As of October 27, the third-quarter reports for 2026 from public mutual funds have essentially all been disclosed, bringing heavily weighted fund holdings into the spotlight. (View the Q3 list) According to fund disclosure rules, public mutual funds must reveal their top 10 heavily weighted stocks as of the end of the quarter in their Q3 reports.
Based on statistics from the Q3 reports of public mutual funds (this article only covers public fund holdings in A-shares), as of the end of Q3 2026, public funds heavily held over 3,300 A-share companies, with a total holding market value of approximately 3.53 trillion yuan.
In terms of industry distribution of heavily weighted stocks, the electronics sector had the highest total holding market value by public funds at the end of Q3, at approximately 1,195.2 billion yuan, accounting for nearly 34% of public funds' A-share holdings, far exceeding other industries. The communications sector followed, with a total holding market value of approximately 463.2 billion yuan at the end of Q3, representing about 13% of public funds' A-share holdings. The electronics and communications sectors encompass multiple AI computing hardware sub-sectors including semiconductors, PCBs, MLCCs, optical modules, and optical fibers. Therefore, it can be said that although AI hardware saw a significant pullback in Q3, it remained the largest heavily weighted direction for funds in Q3. In addition, six other industries — pharmaceuticals and biologics, power equipment, non-ferrous metals, non-bank financials, machinery and equipment, and food and beverages — each saw fund holdings exceeding 100 billion yuan. Among them, the holding proportion in the pharmaceuticals and biologics industry rose significantly. At the end of Q2, pharmaceuticals and biologics was only the 5th largest heavily weighted industry for public funds, with a holding proportion of about 5.68%; in Q3, the holding proportion rose to 8.06%, making it the third largest heavily weighted sector for public funds. (For reference: AI hard tech took over public funds' core positions in Q2, consumer stocks notably absent from top 10 holdings)
01 Changxin Technology, Guizhou Moutai Become Top 10 Heavily Weighted Stocks for Public Funds
Looking at specific holdings by company, according to Choice data, as of the end of Q3 2026, there were 57 A-share companies in which public funds collectively held shares worth over 10 billion yuan. Electronics companies accounted for 26, pharmaceuticals and biologics companies accounted for 6, communications and non-bank financials each accounted for 5, and banks — which have recently drawn heightened attention — accounted for only 1 (China Merchants Bank). Among them, the top 10 heavily weighted stocks for public funds at the end of Q3, in order, were: Zhongji Innolight, Eoptolink, CATL, Cambricon, WuXi AppTec, AMEC, Yuanjie Technology, Guizhou Moutai, Changxin Technology, and NAURA. Seven of these companies are optical module and semiconductor companies, all part of the AI hardware supply chain. The optical module "duo" Zhongji Innolight and Eoptolink were both collectively held by funds with market values exceeding 100 billion yuan, continuing to rank as the top 2 heavily weighted stocks for public funds. CRO leader WuXi AppTec saw its stock price hit a historic high in Q3, and after not being among the top 10 heavily weighted stocks for funds in Q2, it jumped to become the 5th largest heavily weighted stock for public funds in Q3. Guizhou Moutai was pushed out of the top 10 heavily weighted stocks for public funds in Q2, but re-entered the top 10 in Q3. Storage leader Changxin Technology listed in Q3 and by the end of Q3 had already become a top 10 heavily weighted stock for public funds. (View the list)
In terms of the number of funds holding shares, as of the end of Q3, there were 45 A-share companies heavily held by at least 300 public funds. Among them, Zhongji Innolight, CATL, Eoptolink, Changxin Technology, WuXi AppTec, Zijin Mining, Cambricon, and Guizhou Moutai were all collectively heavily held by over a thousand funds. Zhongji Innolight was the only A-share company collectively heavily held by more than 2,000 funds. (View the list)
In terms of public fund holdings as a proportion of A-share companies' circulating shares, as of the end of Q3 2026, there were 43 companies in which public funds collectively held 15% or more. Among them, the top 5 companies with the highest public fund holding proportions were all from the STAR Market: Lianxun Instruments, Skyverse, Kingsemi, Yuanjie Technology, and Hwatsing Technology, with holding proportions around 30%. (View the list)
02 Banks Weren't Bought Up by Public Funds?
Since Q3, most A-share sectors have come under pressure, yet the banking sector has risen against the trend! ICBC, China Construction Bank, and Bank of China all hit historic highs, forming a sharp contrast with the weakening broad-based indices! However, data shows that public funds' holdings in the banking sector are not substantial, with total holding market value of less than 100 billion yuan, making it only the 9th largest heavily weighted sector for public funds. In terms of specific companies, only China Merchants Bank was held by public funds with a market value exceeding 10 billion yuan. Among state-owned major banks, ICBC was the top heavily weighted stock, held by funds with over 7.1 billion yuan. MACD golden cross signals formed, these stocks are rising well!
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