March Buyback Announcements Exposed! Billion-Yuan Fund Managers "Aggressively Stocking Up" on These Tracks in Q1

This newspaper (chinatimes.net.cn) reporter Li Pengfei and Ye Qing Beijing report

Since March, with the intensive disclosure of share repurchase announcements by listed companies, the latest rebalancing movements of a batch of billion-level fund managers have come to light. Well-known fund managers such as Zhang Kun of E Fund, Yan Siqian of Penghua Fund, Zhang Lu of Yongying Fund, Lu Bin of HSBC Jintrust Fund, and Miao Weibin of Jinyuan Shun’an Fund have their trading trajectories in the first quarter of 2026 reflected through changes in the top ten circulating shareholders.

From the latest position changes, automotive parts, photovoltaics, pharmaceuticals and biotech, and AI applications have become key areas for these fund managers, with multiple stocks gaining contrarian increased holdings during price adjustments.

Automotive Parts Sector Gains Tens of Millions of Shares

The automotive parts sector has become a focus for many fund managers. According to the top ten circulating shareholders disclosed by Ningbo Huaxiang on March 11, as of March 4, Yongying Fund’s Zhang Lu-managed Yongying Advanced Manufacturing Intelligent Selection Hybrid and Penghua Fund’s Yan Siqian-managed Penghua Carbon Neutrality Theme Hybrid both appeared on the list, ranking 3rd and 9th among major circulating shareholders, holding 35.15 million and 7.22 million shares respectively.

According to the 2025 annual report of Yongying Advanced Manufacturing Intelligent Selection Hybrid A, the fund held 24.69 million shares of Ningbo Huaxiang, ranking as its 10th largest holding. Comparing the end-of-2025 position data, it significantly increased its holdings by about 10.46 million shares in the first quarter of 2026. Public information shows that Ningbo Huaxiang is a multinational group engaged in the design, development, production, sales, and after-sales service of mid-to-high-end passenger vehicle parts. Wind data indicates that as of the close on March 12, the company’s stock price has fallen 4.96% since the beginning of the year.

A public fund research professional told Huaxia Times that the automotive parts industry is currently driven by both intelligentization and domestic substitution. “The technological barriers of leading companies in some sub-sectors are rising, and valuations have become attractive after prior adjustments. Fund managers’ increased holdings may be based on expectations of profit recovery and order growth for related companies,” he said. The person also noted that carbon neutrality theme funds are positioning in traditional manufacturing parts companies, possibly considering the valuation revaluation space under lightweight and electrification trends.

Lu Bin Contrarian Increase in Leading Photovoltaic Company Tongwei Co.

The photovoltaic sector also shows signs of rebalancing by well-known fund managers. According to the share repurchase-related shareholder list disclosed by Tongwei Co., as of February 24, HSBC Jintrust Fund manager Lu Bin’s HSBC Jintrust Low-Carbon Pioneer became the 10th largest circulating shareholder, holding nearly 19.54 million shares.

Tongwei Co. was the top holding in this fund’s 2025 annual report, and this move indicates that Lu Bin continued to increase his holdings by 3.2028 million shares in the first quarter of 2026. Public data shows that Tongwei is a key national enterprise in agricultural industrialization, a major global aquaculture feed producer, high-purity silicon producer, and a leading crystalline silicon solar cell manufacturer worldwide. Wind data indicates that as of March 12, the stock has fallen 4.73% since the start of the year.

A securities analyst specializing in power equipment and new energy told Huaxia Times that after prior price adjustments, valuations of leading photovoltaic companies are at historically low levels. “Lu Bin’s Low-Carbon Pioneer Fund has long held significant positions in the new energy sector. His continued increase in Tongwei reflects a strategic bottom-up layout for industry recovery. Despite short-term price pressures, the technological advantages and cost control of leading companies could generate excess returns during industry revival,” he explained.

Pharmaceutical and AI Sectors Attract Multiple Fund Managers

The pharmaceutical sector also quietly attracts the attention of well-known fund managers. On March 9, Saito Biotech disclosed its top ten circulating shareholders, with Jinyuan Shun’an Yuanqi appearing for the first time. Managed by Miao Weibin of Jinyuan Shun’an Fund, as of March 5, it held 861,200 shares. Comparing with its complete historical holdings since inception, this is also its first position in this stock.

Public information shows that Saito Biotech specializes in the R&D and production of new steroid hormone drugs and derivatives, focusing on cutting-edge biopharmaceuticals. It has pioneered the large-scale application of biopharmaceutical technology in steroid drugs, using core biological raw materials. Wind data indicates that as of March 12, the stock has gained 7.01% since the beginning of the year.

Top-tier fund manager Zhang Kun also continues to increase holdings in favored sectors. On March 2, according to the new industry disclosure of top ten shareholders, E Fund’s Zhang Kun’s E Fund Blue Chip Select was the 7th largest circulating shareholder, holding 13.5 million shares as of February 27. Combining the third quarter of 2025 and previous full holdings disclosures, the fund first established a position in this stock in the second half of 2025, with 11 million shares held at the end of Q3 2025. During the first quarter of 2026, Zhang Kun increased his holdings by another 2.5 million shares.

According to the company’s official website, New Industry focuses on in vitro diagnostics, specializing in R&D, production, sales, and customer service for in vitro diagnostic products. Wind data shows that as of March 12, the stock has fallen 4.59% since the start of the year.

In the AI application sector, Kaipu Cloud has attracted concentrated holdings from multiple public funds. On March 6, the shareholder list for its share repurchase showed that as of February 24, fund managers Zhang Haixiao of Yongying Fund’s Yongying Pioneer Semiconductor Hybrid, and funds from Invesco Great Wall—Invesco Great Wall Steady Return and Invesco Great Wall Jing Yifengli—appeared as the 4th, 9th, and 10th largest shareholders respectively. Notably, Yongying Pioneer Semiconductor Hybrid’s holdings remained consistent with its 2025 annual report.

Public information indicates that Kaipu Cloud is a full-stack AI product service provider in the AGI era, successfully developing products such as Kaiwu Industry Large Model, Kaiwu Large Model Intelligent Agent Platform, and Kaiwu Large Model Operation Management System. It is worth noting that the stock has fallen 39.65% since the beginning of the year, and the company has previously announced the termination of a major asset restructuring.

Research professionals from public funds pointed out that Kaipu Cloud’s situation is somewhat representative, reflecting differing views among fund managers on tech stocks. “On one hand, the stock price has plummeted and earnings are expected to be loss-making, indicating fundamental pressure; on the other hand, multiple funds are holding or even increasing positions, showing long-term optimism for its AI large model business. This contrarian approach is more based on expectations of technological implementation and commercialization prospects rather than short-term financial performance.”

They also emphasized that the shareholder information disclosed in repurchase announcements has a time lag and only reflects holdings at specific cutoff dates, not real-time investment advice. As the first-quarter reports of listed companies are gradually released, more details of rebalancing will become clearer.

Editor: Ma Xiaochao Chief Editor: Xia Shencha