Sou Hu Cai Jing·2025-10-30 10:33Core Insights - The public fund's third-quarter report reveals a significant shift in heavy stock holdings, with technology stocks dominating the top ten list, while traditional favorites like Ningde Times and Kweichow Moutai faced reductions in holdings [2][3][7]. Group 1: Market Trends - The technology sector has gained prominence, occupying four out of the top ten positions in public fund heavy stock holdings, with Zhongji Xuchuang and Xinyi Sheng ranking third and fourth respectively [3]. - The demand for artificial intelligence computing power has surged, leading to a notable rally in A-share technology stocks during the third quarter [2]. Group 2: Fund Holdings - Ningde Times remains the most favored stock, held by 2,124 funds with a total market value of 207.07 billion yuan, despite a reduction of 50.5 million shares [4][7]. - Kweichow Moutai, while still second in market value, also saw a decrease in holdings by 3.2 million shares [7]. - Zhongji Xuchuang and Xinyi Sheng have entered the top ten heavy stock list for the first time, with 1,158 and 1,116 funds holding them respectively [7]. Group 3: Fund Manager Perspectives - Fund managers are reassessing their investment frameworks, as traditional metrics like free cash flow yield and dividend yield seem less relevant in the current market environment [2][9]. - Some fund managers express concern over their portfolios being labeled as "old-style" investments, which have underperformed compared to market hotspots [9][10]. - The categorization of stocks into "old-style," "mid-style," and "new-style" reflects a broader market sentiment, with "old-style" stocks typically associated with traditional industries [10].