Core Viewpoint - The report analyzes the heavy holdings of active equity funds in the non-ferrous metals industry for Q2 2025, highlighting a slight increase in the sector's representation within the overall fund holdings [3][4]. Group 1: Industry Overview - In Q2 2025, the market value of heavy holdings in the non-ferrous metals sector by active equity funds reached approximately 70.4 billion, accounting for 4.29% of total fund heavy holdings, which is an increase of 0.07 percentage points from Q1 2025 [4]. Group 2: Top Heavy Holdings - The top ten heavy holdings in the non-ferrous metals sector include Zijin Mining (22.8 billion), Shandong Gold (4.4 billion), Zhongjin Gold (3 billion), Zijin Mining (H) (2.7 billion), Hunan Gold (2.5 billion), Yun Aluminum (2.2 billion), Shanjin International (2.1 billion), Luoyang Molybdenum (2.1 billion), Chifeng Gold (2 billion), and Huayou Cobalt (1.95 billion) [5]. Group 3: Increased Holdings - The increase in holdings is primarily concentrated in the rare earth and small metal sectors, with significant increases in stocks such as Guangsheng Nonferrous (largest increase in rare earth), Haotong Technology (platinum, palladium, rhodium recovery), and Xinyi Silver Tin (silver, tin) [6]. Group 4: Decreased Holdings - The decrease in holdings is mainly observed in aluminum, gold, and certain processing stocks, with the largest reductions seen in Xibu Materials (titanium), Shenhuo Co. (aluminum), and Huafeng Aluminum (aluminum processing) [7][8].

Group 1 - In the second quarter, a total of 2950 stocks appeared on the fund's heavy holdings list, with 126 stocks having a fund holding ratio exceeding 10% [1] - Among the stocks with a fund holding ratio over 10%, 17 stocks had a holding ratio exceeding 20%, while 109 stocks had a holding ratio between 10% and 20% [1] - The stock with the highest fund holding ratio is Ninebot Company, with 216 funds collectively holding 195 million shares, accounting for 35.24% of the circulating shares [1] Group 2 - A total of 44 stocks are held by more than 100 funds, while 32 stocks are held by 50 to 99 funds [2] - The stock with the most fund holders is CATL, with 1775 funds holding a total of 14.49% of the shares [2] - In terms of valuation, 41 stocks with high fund holdings have a price-to-earnings ratio below 30, with the lowest being Gujing Distillery at 7.90 times [2] Group 3 - 24 stocks have announced performance forecasts for the first half of the year, with 23 expecting profit increases, the highest being Huaxia Airlines with an expected increase of 875.10% [3] - The stocks with the largest increase in fund holdings include Puyuan Precision Electronics, Huahong Semiconductor, and Yuanjie Technology, with increases of 409.08%, 354.96%, and 317.64% respectively [1][3] - The industry distribution of high fund holdings is mainly concentrated in electronics, biomedicine, and the automotive sector, with 32, 21, and 12 stocks respectively [2]

Group 1: Company Leadership Changes - Hai Fu Tong Fund announced the resignation of Chairman Lu Ying and the appointment of Xie Lebin as the new Chairman, effective April 21 [1] - Xie Lebin has extensive experience in the financial sector, having held various senior positions at Guotai Junan Securities and other firms [1] - Under Lu Ying's leadership, Hai Fu Tong Fund's management scale grew from 158.4 billion to 181.96 billion, an increase of over 14% [1] Group 2: Fund Management Scale Rankings - The latest rankings of public fund companies show that the top ten by management scale include E Fund, Huaxia Fund, and GF Fund [2] - E Fund leads with a total management scale of 1.95 trillion, and a non-money market fund scale of 1.31 trillion as of the end of Q1 [2] Group 3: Fund Holdings and Performance - Tencent Holdings has become the top heavy stock among public funds, with a market value of 69.384 billion held by 1,186 funds as of Q1 [3] - Other significant holdings include Ningde Times and Guizhou Moutai, with market values of 55.369 billion and 37.862 billion respectively [3] - In Q1 2025, public funds achieved a total profit of 251.747 billion, with mixed and stock funds contributing significantly [4] Group 4: Fund Manager Insights - Zhang Kun emphasized the importance of focusing on companies with strong business models and competitive advantages, rather than macroeconomic concerns [6] - He noted that the stock returns should align with the companies' return on equity (ROE) levels over the long term [6] Group 5: Fund Manager Appointments - Rongtong Fund announced the appointment of Li Ruihong as a new fund manager for the Rongtong New Consumption Flexible Allocation Mixed Fund [7] - Li Ruihong has 15 years of experience in the securities industry, previously working at various research departments [7] Group 6: Market Performance - On April 23, the market showed mixed results, with the Shanghai Composite Index down 0.1% and the Shenzhen Component Index up 0.67% [8] - The total trading volume reached 1.23 trillion, an increase of 139.7 billion from the previous trading day [8] - Technology-related ETFs in the Hong Kong market saw significant gains, while gold stock ETFs experienced declines [9][10]

Core Viewpoint - The report highlights the significant changes in fund holdings during the first quarter, with notable increases in positions for certain stocks and reductions in others, indicating shifting investment strategies among public funds. Group 1: Top Holdings - The top three heavy-weight stocks held by public funds at the end of Q1 are Ningde Times, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [2][4]. - A total of 1861 funds hold Ningde Times, 1192 funds hold Kweichow Moutai, and 1361 funds hold Tencent Holdings [2][4]. Group 2: Changes in Holdings - Funds significantly reduced their holdings in Ningde Times while increasing their positions in Tencent Holdings during Q1 [2][4]. - Major stocks that saw increased positions include Chipone Technology, Lanke Technology, Alibaba-W, and SMIC [5][6]. Group 3: Notable Increases - The top stocks with increased holdings in A-shares include BYD (17.36 billion), Zijin Mining (13.37 billion), Chipone Technology (6.93 billion), and Lanke Technology (3.01 billion) [6]. - In overseas stocks, the most notable increases were in Alibaba-W (3.41 billion), SMIC (1.59 billion), and XPeng Motors (1.42 billion) [8]. Group 4: Notable Decreases - Major stocks that experienced reductions in holdings include CITIC Securities, Wuliangye, NVIDIA, and Tesla [9][10]. - The largest reductions in overseas stocks were in NVIDIA (-1.57 billion), Broadcom (-1.36 billion), and Tesla (-1.24 billion) [10]. Group 5: Fund Types and Trends - As of the end of Q1, several gold ETFs were heavily held by funds, with significant holdings in the Huaan Gold ETF and Bosera Gold ETF [11][13]. - Despite a decrease in shares held in gold ETFs, the overall market value of these holdings increased due to rising gold prices [11].