Bei Jing Shang Bao·2025-07-22 13:59Core Viewpoint - The latest holdings of actively managed equity funds reveal that Tencent Holdings, CATL, and Kweichow Moutai remain the top three positions, although their total market values have decreased compared to the previous quarter. New entrants in the top ten include optical module stocks like Zhongji Xuchuang and Xinyi Technology, indicating a shift in investment focus towards high-growth sectors such as innovative pharmaceuticals and new energy vehicles [1][3][6]. Group 1: Top Holdings - The top three holdings by total market value are Tencent Holdings (60.936 billion), CATL (54.072 billion), and Kweichow Moutai (30.616 billion), with their market values decreasing by 14.33%, 5.79%, and 23.17% respectively compared to the previous quarter [2][3]. - New entrants in the top ten include Xiaomi Group-W, Xinyi Technology, and China Merchants Bank, with their market values increasing by 13.81%, 212.42%, and 7.65% respectively [3][5]. Group 2: Sector Trends - Optical module stocks have gained favor among actively managed funds, with Zhongji Xuchuang seeing over 300 new fund holdings, reaching a total market value of 16.022 billion [5][6]. - The market outlook for sectors such as innovative pharmaceuticals, AI, and new energy is positive, with fund managers expressing confidence in these industries for future growth [6][7]. Group 3: Investment Strategies - Fund managers are adjusting their portfolios, potentially reallocating funds from underperforming sectors to those with higher growth prospects, such as innovative pharmaceuticals and new energy vehicles [4][6]. - The investment landscape is characterized by a "barbell" strategy, where growth-oriented investors focus on technology and innovation, while conservative investors prioritize stable returns from high-dividend stocks [7].