Great Wall Fund portfolio manager Han Lin said in the firm's 2026 mid-year
digital economy report he remains cautiously optimistic. He still favors
AI-driven, long-term productivity gains but expects market pricing to shift from
theme-led valuation expansion toward order, revenue and profit realization.
Concerns about the sustainability of capital spending will hinge on cloud
providers and leading chipmakers’ earnings, capex guidance, AI revenue and
improved ROI. Han flagged AI infrastructure as the primary investment
focus—advanced compute chips/ASICs, optical comms, PCB, server power and liquid
cooling, and storage—and recommends balanced exposure between overseas and
domestic compute chains. As investment breadth narrows, he will prioritize
customer mix, order quality, capacity-ramp timing, cash flow and valuation fit.
In semiconductors he cites memory recovery, capacity expansion in advanced nodes
and advanced packaging, and domestic self-sufficiency; he favors equipment,
materials, components and storage-chain companies with tech barriers and
share-gain potential.
