Mei Ri Jing Ji Xin Wen·2025-04-23 05:10Core Viewpoint - The report highlights the significant changes in fund holdings during the first quarter, with notable increases in positions for certain stocks and reductions in others, indicating shifting investment strategies among public funds. Group 1: Top Holdings - The top three heavy-weight stocks held by public funds at the end of Q1 are Ningde Times, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [2][4]. - A total of 1861 funds hold Ningde Times, 1192 funds hold Kweichow Moutai, and 1361 funds hold Tencent Holdings [2][4]. Group 2: Changes in Holdings - Funds significantly reduced their holdings in Ningde Times while increasing their positions in Tencent Holdings during Q1 [2][4]. - Major stocks that saw increased positions include Chipone Technology, Lanke Technology, Alibaba-W, and SMIC [5][6]. Group 3: Notable Increases - The top stocks with increased holdings in A-shares include BYD (17.36 billion), Zijin Mining (13.37 billion), Chipone Technology (6.93 billion), and Lanke Technology (3.01 billion) [6]. - In overseas stocks, the most notable increases were in Alibaba-W (3.41 billion), SMIC (1.59 billion), and XPeng Motors (1.42 billion) [8]. Group 4: Notable Decreases - Major stocks that experienced reductions in holdings include CITIC Securities, Wuliangye, NVIDIA, and Tesla [9][10]. - The largest reductions in overseas stocks were in NVIDIA (-1.57 billion), Broadcom (-1.36 billion), and Tesla (-1.24 billion) [10]. Group 5: Fund Types and Trends - As of the end of Q1, several gold ETFs were heavily held by funds, with significant holdings in the Huaan Gold ETF and Bosera Gold ETF [11][13]. - Despite a decrease in shares held in gold ETFs, the overall market value of these holdings increased due to rising gold prices [11].