The list of top holdings for equity-oriented funds at the end of the fourth quarter has been released. Driven by a technology stock bull market lasting over a year, the throne of the number one holding for public funds has been conceded to an optical module giant. On January 22nd, with the completion of the Q4 2025 report disclosures for public funds, the top holdings of equity-oriented funds for the quarter were also unveiled. 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 holdings during Q4 last year. Among the top five stocks by increase in holdings for equity-oriented funds, four belong to the information technology sector, while Ping An from the insurance sector also saw substantial buying. Zhongji Innolight topped the list as the largest holding for equity-oriented funds. Data shows that by the end of Q4 last year, the top ten holdings of the 5,458 actively managed equity-oriented funds included in the statistics were 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 ranked as the first and second largest public fund holdings, with CATL and Tencent Holdings in third and fourth place, respectively. Analyzing holding changes, the top five holdings all faced varying degrees of reduction by equity-oriented funds in Q4. Data reveals 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 experienced a similar situation; despite a slight reduction in holdings by equity-oriented funds, its market value still increased substantially due to the rising stock price, thereby elevating its ranking. Ping An was the sole "newcomer" to break into the top twenty holdings, climbing from 41st place at the end of Q3 to 15th by the end of Q4. Funds actively increased their positions in sectors like information technology, non-ferrous metals, and chemicals. The top ten holdings represent the core allocation of public funds, while the list of stocks that were increased or decreased better reflects the latest changes in fund managers' portfolios.
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 holding value exceeding 22.6 billion yuan. Ping An and Suzhou Dongshan Precision Manufacturing also saw their holding values 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 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 significantly reached 681 and 318, increasing by 126.25% and 59.00% sequentially.
Several stocks that doubled in price by the end of Q4 last year also received substantial increases in holdings from equity-oriented funds. Data shows that Tianhua Xinneng surged 118.53% in Q4, with the number of funds holding it skyrocketing from 2 at the end of Q3 to 93 by the end of Q4. The holding market value ballooned from 11.7594 million yuan to 4.035 billion yuan over the quarter. Mayer Holdings also achieved a gain of 107.34% in Q4 and continued its strong performance with a 31.22% rise year-to-date. 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. Several leading Hang Seng Tech Index constituents faced reductions. In Q4 last year, the Hang Seng Tech Index performed weakly, and many of its heavyweight constituents saw reductions in holdings by equity-oriented funds.
Data indicates that Alibaba-W, Tencent Holdings, SMIC, and Xiaomi Group, all constituents of the Hang Seng Tech Index, were among the top ten stocks reduced by equity-oriented funds in Q4. Furthermore, Industrial Fulian, CATL, Eve Energy Co., Ltd., Luxshare Precision, Focus Media, and Sinodata Pharmaceutical also featured in the top ten list of stocks reduced by equity-oriented funds.
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