Fund “Mid-Year Exam”: 245 Doubled Funds, Active Equity Accounts for Over 80%

“Standing in the light, existing on the core” In the first half of 2026, the A-share market has seen an extreme structural trend. As the half-year investment concluded, public funds have delivered impressive "mid-term exam" results for investors.

Wind data shows that as of June 30, 245 funds in the whole market have doubled in net value year-to-date. Among them, 198 active equity funds have doubled their performance in the first half of the year. Founder Fubon Core Advantage Hybrid A topped the entire market with a year-to-date return of 183.67%, followed by Caitong Multi-Strategy Fuxin, Kechuang Semiconductor Equipment ETF Peng Hua, and Kechuang Semiconductor ETF Hua Xia. All gained over 170%.

Since 2026, driven by the AI computing power and semiconductor tech tracks, active equity funds have become the core driver of excess returns. Wind data shows that there are 198 active equity funds (including ordinary stock funds, equity-balanced hybrid funds, balanced hybrid funds, and flexible allocation funds, with shares calculated separately) that have doubled their performance in the first half of the year.

Among them, Huian Trend Power A and Caitong Integrated Circuit Industry A over 150% year-to-date, leading ordinary stock funds; Founder Fubon Core Advantage Hybrid A, Dongfang Alpha Technology Smart Selection A, Caitong Quality Best One-Year Holding A, Dongfang Artificial Intelligence Theme A, Dongwu Value Growth A, Yinhua Integrated Circuit A, Caitong Prosperity Select One-Year Holding A, Huashang Balanced Growth A, GF Vision Smart Selection A, Southern Information Innovation A, Minsheng Jiayin Juyou Selected A have year-to-date returns over 150%, leading equity-balanced hybrid funds; while Caitong Multi-Strategy Fuxin, Dongfang Huixin A, Dongwu Multi-Strategy A have year-to-date returns over 150%, leading flexible allocation funds.

Stimulated by the global AI computing power demand explosion catalyzing semiconductor equipment demand, the "euphoric" sentiment has further spread to the ETF market. As of June 30, 23 ETFs in the domestic ETF market have risen over 100% year-to-date.

Among them, Kechuang Semiconductor Equipment ETF Peng Hua and Kechuang Semiconductor ETF Hua Xia both rose over 170% year-to-date, leading the ETF market.

The performance of ETF products has also attracted capital inflows. Nearly half of the 20 ETFs with doubled performance in the first half have seen their share count double. For example, as of June 29, after seven consecutive trading days of net capital inflows, the scale of Semiconductor Equipment ETF GF exceeded 100 billion yuan for the first time. Semiconductor Equipment ETF Guo Tai added over 15 billion yuan year-to-date, with the latest scale reaching 40.67 billion yuan.

Regarding the outlook for the second half of the year, Wu Hao, fund manager of Founder Fubon Core Advantage, said that in the second half of 2026, the storage industry remains in the middle (not the end) of a super upcycle, with prices, profits, capital expenditures, and long-term agreements all being revised upward simultaneously. The mainstream market expectation is that the supply-demand gap in 2027 will be tighter than in 2026. Therefore, the correction within the year is seen as a mid-cycle consolidation rather than a trend reversal. The core change is that the trading logic has shifted from simply "speculating on price increases" to "profit certainty + cash flow realization," and the allocation focus has shifted from "the first price-increase varieties" to "the clearest targets for profit and cash flow realization."

Bank of China Fund said that overseas computing power chains (represented by optical modules and PCBs) as well as domestic computing power and semiconductor industry chains may remain the mid-term main line of the bull market. In the short term, to guard against market volatility, defensive sectors such as coal, public utilities, and banks can be considered. Additionally, in early July, it is recommended to focus on industries and individual stocks that may issue performance forecasts, such as overseas computing power, chemicals, and brokerages.

Bosera Fund pointed out that overseas liquidity risks have not been resolved, and market volatility has intensified. It is expected that the market may maintain a volatile consolidation. Structurally, short-term technology crowding remains at a historical high, market sentiment and capital concentration remain at extreme levels, and trading-level volatility has amplified. Short-term crowding still needs to be digested, and the market style may face some rebalancing.

Editor/Xu Nannan, Xu Nan

(Data source: Wind data)

(Editor: Xu Nannan)

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