Beyond Ningde and Moutai, Tencent Hong Kong stocks became the first largest holding stock for public funds for the first time

Source: Shanghai Securities News

The latest disclosed first quarter report of public funds for 2025 shows that in the volatile market in the first quarter of this year, funds strongly embraced technology and embraced innovation. Tencent became the fund's largest heavy-holding stock for the first time, CATL took the second place, and Kweichow Moutai was the third largest heavy-holding stock.
Among the top 50 heavily held stocks in the fund, among the A-share companies alone, there are as many as 12 companies in the information technology industry, including Northern Huachuang, Haiguang Information, SMIC, Zhaoyi Innovation, Cambrian, Shengbang Co., Ltd., etc. in the semiconductor field, as well as Luxshare Precision, PCB leading stocks, Shenghong Technology, etc.
In the first quarter of this year, the fund increased its layout in Hong Kong stocks.Among the top 50 heavily held stocks in the fund, there are 8 Hong Kong stock companies, namely Tencent Holdings, Alibaba-W, Xiaomi Group-W, Meituan-W, China Mobile, China Offshore Oil, Pop Mart and SMIC.
What is highly anticipated is that Tencent has become the number one heavy stock of public funds for the first time.Data shows that as of the end of the first quarter, a total of 1,186 funds held Tencent Holdings, with a market value of up to 69.384 billion yuan; CATL was held heavily by 1,267 funds, with a total market value of 55.369 billion yuan; the fund held Kweichow Moutai was 37.862 billion yuan.Next, the funds held more positions were Alibaba-W, Midea Group, Luxshare Precision, BYD, etc.
Judging from the data on heavy holdings of public funds, at the end of the second quarter of 2019, Kweichow Moutai surpassed Ping An of China and became the number one heavy holdings of public funds. It has always been the favorite of funds for the next two years until it was replaced by CATL at the end of the third quarter of 2021.At the end of the second quarter of 2022, Kweichow Moutai became the fund's largest heavy-weight stock again, until it was surpassed by CATL at the end of the second quarter of 2024. CATL has been ranked first heavy-weight stock for the fund twice since then, and was surpassed by Tencent Holdings in the first quarter of this year.
Looking ahead to the future market, in the face of uncertainty in the market environment, fund managers are optimistic about the direction of domestic demand supported by policies and the direction of AI application in a positive industry trend.
Chen Ying, fund manager of Golden Eagle Core Resources, said that the domestic technology field has accumulated strength and is expected to make breakthrough progress in many aspects. The AI side press conference is expected to be held intensively in the second quarter. At the same time, the introduction of industrial policies catalyzes market sentiment, and we are optimistic about investment opportunities in the general direction of technology.From the perspective of technological innovation, AI is still the main driving factor in the consumer electronics industry. Folded screens, AI PCs, and AI mobile phones will continue to promote the prosperity of the industry chain companies.
Liu Yuanhai, fund manager of Dongwu Mobile Internet, said that the direction of AI artificial intelligence is still an important investment line in the A-share market in the future. It is expected that the domestic AI industry will develop rapidly in the second quarter and the second half of this year. We are optimistic about advanced AI models and AI application directions, and we also pay attention to domestic technology independent and controllable directions.

Disclaimer: The views in this article only represent the author's personal views and do not constitute investment advice of this platform. This platform does not make any guarantees for the accuracy, completeness, originality and timeliness of article information, nor is it liable for any losses caused by the use or trust in article information.