The Xingquan HeRun Fund, managed by Xie Zhiyu, Deputy General Manager of Xingquan Fund, recently released its quarterly report. As the core of Xingquan's equity investment, Xie Zhiyu has shown steady performance in recent years, significantly surpassing the benchmark, and this characteristic continues in the quarterly report.
The 2025 fourth quarterly report of Xingquan HeRun Fund shows that during the reporting period, the fund maintained a high position while continuing to deepen its layout in the technology sector, focusing on high-growth areas such as AI computing power, semiconductor equipment, and storage.
In terms of heavy holdings, Xie Zhiyu's allocation ratio for the iconic AI stock Zhongji Innolight is close to the 10% upper limit, while the chemical stock ZJJH is over 8%, and CATL has entered the top three holdings. Overall, the fund manager continues to increase the allocation to technology stocks, which is also beneficial to the fund's net value.
<h2>Heavy Holdings Highlight Technology Main Line</h2>
The top ten heavy holdings in Xingquan HeRun's quarterly report include Zhongji Innolight, ZJJH, CATL, Amlogic, Luxshare Precision, Biwin, Lattice Semiconductor, Dongshan Precision, Piotech, and HWATSING, with a clear holding structure pointing to core links in the AI industry chain such as optical modules, semiconductor equipment, storage chips, and PCBs.
Among these, Biwin, Piotech, and HWATSING are newly added holdings. These three stocks also belong to the information technology sector .
Additionally, during the quarter, Xie Zhiyu increased the allocation ratios for Zhongji Innolight, ZJJH, and CATL, with Zhongji Innolight and ZJJH experiencing significant price increases, leading Xie Zhiyu to realize part of the positions at high prices in actual operations.
Compared to the third quarterly report, the fund further increased its allocation to domestic computing power, semiconductor equipment, and storage-related industry chains in the fourth quarter, focusing on finding investment opportunities at the intersection of accelerated technological change and the reversal of prosperity in segmented industries.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/63f96231-32e6-48e5-bd95-3a3cac941c96.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/63f96231-32e6-48e5-bd95-3a3cac941c96.png"/>
<h2>Reduced Holdings in Northern Huachuang, Lens Technology, and Focus Media</h2>
In the fourth quarter of 2025, Xingquan HeRun significantly reduced its holdings in Northern Huachuang, Lens Technology, and Focus Media, which belong to the semiconductor, consumer electronics, and media sectors, respectively.
From the performance in the secondary market, these three stocks showed relatively weak performance in the fourth quarter, especially Focus Media, while Northern Huachuang and Lens Technology had some rebound at the beginning of 2026. From a trading perspective, excluding these three stocks from the top ten heavy holdings in the fourth quarter shows a clear trading value.
<h2>AI Capital Expenditure Drives High Prosperity in the Energy Storage Industry Chain</h2>
In the quarterly report, Xie Zhiyu believes that market volatility increased in the fourth quarter, with the index entering a fluctuating trend, and the market around the AI main line still has continuous hotspots and many investment opportunities. The overseas computing power sector, represented by optical modules, continues to reach new highs under the stimulation of large overseas customers increasing orders and new technology developments.
&#34;We are pleased to see that in the optical module and PCB fields, domestic supply chain leaders have gained greater voice on the international stage.&#34;
He also believes that domestic leaders are making historic breakthroughs in areas such as liquid cooling and power supply. Driven by massive capital expenditures in AI, overseas markets are facing power shortages and storage issues, leading to a high boom in corresponding domestic energy storage, gas turbine, and storage-related industrial chains, with individual stock opportunities emerging one after another.
The breakthroughs in domestic computing power have boosted the prosperity of the domestic semiconductor industry, especially as domestic storage manufacturers are expected to seize historical opportunities for listing in 2026. Domestic semiconductor equipment and consumables will be key areas for investment. In the technology sector, a number of high-quality companies with global competitiveness are expected to emerge in China.
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The quarterly report of Xingquan Helun Fund shows that fund manager Xie Zhiyu continues to increase allocation to technology stocks, focusing on investments in AI computing power, semiconductor equipment, and storage. Among the heavily held stocks, Zhongji Innolight, ZJJH, and CATL occupy the top three positions. During the reporting period, the fund maintained a high position, adding holdings in Biwin, Piotech, and HWATSING, while reducing holdings in Northern Huachuang, Lens Technology, and Focus Media. Overall, the fund is seeking investment opportunities amid technological transformation and industry prosperity reversal

Wallstreetcn

ZJJH

Guotai CSI All Share Integrated Circuit ETF

CATL

Piotech

HWATSING

Biwin

Zhongji Innolight

Xingquan Xie Zhiyu's latest quarterly report: Continued to increase technology allocation at the end of last year, Zhongji Innolight, ZJJH, and CATL entered the top three heavy positions