The second-quarter report for 2026 from the Fidelity Tianhui Growth Hybrid (LOF) fund, managed by Zhu Shaoxing, has been released.

According to the report, as of the end of the second quarter, Zhongji Innolight Co.,Ltd. (300308.SZ) and Suzhou Zelgen Biopharmaceuticals Co.,Ltd. (688266.SH) made their debut in the fund's top ten holdings, becoming its sixth and seventh largest positions, respectively.

Simultaneously, Ping An Insurance (Group) Company of China, Ltd. (601318.SH) and Binjiang Real Estate Group Co., Ltd. (002244.SZ) re-entered the fund's top ten holdings. Conversely, XCMG Construction Machinery Co., Ltd. (000425.SZ), Zijin Mining Group Co., Ltd. (601899.SH), Ruifeng High-Tech Material Co., Ltd. (300910.SZ), and Kweichow Moutai Co., Ltd. (600519.SH) all exited the list of top holdings.

As of the end of Q2, the fund maintained its significant stake in Bank of Ningbo Co., Ltd. (002142.SZ), with the shareholding quantity unchanged from the previous quarter. This marks the fund's 24th consecutive quarter holding a major position in Bank of Ningbo, with a holding value reaching 14.85 billion yuan.

The fund also increased its holdings in Zhejiang CFMOTO Power Co., Ltd. (603129.SH) and Guanggang Gases & Energy Co., Ltd. (688548.SH), while reducing its stakes in Sinocera Functional Materials Co., Ltd. (300285.SZ), Jereh Oil & Gas Engineering Services Co., Ltd. (002353.SZ), and Contemporary Amperex Technology Co., Limited (300750.SZ).

Regarding the net asset value growth rate for the second quarter of 2026, the Fidelity Tianhui Growth Hybrid (LOF) A/B share class reported 14.45%, the C share class reported 14.22%, and the D share class reported 14.45%. The comparative benchmark returns for the same period were 8.47% for the A/B, C, and D share classes.

In the quarterly report, manager Zhu Shaoxing stated that the fund will continue to focus on identifying value among high-quality stocks. He noted that the fund does not possess the reliable ability to precisely predict short-term market trends. Instead, it concentrates on patiently accumulating shares in excellent companies with promising long-term prospects, waiting for the companies to realize their intrinsic value and for market sentiment to cyclically recover at a future point.

At the individual stock selection level, the fund prefers investing in companies with sound "corporate genes," robust governance structures, and excellent management, believing such companies have a higher probability of creating value for investors in the future. Zhu emphasized that sharing in the capital market gains from a company's own growth is a crucial pathway for a growth-oriented fund to achieve returns.