002371), Lens Technology (300433.SZ), and Focus Media (002027.SZ) dropped out of the top ten heavyweight holdings.
The quarterly report indicates that the fund has placed significant emphasis on allocating assets to sectors such as overseas computing power and semiconductor equipment. Concurrently, domestic memory original equipment manufacturers are expected to face a historic opportunity for listing in 2026, making domestic semiconductor equipment and materials a key focus for allocation. Regarding financial metrics, during the reporting period, Invesco Great Wall Herun Mixed A realized a gain of approximately 1.858 billion yuan, while the current period's profit was approximately -974 million yuan. The net asset value of the fund at the period-end was about 21.688 billion yuan, with a net asset value per share of 2.0802 yuan. Invesco Great Wall Herun Mixed C realized a gain of approximately 7.4413 million yuan, while the current period's profit was approximately -1.7269 million yuan. The net asset value of the fund at the period-end was approximately 135 million yuan, with a net asset value per share of 2.0717 yuan.
In terms of performance, as of the end of the reporting period, the net asset value per share for Invesco Great Wall Herun Mixed A was 2.0802 yuan, with a growth rate of -3.81% for the period. The comparative benchmark return for the same period was -0.13%. The net asset value per share for Invesco Great Wall Herun Mixed C was 2.0717 yuan, with a growth rate of -3.95% for the period, against the same benchmark return of -0.13%. Xie Zhiyu pointed out that market volatility increased in the fourth quarter, with indices entering a volatile trend. The market continued to see frequent hotspots and numerous investment opportunities revolving around the AI theme.
Driven by increased orders from major overseas clients and advancements in new technologies, the overseas computing power sector, represented by optical modules, continued to reach new highs. Within the optical module and PCB fields, leading domestic supply chain companies have gained greater influence on the international stage. In areas such as liquid cooling and power supplies, domestic leaders are also achieving historic breakthroughs. Xie Zhiyu stated that, propelled by massive AI capital expenditures, overseas markets have encountered challenges such as power shortages and memory deficits. Consequently, related domestic industries like energy storage, gas turbines, and memory have experienced high prosperity, with abundant opportunities emerging in individual stocks.
Breakthroughs in domestic computing power have boosted the semiconductor industry's vitality within China, particularly as domestic memory original equipment manufacturers are poised for a historic listing opportunity in 2026. Domestic semiconductor equipment and materials will be a primary focus for allocation. Within the technology sector, China is expected to see the rise of a cohort of high-quality companies with global competitiveness. Xie Zhiyu mentioned that the fund maintained a relatively high position during the reporting period. Going forward, it will continue to track the evolution of companies' core competitiveness over longer cycles and persistently seek investment opportunities arising from non-linear growth driven by accelerated technological change and reversals in the prosperity of specific sub-sectors.
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