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The second quarter reports of public funds that are being released provide investors with clues for investment layout in the second half of the year. The recent active performance of the semiconductor industry chain in the A-share market has also made the market pay more attention to the layout actions of fund managers.

Recently, the second quarter report of Nuoan Growth Hybrid (320007.OF) showed that during the reporting period, fund manager Liu Huiying chose to continue to increase semiconductor holdings, and her "all in" semiconductor style did not drift. However, affected by the sluggish semiconductor market in the past two years, Liu Huiying has not yet made money for investors. The total return of her tenure at Nuoan Growth so far is -15.34%.

According to the financial report, as of the end of the second quarter, the top ten holdings of Noah Growth were (ranked in order of the proportion of the fund's net asset value): North Huachuang (002371.SZ), GigaDevice (603986.SH), Shengbang Electronics (300661.SZ), Will Semiconductor (603501.SH), AMEC (6888012.SH), SMIC (688981.SH), Zhanrui Micro (300782.SZ), HuaDa Emtech (301269.SZ), Shanghai Silicon Industry (688126.SH), and China Electronics Testing Technology (688361.SH).

During the reporting period, Nuoan Growth Mixed Fund reduced its holdings of North Huachuang by 921,500 shares, with a change in holdings of -17.35%; it increased its holdings of Shengbang Electronics, Zhanrui Micro and HuaDa JiuTian, ​​among which the increase in Zhanrui Micro was the largest, with an increase of 1.9524 million shares. As of the end of the second quarter, Nuoan Growth Mixed Fund held 11.9725 million shares of Zhanrui Micro, making it the seventh largest holding.

So far, among the above 10 companies, North China Huachuang, GigaDevice, and Will Semiconductor have released their interim performance forecasts, all of which expect a good growth in net profit. North China Huachuang expects to achieve a net profit attributable to its parent company of 2.57 billion yuan to 2.96 billion yuan in the first half of the year, a year-on-year increase of 42.84% to 64.51%.

GigaDevice and Will Semiconductor are both leaders in the chip design sector. Benefiting from the clear recovery trend of terminal market demand, both stocks have achieved performance recovery. Among them, GigaDevice expects to achieve a net profit attributable to shareholders of 518 million yuan in the first half of the year, a year-on-year increase of 54.18%, and Will Semiconductor expects to achieve a net profit attributable to shareholders of 1.307 billion yuan to 1.407 billion yuan, a year-on-year increase of 754.11% to 819.42%.

Back to the net value performance of Nuoan Growth, the product lost 327 million yuan in the second quarter, and the net asset value of the fund at the end of the period was 15.946 billion yuan; the unit net value was 1.07 yuan, with a cumulative decline of 2.01% in the second quarter, a cumulative decline of 7.15% in the year, and a cumulative decline of 49.74% in the past three years. Driven by the recent semiconductor market, the net value of Nuoan Growth Mixed Fund has increased by 10.44% in the past three months. Whether the "tech trend" can continue in the second half of the year is related to whether this fund can end its decline for more than two consecutive years.

In terms of asset allocation, as of the end of the second quarter, the total market value of stocks held by Nuoan Growth Mixed Fund was 14.293 billion yuan, accounting for 89.13% of the fund's net value; and the cash held was 1.734 billion yuan, accounting for 10.81% of the fund's net value.

In its report, Noah Fund analyzed the prosperity and investment opportunities of the semiconductor industry and said that the chip sector had a certain relative return in the second quarter compared with the entire market. The establishment of the third phase of the Big Fund indicates that the semiconductor industry is getting closer to breaking through the US blockade. The first quarter performance of chip design companies also established the turning point of semiconductor demand. The launch of the "Eight Measures for Science and Technology Innovation" and the discussion of "Technology and Special Evaluation" conveyed the country's determination to vigorously develop technology companies. The entire chip sector has performed well in May and June, but the overall market sentiment is relatively fragile, and the sector has fallen back to a certain extent at the end of June. However, the long-term upward future industry trend of China's chips emphasized before remains unchanged.

Regarding the chip design sector, Nuoan Fund stated that the industry has seen a clear recovery in demand in the first quarter of this year, which has preliminarily established the recovery of domestic chip demand; the clear recovery in consumer electronics demand and the growth of new AI demand both indicate that the turning point of the chip industry cycle is approaching.