Ruiyuan Fund Q3 2026: Fu Pengbo Raises Stakes in Zhongji Innolight, Guangzhi Technology

The split in positioning is the signal worth noting: Fu Pengbo's fund concentrated further into optical-module and hardware names, while Zhao Feng's balanced vehicle tilted toward consumer-electronics and logistics large caps. That divergence suggests the Ruiyuan platform is not running a single house view on the AI-hardware trade, leaving room for internal disagreement about how far the cycle extends. The disclosed top-ten lists are a snapshot, not a mandate, and quarterly filings lag the positioning they describe. Whether the optical names remain the higher-conviction leg into year-end is the open question.