As A-share listed companies intensively disclose share buyback plans, the latest position adjustments of well-known fund managers such as Yang Zongchang, Zhang Mingxin, and Qi He have come to light.

A review of recent disclosures shows that within the semiconductor sector, several prominent fund managers have increased holdings in companies with improving earnings and reasonable valuations, or in businesses with sustained growth potential. Conversely, for certain previously popular AI concept stocks, different fund managers have taken opposing actions.

Industry insiders interviewed noted that the current logic behind fund rebalancing is primarily structural rebalancing, aimed at mitigating the risk of sharp drawdowns by reducing concentration in any single sub-sector. This also reflects the defensive-offensive approach of public fund institutions in a volatile market, shifting from pursuing upside elasticity to controlling downside risk.

Navigating the Semiconductor Sector

Since the second half of the year, fund managers' preferences for individual semiconductor stocks have begun to shift. Based on disclosed data, on one hand, stocks with improving earnings and reasonable valuations, or those with sustained growth potential, have attracted increased buying from renowned fund managers.

For instance, according to a recent announcement by power management and control driver chip supplier Bright Power Semiconductor, as of August 5, Zhong Shuai's HuaXia Industry Prosperity fund held approximately 1.31 million shares of Bright Power's float, an increase of over 440,000 shares from the end of the second quarter, making it the seventh-largest holder of the company's floating shares.

Yang Zongchang's E Fund Supply-Chain Reform fund increased its position in Qi Zhong Technology, an integrated circuit advanced packaging and testing service provider. As of August 14, E Fund Supply-Chain Reform held approximately 6.885 million shares of Qi Zhong's float, becoming its third-largest floating shareholder, an increase of over 4.13 million shares from the end of the second quarter. Additionally, Wang Jiawei's HuaXia Leading fund held approximately 2.604 million shares of Qi Zhong's float, newly entering as its tenth-largest floating shareholder.

Meanwhile, Guotai Haitong Innovation Growth added to its position in Espressif Systems in August, newly becoming its seventh-largest floating shareholder.

On the other hand, some fund managers have made notable adjustments to popular chip stocks. A typical example is Zhang Haixiao's Yongying Pioneer Semiconductor Select fund. In July, the fund increased its stake in GigaDevice by nearly 300,000 shares, holding approximately 3.5 million shares of GigaDevice's float by the end of July. However, the fund reduced its positions in Ingenic Semiconductor, Longsys Electronics, and Biwin Storage.

Specifically, public data shows that as of August 20, Yongying Pioneer Semiconductor Select held 3.5 million shares of Biwin Storage's float, down 1 million shares from 4.5 million shares at the end of the second quarter. As of August 7, the fund held approximately 9.3 million shares of Ingenic Semiconductor's float, a decrease of 700,000 shares from 10 million shares at the end of the second quarter, positioning it as the third-largest floating shareholder. As of August 10, the fund's holding in semiconductor storage leader Longsys Electronics dropped from 3.3 million shares at the end of the second quarter to 3 million shares, falling to the ninth-largest floating shareholder.

Moreover, regarding other widely watched AI concept stocks, there is divergence among different fund managers. In July, Qi He's E Fund High-End Manufacturing and Zhang Mingxin's HuaShang Balanced Growth both added to their positions in Sancircle Group, while Jin Zicai's Caitong Growth Select reduced its stake in the stock.

Specifically, as of July 29, E Fund High-End Manufacturing and HuaShang Balanced Growth held 9.52 million and 8.977 million shares of Sancircle's float, respectively, increasing by over 2.65 million and 640,000 shares from the end of the second quarter. In contrast, Caitong Growth Select's holding decreased from 9.906 million shares at the end of the second quarter to 8.793 million shares.

An industry insider analyzed that when the AI sector experiences significant volatility, fund managers engage in structural rebalancing across sub-sectors, primarily to reduce the risk of sharp drawdowns in any single niche area.

Diversified Positioning Across Sectors

Beyond adjusting tech holdings, fund managers have also been active in the consumer sector recently. For example, according to data disclosed by smart home concept stock Roborock, as of August 13, Wang Yuanyuan's Fullgoal Consumer Theme fund held approximately 1.958 million shares of Roborock's float, an increase of over 150,000 shares from 1.806 million shares at the end of the second quarter.

At the same time, some small-cap stocks in the new materials and gaming industries have seen increased fund holdings. Taking Yangfan New Materials, a company specializing in UV-curable new materials and sulfur-containing fine chemical new materials, as an example, as of August 5, HuaXia New Splendor held approximately 1.038 million shares of Yangfan's float, accounting for about 0.44% of its circulating A-shares, an increase of roughly 347,000 shares since the second quarter. CITIC Prudential Multi-Strategy newly became its tenth-largest floating shareholder, holding about 728,000 shares, representing 0.31% of the float. Yangfan New Materials has not yet disclosed its 2026 interim report; in the first quarter of this year, the company reported revenue of 203 million yuan, down 12.54% year-on-year. By the end of the second quarter, only one fund held Yangfan New Materials as a major position.

Gaming equipment leader Wohong Technology disclosed in an August 21 announcement that, as of August 17, Kong Xianzheng's Lion Multi-Strategy had newly become its eighth-largest floating shareholder, holding approximately 1.17 million shares, accounting for about 0.80% of its circulating A-shares. Compared to the end of the first quarter (Wohong has not yet published its 2026 interim report), the tenth-largest floating shareholder held approximately 0.56%; this ratio is lower than Lion Multi-Strategy's stake at the end of the second quarter, suggesting the latter may have increased its position since then. As of the end of the second quarter, Wohong Technology appeared in only one public fund's top ten holdings.

Additionally, earlier, E Fund Supply-Chain Reform appeared on the list of top ten floating shareholders of SANY Heavy Industry. As of July 24, the fund held approximately 42.953 million shares of SANY's float, newly entering as its ninth-largest floating shareholder. Although it is not yet possible to determine whether this "new entry" was due to buying, fund manager Yang Zongchang mentioned in the fund's second-quarter report, "We also maintain attention on quality companies in traditional industries. Although short-term style or fundamentals are headwinds, from a value perspective, the medium-to-long-term investment appeal of some companies is gradually improving, so some stocks are being progressively added to the portfolio."

Due to limited public data, the aforementioned fund managers' actions only represent a partial view of their positioning changes. On a broader scale, balanced allocation remains the prevailing approach. A representative from Great Wall Fund noted that the recent leading sectors' logic leans more toward "defensive" and inflation-mapped themes. For example, the relative outperformance of agriculture, forestry, animal husbandry, and pharmaceuticals reflects the market's search for low-crowding and domestic demand resilience during the growth correction phase.

In terms of investment strategy, the representative suggested shifting focus from extreme growth toward balanced strategies. On one hand, "defensive" assets such as high-dividend stocks, energy, and banks retain allocation value during periods of rising external uncertainty. On the other hand, the tech sector can be accumulated at lower levels, avoiding chasing rallies at emotional highs to speculate on rebounds.