Zheng Quan Shi Bao·2025-04-06 17:22Group 1 - BYD's market value has surpassed CATL, reclaiming the top position in the Shenzhen market after several years [1][2] - As of the latest data, BYD's market value stands at 1.07 trillion yuan, leading CATL by a slight margin, while significantly outpacing other companies like Midea Group and Wuliangye [2][3] - CATL has become the top holding stock for public funds, with a total market value held by 2861 funds amounting to 178.575 billion yuan, representing 17.2% of CATL's circulating shares [3][4] Group 2 - Public funds have shown a preference for CATL due to its leading position in the power battery sector and stable performance, while BYD's holdings are less than a quarter of CATL's [3][5] - The rapid growth of ETFs has attracted passive investment towards CATL, which is a major component of both the CSI 300 and ChiNext indices, enhancing its market weight [4][6] - CATL's weight in the CSI 300 index is approximately 3.22%, while BYD's is around 1.62%, indicating a significant difference in public fund allocations [6][7] Group 3 - The traditional investment criteria of public funds favor stable earnings and predictable cash flows, which aligns more with CATL's business model compared to BYD's diversified operations [7][8] - The shift in market preferences towards industry leaders is evident, as new indices are being developed to better reflect the changing economic landscape, moving away from traditional valuation metrics [8][9] - The emergence of new technologies and industries, such as AI chips and power batteries, is challenging public funds' understanding and investment strategies, leading to potential mispricing of growth opportunities [8][9]