Major positions of the 'National Big Fund' revealed! A whopping $26 billion bet on this semiconductor leader, signaling a clear new direction for investor collaboration!

Niu Ben

‍Today (April 28), the A-share market once again saw a structural rally.

Concept stocks related to optical modules, optical communications, and optical chips continued their broad-based adjustments, with only a few companies like Yuanjie Technology, which reported significantly higher earnings, posting gains against the trend. Meanwhile, several heavyweight sectors such as innovative drugs, coal, and brokerages strengthened overall, driven by substantial profit increases from leading stocks.However, looking at the past five trading sessions, the semiconductor sector has been the biggest magnet for capital, with multiple related concepts dominating the gainers list of popular themes.

New focus area

As of the midday close, the upstream copper-clad laminate index (CCL) in the printed circuit board (PCB) sector led the gains, followed closely by relevant indexes of several key sectors including innovative drugs, coal, and brokerages.This all relates to significant profit growth from leading stocks within these sectors.

For instance, Tongguan Copper Foil, a concept stock in copper-clad laminates, reported its Q1 2026 results last night, showing net profits attributable to shareholders of 106 million yuan, an increase of 2138.17% year-on-year. The company's share price surged over 19% today, hitting a new historical high of 61.57 yuan per share. Wuxi Apptec, a concept stock in innovative drugs, reported net profits attributable to shareholders of 4.652 billion yuan, up 26.68% year-on-year, with non-GAAP net profits of 4.276 billion yuan, growing 83.56%. Its share price closed up strongly with a '10CM' limit-up...

However, in terms of recent sustainability, the semiconductor sector has mainly absorbed funds withdrawn from 'optical' concept stocks. According to my analysis,In the top ten gainers among popular concepts over the past five trading sessions, semiconductor-related concepts accounted for six spots,including the semiconductor equipment index, server index, SMIC industrial chain index, GPU index, semiconductor select index, and semiconductor materials index (see attached chart).

In this regard, Peng Zu, who has long been tracking the technology sector, pointed out,This round of overseas semiconductor stocks experienced an epic surge,driving up semiconductor stocks in the A-share market.We conducted a detailed analysis last year. It's just that this round is more intense than the previous ones, and this remains the core direction for capital clustering.Peng Zu also noted that there have been continuous catalysts for semiconductors recently, such as the release of DeepSeek V4, which will be equipped with domestic computing power infrastructure; Huawei plans to launch four AI processors in the next three years, including 950PR, 950DT, 960, and 970...

Five stocks showed growth exceeding tenfold,

Based on the latest earnings reports,The semiconductor sector also has the confidence to become the new focus for capital clustering.

Upon further review by the author, currently, 96 companies in the Shenwan Semiconductor Industry have released their Q1 2026 reports, among which,33 companies achieved a year-on-year increase in net profit attributable to parent companies of over 100%, and five companies achieved a year-on-year increase of over ten times.

Specifically, the company with the fastest earnings growth is Oulai New Materials, whose main business is high-performance sputtering targets. During the reporting period, the company achieved a net profit attributable to shareholders of 41 million yuan, representing a year-on-year increase of 3407.26%. This was mainly due to: 1. Rising metal prices driving both volume and price increases in the core business, significantly improving operating performance; 2. Expansion of revenue scale and increased capacity utilization, reducing product unit costs, growing gross margins, and enhancing profitability, resulting in an increase in net profit.

The companies that closely follow Oulai New Materials in terms of earnings growth are Jiangbo Long, Pera Share, Biwin Storage, and Yuanjie Technology.(see Table 1).

Continuous heavy investment by the 'National Big Fund'

In terms of well-known institutional holdings, unlike other industries, the semiconductor sector has its own 'national team' – the National Integrated Circuit Industry Investment Fund (referred to as the 'National Big Fund'). It is reported that the 'National Big Fund' was established in June 2014 with the approval of the State Council, driven by the Ministry of Industry and Information Technology together with the Ministry of Finance and other departments. Its aim is to support the development of the integrated circuit industry chain through market-oriented operations. As of May 2024, the fund has set up three phases:The registered capital for Phase I was 98.72 billion yuan, with total funds raised amounting to 138.7 billion yuan, Phase II at 204.15 billion yuan, and Phase III reaching a registered capital of 344 billion yuan.Currently, the primary investments in the secondary market come from Phases I and II.

According to statistics, the 'National Big Fund' currently appears in the list of top ten circulating shareholders of 17 semiconductor companies, with the highest stock value held being in Tuojing Technology at 17.239 billion yuan. Due to operational issues related to the 'National Big Fund', it is generally in the divestment phase, and therefore during the reporting period, Phases I and II of the 'National Big Fund' reduced their holdings in multiple stocks.However, the holdings in Jingjia Microelectronics, Debang Technology, China Resources Microelectronics, and CSSC Special Gases remained unchanged.(See Table 2).

(The individual stocks mentioned in the article are for illustrative analysis only and do not constitute buy or sell recommendations.)

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