E Fund Ditches Moutai for SMIC: China's Largest Blue-Chip Portfolio Pivots to AI in Q2易方达蓝筹抛售茅台换仓中芯国际，中国最大蓝筹基金二季度转向AI

Bloomberg published Q2 fund disclosures on Wednesday showing E Fund Blue Chip Selected Mixed Fund — one of China's largest actively managed portfolios — cut its combined stake in Kweichow Moutai, Wuliangye Yibin, and Luzhou Laojiao from 30% at end-March to 13% at end-June, adding SMIC and printed-circuit maker Suzhou Dongshan Precision Manufacturing in their place.

The reallocation is the most concrete institutional signal yet of a full-cycle rotation: consumer-staples incumbents that dominated Chinese equity portfolios for years are being systematically replaced by AI-infrastructure names. SMIC, which appeared in the same session down roughly 2.5% alongside the broader Hong Kong tech sell-off, remains a core beneficiary of this structural pivot despite short-term volatility.

Bloomberg noted the rotation leaves these funds more exposed to sector-specific risk. Caixin reported in early July that AI-focused mutual funds had outperformed traditional portfolios by more than 200 percentage points in H1 2026 — the differential that is now drawing in even the most conservative blue-chip mandates.