The first batch of funds heavily invested in MINIMAX ZhiPu

In recent days, public funds have successively disclosed their 2026 Q1 periodic reports. I will gradually pick some interesting points to share with you for interpretation.

First and foremost, it's definitely about the development of AI. Domestically, the directly related companies involved are, for example, optical communication companies that have risen a lot recently. Public funds were collectively overweight and added to their positions in these stocks in the Q1 reports.

However, optical communication and the like are more about the underlying materials and equipment for AI. When it comes to companies directly involved with large models, aside from the common ones like Tencent and Alibaba in Hong Kong stocks, the companies purely focused on large models are mainly MINIMAX and Zhipu, which just listed in the past six months.

Since listing, the gains of these two companies have been very significant. Looking at model capabilities, taking the latest released MINIMAX2.7 model as an example, overall, although there is still a certain gap compared to the most advanced overseas large models, this gap is continuously narrowing.

From an investment perspective, there aren't many funds currently able to buy pure large model companies like MINIMAX and Zhipu listed in Hong Kong. Because these two individual stocks just listed in Hong Kong not long ago and have not yet been included in the Stock Connect (for Hong Kong) eligible list. Currently, most funds investing in Hong Kong stocks use the Stock Connect channel, so they cannot buy them for now.

This is where QDII funds actually play their advantage, because QDII funds are not restricted by the Stock Connect channel and can buy eligible securities in any global market within their contract scope.

Therefore, in the latest disclosed public fund Q1 reports, we can see that some QDII funds have already started buying these two stocks.

Among them are products we are familiar with, such as E Fund Global Quality Enterprises, E Fund Global Allocation, etc. ("E Fund Global Series" is quite aggressive). This product is configured in both the Biaojiu Global Asset Allocation and Biaojiang Active Alpha Investment Advisory portfolios managed by Guolian Minsheng, which we follow and invest in.

(Not as investment advice)

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