Recently, two funds under E Fund Management, E Fund Information Industry Selected Stock Fund and E Fund Information Industry Mixed Fund, both issued announcements stating that the cumulative subscription amount (including regular fixed-amount investment and conversion-in) for Class A shares or Class C shares by a single fund account across all sales institutions on a single day would be adjusted to no more than 500,000 yuan (inclusive). Three months ago, the daily subscription cap for these two funds was 10,000 yuan each. The daily subscription cap was raised from 10,000 yuan to 500,000 yuan, a significant relaxation of subscription restrictions for these two funds.
Both E Fund Information Industry Selected Stock Fund and E Fund Information Industry Mixed Fund are products managed by Zheng Xi. According to the funds' interim reports, both funds maintained relatively high positions in the first half of 2026, with growth-oriented investment targets in the information industry as their core holdings. They increased allocations to AI (artificial intelligence) computing power and the semiconductor industry while reducing allocations to software, consumer electronics, and related sectors. Their top ten heavily weighted stocks all included names such as Xinyisheng, Zhongji Xuchuang, Sanhuan Group, Shengyi Technology, and Yuanjie Technology.
In addition to the above two funds, since July, multiple active equity funds competing in the tech sector have successively raised their large subscription limits or removed subscription restrictions. For example, Huashang Advantage Industry Mixed Fund resumed large subscriptions, large conversion-in, and large regular fixed-amount investment business starting July 21. Huashang Balanced Growth Mixed Fund had its daily subscription cap continuously raised from 1,000 yuan in late June to 100,000 yuan and then 2 million yuan in July. Caitong Growth Preferred Mixed Fund removed the amount restrictions on subscriptions, regular fixed-amount investments, and conversion-in applications starting July 22.
Yang Delong, chief economist and fund manager at Qianhai Open Source Fund, told the Securities Daily reporter: "To protect the interests of fund share holders, some active equity funds previously voluntarily tightened or even suspended large subscriptions to avoid concentrated inflows of capital amplifying position volatility. As the tech sector experienced a significant correction and sector valuations retreated, related products have successively relaxed subscription constraints. At the same time, this operational rhythm also reflects, to some extent, public fund institutions' judgment on the tech sector, namely that market adjustments have entered a relatively sufficient stage."
Looking ahead, multiple industry insiders continue to be optimistic about AI-related investment opportunities. The investment research team at Minsheng Royal Fund believes that on the equity investment side, the tech sector remains the main line of focus. Overseas cloud vendors' capital expenditure continues to rise, and AI demand is transmitting upward along servers, storage, optical modules, PCB (printed circuit boards), and advanced packaging, driving significant improvement in interim results for the TMT (technology, media, and telecommunications) segment.
Ma Zixuan from the research management department at Morgan Stanley Fund believes that AI is moving from "being able to answer" to "being able to work," and the value at the application end is being re-evaluated. "AI investment is entering its second stage. The first stage invested in 'stronger models and more computing power,' while the second stage requires finding 'who can truly turn cheaper, stronger intelligence into revenue and profit.' In the coming period, Agent (intelligent agent) commercialization, domestic model iteration, and AI revenue contributions from software and content companies may become the most noteworthy directions in the computer and media sectors."
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