Guosen Securities released a research report, stating that as of 1:30 on April 22, 2026, the disclosure rate of active equity funds in the first quarter report was 100%. The dawn of the liability side of active equity funds has emerged, and in the first quarter of 2026, the share of active equity funds rose for the first time in nearly three years, with both new issuance and outstanding quantity improving simultaneously. The new issuance scale was 112 billion yuan, with a net subscription and redemption scale of -33 billion yuan. In terms of secondary industries, the industries with the highest increase in positions were communication equipment (+1.8%), semiconductors (+0.8%), and batteries (+0.5%), while the industries with the highest decrease in positions were components (-1.9%), consumer electronics (-1.7%), and industrial metals (-1.0%). In terms of individual stocks, the top stocks with increased positions compared to the previous period were Hengtong Optic-Electric (600487.SH), Ningde Times (300750.SZ), Zhongtian Technology, Source Technology, and Fiberhome, while the top stocks with decreased positions were Hygo Cook (688256.SH), Zhijin Mining (601899.SH), Shengyi Technology, Luxshare Precision, and Industrious Rich and Associates. The main points of Guosen Securities are as follows: Key points of the first quarter report of funds: 1. The dawn of the liability side of active equity funds has emerged, and in the first quarter of 2026, the share of active equity funds rose for the first time in nearly three years, with both new issuance and outstanding quantity improving simultaneously, with a new issuance scale of 112 billion yuan and a net subscription and redemption scale of -33 billion yuan. 2. The position of active equity funds in the first quarter of 2026 decreased by 1.6% to 84.8%. Among them, the positions of general equity funds, partial equity and bond mixed funds, and flexible allocation funds decreased by 1.2%, 1.0%, and 2.8% respectively. 3. In terms of sector allocation, the position in the Growth Enterprise Market increased by 0.4% to 25.3%, the Science and Technology Innovation Board allocation increased by 0.2% to 16.6%, and the Main Board position decreased by 0.5% to 57.9%. 4. In terms of primary industries, the industries with the highest increase in holdings were communication (+1.8%), electrical equipment (+1.3%), and basic chemicals (+1.2%), with communication increasing for four consecutive quarters. The industries with the highest decrease in holdings were electronics (-2.2%), non-ferrous metals (-1.1%), and non-bank financial institutions (-1.0%). 5. In terms of secondary industries, the industries with the highest increase in positions were communication equipment (+1.8%), semiconductors (+0.8%), and batteries (+0.5%), while the industries with the highest decrease in positions were components (-1.9%), consumer electronics (-1.7%), and industrial metals (-1.0%). 6. In terms of individual stocks, the top stocks with increased positions compared to the previous period were Hengtong Optic-Electric, Ningde Times, Zhongtian Technology, Source Technology, and Fiberhome, while the top stocks with decreased positions were Hygo Cook, Zhijin Mining, Shengyi Technology, Luxshare Precision, and Industrious Rich and Associates. 7. In terms of Hong Kong stocks, under the heavy position metric, the position of active equity Hong Kong stocks decreased by 2.4% to 13.4%. In terms of industries, there were increases in energy, healthcare, and real estate construction, and decreases in information technology, non-essential consumption, and finance. In terms of individual stocks, the most additions were made to Fiberhome Optical Cable H, China Offshore Oil H, Geely Automobile, while Tencent Holdings, Alibaba, and Semiconductor Manufacturing International Corporation were the top stocks with reductions. Risk reminder: This information is only for public reference and does not involve investment advice or research perspectives.