Fumi Fund's two star fund managers disclosed their semi-annual reports for 2026. On August 27, the "hidden major holdings" ranked 11th to 20th in the semi-annual fund product portfolios revealed that during the first half of 2026, the Fumi Growth Value Mixed Fund managed by Fu Pengbo and Zhu Lin established initial positions in three stocks: Lianxun Instruments (688808.SH), China Tungsten and Hightech (000657.SZ), and TFC Communication (300394.SZ). Meanwhile, they reduced positions in Cambricon (688256.SH), CMS (00867), and Sunresin (300487.SZ), while increasing their stake in Fuyu Medical (300049.SZ).
Specifically, as of the end of June 2026, the "hidden major holdings" of the Fumi Growth Value Mixed Fund managed by Fu Pengbo and Zhu Lin were, in order: Lianxun Instruments, Cambricon, China Tungsten and Hightech, Wus Printed Circuit (002463.SZ), Fuyu Medical, Sunresin, MINTH GROUP (00425), Shengyi Technology (600183.SH), CMS (00867), and TFC Communication (300394.SZ).
Zhao Feng, another star fund manager at Fumi Fund, who manages the Fumi Balanced Value Three-Year Holding Fund, established an initial position in Shaanxi Coal Industry (601225.SH) and significantly increased holdings in BEKE-W (02423) and Bank of Hangzhou (600926.SH). This aligns with his emphasis in the report on "seeking assets with attractive static returns beyond AI." Additionally, he reduced positions to varying degrees in the insurance sector, including PICC Group (01339), as well as Gree Electric Appliances (000651.SZ) and YTO Express (600233.SH), with his overall portfolio showing a rebalancing trend toward low-valuation, high-certainty assets.
Notably, the newly disclosed holder profitability data shows that as of the end of June 2026, the percentage of profitable investors over the past year for the Fumi Growth Value Mixed Fund and the Fumi Balanced Value Three-Year Holding Fund was 99.68% and 99.04%, respectively, indicating that nearly all holders achieved profits.
Fund managers Fu Pengbo and Zhu Lin stated in their 2026 semi-annual report that looking ahead to the second half of the year, liquidity remains accommodative, with ample policy reserves and strong market stabilization capabilities. More importantly, the Politburo meeting emphasized enhancing capital market resilience and confidence, which collectively form the foundation for a stable market and structural upward momentum.
The performance of the electronics and communications sectors still requires close tracking of AI large-model progress and downstream computing power demand changes. Among these, optical modules, PCBs, optical fiber cables, electronic fiberglass cloth, and MLCCs are all premium segments of core hardware infrastructure, with supply-demand dynamics being the key variable to monitor.
Fu Pengbo and Zhu Lin pointed out that traditional "momentum" sectors experienced continued capital outflows during the first half of the year. Starting in July, the new momentum sectors saw significant pullbacks, while coal, white goods, and pharmaceuticals showed some improvement. Hong Kong-listed internet technology and innovative drug companies have trended upward. In this zero-sum game environment, capital seems to be seeking a balance, embracing both the dividends of AI industry development and exploring investment opportunities beyond AI.
"From the second half of this year through to the next two years, we will be gradually assessing whether AI demand can truly materialize in the income statements of related companies and whether these companies become indispensable links in the industrial chain," Fu Pengbo and Zhu Lin stated. They noted that companies merely riding on hype, benefiting from short-term supply shortages, or relying solely on valuation expansion may see their adjustments just beginning.
Regarding the home appliance industry, Zhao Feng pointed out that the market is concerned about declining demand in 2026. However, with leading companies' static valuations at historically low levels, coupled with healthy balance sheets and high dividend and buyback levels, the static returns on these stocks are highly attractive, with limited downside risk. He believes that domestic demand for white goods has not yet peaked. Leading companies, through years of overseas expansion, are in the early stages of rapid growth in overseas revenue. Combined with contributions from new business segments, leading companies can still achieve high single-digit to low double-digit revenue and profit growth over the next several years, making their long-term investment value evident.
In the express delivery sector, Zhao Feng judged that improving competitive dynamics will enhance leading companies' pricing power, with service quality and profitability still having significant upside potential. In the construction machinery sector, Zhao Feng observed that while overseas markets currently contribute a small portion of revenue for leading companies, they account for a large portion of profits, with earnings volatility showing clear cyclical patterns.
In recent years, leading companies have actively expanded overseas, with mainstream product competitiveness already matching international leading brands. These companies are now actively building local manufacturing, local spare parts centers, and dealer service networks, gradually entering developed country markets and the procurement whitelists of major mining companies. Building aftermarket services is a difficult but correct endeavor, and Chinese leading companies are in the process of doing so, with the potential to capture a larger international market share in the future.