Xie Zhiyu's latest third-quarter holdings disclosure! Significantly increased positions in AI computing, Zhongji Innolight enters the top ten heavy holdings

According to Zhitong Finance APP, on October 28, the well-known fund manager Xie Zhiyu's managed fund announced its third-quarter report. Taking Xingquan Helun as an example, its adjustment in the third quarter was relatively large. Zhongji Innolight (300308.SZ), Montage Technology (688008.SH), NAURA (002371.SZ), and DSBJ (002384.SZ) were newly added to the top ten heavy positions. These companies are leaders in their respective segments, including optical modules, high-speed interconnect chips, semiconductor equipment, and PCBs, indicating a strong trend of increasing positions in the AI computing power sector.

In contrast, Haida Group (002311.SZ), Perfect World (002624.SZ), Pegatron (002938.SZ), and Meihua Biological (600873.SH) have dropped out of the top ten heavy positions. At the same time, the fund also reduced its holdings in several stocks, including Focus Media (002027.SZ), Juhua Co., Ltd. (600160.SH), CATL (300750.SZ), Luxshare Precision (002475.SZ), and Amlogic (688099.SH), some perhaps for profit-taking, but more likely due to adjustments in investment strategy.

In terms of performance, in the third quarter, Xingquan Helun Mixed A rose by 36.16%, and the C share rose by 35.96%, significantly exceeding the benchmark return of 13.84% for the same period. According to Wind data, since the beginning of this year, Xingquan Helun Mixed A has increased by 39.63%, ranking in the top 35% among 4,503 similar products; its returns over the past year and three years were 39.52% and 43.66%, respectively, also placing it in the top 30% and 20% of similar products.

The rise in performance has also led to an increase in scale. Despite a decrease in fund shares in the third quarter, Xingquan Helun's scale increased by 3.127 billion yuan quarter-on-quarter, reaching a latest scale of 24.982 billion yuan.

In terms of positions, as of the end of the third quarter, Xingquan Helun's stock position accounted for 90.28%.

Additionally, another billion-yuan fund managed by Xie Zhiyu, Xingquan Heyi, increased its holdings in Innovent Biologics (01801), Juhua Co., Ltd., Luxshare Precision, and WuXi AppTec (09969) in the third quarter, while reducing its holdings in Amlogic (688099.SH) and SMIC (00981). Zhongji Innolight, Montage Technology, DSBJ, and CATL were newly added to the top ten heavy positions, while the previously heavily held Xiaomi Group-W (01810), Lens Technology, and Alibaba-W (09988) dropped out of the top ten heavy positions.

In terms of performance, in the third quarter of this year, Xingquan HeYi A rose by 30.89%, and Xingquan HeYi C rose by 30.69%, while the benchmark return during the same period was 12.57%. The scale increased by 2.7 billion yuan quarter-on-quarter, reaching 18.679 billion yuan.

In terms of positions, as of the end of the third quarter, the stock position of Xingquan HeYi accounted for 91.21%.

AI Core Main Line Rises Too Fast, Hong Kong Stocks Perform Relatively Poorly

Xie Zhiyu stated in the third quarter report that the market continued its upward trend in the third quarter. After entering September, the rapid rise of the AI core main line led to divergences, coupled with changes in the external macro environment impacting investor expectations, resulting in a significant increase in market volatility and a slowdown in the upward momentum.

The overseas computing power sector, represented by optical modules and PCBs, remains the main driving force behind the market's rise. Although the short-term prosperity can be confirmed by clients' capital expenditure plans, some investors have begun to doubt the sustainability of the rapid growth in demand in the absence of widely seen end-user application scenarios. In addition, the iteration of technological routes has also triggered market divergences regarding future competitive landscape changes: whether it is the different pursuits for efficiency among major manufacturers on the model side or the challenges posed by the intensive requirements on the hardware side to the supply chain, both will affect the long-term intrinsic value of related companies.

Xie Zhiyu mentioned that the continuous rapid growth of non-bank deposits over the past two months aligns with the macro assumption of residents moving their savings, and under relatively ample liquidity support, sector rotation has not led to significant declines, which is markedly different from market performance before September 24 last year. In addition to support from macro policies, the strong fundamentals in the technology and high-end manufacturing sectors are also important decisive factors: breakthroughs in domestic computing power have driven an increase in semiconductor equipment shipments; the realization of energy storage demand combined with advancements in solid-state battery technology has reversed the downward trend in the new energy industry; although innovative drugs face potential policy restrictions in the U.S., this does not change the long-term trend of rising under the advantage of R&D efficiency. The positive interaction between fundamentals and liquidity is beginning to show signs, thus forming the intrinsic driving force for reversing the long-term market trend.

Xie Zhiyu continued that, in contrast, the performance of the Hong Kong stock market in the third quarter was relatively poor, mainly affected by significant fluctuations in the Hong Kong dollar exchange rate and interbank lending rates at the macro level, while at the meso level, intensified competition in sectors such as e-commerce and new energy vehicles has raised investors' concerns about declining industry profitability. With the advancement of the national anti-involution policy, this negative impact is gradually weakening. It is noted that more diverse types and styles of overseas funds are actively positioning in the Hong Kong stock market, and the adjustments in the third quarter may provide a very ideal participation window