Zheng Quan Shi Bao Wang·2025-09-08 02:38Group 1 - The core viewpoint of the articles highlights the resurgence of "hugging" behavior among public funds, with over 400 actively managed funds achieving net value increases exceeding 30% in the second half of the year, driven by concentrated holdings in stocks like NewEase, Zhongji Xuchuang, and Shenghong Technology [1][3][4] - The current round of fund hugging is characterized by a rapid performance realization, leading fund managers to make decisive adjustments in their portfolios, with a notable focus on technology stocks and the artificial intelligence sector [4][7][10] - The average return of the top 20 stocks held by active funds reached 42% since July, with an impressive annual average return of 103.8%, significantly outperforming major market indices [4][6] Group 2 - The shift in the top 20 holdings of active funds indicates a clear transition towards stocks in the new consumption and artificial intelligence sectors, with significant increases in the number of funds holding companies like Tencent, Alibaba, and Zhongji Xuchuang [4][7] - The current fund hugging phenomenon shows new characteristics, such as a faster pace of portfolio adjustments and a stronger focus on companies benefiting from the AI development, with a substantial increase in the number of funds holding leading companies in the optical module and PCB sectors [7][10] - The concentration of holdings among fund managers is notably high, as many are fully transitioning to leading companies in thriving industries, aiming for extreme excess returns [10][11]