The first-quarter 2026 reports of public funds have been fully disclosed, revealing updated rankings of top holdings and showcasing new shifts in portfolio structures. The competition for the leading position between Contemporary Amperex Technology Co., Limited (300750.SZ) and Zhongji Innolight Co.,Ltd. (300308.SZ) remained a central focus. Concurrently, the differentiated adjustments between active and passive funds are gradually unveiling the allocation logic of institutional capital. Overall, the new round of public fund heavy holdings presents four key observations.
Observation One: Hygon Information Technology Co., Ltd. (688041.SH) newly entered the list of the top ten public fund holdings, while CATL expanded its leading advantage. Compared to the end of last year, the ranking of the top ten holdings remained largely stable by the end of the first quarter, with the first nine positions unchanged. The only change was the entry of domestic computing power chip leader Hygon Information, while China Merchants Bank exited the list.
Observation Two: CATL regained its status as the number one holding in active funds, with technology and cyclical sectors remaining the primary allocation themes. On the active fund ranking, which excludes the influence of ETFs, CATL replaced Zhongji Innolight to become the top holding again. After five consecutive quarters of net selling by active funds, CATL saw a net purchase of 117.935 million shares in the first quarter. Furthermore, active funds' preference for the technology and cyclical sectors remained pronounced.
Observation Three: The list of the top ten stocks that saw increased allocations from public funds displayed a "dual-track" characteristic, featuring both traditional cyclical stocks and technology/communication stocks. Traditional cyclical stocks on this list included Inner Mongolia Baotou Steel Union Co., Ltd., PetroChina Company Limited, China Merchants Energy Shipping Co., Ltd., Guanghui Energy Co., Ltd., and Weichai Power Co., Ltd. Technology and communication stocks included ZTT Group Limited, Hengtong Optic-Electric Co., Ltd., China Telecom Corporation Limited, and TCL Technology Group Corporation. Among these, Baotou Steel Union saw the largest increase, with a total of 908 million shares added. The fund that added the most Baotou Steel Union shares was Dacheng Industrial Trend managed by Han Chuang, which increased its holding by 151 million shares in the quarter.
Observation Four: The direction of selling was highly concentrated, with nonferrous metals and large financials becoming the primary sectors for profit-taking. The stock that experienced the largest reduction in holdings during the first quarter was Zijin Mining Group Co., Ltd., with a total of 930 million shares sold. Products managed by prominent fund managers such as Gao Nan of Yongying Fund, Jiao Wei of Yinhua Fund, and Xiao Nan of E Fund no longer held significant positions in the stock after first-quarter selling. Additionally, Industrial Bank Co., Ltd., China Merchants Bank Co., Ltd., Ping An Insurance (Group) Company of China, Ltd., and Industrial and Commercial Bank of China Limited also saw substantial reductions.
The core group of heavy holdings remained stable, with Hygon Information breaking into the top ten. According to Wind statistics, as of the end of the first quarter, the top ten public fund holdings by total market value of holdings were: CATL, Zhongji Innolight, Eoptolink Technology Inc., Ltd., Kweichow Moutai Co., Ltd., Zijin Mining, Tencent Holdings Limited, Ping An Insurance, Cambricon Technologies Corporation Limited, Alibaba Group Holding Limited, and Hygon Information. The total holding values were 160.558 billion yuan, 130.765 billion yuan, 113.696 billion yuan, 94.431 billion yuan, 69.872 billion yuan, 64.226 billion yuan, 50.706 billion yuan, 47.302 billion yuan, 46.668 billion yuan, and 42.004 billion yuan, respectively.
Compared to the end of the previous quarter, the overall order of the top ten was stable, with the first nine positions unchanged. The only change was Hygon Information's entry into the top ten, while China Merchants Bank dropped out, ranking 13th. The gap in the total market value of public fund holdings between CATL and Zhongji Innolight also changed. By the end of the first quarter, the total value of public fund holdings in CATL exceeded that of Zhongji Innolight by 29.793 billion yuan. This gap widened from 19.687 billion yuan at the end of the fourth quarter but narrowed significantly compared to the 96.006 billion yuan gap at the end of the third quarter last year.
In terms of the number of fund companies and fund products holding the stocks, 142 fund companies held CATL through 2,322 fund products by the end of the first quarter. For Zhongji Innolight, 135 fund companies held it through 1,846 fund products. CATL maintained a lead in both metrics, with 7 more fund companies and 476 more fund products holding it. The number of fund companies heavily invested in CATL surpassed that of Zhongji Innolight in the first quarter, and the lead in the number of products holding it expanded further. At the end of last year, 132 public funds held CATL through 2,055 products, while 139 public funds held Zhongji Innolight through 1,808 products. At that time, CATL had 7 fewer fund companies holding it but 247 more fund products.
Holdings data showed that compared to the end of the previous quarter, both CATL and Zhongji Innolight experienced net selling, with reductions of 95.4354 million shares and 36.1674 million shares, respectively. As of the end of the first quarter, the top seven fund products by the number of CATL shares held were all broad-based ETFs, including E Fund SSE 50 ETF, Huatai-PineBridge SSE 300 ETF, and Huaan ChiNext 50 ETF. Among active equity products, Fu Pengbo's Ruiyuan Growth Value held the most shares, followed by products managed by Zhu Shaoxing (Fullgoal Tianhui Selected Growth), Yang Dong (GF Multi-Factor), and Xie Zhiyu (Invesco Great Wall合润). Additionally, products like Zhao Feng's Ruiyuan Balanced Value Three Years and Zhao Yi's Quanguo Xuyuan Three Years reduced their holdings of CATL in the first quarter.
Similarly, the top five fund products by the number of Zhongji Innolight shares held were all broad-based ETFs. Among active equity products, Ren Jie's Yongying Technology Intelligent Selection held the most, followed by products managed by Fu Pengbo, Xie Zhiyu, Gao Nan, and Han Hao. Within the "Yi-Zhong-Tian" combination, the ranking of TFC Optical Communication Group Co., Ltd. rose from 37th at the end of last year to 24th at the end of the first quarter. However, this stock saw a reduction of 16.4753 million shares in the quarter. Among active equity products, Han Hao's AVIC Opportunity Navigation held the most shares. Furthermore, Ren Jie's Yongying Technology Intelligent Selection made the largest reduction and no longer held a significant position in TFC after first-quarter selling. Products managed by Mo Haibo (Wanja Emerging Blue Chip) and Li Wenbin (Yongying Technology Drive) also exited their significant positions in TFC after first-quarter reductions.
All ten of these top holdings experienced net selling in the first quarter. Since the first quarter of 2025, public funds have reduced their holdings of CATL for five consecutive quarters, with broad-based ETFs being the main sellers. Among active equity funds, Xie Zhiyu's Invesco Great Wall合润 made the largest reduction, followed by Quanguo Xuyuan Three Years and Qiao Qian's Invesco Great Wall Business Model Preferred.
CATL Reclaims Top Spot in Active Fund Portfolios Compared to the total public fund holdings that reflect the overall market, the positioning choices of active equity funds more centrally reflect fund managers' active judgments and market forecasts. In the first quarter, the top holding of active equity funds changed again, potentially indicating subtle shifts in institutional capital expectations.
According to Wind statistics, as of the end of the first quarter, the top ten holdings of public active funds were: CATL, Zhongji Innolight, Eoptolink, Tencent, Kweichow Moutai, Zijin Mining, Dongshan Precision Manufacturing Co., Ltd., Alibaba, CNOOC Limited, and Luxshare Precision Industry Co., Ltd. The total holding values were 80.409 billion yuan, 78.02 billion yuan, 70.825 billion yuan, 37.784 billion yuan, 33.969 billion yuan, 32.438 billion yuan, 27.427 billion yuan, 21.066 billion yuan, 19.426 billion yuan, and 18.987 billion yuan, respectively.
The most significant change compared to the previous period was that the top holding of public active funds switched back from Zhongji Innolight at the end of last year to CATL. Simultaneously, CNOOC newly entered the top ten active fund holdings, while Cambricon exited the list.
Among the top ten active fund holdings, five stocks experienced net selling in the first quarter: Zijin Mining, Luxshare, Alibaba, Dongshan Precision, and Tencent saw reductions of 389 million shares, 148 million shares, 66.4595 million shares, 36.9712 million shares, and 27.6873 million shares, respectively. Conversely, CNOOC, CATL, Eoptolink, Kweichow Moutai, and Zhongji Innolight saw net purchases by active funds of 220 million shares, 11.7935 million shares, 3.3144 million shares, 3.0729 million shares, and 1.7065 million shares, respectively.
Notably, CATL saw a net purchase of 11.7935 million shares by active funds in the first quarter. Previously, from Q4 2024 to Q4 2025, active funds had reduced their holdings of CATL for five consecutive quarters. By the end of the first quarter, the total market value of active fund holdings in CATL surpassed that of Zhongji Innolight by 2.39 billion yuan. In contrast, at the end of the fourth quarter last year, the total value of active fund holdings in Zhongji Innolight led CATL by 13.365 billion yuan. Their positions reversed within a single quarter.
By the end of the first quarter, 136 fund companies held CATL through 1,704 active fund products, while 129 fund companies held Zhongji Innolight through 1,265 products. CATL maintained a lead in both aspects, with 7 more fund companies and 439 more fund products holding it. At the end of the fourth quarter last year, 126 fund companies held CATL through 1,474 products, while 134 fund companies held Zhongji Innolight through 1,273 products. At that time, CATL had coverage from 8 fewer fund companies but was held by 201 more fund products.
Public Funds Concentrate Selling in Nonferrous Metals and Financial Sectors Overall, the top ten heavily held stocks that saw the largest increases in public fund allocations during the first quarter were: Baotou Steel Union, PetroChina, China Merchants Energy Shipping, ZTT Group, Guanghui Energy, Hengtong Optic-Electric, China Telecom, TCL Technology, Weichai Power, and Focus Media Information Technology Co., Ltd. They saw increases of 908 million shares, 617 million shares, 351 million shares, 344 million shares, 327 million shares, 327 million shares, 279 million shares, 272 million shares, 240 million shares, and 213 million shares, respectively.
Sector-wise, this list displayed the "dual-track" feature of traditional cyclicals and technology/communications. The former encompassed energy, materials, and industrials, while the latter involved technology sectors like information technology and communication services.
Specifically, Han Chuang's Dacheng Industrial Trend added the most shares of Baotou Steel Union, increasing its holding by 151 million shares in the quarter. Meanwhile, the Invesco Great Wall景颐双利 fund, jointly managed by Dong Han and Li Yiwen, also added over 100 million shares. Excluding ETFs, the top three active equity products increasing their holdings of PetroChina were the aforementioned Invesco Great Wall景颐双利, Han Chuang's Dacheng New Sharp Industry, and Jiao Wei's Yinhua Affluent Theme. Funds managed by managers like Han Chuang and Xiao Nan were among those adding significant shares of China Merchants Energy Shipping. Tang Xiaobin's GF Vision Intelligence Select added a substantial number of ZTT Group shares. The top four active funds adding Guanghui Energy shares were all products managed by Han Chuang. Zhao Feng's products added the most TCL Technology shares, with increases also seen in funds managed by Tang Yiheng (Fullgoal Tianyi Value), Yang Hao (Bocom Schroders New Life Power), Zhou Weiwen (China Europe匠心两年), Zhao Yi (Quanguo Xuyuan Three Years), and Lu Bin (HSBC Jintrust New Power).
Conversely, the top ten heavily held stocks that saw the largest reductions in public fund allocations during the first quarter were: Zijin Mining, Industrial Bank, China Merchants Bank, Ping An Insurance, China Eastern Airlines Corporation Limited, China Yangtze Power Co., Ltd., ICBC, Tongling Nonferrous Metals Group Co., Ltd., China Petroleum & Chemical Corporation, and China Molybdenum Co., Ltd. They saw reductions of 930 million shares, 634 million shares, 477 million shares, 468 million shares, 446 million shares, 422 million shares, 291 million shares, 245 million shares, 220 million shares, and 219 million shares, respectively. It is evident that the stocks facing significant selling were primarily concentrated in the nonferrous metals and large financial sectors.
Regarding selling details, the top five funds reducing Zijin Mining holdings were ChinaAMC SSE 50 ETF, Huatai-PineBridge SSE 300 ETF, E Fund CSI 300 ETF, and Harvest CSI 300 ETF. Among active equity funds, Gao Nan's Yongying Ruixin made the largest reduction and no longer held a significant position by the end of the quarter. Additionally, products managed by Jiao Wei (Yinhua Affluent Theme), Xiao Nan (E Fund High Quality Strict Selection Three Years), and Wang Xiaochen (E Fund Yuxiang Return) also exited their significant positions after first-quarter selling.
After the reductions, Yang Dong's GF Multi-Factor no longer held a significant position in Industrial Bank by the end of the first quarter. Li Xiaoxing's Yinhua Xinxiang One Year and Sheng Fengyan's Western Lead Central Enterprise Preferred no longer held significant positions in China Merchants Bank. Products managed by Jiao Wei (Yinhua Affluent Theme), Ruiyuan Balanced Value Three Years, Yang Dong (GF Value Leader One Year), and Rao Gang (Ruiyuan Stable Configuration Two Years) no longer held significant positions in Ping An Insurance. Yang Dong's GF Multi-Factor, Cui Chenglong's Foreasea Open-end Public Utilities, Han Chuang's Dacheng New Sharp Industry, Yang Dong's GF均衡成长, and Ge Lan's China Europe明睿新起点 no longer held significant positions in China Eastern Airlines.
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