Ruifund's star fund managers have disclosed their 2025 annual reports. According to the latest data on stealth holdings released on March 27, during the second half of 2025, the Ruifund Growth Value Mixed Fund, managed by Fu Pengbo and Zhu Lin, initiated a new position in Shannon Semiconductor Technology Co.,Ltd. and repurchased Siquan New Materials. The fund increased its holdings in Focused Photonics and CMS Pharmaceutical, while reducing positions in Innovent Biologics, Quectel Wireless Solutions, and Sunresin New Materials.
Another star Ruifund manager, Zhao Feng, who oversees the Ruifund Balanced Value Three-Year Holding Fund, significantly increased its stake in NetEase Cloud Music by a substantial 1566.67%. The fund also raised its holdings in Meituan, Tsingtao Brewery, and ZTO Express, while reducing positions in Focus Media, Shenma Electric, and Xiaomi.
The Ruifund Growth Value Mixed Fund added 4 stocks to its portfolio by the end of 2025, bringing its total holdings to 81 stocks. The fund's stealth holdings—positions ranked 11th to 20th—were Siquan New Materials, Fure Medical, CMS Pharmaceutical, Sunresin New Materials, Minth Group, Shannon Semiconductor Technology Co.,Ltd., Bethel, Quectel Wireless Solutions, Innovent Biologics, and Focused Photonics.
Notably, after completely divesting from Siquan New Materials in the first half of 2024, the fund repurchased 2.6628 million shares in the latter half of 2025. It also established a new position in Shannon Semiconductor Technology Co.,Ltd., a semiconductor industry investment management and distribution platform, acquiring 1.7874 million shares. The fund increased its stakes in Focused Photonics and CMS Pharmaceutical, while reducing its holdings in Innovent Biologics, Quectel Wireless Solutions, and Sunresin New Materials by over 20% compared to the previous period.
In their 2025 report, managers Fu Pengbo and Zhu Lin stated that artificial intelligence-related industry chains represented the clearest investment direction for the year. They anticipate some divergence in sector performance in 2026, with continued potential in AI-Agent, multimodal, and edge AI hardware segments. The portfolio prioritizes technological innovation and industrial upgrades, aiming to identify new investment targets through deep and broad research. They noted that recent "AI arms races" have driven significant capital expenditure increases among overseas tech leaders, though concerns about financial sustainability and investment returns have led to notable stock adjustments. The managers are closely monitoring these developments.
They observed that product price increases became a key theme in the A-share market in early 2026, with top-performing sectors largely linked to涨价 trends, such as fiberglass, rare earths, minor metals, and copper-clad laminates. International demand-driven price increases appear more straightforward, while domestic涨价 trends require further data validation. Initial price surges were driven by expectations and early capital allocation, with sustainability dependent on downstream acceptance and demand changes. Industry research suggests cyclical sectors tend to outperform technology growth stocks during PPI upswings.
The managers believe markets typically begin pricing in PPI recoveries about two quarters in advance, consistent with early-year sector performances. Cyclical commodities, midstream manufacturing, and certain Hong Kong-listed consumer staples often benefit from year-on-year PPI increases. Their portfolio currently avoids top-performing non-ferrous metals and oil sectors benefiting from geopolitical volatility due to valuation concerns.
Despite ongoing geopolitical risks in the Middle East and East Asian uncertainties following Japanese elections, Fu and Zhu noted remarkable resilience in domestic markets and strengthened investor confidence. While current market expectations for improved liquidity may be slightly optimistic, they anticipate positive A-share performance driven by Q1 credit growth, household savings redistribution, and the start of the 15th Five-Year Plan.
Zhao Feng's Ruifund Balanced Value Three-Year Holding Fund held 68 stocks by end-2025. Its stealth holdings included Xiaomi, NetEase Cloud Music, Focus Media, PICC Group, YTO Express, ZTO Express, Shenma Electric, Zijin Mining, Meituan, and Tsingtao Brewery.
Zhao dramatically increased his NetEase Cloud Music position by 1566.67%, while raising stakes in Meituan, Tsingtao Brewery, and ZTO Express by 150%, 67.83%, and 54.55% respectively. Conversely, he reduced positions in Focus Media, Shenma Electric, Xiaomi, PICC Group, YTO Express, and Zijin Mining.
Looking ahead to 2026, Zhao suggested the Chinese economy may be in the later stages of adjustment. He expects economic fundamentals to stabilize and recover, providing a solid foundation for equity markets. However, since equity markets typically lead fundamentals, and with valuations returning to reasonable levels after 2025 gains, he anticipates more moderate returns in 2026 if economic growth remains steady.
Zhao projected continued ample liquidity, with insurance funds potentially injecting hundreds of billions into equities. Given massive household deposits and low equity allocations, he sees significant potential support for reasonably valued markets. While increased valuations may heighten volatility, he expects limited systemic decline with abundant structural opportunities.
He identified three key growth drivers for Chinese companies: market share expansion, innovation, and global expansion. While maintaining cautious 2026 return expectations, Zhao expressed strong confidence in Chinese companies' long-term competitiveness and economic recovery. He emphasized Chinese equities' attractive potential returns globally, citing China's robust industrial chain, stable domestic market, and growing innovation capabilities as key attractions for international investors.
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