The "Champion Fund" heavy holdings for the third quarter are out! Continuously overweighting the computing power sector, optimistic about future growth in AI

According to Zhitong Finance APP, on October 28, the performance champions for the third quarter in ordinary equity funds, equity hybrid funds, and flexible allocation funds have all disclosed their third-quarter reports, with the champions being Caitong Integrated Circuit Industry A, Hengyue Advantage Selection, and Caitong Multi-Strategy Fuxin, respectively. Overall, they have allocated to technology sectors such as overseas computing power and semiconductors.

Looking at them individually, both funds under Caitong Fund are managed by Jin Zicai, who significantly over-allocated to the optical communication sector in the third quarter and continued to increase allocation to overseas computing power.

The report for Caitong Multi-Strategy Fuxin shows that as of the end of the reporting period, the net asset value per share of Caitong Fuxin Fixed Open Mixed Initiating Fund was 3.9940 yuan, with a net asset value growth rate of 91.24% during the reporting period, while the benchmark return for the same period was 9.26%.

In terms of holdings, Jin Zicai is very confident in the computing power theme. The market value of major heavy holdings such as Sytech, Zhongji Xuchuang, Sytech Electronics, and Shenzhen South Circuit at the end of the quarter accounted for more than 9% of the fund's net value. Compared to the end of the second quarter's holding data, this fund has newly increased its heavy positions in Sytech, Shenzhen South Circuit, Huadian Co., Ltd., China National Materials Technology, and Dingtai Gaoke in the third quarter.

Jin Zicai stated that as of the third quarter of 2025, the growth certainty of overseas AI is higher than before, and the growth slope has also improved. He expects that the growth of overseas computing power demand in 2026 and 2027 may be faster, and the fundamentals of the overseas computing power sector remain strong.

He has made some adjustments in the holding sectors. Compared to a quarter ago, he believes that the market has severely underestimated the fundamentals of the optical communication sector, so he has given it a significant over-allocation.

He believes that with the substantial rise of the overseas computing power sector in the third quarter, this cognitive gap has gradually diminished, and he believes that leading optical communication companies still possess significant investment value.

In another champion fund managed by Jin Zicai, Caitong Integrated Circuit Industry A also performed brilliantly, recording a quarterly net value growth rate of 86.49%, making it the performance champion among ordinary equity funds for the third quarter. The adjustments in the fund's heavy holdings are significant, with increases in Industrial Fulian, Sytech Electronics, Zhongji Xuchuang, and Xinyi Sheng compared to the second quarter.

As of the end of the third quarter, the top ten heavy holdings of this fund were Industrial Fulian (601138.SH), Sytech (600183.SH), Sytech Electronics (688183.SH), Zhongji Xuchuang (300308.SZ), Shenzhen South Circuit (002916.SZ), Huadian Co., Ltd. (002463.SZ), China National Materials Technology (002080.SZ), Dingtai Gaoke (301377.SZ), Xinyi Sheng (300502.SZ), and Dongcai Technology (601208.SH).

In the stock holdings, the market value of Industrial Fulian and Sytech at the end of the quarter accounted for 10% of the fund's net value. Jin Zicai stated that in the third quarter, there was a continued significant overweight in the overseas computing power sector. The growth certainty of overseas AI is higher than before, and the growth slope has also improved. It is expected that the growth of overseas computing power demand may be faster in 2026 and 2027, with strong fundamentals.

Jin Zicai believes that the addition of video inference will drive the demand for computing power. Currently, the growth in computing power demand may just be beginning, and there is foreseeable broad growth space for inference-side computing power demand in the future.

The performance champion of equity hybrid funds in the third quarter is Hengyue Advantage Selection, managed by Wu Haining, and is one of the performance "dark horses" this year.

Data shows that as of the end of the reporting period, the fund's share net value was 1.3592 yuan; the fund's share net value growth rate during the reporting period was 100.06%, while the performance benchmark return rate was 13.78%.

Wu Haining's fund maintained a high position during the reporting period. She expressed optimism about the sustainability of performance in North American AI computing power and considers it a top choice for the base position in the medium term, while paying more attention to directions with technological changes. At the same time, she is also optimistic about domestic semiconductor equipment, energy storage, and AI edge computing sectors.

In terms of holdings, among the top ten heavy stocks, except for Dongshan Precision (002384.SZ) and Zhongji Xuchuang (300308.SZ), all other eight are newly added heavy positions, including Demingli (001309.SZ), Shannon Semiconductor (300475.SZ), Lens Technology (300433.SZ), and Zhongwei Company (688012.SH).

Wu Haining pointed out that since September, the fund has increased its allocation to the storage sector. She noted that storage chips have entered a price increase cycle, and AI inference is driving a rapid explosion in data storage demand. With the release of Sora2, AI video production applications have gained popularity, and the demand for data storage generated by video is hundreds of times that of text/image generation. SSDs are rapidly replacing HDDs in application scenarios, and the supply side of storage chips is also quite limited.

At the same time, the domestic localization rate of enterprise-level storage modules is relatively low, and it is imperative for major internet companies to increase the localization rate in the future. She judges that the third quarter is the starting point of a major storage cycle, as it combines growth and cyclicality, making it the best landing point for AI application investments.

She believes that the production capacity of domestic storage chips has reached an internationally advanced level, and the certainty of continuous expansion during the upturn cycle is high. As a key equipment required for the production of storage chips, etching equipment will continue to benefit. The economic viability of domestic independent energy storage is becoming apparent, and the increasing power shortages abroad have raised the demand for large-scale storage, indicating a long-term positive outlook for the energy storage sector