With the completion of Q1 2026 fund report disclosures, the overall heavyweight stock holdings of funds have come to light. Three stocks held by funds exceeded 100 billion yuan in value: CATL, Zhongji Innolight and Eoptolink. Additionally, the top five heavyweight holdings all experienced reductions, with fund holdings in Kweichow Moutai falling below the 100 billion yuan mark.
Fund holdings in Kweichow Moutai dropped below 100 billion yuan. Wind data shows that as of the end of the first quarter, the top 20 heavyweight A-share holdings of funds were as follows.
From this list of major holdings, only three stocks had fund holdings exceeding 100 billion yuan: CATL, Zhongji Innolight and Eoptolink. This compares to five stocks at the end of last year.
Furthermore, looking at these top 20 holdings, funds reduced their positions in most stocks during the first quarter, with the top five heavyweight holdings all showing varying degrees of decrease compared to year-end levels.
Specifically, fund holdings in Kweichow Moutai fell below 100 billion yuan, while holdings in Zijin Mining dropped below 70 billion yuan. Stocks like Ping An Insurance, China Merchants Bank, Midea Group, and Sungrow Power Supply also saw significant reductions.
Turning to Hong Kong stocks, among the top 20 heavyweight holdings of funds, stocks such as Tencent Holdings, Alibaba Group, and SMIC were also noticeably reduced. The main additions to holdings included CNOOC, Changfei Optical Fiber Cable, and KE Holdings.
Regarding additions and reductions in A-shares, the 20 stocks with the most significant increases in holding value are listed below.
These stocks receiving increased allocations primarily came from sectors like energy and information technology, including Petrochina, Guanghui Energy, Hengtong Optic-Electric, and China National Nuclear Power.
Conversely, stocks with notable decreases in the number of shares held were mainly concentrated in sectors like materials and finance, including Zijin Mining, Industrial Bank, China Merchants Bank, and Ping An Insurance.
In the Hong Kong market, funds primarily added to positions in stocks such as CNOOC, Geely Automobile, SenseTime, Petrochina, and China Feihe during the first quarter. The focus of these additions was concentrated in energy, consumer goods, and information technology sectors.
Additionally, funds mainly reduced their holdings in stocks like Sinopec, China Cinda, Industrial and Commercial Bank of China, and China Eastern Airlines during the quarter. The primary sector for reductions was also concentrated in finance.
Examining the holdings of other funds by fund "buyers," excluding ETFs, among other fund types, the 20 funds that were purchased more heavily are listed below.
Based on changes in the number of shares held, funds that saw larger increases in holdings included Fullgoal China Bond Preferred Investment Grade Credit Bond Index A and GF China Bond 0-2 Year Policy Financial Bond A.
Funds that experienced larger decreases in the number of shares held included Fullgoal Pure Bond E, Bosera Credit Preferred E, and Invesco Great Wall Short & Medium Term Bond F.
Regarding ETFs, those that were more heavily purchased in the first quarter included Guotai CES China Whole Market Construction Materials ETF, Harvest S&P Oil & Gas Exploration & Production Select Industry ETF, and GF CSI Hong Kong Innovative Medicine ETF.
Comments