As the peak season for listed companies' interim reports unfolds, the heavyweight stock holdings of top-tier private equity funds are becoming increasingly clear. According to data from PaiPaiWang, as of August 27, 49 leading private equity funds have appeared among the top ten circulating shareholders of 189 listed companies that have disclosed their interim reports, with a combined market value of 58.929 billion yuan. Looking at the second quarter heavyweight positions of these private equity funds, their portfolio adjustments were notably active. Among the 189 stocks held by top private equity funds, 100 were newly acquired, 25 saw increased positions, 17 were reduced, and 47 remained unchanged. (Note: When multiple private equity funds hold the same listed company, it is counted repeatedly in the statistics.)

From an industry perspective, the second quarter heavyweight holdings of major private equity funds spanned 27 Shenwan primary industries, with seven industries each featuring at least 10 such stocks. The machinery and equipment sector emerged as the top preferred track for these funds, with as many as 33 stocks, among which HiteControl (002184), Warom Technology (603855), Jingjin Equipment (603279), Satech (603283), and Xinje Electronic (603416) saw increased positions in the second quarter, and 23 stocks were newly added. The electronics industry followed, with 23 stocks heavily held by private equity funds in the second quarter, including increased positions in Joulwatt (688141), Espressif Systems (688018), Bright Power Semiconductor (688303), Seeya Technology (688542), Unilumin Group (300232), and Huiwei Intelligent (834476), with 12 new entries. The power equipment sector had 18 stocks heavily held in the second quarter, with only Lopal Technology (603906) seeing an increased position and 14 new entries. Additionally, the computer, pharmaceutical and biological, basic chemical, and automotive industries each had no fewer than 10 heavyweight holdings by these funds.

At the individual stock level, 10 stocks were heavily held by at least two top-tier private equity funds. Specifically, Hongshida (301637) attracted heavyweight positions from Juming Investment, Shanghai Geru Private Equity, and Nantu Asset, all three of which were new entries in the second quarter. According to the 2026 interim report, Hongshida is primarily engaged in the research, development, production, and sale of intelligent automation equipment, intelligent flexible production lines, and related accessories and consumables. In the first half of this year, Hongshida reported operating revenue of 272 million yuan, up 38.67% year-on-year, and net profit attributable to shareholders of 23.96 million yuan, a surge of 332% year-on-year. Shengye Electric (831312) also attracted heavyweight positions from Jiaqi Private Equity, Qianyi Investment, and Mingshi Fund, all new entrants in the second quarter. Eight other stocks, including Han's Laser (002008), Hikvision (002415), Hongyu Packaging (839497), Huiwei Intelligent (834476), Bright Power Semiconductor (688303), Sanxie Motor (831480), Xinje Electronic (603416), and Changyuan Donggu (603950), each saw heavy holdings from two top private equity funds in the second quarter.

Gaoyi Asset: Continues to Reduce Hikvision Stake

Products under Gaoyi Asset appeared in the top ten circulating shareholder lists of 12 listed companies that have disclosed interim reports in the second quarter, with a combined market value of 11.948 billion yuan. Among them, Gaoyi Asset's new positions included Zijin Mining (601899), Wanhua Chemical (600309), Transsion Holdings (688036), Longbai Group (002601), Beijing New Building Materials (000786), Xinke Mobile (688387), and Eyebright Medical (688050); increased positions included Angel Yeast (600298) and Ruifeng New Materials (300910); reduced positions included Hikvision (002415) and CNGR Advanced Materials (300919). Additionally, Gaoyi Asset maintained its stake in Chow Tai Seng (002345) during the second quarter. The Gaoyi Linshan No.1 Yuanwang Fund, managed by Feng Liu, reduced its holdings by 87 million shares in the second quarter, bringing its ending position to 113 million shares. This marks the seventh consecutive quarter of reducing its Hikvision stake since the fourth quarter of 2024.

Chongyang: Increases Hikvision Stake

In stark contrast to Gaoyi Asset, Chongyang Investment increased its stake in Hikvision for the second consecutive quarter. Data shows that after Chongyang Strategy Caizhi Fund entered the top ten heavyweight shareholders in the first quarter, it added another 7.8671 million shares in the second quarter, raising its stake to 61.43 million shares, ranking as Hikvision's ninth-largest circulating shareholder. Chongyang Strategy Juzhi Fund newly entered as the tenth-largest circulating shareholder in the second quarter, holding 51.79 million shares. The two products together hold over 113 million shares. Interim report data shows that Hikvision's first-half operating revenue was 46.823 billion yuan, and net profit attributable to shareholders was 7.896 billion yuan, up 11.97% and 39.57% year-on-year, respectively. Meanwhile, Hikvision's gross margin improved by 4.78 percentage points in the first half to 49.97%. Chongyang Investment's two products also increased their stakes in Fuyuan Medicine (601089), with a combined market value of 126 million yuan at the end of the period.

Ruijun Asset: Boosts Espressif Systems Stake

Three products under Ruijun Asset simultaneously increased their positions in Espressif Systems (688018), holding a total of 7.754 million shares in the second quarter, an increase of 5.7176 million shares from the first quarter, with an ending market value of 992 million yuan, as the fund continues to increase its bet on the semiconductor IoT track. Among them, Ruijun Youfu No.1 Private Securities Investment Fund and Ruijun Youfu No.3 Private Securities Investment Fund each added 2.0705 million and 1.9 million shares, respectively, while Ruijun Youfu No.2 Private Securities Investment Fund newly held 1.7461 million shares, becoming the ninth-largest circulating shareholder of Espressif Systems. Public data shows that Espressif Systems is a technology ecosystem enterprise focused on the IoT field, with full-stack engineering capabilities ranging from chips, hardware, and operating systems to cloud and AI. Since the fourth quarter of 2023, Dong Chengfei has been heavily betting on Espressif Systems. Additionally, at the end of the second quarter, Ruijun Asset's products remained among the top ten circulating shareholders of Tubao (002043) and Chipown (688508). Among them, the stake in Tubao remained unchanged. As of the end of the second quarter, Ruijun Youfu No.1 held 1.2832 million shares of Chipown, flat from the end of the first quarter, while Ruijun Youfu No.3 and Ruijun Wenxiang, managed by Xue Dawei, exited the top ten circulating shareholders of Chipown during the second quarter.

Xitai Investment: Adds to Joulwatt Stake

In the second quarter of this year, Xitai Investment newly entered Shenzhen Newstar (603978) and Yongtai Technology (002326), while also increasing its position in Joulwatt (688141). Joulwatt is an analog integrated circuit design enterprise operating primarily under a virtual IDM model, specializing in the research, development, and sale of analog ICs. It has formed a product supply system with multiple categories, broad coverage, and high cost-performance in the field of power management analog chips, while its signal chain chip products continue to expand. Financial reports show that in the second quarter of this year, Joulwatt achieved operating revenue of 1.718 billion yuan, up 44.72% year-on-year; net profit attributable to shareholders was -520 million yuan, compared with -295 million yuan in the same period last year, with losses widening; non-GAAP net profit was -576 million yuan. However, the stock has surged nearly 200% so far this year.