After the complete disclosure of the public offering fund's 2025 report, the latest overall holding trends of the industry have also emerged. Compared to the first half of last year, there have been some noteworthy new changes in the holdings of public offering funds. First, three stocks such as Zhongji Xuchuang, New Yisheng, and Alibaba have entered the top ten holdings of public offering funds, with both undervalued purchases and price increases. Secondly, there is a high degree of overlap in the overall holdings of actively managed equity funds and public offering funds, with many non-bank sector stocks being significantly increased. Thirdly, the overall number of A-shares held by actively managed equity funds has slightly decreased, with many bank stocks being significantly reduced. Fourthly, the number of individual stocks held in Hong Kong stocks by actively managed equity funds and public offering funds has increased, with stocks in the real estate, consumer, and transportation sectors being significantly increased. Change One: Three new stocks entering the top ten holding stocks According to Wind data, as of the end of last year, the top ten holdings of public offering funds were Ningde Times, Zhongji Xuchuang, New Yisheng, Guizhou Moutai, Zijin Mining, Cambrian, China Ping An, Tencent Holdings, Alibaba-W, and SMIC. Comparing to the end of June last year, Zhongji Xuchuang, New Yisheng, and Alibaba-W have entered the top ten holdings, each with different underlying logics. Among them, the increase in the stock value of Zhongji Xuchuang was mainly due to the rise in stock prices, which increased by 237.73% in the second half of last year. During this period, public offering funds collectively reduced their holdings of the stock by 9.6451 million shares, resulting in a final holding value of 168.163 billion yuan. However, actively managed equity funds showed a trend of increasing holdings, with a total increase of 2.7975 million shares in the second half of last year, making it the largest holding stock for actively managed equity funds, with a total holding value of 88.394 billion yuan. New Yisheng's stock price also doubled in the second half of last year, with public offering funds reducing their holdings by 33.7295 million shares. As one of the main sellers, actively managed equity funds reduced their holdings by 11.998 million shares, but the final holding value reached 122.311 billion yuan. Alibaba-W, which experienced a rise and fall, received a large increase in holdings from public offering funds, with a total increase of 117 million shares, despite a cumulative decrease in stock price of only 1.18%. Actively managed equity funds increased their holdings of the stock by 37.9545 million shares. Overall, among the top ten holdings mentioned above, only China Ping An, Tencent Holdings, and Alibaba-W saw increases in holdings from public offering funds in the second half of last year, while the others were reduced, with the reduction in holdings of SMIC exceeding 100 million shares. The top ten holdings of actively managed equity funds were different, with Zhongji Xuchuang, Ningde Times, New Yisheng, Tencent Holdings, Zijin Mining, Alibaba-W, Cambrian, Lixun Precision, Guizhou Moutai, and Dongshan Precision at the end of last year. Among them, Zhongji Xuchuang, Alibaba-W, Cambrian, and Dongshan Precision saw increases in holdings from actively managed equity funds, with Dongshan Precision seeing an increase of 123 million shares. Change Two: Several brokerage stocks were increased in holdings In the second half of last year, the non-bank sector as a whole showed strong fluctuations, but many non-bank financial sector stocks saw increases in holdings. Guotai Haitong, with an increase of 692 million shares, became one of the top five stocks with the most increased holdings by public offering funds in the second half of last year, with a holding value of 46.157 billion yuan. Huatai Securities also saw an increase of more than 4 billion shares, as did CITIC Securities, with an increase of nearly 4 billion shares, and East Money Information with an increase of 2.16 billion shares. In terms of individual funds, there were many passive index funds that increased their holdings, such as the Bank of China Full Index Securities Company ETF, which increased its holdings of Guotai Haitong by over 41.39 million shares last year. This stock also entered the hidden top holdings of Gao Nan's Yongyue Ruixin Hybrid Fund. Tang Xiaobin and Yang Dong's Guangfa Multi-Factor Fund also saw significant increases in holdings of Huatai Securities and Guotai Haitong. Overall, among the top 50 holdings of public offering funds, in addition to non-bank sector stocks, Luoyang Molybdenum Industry saw an increase of 512 million shares, while BYD, China Ping An, and Industrial Fulian saw increases of more than 1 billion shares. Change Three: Some bank stocks were reduced in holdings Bank stocks were among the most reduced holdings in public offering funds. For example, Industrial and Commercial Bank of China saw a reduction of 530 million shares, China Merchants Bank saw a reduction of 265 million shares, and Agricultural Bank of China saw a reduction of 1.239 billion shares, dropping out of the top fifty holdings. There were also many passive reductions from ETFs, such as a total reduction of 482 million shares of Agricultural Bank of China and 348 million shares of Industrial and Commercial Bank of China. Actively managed equity funds saw significant reductions in holdings of China Merchants Bank, with a total reduction of 188 million shares. While public offering funds continued to increase their holdings of A-shares, actively managed equity funds saw a slight decrease in the number of A-shares held, decreasing by 3.48 billion shares in half a year. Change Four: Increased holdings in Hong Kong stocks In contrast to the reduction in A-share holdings, actively managed equity funds overall increased their holdings in Hong Kong stocks. Data shows that in the second half of last year, actively managed equity funds increased their holdings of Hong Kong stocks by 321 million shares. However, the increase was more dispersed, with only Alibaba-W being the Hong Kong stock with increased holdings among the top fifty holdings of actively managed equity funds, with as many as 116 fund companies currently holding the stock. Many of the stocks with increased holdings are not top holdings of all actively managed equity funds. For example, China Jinmao saw an increase of 585 million shares, while several "fixed income +" funds such as Jingshun Changcheng Jingyi Zhunli Bond, Guangfa Jixuan Bond, and others appeared in the list of increased holdings, but these stocks ranked outside the top 700 in terms of top holdings. Modern Animal Husbandry, Youran Animal Husbandry, and other consumer sector stocks saw an increase of over 300 million shares, while funds such as Zhongou Industrial Vision, Zhongou Agricultural Industry, and China Merchants Advantage Enterprise also saw significant increases in holdings. In addition, stocks in the transportation and logistics sector were also significantly increased in holdings by actively managed equity funds, with companies like China Eastern Airlines, Pacific Shipping, Jitu Express-W, and Sinopec Guangchao seeing increases of over 250 million shares. This article is reprinted from Caixin, GMTEight editor: Chen Wenfang.