The first quarter report of the public offering fund in 2026 has been disclosed, and the ranking of heavy-weight stocks has been released, showing a new change in the heavy-weight stock pattern. The competition for the top spot between Ningde Times (300750.SZ) and Interdigital Sunrise (300308.SZ) remains the core focus. At the same time, the differentiation in portfolio adjustments between active funds and passive funds is gradually revealing the logic of institutional fund allocation. Overall, the new round of heavy-weight stock patterns in public offerings presents four main points: Point One: Hikvision Information (688041.SH) enters the top ten heavy-weight stocks list for public offerings, expanding Ningde Times' lead. Compared to the end of last year, the overall ranking of the top ten heavy-weight stocks remained stable as of the end of the first quarter this year, with the top nine positions unchanged. The domestic computing power chip leader, Hikvision Information, entered the list, while China Construction Bank exited. Point Two: Ningde Times reclaims the top spot in the active fund's list of heavy-weight stocks, with technology and cyclicals still the main themes for allocation. In the active fund list unaffected by ETF holdings, Ningde Times replaced Interdigital Sunrise as the top heavy-weight stock in active funds. After five consecutive quarters of selling by active funds, Ningde Times saw an increase of 11.7935 million shares in the first quarter of this year; at the same time, the preference of active funds for the technology and cyclical sectors remains evident. Point Three: The top ten list of increased holdings by public offerings shows a "dual-line" feature of traditional cyclicals and technology communications. In this list, traditional cyclical stocks include Baosteel, China Petroleum, China Merchants Shipbuilding, Guanghui Energy, and Weichai Power; technology communication stocks include Zhongtian Technology, Hentong Optoelectronics, China Telecom, and TCL Technology. Among them, Baosteel saw the highest increase in holdings, totaling 908 million shares, with the largest increase in Baosteel holdings coming from Han Chuang's Da Cheng Industry Trend, which increased by 151 million shares in the first quarter. Point Four: The direction of reductions in holdings is highly concentrated, with non-ferrous metals and major financials being the main areas for realization. The stock with the most reductions in the first quarter was Zijin Mining, with a total reduction of 930 million shares. Famous fund managers such as Gao Nan from Yongying Fund, Jiao Wei from Yinhuafund, and Xiao Nan from Yifangda no longer held significant positions in this stock after reducing their holdings in the first quarter. In addition, Industrial Bank, China Merchants Bank, Ping An of China, and Industrial and Commercial Bank of China also saw significant reductions in holdings. The core heavy-weight positions remain solid, with Hikvision Information entering the top ten. According to Wind statistics, as of the end of the first quarter this year, the top ten heavy-weight stocks for public offerings are as follows: Ningde Times, Interdigital Sunrise, Xinyisheng, Guizhou Maotai, Zijin Mining, Tencent Holdings, Ping An of China, Hanwuji-U, Alibaba-W, and Hikvision Information, with a total market value of 160.558 billion yuan, 1307.65 billion yuan, 1136.96 billion yuan, 944.31 billion yuan, 698.72 billion yuan, 642.26 billion yuan, 507.06 billion yuan, 473.02 billion yuan, 466.68 billion yuan, and 420.04 billion yuan, respectively. Compared to the end of the previous quarter, the overall ranking of the top ten heavy-weight stocks for public offerings remained stable, with no changes in the top nine positions, except for Hikvision Information entering the top ten heavy-weight stocks list and China Construction Bank exiting, ranking 13th. The difference in the market value of holdings between Ningde Times and Interdigital Sunrise has also changed. As of the end of the first quarter, the total market value of Ningde Times held by public offerings exceeds that of Interdigital Sunrise by 29.793 billion yuan, which is an increase from 19.687 billion yuan in the last quarter of last year. However, this difference has significantly narrowed compared to 96.006 billion yuan at the end of the third quarter of last year. In terms of the number of public offering companies and the number of funds holding Ningde Times and Interdigital Sunrise at the end of the first quarter, there are 142 fund companies and a total of 2322 funds holding Ningde Times, and 135 fund companies and a total of 1846 funds holding Interdigital Sunrise. Ningde Times maintains a lead in these two figures, with 7 more fund companies and 476 more funds. The fund companies heavily invested in Ningde Times in the first quarter have surpassed Interdigital Sunrise, further expanding their lead in the number of heavily invested products. By the end of last year, there were 132 fund companies and 2055 funds holding Ningde Times, and 139 fund companies and 1808 funds holding Interdigital Sunrise. At that time, there were 7 fewer fund companies holding Ningde Times than Interdigital Sunrise, but 247 more funds holding Ningde Times than Interdigital Sunrise. By the end of the last quarter last year, there were 132 fund companies holding Ningde Times and 139 holding Interdigital Sunrise, with 2055 funds and 1808 funds respectively. There were 7 fewer fund companies holding Ningde Times than Interdigital Sunrise, but 247 more funds holding Ningde Times than Interdigital Sunrise. Heavy-weight data shows that Ningde Times and Interdigital Sunrise saw reductions of 95.4354 million shares and 36.1674 million shares, respectively, compared to the end of the previous quarter. As of the end of the first quarter, the top seven funds heavily invested in Ningde Times were all broad-based ETFs, including Yifangda Chiye Board ETF, Huatai Bairui Shanghai-Shenzhen 300 ETF, and Huaxia An Chuangye Board 50 ETF. In terms of active equity products, the fund with the most holdings on Ningde Times is Ruiyuan Growth Value managed by Fu Pengbo, followed by Fuguo Tianhui Selected Growth by Zhushao Xing, Guanfa Multi-Factor by Yangdong, Xingquan He Run by Xiezhiyu, and others. In addition, Zhao Feng's Ruiyuan Balanced Value Three Years and Zhao Yi's Quanguo Xuyuan Three Years both saw reductions in Ningde Times in the first quarter. The top five funds heavily invested in Interdigital Sunrise over the same period were all broad-based ETFs. In terms of active equity products, Yongying Science and Technology Wisdom Selection managed by Ren Jie had the most holdings, followed by Fu Pengbo, Xiezhiyu, Gao Nan, and products managed by Hanhao. In the "Easy Midday" combination, the heavy-weight stock ranking of Tianfu Communications rose from 37th at the end of last year to 24th at the end of the first quarter this year. The stock was reduced by 16.4753 million shares in the first quarter. Among active equity products, the Zhonghang Opportunity Navigation managed by Hanhao held the most shares. In addition, Yong Ying Science and Technology Wisdom Selection, managed by Ren Jie, saw the most reductions, and after reducing their holdings in the first quarter, they no longer held significant positions in Tianfu Communications. In addition, products such as Wanjia Emerging Blue Chips managed by Mohaibo and Yong Ying Technology Driver managed by Li Wenbin no longer held significant positions in Tianfu Communications after reducing their holdings in the first quarter. These top ten heavy-weight stocks have all seen reductions in the first quarter. Since the first quarter of 2025, public offering funds have reduced their holdings in If the times for five consecutive quarters, with broad-based ETFs being the main force. The active equity fund that reduced its holdings the most was Xie Zhiyu's Xingquanherun, and Quanguo Xuyuan Three.In the past year, Qiaoqian's Xingquan business model has been optimized and also reduced its holdings.Ningde Times back to the top holding stock of active funds Compared to the overall market conditions reflected in all public fund positions, the position selection of active equity funds can more accurately reflect the fund manager's active judgment and market anticipation. In the first quarter, the top holding stocks of active equity funds once again changed, indicating a subtle shift in institutional fund expectations. According to Wind statistics, as of the end of the first quarter of this year, the top ten major holdings of active funds were, in order: Ningde Times, Zhongji Xuchuang, New Yisheng, Tencent Holdings, Guizhou Moutai, Zijin Mining, Dongshan Precision, Alibaba-W, CNOOC, and Luxshare Precision, with total market values of 80.409 billion yuan, 78.2 billion yuan, 70.825 billion yuan, 37.784 billion yuan, 33.969 billion yuan, 32.438 billion yuan, 27.427 billion yuan, 21.066 billion yuan, 19.426 billion yuan, and 18.987 billion yuan respectively. In comparison, the most significant change is that the top holding stock of public active funds has switched from Zhongji Xuchuang at the end of last year back to Ningde Times. Meanwhile, CNOOC entered the top ten holdings of public active funds while Cambrian Innovation exited the list. Among the top ten holdings of active funds, 5 stocks experienced a reduction in the first quarter of this year. Zijin Mining, Luxshare Precision, Alibaba-W, Dongshan Precision, and Tencent Holdings were reduced by 389 million shares, 148 million shares, 66.495 million shares, 36.9712 million shares, and 27.6873 million shares respectively. Meanwhile, CNOOC, Ningde Times, New Yisheng, Guizhou Moutai, and Zhongji Xuchuang were increased by 220 million shares, 117.935 million shares, 33.144 million shares, 30.729 million shares, and 17.065 million shares respectively by active funds. It is worth noting that Ningde Times was increased by 117.935 million shares by active funds in the first quarter. Prior to that, active funds had been reducing their holdings of Ningde Times for five consecutive quarters from the fourth quarter of 2024 to the fourth quarter of 2025. By the end of the first quarter of this year, the total market value of active funds holding Ningde Times surpassed Zhongji Xuchuang by 2.39 billion yuan. In the fourth quarter of last year, active funds held a total market value of 13.365 billion yuan in Zhongji Xuchuang, leading Ningde Times. The positions of the two reversed within a quarter. By the end of the first quarter of this year, 136 fund companies held Ningde Times in their active funds, with a total of 1,704 funds; 129 fund companies held Zhongji Xuchuang, with a total of 1,265 funds. Ningde Times led in both aspects, with 7 more companies and 439 more funds. At the end of the fourth quarter of last year, 126 fund companies held Ningde Times, with a total of 1,474 funds; 134 fund companies held Zhongji Xuchuang, with a total of 1,273 funds. At that time, Ningde Times had 8 fewer companies covering them, but 201 more funds. Publicly offered concentrated selling of resources, financial sector Overall, in the first quarter, the top ten stocks with the highest increase in holdings by public funds were: Baogang Corp, PetroChina, China Merchants Shipping, Zhongtian Technology, Guanghui Energy, Hengtong Optic-Electric, China Telecom, TCL Technology, Weichai Power, Focus Media, which were increased by 908 million shares, 617 million shares, 351 million shares, 344 million shares, 327 million shares, 327 million shares, 279 million shares, 272 million shares, 240 million shares, and 213 million shares. In terms of industry distribution, the list shows a dual focus on traditional cyclical and tech-communication sectors, with the former including energy, materials, and industrial sectors, while the latter involves information technology and communication services. Specifically, the largest increase in holdings of Baogang Corp was by Hansha Trend, a subsidiary of Da Cheng Industries, which increased by 151 million shares in the first quarter, while Donghan and Li Yiwen jointly managed products under Jingshun Changcheng Jingyi Shuangli also increased by over 100 million shares. Excluding ETFs, the top three actively managed equity products that increased holdings of PetroChina were: the aforementioned Jingshun Changcheng Jingyi Shuangli, Hansha Trend's Da Cheng New Industries, and Jiao Wei's Yin Hua Rich Theme. Meanwhile, the funds that increased holdings of China Merchants Shipping included products managed by Han Chuang and Xiao Nan; Tang Xiaobin's Guangfa Yuanjian Zhixuan increased holdings of Zhongtian Technology; the top four active funds that increased holdings of Guanghui Energy were all products managed by Han Chuang; the most significant increase in holdings of TCL was by Zhao Feng's products, with products under Tang Yiheng's Fuguo Tianyi Value, Yang Hao's Jiangyin Xin Huoli, Zhou Weiwen's Zhongou Jiaoxin Liang Nian, Zhaoyi's Quanguo Xuyuan San Nian, and Lu Bin's Huifeng Jinxin Xin Dongli all increasing their holdings of the stock. Meanwhile, in the first quarter, the top ten stocks with the highest reduction in holdings by public funds were: Zijin Mining, Industrial Bank, China Merchants Bank, Ping An of China, China Eastern Airlines, Yangtze Power, Industrial and Commercial Bank of China, Tongling Nonferrous Metals, Sinopec, Luoyang Molybdenum, which were reduced by 930 million shares, 634 million shares, 477 million shares, 468 million shares, 446 million shares, 422 million shares, 291 million shares, 245 million shares, 220 million shares, and 219 million shares respectively. It can be seen that the stocks that experienced significant reductions in holdings are mainly focused on the non-ferrous metal and large financial sectors. In terms of reductions, the top five funds reducing their holdings of Zijin Mining were: Huaxia Shanghai 50 ETF, Huatai Bairui HS300 ETF, Yi Fangda HS300 ETF, and Jiashi HS300 ETF. Among actively managed equity funds, the fund that reduced its holdings of Zijin Mining the most was Gaonan's Yongyuan Ruixin, which had reduced its holdings by the end of the first quarter. In addition, Jiao Wei's Yin Hua Fuyujuti, Xiao Nan's Yi Fangda high-quality selection for three years, Wang Xiaochen's Yi Fangda Yuxiang Huibao all reduced their significant holdings of the stock after the first quarter. After the reduction, by the end of the first quarter, Yang Dong's Guangfa multifactor no longer held large positions in Industrial Bank; Li Xiaoxing's Yin Hua Xinxiang for a year, Shengfeng Yan's Western Lide central enterprise preferred no longer held large positions in China Merchants Bank; Jiaowei's Yin Hua Fuyu theme, Ruiyuan balanced value for three years, Yang Dong's Guangfa value leader for a year, Raogang's Ruiyuan steady inlet configuration for two years, no longer held large positions in Ping An of China; Yang Dong's Guangfa multifactor, Cui Chenlong's Qianhai Kaiyuan public utilities, Han Chuang's Da Cheng Xinrui Industries, Yang Dong's Guangfa balanced growth, Ge Lan's Zhongou Mingrui new starting point etc. no longer held large positions in China Eastern Airlines. This article is reproduced from "Cailianshe", author: Feng Qi.Juan; GMTEight Editor: Xu Wenqiang.Je veux manger une glace la vanille.