6500亿光模块龙头，登顶公募基金第一重仓股

Core Viewpoint - The article highlights a significant shift in the top holdings of actively managed equity funds, with Zhongji Xuchuang replacing CATL as the largest position, indicating changing market dynamics and investment strategies [1][5]. Group 1: Changes in Top Holdings - As of the end of Q4 2025, the top ten holdings of actively managed equity funds are: Zhongji Xuchuang, Xinyi Semiconductor, CATL, Tencent Holdings, Zijin Mining, Alibaba-W, Cambricon Technologies, Luxshare Precision, Kweichow Moutai, and Dongshan Precision, with total market values of 768 billion, 638 billion, 630 billion, 574 billion, 368 billion, 310 billion, 291 billion, 280 billion, 258 billion, and 244 billion respectively [5][6]. - The ranking of the top ten holdings has changed significantly compared to Q3 2025, with Zhongji Xuchuang moving from fourth to first, and Xinyi Semiconductor from third to second, while CATL and Tencent have dropped to third and fourth respectively [6][9]. Group 2: Sector Allocation Adjustments - In Q4 2025, actively managed equity funds increased their allocations in sectors such as non-ferrous metals, communications, non-bank financials, chemicals, and machinery, while reducing exposure to electronics, pharmaceuticals, media, computers, and power equipment [3][10]. - The increase in allocation to non-ferrous metals and chemicals is attributed to supply constraints and recovering demand from new energy and AI sectors, while the communication sector benefits from advancements in AI infrastructure [10][11]. Group 3: Fund Manager Activity - Fund managers have been actively adjusting their portfolios, with a notable increase in the total number of stocks held, reaching 2,467, indicating greater diversity in holdings [7][9]. - The overall stock position of actively managed equity funds decreased to 84.4%, down 1.4 percentage points from the previous quarter, reflecting a cautious approach amid changing market conditions [9][10]. Group 4: Market Dynamics and Investment Strategies - The shifts in fund allocations reflect a balance between short-term gains and long-term strategic positioning, influenced by industry outlooks and policy environments [3][11]. - The focus on technology sectors, particularly communications, is driven by the rapid development of the digital economy and AI, highlighting the strategic importance of communication infrastructure and chip manufacturing [6][10].