With A-shares recently experiencing significant volatility and increasingly divergent performance across sectors, investors are closely watching how the market will unfold and which segmented opportunities deserve attention. As the 2026 interim fund reports have now been fully disclosed, these documents may offer valuable clues regarding the market outlook and investment prospects. Here, we examine the latest perspective from Han Lin, fund manager of the Great Wall Digital Economy Fund.
In the 2026 interim report of the Great Wall Digital Economy Fund, Han Lin expressed a cautiously optimistic view on the market looking ahead. From an industrial trend perspective, he continues to hold a positive stance on the long-term productivity transformation driven by AI. However, he noted that the pricing logic in the next phase is likely to shift from thematic narratives and valuation expansion toward the realization of orders, revenue, and profits. He believes concerns regarding the sustainability of capital expenditure ultimately need to be resolved through the financial reports, capex guidance, and evidence of improving AI business revenue and return on investment from cloud vendors and leading chip companies.
Regarding industry directions, Han Lin indicated that AI infrastructure remains the core focus, with emphasis on segments offering high earnings visibility, such as advanced computing chips and ASICs, optical communications, PCBs, server power supplies, liquid cooling, and storage. He stressed maintaining a relatively balanced allocation between overseas and domestic computing power supply chains. As investments transition from broad-based gains to differentiated performance, he plans to place greater weight on customer structure, order quality, capacity ramp-up pace, cash flow, and valuation alignment.
In the semiconductor sector, Han Lin views memory upcycle, advanced process and advanced packaging expansion, alongside self-sufficiency efforts, as key directions. He is focusing on companies with strong technological barriers and market share gains in equipment, materials, components, and the memory supply chain. In the computer and media/internet spaces, he is monitoring commercial progress in AI coding, intelligent agents, enterprise software, cloud services, and content production. He also sees potential in areas such as gaming, which offers product cycles, stable cash flows, and overseas expansion capacity.
Han Lin also highlighted consumer electronics and communication terminals, focusing on the replacement demand and hardware innovation driven by on-device AI. He emphasized that shipment performance and earnings improvements will serve as the primary validation metrics in this area.
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