中国基金报·2025-07-21 16:02Core Viewpoint - The article highlights the significant changes in the holdings of actively managed equity funds in China during the second quarter of 2025, with a notable shift in investment strategies and a reduction in the concentration of holdings in top stocks [2][3][5]. Group 1: Major Holdings and Changes - Tencent Holdings remains the top stock held by actively managed equity funds, followed by Ningde Times and Kweichow Moutai, despite a decrease in their holdings [3][7]. - The concentration of holdings among the top twenty stocks has decreased, with 19 out of the top 20 stocks experiencing reductions in fund holdings, except for China Merchants Bank, which saw a slight increase [7][12]. - The number of funds holding Tencent, Ningde Times, and Kweichow Moutai has decreased, with respective holdings dropping by 14.75%, 5.72%, and 14.18% compared to the previous quarter [7][12]. Group 2: Sectors with Increased Investment - The light module sector, innovative pharmaceuticals, and previously underweighted banking sector have seen increased investments from actively managed equity funds [3][8]. - Zhongji Xuchuang and Xinyi Technology are the top two stocks that received the most significant increases in holdings, with Zhongji Xuchuang's stock price rising by 48.46% and Xinyi Technology's by 81.97% during the quarter [10][12]. - New consumer, innovative pharmaceuticals, light module, and PCB sectors have been highlighted as key areas of investment, with several stocks from these sectors appearing in the top fifty increased holdings list [9][12]. Group 3: Notable Reductions in Holdings - BYD and Alibaba have been significantly reduced in holdings, with BYD experiencing a 66.95% decrease in the number of shares held by actively managed equity funds [13][14]. - The white liquor sector has been particularly affected, with major brands like Kweichow Moutai and Wuliangye seeing substantial reductions in fund holdings [14].