Following a bull run in technology stocks that lasted over a year, the top holding position in public funds has been ceded to an optical module giant. With the completion of the Q4 2025 financial report disclosures for public funds on January 22nd, the top holdings of equity-oriented funds for the quarter have also been revealed. Data from TX Investment Consulting shows that in Q4 last year, Zhongji Innolight and Eoptolink Technology, two of the three major "Yi Zhong Tian" giants, replaced CATL and Tencent Holdings as the first and second largest holdings of public funds, respectively. CATL and Tencent Holdings fell to the third and fourth positions.
The latest data indicates that the information technology sector received significant increases in fund allocations during the fourth quarter of last year. Among the top five stocks with the largest increases in holdings by equity-oriented funds, four belong to the information technology sector, while Ping An Insurance from the insurance sector also saw substantial buying. Data shows that as of the end of last year's fourth quarter, the top ten holdings of the 5,458 actively managed equity-oriented funds included in the statistics were, in order: Zhongji Innolight, Eoptolink Technology, CATL, Tencent Holdings, Zijin Mining, Alibaba-W, Cambricon, Luxshare Precision, Kweichow Moutai, and Suzhou Dongshan Precision Manufacturing.
The most notable highlight of the Q4 top holdings list for equity-oriented funds was undoubtedly the stellar performance of the "Yi Zhong Tian" giants—Zhongji Innolight and Eoptolink Technology collectively occupying the first and second positions, with CATL and Tencent Holdings ranking third and fourth, respectively. In terms of changes in positions, all of the top five holdings experienced varying degrees of reduction by equity-oriented funds in the fourth quarter. Data shows that by the end of Q4, public funds held 129 million shares of Zhongji Innolight, a decrease of 9.7014 million shares from the end of Q3, representing a sequential decline of 7.02%. However, propelled by a 51.26% surge in its stock price during the quarter, the market value of Zhongji Innolight held by equity-oriented funds grew from 55.813 billion yuan at the end of Q3 to 78.421 billion yuan by the end of Q4, making it the number one holding. Eoptolink Technology's situation was similar; despite a slight reduction in holdings by equity-oriented funds, its market value still increased significantly due to the rising stock price, thereby pushing its ranking higher. Ping An Insurance was the only "new face" to break into the top twenty holdings, climbing from 41st place at the end of Q3 to 15th place at the end of Q4. The top ten holdings represent the core allocation of public funds, while the list of stocks that were increased or decreased in holdings better reflects the latest changes in fund managers' positions. Data from TX Investment Consulting shows that, based on the increase in market value, the 50 stocks that saw the largest increases in holdings by equity-oriented funds in Q4 were primarily concentrated in sub-sectors such as information technology, non-ferrous metals, and chemicals.
Among them, Zhongji Innolight led with an increase in holdings value exceeding 22.6 billion yuan. Ping An Insurance and Suzhou Dongshan Precision Manufacturing also saw their holdings value increase by over 10 billion yuan each. In terms of the number of shares added, by the end of Q4, equity-oriented funds held 273 million shares of Ping An Insurance and 297 million shares of Suzhou Dongshan Precision Manufacturing, representing sequential growth of 84.88% and 42.00%, respectively. The number of funds holding these stocks reached 681 and 318, increasing by 126.25% and 59.00% sequentially. Several stocks that doubled in price by the end of last year's fourth quarter also received significant increases in holdings from equity-oriented funds. Data shows that Tianhua Xinneng surged 118.53% in Q4, with the number of funds holding it rising from 2 at the end of Q3 to 93 by the end of Q4. The holding market value skyrocketed from 11.7594 million yuan at the end of Q3 to 4.035 billion yuan by the end of Q4. Maiwei Co., Ltd. also gained 107.34% in Q4 and continued its strong performance with a 31.22% rise this year. The number of funds holding it increased from 8 at the end of Q3 to 54 by the end of Q4, and the holding market value grew from 183 million yuan to 4.035 billion yuan. The Hang Seng Tech Index performed weakly in the fourth quarter of last year, leading many of its constituent heavyweight stocks to be reduced by equity-oriented funds. Data indicates that among the top ten stocks with the largest reductions by equity-oriented funds in Q4, Alibaba-W, Tencent Holdings, SMIC, and Xiaomi Group are all constituents of the Hang Seng Tech Index.
Furthermore, Industrial Fulian, CATL, Eve Energy Co., Ltd., Luxshare Precision, Focus Media, and Sinodata also featured among the top ten stocks with the largest reductions by equity-oriented funds.
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