Zhong Guo Ji Jin Bao·2026-01-22 14:16Core Viewpoint - The report highlights the significant changes in the top holdings of equity funds at the end of the fourth quarter, with Zhongji Xuchuang and Xinyi Sheng replacing CATL and Tencent as the top two holdings, reflecting a shift in investment focus towards technology stocks [1][7]. Group 1: Top Holdings - Zhongji Xuchuang emerged as the largest holding for equity funds, with a total market value of 78.42 billion yuan, despite a reduction in shares held by 970,140 shares, a decrease of 7.02% from the previous quarter [4][7]. - Xinyi Sheng ranked second with a market value of 65.70 billion yuan, also experiencing a slight reduction in holdings but benefiting from a stock price increase of 17.8% [4][7]. - CATL and Tencent fell to third and fourth positions, with market values of 64.85 billion yuan and 59.30 billion yuan, respectively, both experiencing declines in share prices [4][7]. Group 2: Sector Performance - The information technology sector saw significant increases in fund holdings, with four out of the top five increased holdings belonging to this sector [1][9]. - China Ping An was the only new entrant in the top twenty holdings, moving up from 41st to 15th place, indicating a growing interest in the insurance sector [7][12]. Group 3: Fund Activity - Equity funds increased their holdings in several sectors, particularly in information technology, non-ferrous metals, and chemicals, reflecting a strategic shift in investment focus [8][9]. - The top five stocks with the largest increases in holdings included Zhongji Xuchuang, China Ping An, and Dongshan Precision, with increases in market value exceeding 100 billion yuan for several stocks [10][12]. Group 4: Reduction in Holdings - Many leading stocks in the Hang Seng Technology Index, such as Alibaba, Tencent, and SMIC, faced reductions in holdings by equity funds, indicating a cautious approach towards these stocks amid a weak performance of the index [13][14]. - The top ten stocks with the largest reductions included Alibaba, Tencent, and CATL, with significant declines in their market values [15][16].