Recent successive API price cuts by DeepSeek have redirected market attention to the logic of surging AI usage and computing infrastructure expansion. Riding this wave, the Fugu Innovation Technology Fund, managed by Luo Qing, has achieved a net value growth rate of 272.50% over the past year through deep tracking and forward-looking allocation to overseas computing power and fiber optic cables. This represents an excess return of over 232 percentage points compared to its performance benchmark, ranking first in its category (1/62).
Recent reductions in large model input cache pricing have further stimulated usage demand. On the evening of April 25, DeepSeek announced a limited-time 75% discount on its V4-Pro model API; just one day later, it reduced input cache hit prices for its entire API service series to one-tenth of their original cost. These price cuts quickly drove up usage volume, with DeepSeek's call volume showing significant growth on the OpenRouter platform. Meanwhile, explosive growth at the application layer has directly translated into sustained demand for upstream accelerator cards, servers, and large-scale computing clusters. Capital expenditure plans from overseas tech giants confirm this trend: reports indicate that combined capital expenditures from Amazon, Microsoft, Meta, and Alphabet will exceed $600 billion by 2026.
Against this backdrop of持续爆发 computing power demand, fund manager Luo Qing has made前瞻布局. According to the fund's first-quarter 2026 report, as of March 31, the portfolio maintained its core position in overseas computing power while increasing allocations to fiber optic cables. Specifically, Dongshan Precision ranked as the top holding with a position value of approximately 749 million yuan, accounting for 9.53% of the fund's net asset value, with about 7.25 million shares held in the first quarter. Zhongji Innolight and New Essex followed closely, with position values of approximately 740 million yuan and 731 million yuan respectively, each exceeding 9% of the fund's net value. Additionally, Hengtong Optic-Electric, Wus Printed Circuit, Yangtze Optical Fibre and Cable, Changxin Xinqiao, FiberHome Telecommunication Technologies, ZTT Technology, and Seagate Technology all entered the top ten holdings. Overall, the top ten holdings accounted for 66.26% of the portfolio, with all positions representing highly typical companies in optical modules, computing interconnectivity, and fiber optic cables.
Under this allocation strategy, the Fugu Innovation Technology Fund's Class A shares achieved a one-year return rate of 272.50%, compared to a benchmark return of 40.07% over the same period, resulting in an excess return of 232.43 percentage points. Galaxy data shows that Fugu Innovation Technology Fund Class A ranked first in its category over the past year (1/62).
The exceptional performance stems from Luo Qing's复合背景 spanning technology and investment. Public information indicates that Luo previously served as a senior software engineer at American software company Kudelabs, followed by roles as a TMT researcher or senior analyst at Haitong Securities Asset Management, China Merchants Bank Head Office Research Institute, and Arm China, providing him with genuine insight into industrial fundamentals.
In terms of investment methodology, Luo Qing excels at identifying quality technology companies through overseas comparisons and on-site research. He prioritizes industry景气度, values sector beta, and prefers selecting stocks capable of delivering profits within high-growth industries. For portfolio management, he is willing to sacrifice some drawdown control for sharper performance, avoiding mediocre holdings. This style has been consistently evident in his previously managed products. For example, a digital economy fund he managed ranked second among Wind's actively managed equity-focused funds in the first ten months of 2024 with a return exceeding 50%.
Looking ahead, Luo Qing believes the overseas computing power sector showed significant internal differentiation in the first quarter, with co-packaged optics substantially outperforming traditional pluggable optical modules, while the PCB sector faced pressure from rising raw material costs and currency exchange impacts. As relevant companies disclose their earnings, he will adjust the portfolio structure based on performance and investment value. He further noted that since the first quarter, initial signs of a commercial AI闭环 have emerged overseas, token consumption for large models has surged domestically and internationally, and domestic computing power has begun showing tightness. Moving forward, while maintaining close attention to AI industry developments, he will actively focus on areas including large models, domestic computing power, and AI applications, expecting to continue with a high仓位 strategy.
MACD golden cross signals have formed, indicating positive momentum for these stocks.