How are public funds currently 'chasing the light'? Holdings in the 'light'-related industrial chain showed clear divergence in Q2.

① Zhongji Xuchuang and Eoptolink ranked as the top two publicly offered fund heavyweight holdings, with 'optics' remaining a core allocation focus; ② Eoptolink and others saw increased positions, while Zhongtian Technology and Hengtong Optic-Electric were reduced, indicating clear divergence across the supply chain; ③ AI hardware allocations have expanded into memory, equipment, and domestic computing power, with greater emphasis placed on earnings realization.

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Historic portfolio rebalancing! AI and hard tech take over core positions in public fund holdings, with consumer stocks notably absent from the top ten heavy positions.

① Public mutual funds significantly reshuffled their top ten holdings, with Zhongji Xuchuang becoming the largest single holding, as AI-related hard tech stocks took over core portfolio positions; ② Kweichow Moutai exited this list, marking a rare absence of consumer stocks from the top ten public fund holdings; ③ Technology stocks accounted for half of the top ten most-increased holdings, with numerous prominent fund managers adding positions in SMIC and Sanhuan Group; ④ The top ten most-reduced holdings were dominated by financial, energy, and media assets, with Zhang Kun leading the sell-off in Focus Media and CNOOC.

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Public mutual funds' 'extreme concentration': In Q2, the combined allocation to the electronics and communications sectors reached as high as 60%, with ChiNext allocations hitting a record high.

Zhang Kun, once known as a "believer in baijiu stocks," drastically reduced his holdings in Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu during the second quarter, while making his first purchases in semiconductor names such as SMIC—a move emblematic of the dramatic shift in public mutual fund positions this round. Data shows that actively managed equity-oriented public funds allocated nearly 60% of their combined Q2 holdings to electronics and telecommunications sectors, reaching the highest level since 2015 and significantly surpassing the concentration seen at the peak of the 2020 consumer cycle. However, since July, the electronics sector has plunged by more than 20%—this historic portfolio rotation is now facing its first stress test.

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The Shuangchuang Index rebounded strongly, with semiconductors and computing hardware jointly leading the market recovery.

Track the entire lifecycle of the mainline sector.

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Morning Brief by Xiao K | Beijing: Aims to Add 50,000 P of Intelligent Computing Capacity in the Second Half of the Year; Moonshot AI's Kimi Considering Final Pre-IPO Funding Round

① Trump announced a 100% tariff on generic drugs to take effect in two years; ② Tencent Cloud: will deploy domestically developed computing power and NPO super nodes at scale; ③ Sungrow Power, Sanyou Medical, and others plan to increase shareholdings or repurchase shares.

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NVIDIA Announces Progress on Vera Rubin Platform, Further Strengthening Certainty in the CPO Supply Chain

① NVIDIA announced progress on its Vera Rubin platform, which is being deployed globally for 'gigascale AI factories.' ② Zhao Liangbi of China Galaxy Securities noted that the mass production of Spectrum-X Ethernet Photonics under the Vera Rubin platform further validates the value of optical interconnects in next-generation AI data centers.

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