6500亿光模块龙头，登顶公募基金第一重仓股

Group 1 - The core point of the article is that Zhongji Xuchuang has replaced CATL as the largest holding in actively managed equity funds as of the end of Q4 2025 [1][6] - The top ten holdings of actively managed equity funds have changed significantly, with Zhongji Xuchuang, Xinyi Semiconductor, and Zijin Mining moving up in rankings, while CATL and Tencent have dropped [3][6] - The total market value of the top ten holdings is reported, with Zhongji Xuchuang at 76.8 billion yuan and Xinyi Semiconductor at 63.8 billion yuan [6] Group 2 - The active equity funds have adjusted their industry allocations, increasing exposure to sectors such as non-ferrous metals, communication, and chemicals, while reducing exposure to electronics and pharmaceuticals [3][11] - The overall stock position of actively managed equity funds has decreased to 84.4%, down 1.4 percentage points from the previous quarter, indicating a cautious approach [10] - The increase in holdings in the non-bank financial sector is attributed to improved market activity and low valuations, while the reduction in electronics and pharmaceuticals is due to high valuations and weak short-term outlooks [11][12] Group 3 - The shift in fund holdings reflects a market focus on technology sectors, particularly communications, driven by the rapid development of the digital economy and AI [7] - The increase in allocations to the communication sector is linked to the ongoing development of 5G and 6G technologies [11] - The analysis suggests that the changes in fund allocations are influenced by macroeconomic factors and the balance between short-term gains and long-term strategic positioning [4][12]