The era has changed, and new records have arrived!

With the disclosure of the public fund's Q1 report completed, the latest favorite stocks list of actively managed equity funds has also been released.

In this quarter, actively managed funds "turned over a new leaf," with actively managed equity indices outperforming the CSI 300 Index by more than 5 percentage points, once again generating significant excess returns.

An unprecedented listed company in the Hong Kong stock market—Tencent—has become the largest heavy-weight stock for the entire public fund industry. Additionally, Alibaba, Xiaomi Group, and SMIC Hong Kong have also become favorites for funds this quarter.

In stark contrast to this unabashed fondness, the market value ranking and number of funds holding Moutai have shown a significant decline. Consequently, its performance during the quarter has also weakened.

Silently, an era has ended, and another era has begun.

Tencent's Rise

After several quarters of competition between CATL and Moutai, Tencent has risen to the top.

According to Wind's statistics on the fund's Q1 report as of April 22, the stock with the highest market value held by actively managed public equity funds (including ordinary stocks and mixed funds) in Q1 is—Tencent Holdings.

At the end of the quarter, actively managed equity funds held over 69.8 billion yuan in Tencent Holdings, with nearly 1,200 actively managed funds holding Tencent.

Meanwhile, CATL has fallen to "second place," with the total market value of shares held by actively managed equity funds just over 55.5 billion yuan at the end of the quarter.

Moutai's popularity has declined even faster, ranking third with a total market value of 38.1 billion yuan, essentially exiting the "throne" competition for heavy-weight stocks.

Additionally, Tencent Holdings rose nearly 20% in Q1, while Moutai only saw a 2% increase during the same period, and CATL even fell by more than 4%.

Who is the "Mastermind" Behind It?

So how did public funds elevate Tencent Holdings to the "throne" of heavy-weight stocks?

The answer lies in the details of fund holdings.

According to Choice's statistics, as of the end of Q1, the funds with the most shares held include: E Fund China Concept Internet ETF (holding 24.16 million shares); Hong Kong Stock Connect Internet ETF (holding 13.04 million shares); E Fund Blue Chip Select (managed by Zhang Kun, holding 8.25 million shares); Hang Seng Internet ETF (holding 5.73 million shares), among others Funds with significant increases in holdings during the first quarter include: Hong Kong Stock Connect Internet ETF (managed by FTSE, increased by 4.07 million shares); Hong Kong Stock Connect Technology 30 ETF (managed by ICBC Credit Suisse, increased by 2.32 million shares); Da Cheng Gao Xin Fund (managed by Liu Xu, increased by 1.99 million shares); E Fund Quality Momentum (managed by Chen Hao, increased by 1.27 million shares); Xing Quan He Yi (managed by Xie Zhi Yu, increased by 840,000 shares).

Overall, the scale of Hong Kong Stock technology ETFs grew rapidly in the first quarter, along with the active increase by star fund managers, contributing to the rise of Tencent.

This reflects a common "idea" of both active and passive investment!

Growth in Technology, Pharmaceuticals, and Alcohol

Among the top 20 stocks by total market value held, besides Tencent, Alibaba-W, SMIC (Hong Kong), Xiaomi Group-W, Shanxi Fenjiu, and WuXi AppTec are relatively fast-rising stocks compared to the end of 2024.

Many of these are also listed companies in Hong Kong.

This is partly due to the rise in their stock prices, and on the other hand, the increase in holdings by public funds is also very evident.

Especially Alibaba-W and SMIC. The change in the number of shares held in the quarter indicates that the number of shares held in the first quarter has roughly doubled compared to the end of the previous quarter.

This reflects the top priority that funds are concerned about in 2025—technology. This is particularly evident in stocks, especially Hong Kong technology stocks, which have become the most attractive in the market since the beginning of the year.

In addition, WuXi AppTec has also proven to be another hot topic in the pharmaceutical sector this year, which is completely on the radar of public funds.

Aside from these stocks, looking at the changes in total market value held in the quarter, BYD, Zijin Mining, Pop Mart, Ninebot Company-WD, and Zai Lab-U are also stocks that have seen significant increases in holdings by active public funds.

New King of Liquor?

Shanxi Fenjiu may exceed many people's expectations. After all, the leading figure in the liquor industry has been suppressed and cannot claim the title of the highest total market value held by public funds.

From the changes in quarterly holdings, aside from several funds from E Fund, which is based in the liquor industry, the quarterly holdings of Jiangyin New Growth managed by Wang Chong, China Europe Value Select Return managed by Yuan Weide, Baoying Quality Selection managed by Yang Siliang, and Ruiyuan Balanced Value managed by Zhao Feng have all shown significant growth.

Considering that in some funds, Shanxi Fenjiu has shifted from a "mid-tier holding" to a heavy holding, the actual increase may not be as much.

However, it is certain that Shanxi Fenjiu has attracted institutional attention. Moreover, it has broken the so-called "Moutai, Wuliangye, Laojiao" combination. The total market value of Shanxi Fenjiu held by active funds has exceeded that of Luzhou Laojiao.

Can't Wait to Heavily Invest in Mao Ge Ping and Yue Jiang

In addition, Runjian Co., Beike-W, Lingyun Co., Weichai Heavy Machinery, Mao Ge Ping, Jiechang Drive, Weilan Lithium Core, Nanxing Co., Dawei Technology, and Yue Jiang are individual stocks that, although not on the list of heavily held stocks by active funds at the end of 2024, have been newly added this quarter. Moreover, the total market value of shares held among the newly added heavy stocks is relatively high.

Among them, Mao Ge Ping and Yue Jiang are new stocks listed in December 2024.

Mao Ge Ping Company mainly engages in the research and development, production, sales of brand cosmetics and skincare products, as well as makeup skills training.

Yue Jiang Technology specializes in the development, manufacturing, and commercialization of collaborative robots (commonly known as cobots). According to relevant consulting reports, leveraging Yue Jiang Technology's self-developed full-stack collaborative robot development technology and the self-research design and development of key components, Yue Jiang Technology has the richest product portfolio of collaborative robots in terms of load capacity, axis types, and usage scenarios, meeting customers' diverse needs in various usage scenarios.

It can be observed that one belongs to the consumer sector, while the other belongs to the hottest robotics sector since the beginning of the year.

It is quite reasonable that they were discovered shortly after listing.

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk