As 2025 mutual fund annual reports are progressively disclosed, the portfolio adjustments of top fund managers have once again captured market attention. Xie Zhiyu, recognized for his consistent long-term performance and clear investment style, has demonstrated distinct structural changes in his managed products, including the Xingquan Herun and Xingquan Heyi funds, according to the latest reports.
The most recent fund annual report indicates that, compared to the mid-2025 report, Xie Zhiyu established significant new positions in Zhongji Innolight Co.,Ltd. (300308.SZ) during the second half of the year. An analysis of the sector allocation across his managed funds at the end of 2024 versus 2025 clearly shows his investment focus shifting towards technology and growth areas related to AI, such as the electronics and communications supply chain, semiconductors, and innovative pharmaceuticals. The electronics and communications sectors now command a substantial weighting, maintaining his strategy of "moderate concentration with diversified exposure."
Specifically, examining the top twenty holdings at the end of 2025, Xie's Xingquan Herun and Xingquan Heyi funds initiated new positions in Zhongji Innolight (300308.SZ), HYC Co., Ltd. (688120.SH), ACM Research (Shanghai), Inc. (688072.SH), Shenghong Technology (300476.SZ), Dongshan Precision (002384.SZ), and China Eastern Airlines (600115.SH). Additionally, Xingquan Herun added new positions in Giantec Semiconductor Corporation (688123.SH), China Petroleum & Chemical Corporation (600028.SH), Wanchen Group (300972.SZ), Ingenic Semiconductor (300223.SZ), and Zhongpet Co., Ltd. (002891.SZ). Xingquan Heyi also newly invested in Biwin Storage Technology Co., Ltd. (688525.SH), Mobvista (01860), WuXi Biologics (02269), KE Holdings Inc. (02423), and Deye Technology Co., Ltd. (605117.SH).
The top ten holdings of the largest fund, Xingquan Herun, were: Zhongji Innolight, Juhua Group (600160.SH), Contemporary Amperex Technology Co., Limited (300750.SZ), Amlogic (Shanghai) Co., Ltd. (688099.SH), Luxshare Precision Industry Co., Ltd. (002475.SZ), Biwin Storage, Montage Technology Co., Ltd. (688008.SH), Dongshan Precision, ACM Research (Shanghai), and HYC. Notably, Naura Technology Group (002371.SZ), Lens Technology (300433.SZ), and Focus Media (002027.SZ) dropped out of the top ten, replaced by HYC, ACM Research (Shanghai), and Biwin Storage.
In terms of performance, as of the reporting period end, the net asset value per unit for Xingquan Herun Mixed A was 2.0802 yuan, with a NAV growth rate of 35.72% for the period, outperforming its benchmark return of 14.04%. The NAV for Xingquan Herun Mixed C was 2.0717 yuan, achieving a NAV growth rate of 47.96% against a benchmark return of 22.50%. For Xingquan Heyi Mixed A, the NAV was 1.9356 yuan with a growth rate of 38.16%, surpassing its benchmark of 15.75%. The NAV for Xingquan Heyi Mixed C was 1.8689 yuan, with a growth rate of 37.31% against the same benchmark.
In the 2025 fund annual report, Xie Zhiyu stated that with the continuous development of large language models, AI is quietly transforming the world, creating abundant investment opportunities around this theme. Overseas, the computing power sector reached new highs in 2025, driven by major client orders and new technological advancements. He observed that leading domestic suppliers in areas like optical modules and PCBs are gaining greater influence internationally, while breakthroughs are being made in liquid cooling and power supply technologies. The massive capital expenditure in AI has led to overseas shortages in power and storage, creating high prosperity for related domestic industries like energy storage, gas turbines, and the storage supply chain, presenting numerous stock-specific opportunities. Breakthroughs in domestic computing power are boosting the semiconductor cycle within China, with domestic memory manufacturers poised for a historic listing opportunity in 2026, making domestic semiconductor equipment and materials a key allocation focus.
Looking ahead to 2026, Xie believes the non-linear growth driven by AI remains a primary attraction. Following an expected stabilization and recovery in the macroeconomy, the differentiation and rebound in traditional sectors are also promising. On one hand, leading companies within the optical module, storage, energy storage, and gas turbine supply chains that can provide stable supply will continue to command significant premiums, with supply-demand gaps likely to persist. For 2026 AI investments, the focus will be on identifying sub-sectors benefiting from technological iteration and widening supply-demand gaps, while being cautious of deteriorating competitive landscapes. On the other hand, with the implementation of counter-cyclical policies and anti-involution measures, the probability of macroeconomic stabilization and recovery is increasing. Some chemical industries are already showing renewed vitality with improving conditions. In the consumer sector, the comprehensive recovery in Spring Festival 2026 consumption data is encouraging, with service consumption like travel and hotels seeing increases in both volume and price. After a 3-4 year downturn, the consumer sector is expected to bottom out and recover in 2026, with some leading new consumer companies successfully iterating their business models and accelerating overseas expansion.
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