Core Viewpoint - The public fund market in China has shown significant growth, with an increase in the number of funds and total net assets, indicating a positive trend in investment activities [2][4]. Asset Allocation - As of the end of Q2 2025, the total number of public funds reached 12,833, with net assets amounting to 34.24 trillion yuan, reflecting a quarter-on-quarter increase of 6.77% [2]. - The largest asset type held by funds is bonds, with a market value of 21.17 trillion yuan, accounting for 57.73% of total fund assets. Stocks follow with a market value of 7.2 trillion yuan, representing 19.64% [4][5]. - Cash holdings saw the highest growth rate of 32.3%, increasing from 3.57 trillion yuan to 4.72 trillion yuan, while the market value of repurchase financial assets decreased by 6.4% [4][5]. Industry Distribution - The top three industries in terms of stock holdings are manufacturing (52.62%), finance (11.62%), and information transmission, software, and information technology services (6.58%) [5]. Top Holdings - The top three stocks held by public funds are Ningde Times (1,426.54 billion yuan), Guizhou Moutai (1,264.54 billion yuan), and Tencent Holdings (1,020.34 billion yuan) [7][8]. - In the Hong Kong stock market, Alibaba, Xiaomi, Meituan, and Kuaishou are also significant holdings, with respective values of 573.75 billion yuan, 513.28 billion yuan, 320.04 billion yuan, and 171.39 billion yuan [7]. Increased Fund Holdings - The stock with the highest increase in the number of funds holding it is Zhongji Xuchuang, which saw an increase of 394 funds, bringing the total to 595 funds with a market value of 286.4 billion yuan [9][10]. - Other notable stocks with significant increases in fund holdings include Xinyi Semiconductor and Huadian Heavy Industries, each gaining over 200 funds [9]. Decreased Fund Holdings - The stock with the largest decrease in holdings is Xugong Machinery, which saw a reduction of 3.88 billion shares, dropping from 8.15 billion shares to 4.27 billion shares [13][14]. - Other stocks with significant reductions include Bank of China and Aier Eye Hospital, with decreases of 3.7 billion shares and over 2 billion shares, respectively [13]. Increased Shareholding Proportion - Yifang Bio topped the list for the highest increase in shareholding proportion, rising from 8.19% to 22.93%, with a total market value of 30.2 billion yuan [15][17]. - Other companies with significant increases in shareholding proportions include Yuanjie Technology and Weichai Heavy Machinery, both exceeding 10% [16]. Decreased Shareholding Proportion - Chongqing Department Store experienced the highest decrease in shareholding proportion, dropping from 15.2% to 0.85%, a reduction of 14.35% [18]. - Other companies with significant decreases include Kangwei Century and Zhongke Blue News, both exceeding 10% [18].