In the third quarter of 2026, the funds managed by Yi Fang Da’s portfolio manager Zhang Kun released their quarterly reports. These reports revealed a notable uptick in equity holdings compared to the end of Q2, with a clear shift away from liquor stocks and toward technology investments. Among the updates, Yi Fang Da Blue Chip Precision added new top-ten holdings, including Sichuan Chuantou Energy and Eoptolink, while SMIC and Dongshan Precision dropped out of the top ten. Yi Fang Da High-Quality Selection increased its stake in Tencent Holdings and trimmed positions in several liquor stocks. The Yi Fang Da High-Quality Enterprise Three-Year Holding Fund, from which Zhang Kun has stepped down, repurchased WuXi Biologics in Q3, also reduced its exposure to liquor stocks, and significantly cut back on Tencent Holdings and Alibaba.

The Yi Fang Da Asia Select Fund, managed exclusively by Zhang Kun, substantially boosted its allocation to overseas tech giants such as Google and SK Hynix, with significant increases in U.S., Korean, and Taiwanese stock holdings. Meanwhile, Alibaba was removed from its top-ten holdings. In the Q3 report, Zhang Kun expressed continued optimism about the technology sector’s outlook. He anticipates stronger policy measures to stabilize the real estate market, believes the domestic deflationary cycle is nearing its end, and expects a rebound in consumer spending. Currently, he favors leading companies across various industries that can still grow their market share despite economic headwinds.