As listed companies gradually disclose their semi-annual reports for 2025, the portfolio adjustments of several prominent fund managers including Xie Zhiyu, Ge Lan, and Zhu Shaoxing have come to light. Industry insiders suggest that 2025 shows clear signs of fundamental improvement and value revaluation in the A-share market, with expectations for further enhancement in quality tech assets during the third quarter.
Key Portfolio Movements Revealed
Recent disclosures show significant activity among China’s top fund managers as they reposition their portfolios for the second half of 2025.
Zhu Shaoxing’s Strategic Adjustments
Zhu Shaoxing, fund manager at Fullgoal Fund, has made notable changes through the Fullgoal Tianhui Select Growth fund. The fund appears in the top ten circulating shareholders of multiple companies including National Ceramic Materials, Agricultural Products, and Guangdong Hongda.
In the case of Guangdong Hongda, Fullgoal Tianhui Select Growth became a new top ten circulating shareholder according to the semi-annual report. By the end of Q2, the fund held 15.0008 million shares of Guangdong Hongda. Additionally, the fund increased its position in Jifeng Auto Parts to 30 million shares, up by 2 million shares from 28 million at the end of Q1.
Along with these additions, the fund also reduced certain positions. National Ceramic Materials’ report shows Fullgoal Tianhui Select Growth held 22 million shares by end of Q2, down from 31 million at the end of last year’s Q4. Compared to Q1, the fund reduced its position in Kunming Pharmaceutical by 10 million shares during Q2.
The fund maintained consistent positions in Agricultural Products and Blue Ocean Technology from Q1 to Q2.
Ge Lan’s Healthcare Focus
Another prominent fund manager, Ge Lan of Zhongou Fund, has shown significant activity in healthcare sectors. Choice data reveals that Ge Lan’s Zhongou Healthcare appears in the top ten circulating shareholders of multiple companies including Livzon Pharmaceutical, Huadong Medicine, Salubris, Beta Pharma, Sinoway Pharmaceutical, Baili Heng, and WuXi AppTec.
Data indicates that Zhongou Healthcare increased positions in Huadong Medicine, Salubris, InnoCare Pharma, and Sinoway Pharmaceutical during Q2. For Sinoway Pharmaceutical, Zhongou Healthcare’s holding reached 20.1839 million shares by end of Q2, an increase of 13.9177 million shares from 6.2661 million at the end of Q1.
Xie Zhiyu’s Diversified Approach
Xie Zhiyu, fund manager at Xingquan Global Fund, managed the Xingquan Herun LOF fund which appears in semi-annual reports of companies including Easyhome, Orbbec, and Juneyao Airlines. Notably, by the end of Q2, Xingquan Herun LOF became a new top ten circulating shareholder of Juneyao Airlines with holdings reaching 18.7865 million shares.
The fund reduced positions in Easyhome and Orbbec during Q2. Additionally, Xingquan Herun LOF appeared in Jifeng Auto Parts’ semi-annual report as a top ten circulating shareholder, maintaining the same position size from Q1 to Q2.
Institutional Recommendations for Quality Tech Assets
Looking ahead, Cheng Yu, manager of the Allianz China Select Hybrid Fund, stated that from a profitability perspective, the short, medium, and long-term profit growth rates of quality tech assets deserve attention. Market style is expected to present a pattern where ‘dividends set the stage, and technology takes the spotlight.’
He recommends focusing on industries where quality tech assets are relatively concentrated, such as TMT, machinery, pharmaceuticals, and chemicals, as well as new consumption sectors, particularly service consumption.
Regarding the recent strength of the technology innovation sector, ICBC Credit Suisse Fund noted that as domestic and international investments in computing power continue to increase, AI has become a key driver of semiconductor growth. The semiconductor sector combines both performance and growth within the technology field, presenting opportunities particularly in the recovery of analog chip prosperity.
Sector Analysis and Investment Trends
The movements of these top fund managers reveal important trends in the Chinese equity market and provide insights for investors considering their own portfolio strategies.
Healthcare Sector Momentum
Ge Lan’s increased positions in pharmaceutical companies suggest continued confidence in healthcare sector growth. The expansion in holdings across multiple pharmaceutical companies indicates a bullish outlook on industry fundamentals and innovation-driven growth.
Technology and Innovation Focus</h3
The emphasis on quality tech assets by multiple fund managers aligns with broader market trends favoring technology and innovation-driven companies. The semiconductor sector, in particular, appears positioned for growth supported by AI development and increased computing investments.
Consumer and Industrial Adjustments</h3
Zhu Shaoxing's adjustments across industrial and consumer-related stocks demonstrate a balanced approach to sector allocation while maintaining exposure to companies with strong fundamentals and growth potential.
Investment Implications and Market Outlook
Zhu Shaoxing's adjustments across industrial and consumer-related stocks demonstrate a balanced approach to sector allocation while maintaining exposure to companies with strong fundamentals and growth potential.
Investment Implications and Market Outlook
The portfolio adjustments by these top fund managers provide valuable signals for retail and institutional investors alike. Their movements often precede broader market trends and sector rotations.
Industry experts suggest that the fundamental improvements in the A-share market, combined with value revaluation trends, create favorable conditions for strategic positioning in quality assets. The technology and healthcare sectors appear particularly well-positioned for continued growth based on these institutional moves.
Investors should monitor upcoming quarterly reports for further confirmation of these trends and consider how these top fund managers’ strategies might inform their own investment decisions in the evolving market landscape of 2025.
These portfolio adjustments by China’s leading fund managers reveal strategic positioning for anticipated market developments in the second half of 2025. The increased focus on quality tech assets, particularly in semiconductor, healthcare, and innovation-driven companies, suggests confidence in these sectors’ growth potential. For investors seeking to align their portfolios with professional money managers’ strategies, monitoring these movements and understanding the underlying sector themes could provide valuable insights for investment decision-making in the current market environment.