The latest rebalancing moves of a well-known fund manager are here

The 2025 fund annual reports have been fully disclosed, and the hidden top holdings of public mutual funds have come to light.

The latest portfolio structure and trading paths of well-known fund managers have become the focus of market attention. Judging from the disclosures, some products have重点 allocated to the cycle and commodities resources directions, and information technology and AI industrial-chain targets are also accelerating into core holdings.

In institutional analysis, with uncertainty still remaining in the 2026 macro environment and the market’s valuation center of gravity rising, multiple fund managers generally emphasize the importance of structural opportunities. They are deploying around main themes such as improving supply and demand, the trends in emerging industries, and the recovery of domestic demand.

Zhou Weiwén: Two main themes—improving supply and demand and emerging industries

The portfolio and outlook of well-known fund manager Zhou Weiwén have once again drawn market attention. Taking one of his representative products, CICC New Trend (166001), as an example, based on the hidden holding structure reflected in the 2025 fund annual reports, the hidden top holdings of CICC New Trend are mainly concentrated in the materials sector, including Xingfa Group (600141), Huayou Cobalt (603799), Xingye Tin & Resources, Hualu Hengsheng (600426), Dongfang Tiewei (002545), and other individual stocks.

In terms of performance, CICC New Trend A delivered a full-year return of 65.77% in 2025, standing out among its peers.

In its annual report, Zhou Weiwén said that in 2026, global macroeconomic conditions and international circumstances will still face many uncertainties. After the A-share market’s substantial rise in 2025, overall valuations have moved away from the historical low range. The dual support of domestic and international liquidity will become an important variable for the market, driving more structural opportunities to emerge.

In terms of specific positioning, he will focus on two main lines: first, to seize industry opportunities in which prices bottom out or rise brought about by improving liquidity and a better supply-demand landscape, with particular attention to industries that are entering an upturn and expansion cycle due to supply constraints or a rebound in demand.

Second, to continue positioning for trend-driven opportunities in emerging industries represented by AI. Against the backdrop of a global AI revolution and China’s vigorous push to develop new productive forces, these industries—with broad long-term development prospects and substantial room for growth—remain fertile ground for identifying growth stocks.

Zhao Yi: This year, focus on energy and artificial intelligence

Turning to another well-known fund manager with high market attention, Zhao Yi, the trading and repositioning path shown in the portfolio holdings under management as of the end of 2025 reflects an increase in exposure to emerging industry directions. Taking Quan Guo Xuyuan Three-Year Holding as an example, the fund’s annual report shows that as of the end of 2025, the product held 25 stocks, further down from before, with ongoing improvement in portfolio concentration and a more pronounced style.

At the stock level, compared with mid-2025, the hidden top holdings added a number of information-technology targets, including Jemei Technology (002859), Jingzhida, Yingtang Zhikong (300131), Jingce Electronics (300567), and Dingtong Technology, among others. In terms of performance, Quan Guo Xuyuan Three-Year Holding A returned 46.28% for the full year of 2025.

Zhao Yi said that in 2026, given dramatic changes in macro conditions both at home and abroad, he will focus on two areas: first, energy; second, AI.

On the energy front, AI’s rapid development has led to a steep increase in electricity consumption, driving a significant rise in total energy demand. At the same time, amid intensifying geopolitical conflicts, the energy price center of gravity moves upward and the importance of energy security increases. Zhao Yi believes that the share of new energy within the overall energy structure will gradually rise, and the ceiling for new energy demand will be further opened up.

In the AI space, Zhao Yi believes that the AI Agent, represented by “Lobster” (OpenClaw), has gone viral, signaling that AI is moving from the infrastructure-building stage to the application stage. As AI penetration increases, it will bring higher Token demand, and domestic compute power capacity building has begun to enter a ramp-up phase.

Dong Chen: The domestic demand segment also has room to recover

Based on the holdings of well-known fund manager Dong Chen of Huatai-PineBridge, taking his representative product, Huatai-PineBridge Fuliy, as an example, information technology-type targets make up a relatively high proportion of the hidden top holdings in the portfolio, including Inspur Information (603019), FiberHome Optoelectronics (600487), Will Semiconductor (603986), Horizon Robotics (or Hengxuan Technology) (688?), and other names, showing an overall emphasis on compute power and technology hardware directions.

Looking ahead to 2026, Dong Chen analyzed that in the first year of the “15th Five-Year Plan” (the “15th Five-Year Plan” opening year), the macro economy is expected to continue a trend of stable growth and improvement. The outlook for liquidity policies remains friendly. The trend of medium- to long-term funds entering the market has not changed. As policies to stabilize and boost domestic demand continue to be strengthened, demand-side data such as consumption and investment are expected to regain an upward trend.

At the same time, he also cautioned that there is still considerable uncertainty overseas. Risks arising from geopolitical conflicts and trade protectionism will continue to hit the market from time to time. As market indexes and valuations rise, volatility and divergence will gradually increase. Structurally, Dong Chen believes that on one hand, emerging technology industries—representing future competitiveness—will remain the core main line. On the other hand, the domestic demand segment, which benefits from stable-growth policies, also has room for recovery.

(Editor-in-charge: Li Yue)

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