Some of China's largest actively managed funds, historically focused on consumer staples like Kweichow Moutai, are now aggressively reallocating capital into AI-related companies including SMIC, Zhongji Innolight, Piotech, and Suzhou Dongshan Precision. This shift is driven by disappointing consumer recovery and strong returns from AI hardware stocks, with SMIC gaining over 70% and Suzhou Dongshan Precision more than doubling in Q2 alone. The institutional recognition of AI expertise in portfolio management teams at E Fund and Invesco further suggests a structural rather than cyclical investment theme.