Recent disclosures of second-quarter fund reports have brought many fund managers' holdings into the spotlight.

Fund manager Liu Gesong, known for his focus on the technology sector, is experiencing a strong performance period. Taking the GF Technology Pioneer Mixed Fund, which he manages individually and is his largest fund by size, as an example, its net asset value per share grew by 53.83% during the reporting period, outperforming its benchmark return of 39.59%.

The fund's portfolio is concentrated on AI computing power and the semiconductor industry chain. GigaDevice Semiconductor (Beijing) Inc (603986.SH) entered the top ten holdings and became the largest position.

Liu noted that the second quarter of 2026 saw significant progress in the AI industry, marked by the emergence of long-duration agent tasks and supply constraints appearing in more sectors. At the portfolio management level, he increased investments in the AI direction during Q2, further raising the allocation around domestic and international computing power industries.

As of the end of the second quarter, the top ten holdings were GigaDevice Semiconductor (Beijing) Inc (603986.SH), Cambricon Technologies Corporation Limited (688256.SH), Suzhou Everbright Photonics Co., Ltd (300502.SZ), Dongshan Precision Manufacturing Co., Ltd (002384.SZ), Infinera Corporation (300308.SZ), Semiconductor Manufacturing International Corporation (688981.SH), Sg Micro Corp (300661.SZ), Shengyi Technology Co., Ltd (600183.SH), Advanced Micro-Fabrication Equipment Inc China (688012.SH), and NAURA Technology Group Co., Ltd (002371.SZ).

Compared to the previous quarter, holdings in Cambricon Technologies Corporation Limited (688256.SH), Suzhou Everbright Photonics Co., Ltd (300502.SZ), Semiconductor Manufacturing International Corporation (688981.SH), and Advanced Micro-Fabrication Equipment Inc China (688012.SH) were increased by 19.18%, 28.36%, 17.68%, and 36.14% respectively.

The semiconductor sector became a primary source of new major holdings, with GigaDevice Semiconductor (Beijing) Inc (603986.SH), Sg Micro Corp (300661.SZ), and NAURA Technology Group Co., Ltd (002371.SZ) accounting for 9.91%, 6.14%, and 4.35% of the net asset value respectively.

On the reduction side, holdings in Dongshan Precision Manufacturing Co., Ltd (002384.SZ) and Infinera Corporation (300308.SZ) were cut by 4.0878 million shares and 296,000 shares, representing decreases of 53.71% and 29.38% respectively.

Liu Gesong stated that when searching for investable industries from a supply-demand perspective in the first half of the year, he found that demand in AI-related sectors is still in a phase of rapid explosion, with stable supply structures, suggesting market share may further concentrate towards leading companies.

Analyzing from the dimensions of industry prosperity and supply-demand dynamics, he believes AI-related industries represent the most promising investment direction for the second half of this year and even next year.

He cautioned that applying old mean-reversion frameworks to this industrial trend would mean missing out on the era's opportunities.

He mentioned that AI models are productivity tools, and the penetration of coding in work has just begun to increase and is currently in an explosive state. As productivity tools, better use of models leads to higher output, and integrating models with work is a crucial means of enhancing competitiveness.

From this perspective, the increase in Annual Recurring Revenue (ARR) seen in leading model companies might only be the tip of the iceberg. It is difficult to imagine how far the future AI innovation system will go, but it currently remains far from its ceiling.