Tongtai Digital Economy Fund A has surged 84% this year. Fund manager Mai Jianpei states that token production and commercialization are the core investment themes, with a focus on overweighting overseas computing power chains and optical chips.
The second-quarter reports for 2026 public funds have begun to be disclosed. Tongtai Fund took the lead on July 9th by releasing quarterly reports for four of its products. These include the ordinary equity funds Tongtai Industry Select Fund A and Tongtai Digital Economy Fund A, as well as the partial debt-hybrid fund Tongtai Tongxin Fund A and the hybrid bond secondary fund Tongtai Hengsheng Fund A.
According to performance data, as of July 10th, Tongtai Digital Economy Fund A has delivered a year-to-date return of 84.26%. Tongtai Industry Select Fund A returned 40.12%, Tongtai Hengsheng Fund A returned 3.73%, and Tongtai Tongxin Fund A returned 2.53%.
Taking the end of the second quarter as a benchmark, the first-half returns for these products were 107.86%, 63.24%, 6.07%, and 3.72%, respectively. It is worth noting that although both Tongtai Digital Economy Fund A and Tongtai Industry Select Fund A are managed by Mai Jianpei, the performance gap between them this year exceeds 44 percentage points.
As a hybrid bond secondary fund, Tongtai Hengsheng Fund A balances fixed income with equity enhancement, achieving a 3.73% year-to-date return with a significantly lower maximum drawdown compared to pure equity products. Tongtai Tongxin Fund A, a partial debt-hybrid fund with a 2.53% return, both demonstrate the stable characteristics of a fixed-income foundation strategy.
Over a longer horizon, Tongtai Digital Economy Fund A has returned 285.96% over the past two years and has a cumulative return of 118.26% since inception.
Manager Commentary and Strategy
In the second-quarter reports for the two products he manages, Tongtai Industry Select Fund A and Tongtai Digital Economy Fund A, Mai Jianpei indicated a high concentration of positions in the AI computing power infrastructure industry chain. Reviewing the first-half market, he noted that A-shares in the first half of 2026 exhibited extreme structural divergence, with profit-making effects concentrated in the technology and growth sectors. This market trend reflects the market's further confirmation of the high prosperity in AI infrastructure, which he believes is sustainable. During the reporting period, based on the matching of industry prosperity and valuations, he focused on overweighting overseas computing power chains with faster earnings realization and the optical chip segment facing prominent supply-demand imbalances.
Looking ahead to the second half of the year, Mai Jianpei believes AI computing power infrastructure remains the core theme for technology investment. The industry logic remains unchanged, with high prosperity and low penetration rates, while valuations of core companies have not yet become significantly overextended.
He outlined three supporting logics: large language models continue to evolve towards multimodality and agent-based systems, with no visible ceiling for technological breakthroughs; current AI applications are still limited to a few fields like programming and film, leaving vast room for the reconstruction of B2B enterprise workflows; and as AI shifts from training-driven to inference-driven, token consumption is growing exponentially. Global tech giants are continuously revising their capital expenditure upwards, indicating broad incremental space for upstream infrastructure.
Regarding specific investment strategy, he stated a focus on deepening the portfolio layout around the core theme of "Token Production and Commercialization."
On one hand, he will focus on the pricing elasticity arising from tight supply and demand in computing power infrastructure, and the opportunities for domestic manufacturers to accelerate their entry into the global core supply chain through technological breakthroughs like super-node architecture. On the other hand, he will closely track new technologies like CPO and OCS that address data transmission bottlenecks, while also paying attention to the value re-rating of underlying infrastructure such as liquid cooling and computing-power synergy extended from computing power expansion.
Other Fund Manager's Perspective
In the quarterly report for Tongtai Hengsheng Fund A, manager Ma Yi reviewed that the domestic bond market generally experienced a volatile recovery in the second quarter, with the 10-year government bond yield falling by approximately 9 basis points during the quarter. Structurally loose liquidity conditions supported the bond market, but fluctuations in fundamental expectations and hawkish signals from the Federal Reserve caused periodic disturbances. In the equity market, high-growth industry chains like semiconductors and artificial intelligence led the gains, while consumption and cyclical sectors faced relative pressure.
During the reporting period, Tongtai Hengsheng Fund A employed a steady and balanced asset allocation strategy. On the fixed income side, the core strategy was coupon income, with balanced allocations to government bonds and high-grade credit bonds, maintaining a neutral duration operation to earn coupon income while strictly controlling interest rate volatility risk.
On the equity side, the focus was on three directions: technology growth, non-bank high-dividend stocks, and resource/metals. This quarter, holdings in the resource/metals sector were moderately reduced in line with market logic. Within the technology growth track, the PCB industry chain and optical module companies formed the core base positions, effectively capturing the benefits of AI hardware industry development.
Looking forward, Ma Yi believes the core global macroeconomic contradiction focuses on the heating up of US re-inflation trades. The Federal Reserve may maintain a high-interest-rate stance in the second half of the year, and if inflationary rebound pressure persists, a restart of rate hikes cannot be ruled out.
The delayed turning point in overseas liquidity will shift global asset pricing logic from valuation-driven (denominator) trends towards earnings-driven (numerator) trends. Quality assets with solid profit support will continue to benefit. The domestic economy is in a critical transition period between old and new growth drivers. It is expected that the pure bond market will continue its volatile pattern, while the equity market may persist in a structural bull market dominated by industry trends and earnings realization.
In subsequent operations, Ma Yi stated he will focus on two directions: first, the AI and broad technology sector, where increased capital expenditure by overseas giants brings strong earnings realization expectations for the hardware industry chain, though vigilance is needed against periodic volatility caused by crowded trades; second, the resource and high-dividend direction. While the metals sector faces increased short-term volatility due to geopolitical factors and Fed policy disturbances, core strategic resource commodities still possess medium-to-long-term allocation value. The non-bank high-dividend sector, with reasonable valuations and stable earnings, also offers high defensive and allocation value.
Portfolio Holdings Analysis
Judging from the top ten holdings disclosed in the second-quarter reports, the portfolio of Tongtai Industry Select Fund A, managed by Mai Jianpei, is highly concentrated in the AI computing power direction. The top holding, Yuanjie Technology, accounts for 9.07% of the fund's net asset value and has surged 90.35% over the past three months. New Easun accounts for 8.58%, rising 40.33% in three months, and Zhongji Innolight accounts for 8.54%, gaining 49.09% over the same period.
The holding structure of Tongtai Digital Economy Fund A is similar, with its top ten holdings also centered on AI computing power stocks like Zhongji Innolight and New Easun. Both products have achieved significant excess returns over the past three months. Holdings such as Jiehua Technology, Purun Shares, and Jingce Electronics have risen over 100% in three months, contributing substantial flexibility to the portfolios.
Although its equity allocation is limited as a secondary bond fund, the top ten holdings of Tongtai Tongxin Fund A, managed by Ma Yi, precisely target the main upward trend in AI hardware. It holds significant positions in core stocks like Zhongji Innolight, New Easun, Shenghong Technology, and Tianfu Communication, while also maintaining balanced allocations to sector leaders like CATL, Kweichow Moutai, Sungrow Power, and Cambricon. Among these, GigaDevice has soared 131% over the past three months.