Doubling Fund “disclosure” of the second quarter this year: the strong market outlook for AI infrastructure has been further confirmed

On July 9, several products under Tongtai Fund were among the first to disclose their 2026 second-quarter reports, marking the release of the first batch of public fund Q2 reports.

Among them was the Tongtai Digital Economy Fund, a "fund that doubled." The net value growth rate of its Class A shares has reached 107.86% year-to-date. In the second quarter alone, the net value growth rate was 101.98%, achieving a quarterly doubling.

Based on the disclosed products, technology growth, especially the AI computing infrastructure supply chain, is not only the focus of equity funds but also an investment theme commonly mentioned by various fund types, including partial debt hybrid and bond funds.

Tongtai Digital Economy Doubles Year-to-Date, Heavily Positioned in AI Computing Chain

As of the end of the second quarter, the net value growth rate of Tongtai Digital Economy Fund Class A shares reached 107.86% year-to-date. The second-quarter single-quarter net value growth rate was 101.98%, significantly outperforming the 20.89% increase of the performance benchmark over the same period.

As one of the more attention-grabbing products in the first batch of Q2 reports, the Tongtai Digital Economy stock fund maintained a high equity allocation during the reporting period. The fund's stock investment accounted for 93.63% of its net asset value.

In the Q2 report, the fund manager stated that the first half of 2026 saw extreme structural divergence in the A-share market, with profit effects concentrated in technology growth. He believes this rally reflects the market's further confirmation of the high prosperity of AI infrastructure, supported by certain fundamentals. During the reporting period, the fund focused on the AI computing infrastructure supply chain from the perspective of matching prosperity and valuation. Its core holdings included leading overseas computing chain supporting targets as well as leading domestic computing chip and equipment companies.

From the perspective of heavy holdings, Tongtai Digital Economy notably focuses on AI computing, semiconductors, and the digital economy. Wind data shows that the top ten heavy holdings account for nearly 52% of the fund's net asset value. Among them, the stock prices of Zhongji Innolight, Puan Semiconductor, Jingce Electronics, Dongshan Precision, GigaDevice, and Changchuan Technology all doubled in Q2. Notably, Puan Semiconductor and GigaDevice saw gains exceeding 240% during the period, greatly contributing to the fund's quarterly net value doubling.

Continuing to Favor AI Computing Infrastructure, Balancing Domestic Computing and On-Device AI

For the outlook, the fund manager of Tongtai Digital Economy Fund stated that looking to the second half of the year, AI computing infrastructure remains a key focus for technology investment. The four pillars supporting this view are: the industrial logic remains unchanged, high prosperity, low penetration rate, and core company valuations not yet overstretched. Specifically:

(1) Continuous technological breakthroughs: Large model capabilities are still iterating and upgrading, not yet hitting a technical ceiling;

(2) Broad application space: Overall AI penetration is still low, currently concentrated in areas like programming and film/television, with huge potential for subsequent expansion;

(3) Surging demand for computing power: Increasing penetration drives exponential growth in token consumption. The tight supply of computing power has not eased. The "arms race" among tech giants and massive capital expenditures confirm the vast space for upstream infrastructure.

In terms of investment strategy, the fund will maintain a balanced allocation between the overseas computing chain and the domestic computing supply chain, while also monitoring progress in on-device AI and AI applications. The Q2 rally has validated the comparative advantage of the domestic computing chain, and the fund continues to favor its long-term value. Going forward, it will dynamically adjust position ratios based on matching prosperity and valuation, preferentially selecting industry leaders with reasonable valuations. The fund manager stated that the fund will persist in multi-track technology investment, striving to create a better risk-return ratio for investors and improve their fund-holding experience.

AI Computing Chain Becomes Focus Across Various Fund Types

It is worth noting that in the concurrently disclosed Q2 reports of the partial debt hybrid fund Tongtai Tongxin Hybrid Fund and the bond fund Tongtai Hengsheng Bond Fund, their limited equity portions were allocated to varying degrees in directions such as optical modules, PCBs, semiconductors, domestic computing, and AI hardware.

The fund manager of Tongtai Tongxin Hybrid Fund mentioned that the equity portion relies on quantitative strategy stock selection and position timing, adapting to market style shifts by moderately reducing dividend-style holdings and dynamically optimizing the equity structure.

In terms of specific stock holdings, positions include Zhongji Innolight, Eoptolink Technology, Shenghong Technology, Tianfu Communication, GigaDevice, and Cambricon, with the equity portion clearly exposed to AI computing and other areas.

The fund manager of Tongtai Hengsheng Bond Fund also mentioned that the equity portion focuses on three core directions: technology growth, non-bank dividends, and resource/nonferrous metals. In line with market logic in the second quarter, they moderately reduced holdings in the resource/nonferrous metals sector. In the technology growth track, they used the PCB supply chain and optical module targets as core positions, effectively capturing the dividends from the development of the AI hardware industry.

In terms of technology growth, the fund manager believes that the AI pan-technology track has become the core driving force for global economic growth. The continuous increase in capital expenditures by overseas giants has brought strong earnings expectations for the AI hardware supply chain. Although periodic volatility caused by crowded trades needs to be monitored, technology growth remains the core medium- to long-term theme.

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