The 2025 fourth-quarter reports of public offering funds are entering a period of intensive disclosure. The latest holdings and market views of a group of top-tier market fund managers, including Zhang Kun, Fu Pengbo, Xie Zhiyu, Zhu Shaoxing, and Ge Lan, have been successively revealed, providing critical clues for observing the movements of institutional capital.
From the disclosed quarterly reports, the positioning of fund managers shows distinct structural characteristics. On one hand, fund managers renowned for their long-term heavy allocations to the consumer sector have made significant adjustments to their core holdings; on the other hand, the global technological innovation theme centered around Artificial Intelligence (AI) has become a consensus, though different managers have made varying emphasis choices between 'hard infrastructure' and 'soft applications'. Meanwhile, the Hong Kong stock market, particularly its tech internet giants, has garnered simultaneous attention and increased allocations from several fund managers.
Zhang Kun's fourth-quarter report from E Fund Management, where he serves as Deputy General Manager, is highly watched by the market. Data shows that as of the end of Q4 2025, the total scale of the four products he manages was approximately 48.383 billion yuan. Taking his flagship product, E Fund Blue Chip Selected Mixed Fund, as an example, among its top ten heavyweight stocks, Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu all faced reductions to varying degrees, while non-alcoholic consumer stocks like JD Health and Focus Media were also significantly reduced.
While reducing consumer holdings, Zhang Kun increased his stake in Alibaba and made strategic adjustments to regional allocation: he lowered the overall allocation to the Hong Kong and US markets, instead raising the allocation ratio to South Korea and Taiwan. Notably, Samsung Electronics became the top holding in his E Fund Asia Selected Stock Fund, a change that clearly signals an increased focus on the global semiconductor and high-end manufacturing industrial chain.
In the quarterly report, Zhang Kun elaborated on his macroeconomic thinking. He mentioned: "A strong domestic demand market is a crucial booster for technological innovation. Strong demand and profitability can attract global resources, talent, and capital to serve innovation." Using leading overseas models like GPT and Gemini as examples, he illustrated how their subscription revenues provide guarantees for R&D, and mentioned that a domestic company he invests in possesses leading foundational model capabilities; if the consumer environment were stronger, subscription revenue and R&D investment could form a virtuous cycle.
Regarding domestic consumption prospects, Zhang Kun is not pessimistic. After analyzing from both incremental and stock dimensions, he pointed out that the improvement in residents' living standards over the next decade will be a clear trend, and the adjustment of housing prices in major cities "is expected to be nearing its end." He ultimately concluded that the market will eventually recognize that investing in companies driven by domestic demand remains "fishing where the fish are."
In the Q4 reports of other top fund managers, focusing on and deepening investments in the technology direction became a common characteristic, albeit with different individual emphases.
Fu Pengbo's Ruiyuan Growth Value Mixed Fund from Ruiyuan Fund made noticeable moves in its investment layout. The fund increased its stake in Cambricon, clearly directing its focus towards the 'hard infrastructure' of artificial intelligence. The quarterly report shows that the concentration of the fund's top ten holdings increased in Q4. A more notable change was that mobile operator stocks no longer featured among the top ten, replaced by high-end equipment manufacturers in the solar and semiconductor sectors, which performed well in the quarter.
Fu Pengbo and Zhu Lin stated that there are two main preparatory directions for building the 2026 portfolio. On one hand, reducing holdings in companies with weak fundamental trends; on the other hand, based on tracking research on industry development trends and individual stocks, increasing holdings in companies related to data center liquid cooling, storage capacity, and computing power. For sectors and stocks heavily allocated in 2025, such as optical modules, PCB materials, chips, and data center liquid cooling, they remain optimistic about their future development and plan to further intensify research efforts in 2026.
Xie Zhiyu's Xingquan Herun Mixed Fund from Xingquan Fund also took new actions in the fourth quarter. The fund increased its stake in Contemporary Amperex Technology Co., Ltd. (CATL) and newly entered several semiconductor industry chain-related stocks like BIWIN Storage, Topecsh, and Hwatsing. Xie Zhiyu noted in the report that domestic memory original equipment manufacturers will face a historic opportunity for listing in 2026, and domestic semiconductor equipment and materials will become a key allocation focus. He also expressed continued optimism towards the overseas computing power direction.
Zhu Shaoxing's Fuguo Tianhui Growth Mixed Fund from Fuguo Fund also adjusted its holdings in the fourth quarter. The fund added to its position in CATL and also newly included Zijin Mining Group and XCMG Construction Machinery in its top ten holdings. Zhu Shaoxing believes that although current market valuations have risen somewhat, they remain within a reasonable range over the long cycle, making bottom-up stock selection more critical. His investments will continue to favor companies with good 'corporate DNA' and excellent management capabilities.
At the technology application level, Li Xiaoxing from Yinhua Fund completely overhauled the heavyweight holdings of his Yinhua Xinyi Flexible Allocation Mixed Fund. The top ten holdings were entirely replaced with Hong Kong-listed internet leaders like Tencent Holdings, Alibaba-W, Meituan-W, and Xiaomi Group-W. Li Xiaoxing believes that capital expenditure in the AI industry is showing explosive growth trends, and the earnings of domestic internet giants are expected to maintain steady growth. As the proportion of AI-related revenue increases, both earnings and valuations are poised for a potential double boost. Currently, reasonably valued Hong Kong-listed tech giants represent a convergence of industrial trends and fundamental trends.
Ge Lan and Zhao Lei, co-managers of Zhongou Healthcare Mixed Fund from China Europe Fund, continue to focus on the long-term logic of the industry after the adjustment in the innovative drug sector. They pointed out in the report that investment opportunities will still mainly concentrate on the overseas expansion progress and technological iteration of the innovative drug and device industry chain, while also paying attention to the domestic substitution of equipment and the demand recovery in consumer healthcare. They anticipate that, catalyzed by improved global liquidity, policy optimization, and the release of multiple key clinical data, the innovative drug industry chain may continue its structural行情.
Regarding the portfolio adjustment trends revealed in the top fund managers' Q4 reports, several market analysts provided professional interpretations.
A macro strategy analyst from a securities firm stated that, overall, top fund managers' positions remain high, indicating they are not pessimistic about the market's medium to long-term trend. Their strategy of making structural adjustments rather than systematic reductions is a typical approach for professional investors to respond to market volatility and optimize their portfolios. The analyst particularly emphasized that Zhang Kun's discussion on the relationship between consumption and technology moves beyond the traditional sector rotation framework, instead explaining it from the perspective of macroeconomic growth and micro-level corporate innovation interaction, which fully reflects the underlying logic of his long-term investment.
A senior insider from the public fund industry also shared views. He pointed out that the fund managers' layouts clearly show differentiation along industrial trends. Individuals like Fu Pengbo and Xie Zhiyu focus on 'foundational' areas like computing power and semiconductors, following the logic of 'selling shovels' during the AI wave; whereas Li Xiaoxing's heavy allocation to Hong Kong internet platforms reflects optimism about their value as core carriers for AI technology application. This chain-like layout from infrastructure to application platforms indicates a deepening understanding of the tech industry by institutional capital and increasingly refined investment strategies.
Regarding the adjustments to traditional core assets, the industry insider believes this reflects a reassessment of asset value by fund managers during the economic growth model transition period. Their reduction of certain consumer stocks is not necessarily a bearish view on the consumer sector itself, but more likely a tactical adjustment based on considerations like valuation attractiveness, short-term景气度, or individual stock fundamentals. Simultaneously, increasing allocations to overseas tech assets or Hong Kong stocks demonstrates the managers' approach of seeking high-quality growth targets globally and diversifying regional risks, a concrete manifestation of the increasingly internationalized investment perspective of public funds.
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