Sou Hu Cai Jing·2025-07-22 04:04Group 1 - The core viewpoint of the article highlights the significant changes in the holdings of public funds in the second quarter, with notable reductions in positions for major stocks like Kweichow Moutai and Tencent Holdings, while new entrants like Xinyi Semiconductor and Zhongji Xuchuang have emerged in the top 20 holdings [1][2][3][4]. - The top two heavyweights in public fund holdings remain CATL and Kweichow Moutai, with both experiencing a decrease in market value held by funds, exceeding 120 billion yuan [1][2][3]. - New faces in the top 20 holdings include Xinyi Semiconductor and Zhongji Xuchuang, which have seen significant increases in their holdings, while traditional favorites like Kweichow Moutai and Wuliangye have seen a decline in their positions [2][3][4]. Group 2 - The first major stock for active funds is Tencent Holdings, with a market value exceeding 600 billion yuan, but the number of shares held has decreased by over 22 million [6][7]. - Stocks that saw significant increases in holdings include Zhongji Xuchuang and Xinyi Semiconductor, both of which performed well in the second quarter, with some experiencing over 50% growth [7][9]. - In the non-A-share market, public funds increased their positions in companies like NVIDIA and Microsoft, while reducing holdings in Alibaba and Tencent [10][12]. Group 3 - The FOF products saw a significant increase in scale, with the BoShi ZhenXuan ChuHui three-month holding period (FOF) growing from 3.5 billion shares at the end of the first quarter to approximately 72 billion shares by the end of the second quarter, marking a 20-fold increase [13][15]. - The top holdings of the FOF products primarily consist of BoShi fund products, indicating an internal FOF structure that contributes to the scale of these funds [15][16].