Against the backdrop of surging demand for AI computing power and accelerating domestic substitution, sectors such as electronics and semiconductors have become one of the definitive main themes in the A-share market. In this context, Fidelity Fund is launching the Fidelity Electronic Information Industry Hybrid Fund (Class A: 027299; Class C: 027300), which will officially begin issuance on June 1. The proposed fund manager, Luo Qing, has deep expertise in the TMT and technology sectors. The products under his management have achieved an excess return of nearly 300% over the past year, ranking first in their category. He excels at capturing inflection points in the AI industry, helping investors seize related investment opportunities in A-shares and Hong Kong stocks.
A High-Acuity AI Hunter The Fidelity Electronic Information Industry Fund is set to be managed by Luo Qing. He previously served as a senior software engineer at Kudelabs (a U.S. software company) before entering the financial industry, giving him a cross-disciplinary background in both technology and finance. Since taking over the Fidelity Innovation Technology Fund in July last year, as of May 28, 2026, it has achieved a one-year return of 350%, compared to a benchmark return of 56.42% over the same period, resulting in an excess return of nearly 300 percentage points. According to Galaxy Securities data, as of the end of April 2026, the fund ranked first among 62 peers over the past year. Supported by this impressive performance, the latest data from the fund's regular reports shows that, as of March 31, 2026, the total size of the Fidelity Innovation Technology Fund reached 7.861 billion yuan, an increase of 208% compared to June 30, 2025.
This performance is underpinned by Luo Qing's investment framework based on in-depth tracking of the global industrial chain. First, he focuses on industry cycles, emphasizing sector beta, and seeks individual stocks within high-growth industries that can deliver profits. Second, he pursues sharpness, tolerating some drawdowns to maintain portfolio acuity, aiming for excellence in holdings and avoiding mediocre positions. He is willing to accept higher short-term valuations for emerging industries. Third, he seeks new blue oceans, believing that technology always involves new innovations disrupting old paradigms. He actively embraces new industry trends, new high-quality companies, and new developments within quality companies.
From a holdings perspective, Luo Qing has demonstrated strong forward-looking positioning capabilities. In the 2022 annual report, he mentioned that areas such as information innovation, AIGC represented by ChatGPT, Apple's upcoming MR products, and further semiconductor import substitution were highly attractive, suggesting significant opportunities in the technology sector for 2023. Subsequently, in the first-quarter report of 2023, it was observed that he significantly increased allocations to the artificial intelligence sector. Similarly, in the third-quarter report of 2025, he explicitly stated the intention to position in semiconductors, AI applications, new energy electronics, nuclear fusion, and other fields, with the portfolio beginning to increase holdings in overseas computing power. In the fourth quarter of 2025, he further positioned in key segments of the surging global demand for AI computing power. Overall, his investment style exhibits a "forward-looking vision," adept at capturing industry inflection points in advance and effectively positioning early.
AI Likely to Remain a Tech Theme This series of forward-looking moves is supported by the robust investment research platform of Fidelity Fund. As one of the "top ten" fund companies in China, Fidelity Fund has built a comprehensive equity investment team over its 27-year history. The company consistently adheres to the investment philosophy of "in-depth research, bottom-up approach, respect for individuality, and long-term returns," inheriting an investment culture that emphasizes "meticulous stock selection" and "focus on growth." It has achieved comprehensive coverage of key industries, providing full support for stock selection in its products.
Looking ahead, AI is likely to remain a central theme in technology. AI is driving A-shares into a new cycle of "earnings-driven" growth, with the PPI upturn cycle beginning in 2026. From an industry perspective, the high growth in demand for AI computing power and sustained high capital expenditures are expected to drive profit expansion in the technology sector. In this context, semiconductors, as the core of computing power, are leading in terms of growth momentum among technology sub-sectors. They represent one of the areas with significant earnings elasticity currently. In the first quarter of 2026, the net profit of the semiconductor industry increased by 167% year-on-year, up 137 percentage points from 2025. Leading companies have confirmed a profit inflection point, entering an upward cycle.
Based on this, as the semiconductor profit improvement cycle is confirmed, the AI computing power theme is spreading from overseas to domestic markets. Import substitution is entering a golden period, potentially offering catch-up opportunities. On one hand, local memory manufacturers are signaling strong capacity expansion, with significant room for improvement in the localization rate of semiconductor equipment and materials. On the other hand, the industrial chain is experiencing a bottom-up recovery, with opportunities emerging across the entire chain from design and memory to packaging and testing, and wafer fabs.
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