Sou Hu Cai Jing·2026-01-23 05:21Core Insights - The top holdings of active equity funds have shifted, with Zhongji Xuchuang and Xinyi Sheng surpassing CATL and Tencent as the top two positions [1][2] Group 1: Fund Holdings Changes - As of the end of Q4 2025, Zhongji Xuchuang (300308.SZ) and Xinyi Sheng (300502.SZ) have become the top two holdings in active equity funds, overtaking CATL (300750.SZ) and Tencent (00700.HK) [1] - Significant increases in holdings were noted, with the Invesco Great Wall Fund increasing its stake in Zhongji Xuchuang by 1.747 million shares, making it the fund's largest holding [1] - The GF Technology Pioneer Fund also increased its position in Zhongji Xuchuang by 1.076 million shares, marking its first investment in the stock [1] Group 2: Other Notable Changes - In Q4 2025, major reductions were observed in holdings of traditional leaders like CATL and Tencent, which fell to third and fourth positions respectively [2] - East Mountain Precision (002384.SZ) saw a substantial increase of 8.785 million shares, entering the top ten holdings of active equity funds [2] - The overall trend indicates a shift from traditional consumer internet stocks to AI hardware and semiconductor sectors, reflecting a structural rebalancing by institutions [3]