The first quarter report of the public offering fund in 2026 has been disclosed, and the ranking of heavy-weight stocks has been revealed, showing a new change in the structure of heavy-weight stocks. The competition for the top spot between Contemporary Amperex Technology Co., Ltd. (300750.SZ) and Infore Enviro (300308.SZ) remains a central focus. At the same time, the differential repositioning between active funds and passive funds is gradually unveiling the institutional fund allocation logic. Overall, there are four main highlights in the new round of heavy-weight positions for public funds: 1. Highlight: HGTECH (688041.SH) enters the top ten heavy-weight positions list for public funds, while Contemporary Amperex Technology Co., Ltd. expands its leading position. Compared to the end of last year, the overall ranking of the top ten heavy-weight positions remained stable by the end of the first quarter of this year, with the top nine positions unchanged. Only the domestic computing power chip leader HGTECH entered the top ten, while China Merchants Bank exited. 2. Highlight: Contemporary Amperex Technology Co., Ltd. returns to the top spot of active fund heavy-weight stocks, with technology and cyclicals still the main allocation themes. Excluding the impact of ETFs on the active fund list, Contemporary Amperex Technology Co., Ltd. replaced Infore Enviro, becoming the top heavy-weight stock for active funds again. After five consecutive quarters of reduction by active funds, Contemporary Amperex Technology Co., Ltd. was increased by 11.7935 million shares in the first quarter of this year; at the same time, the preference for technology and cyclicals by active funds remains evident. 3. Highlight: The top ten list of public funds holding positions presents a "dual-line" characteristic of traditional cyclicals and technology/communications. In this list, traditional cyclical stocks include Baosteel, PetroChina, China Merchants Shipping, Guanghui Energy, and Weichai Power; technology and communication stocks include Zhongtian Technology, Hentong Optics, China Telecom, and TCL Technology. Among them, Baosteel was the most increased, with a total increase of 908 million shares, and the one with the most increase is Dacheng Industrial Trend, a subsidiary of Han Chuang, which increased 151 million shares in the first quarter. 4. Highlight: Reductions are highly concentrated, with non-ferrous metals and major financial institutions as the main targets for profit-taking. The stock with the most reductions in the first quarter was Zijin Mining, with a total reduction of 930 million shares. Well-known fund managers Gao Nan from Yongying Fund, Jiao Wei from Yinhuayi Fund, and Xiao Nan from Yifangda Fund and their products no longer hold heavy 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 were also heavily reduced. The core heavy-weight camp remains stable, with HGTECH entering the top ten. According to Wind statistics, as of the end of the first quarter of this year, the top ten heavy-weight stocks for public funds were: Contemporary Amperex Technology Co., Ltd., Infore Enviro, New Yisheng, Kweichow Moutai, Zijin Mining, Tencent Holdings, Ping An of China, Cambricon Technologies, Alibaba-W, HGTECH, with holdings totaling 160.558 billion yuan, 130.765 billion yuan, 113.696 billion yuan, 94.431 billion yuan, 69.872 billion yuan, 64.226 billion yuan, 50.706 billion yuan, 47.302 billion yuan, 46.668 billion yuan, 42.004 billion yuan respectively. Compared to the end of the previous quarter, the overall ranking of the top ten heavy-weight stocks for public funds remained stable, with no changes in the top nine positions, as the only change was HGTECH entering the top ten heavy-weight stocks list and China Merchants Bank exiting, ranking 13th. The difference in the holding market value of public funds between Contemporary Amperex Technology Co., Ltd. and Infore Enviro has also changed. By the end of the first quarter, the total market value held by public funds in Contemporary Amperex Technology Co., Ltd. exceeded that of Infore Enviro by 29.793 billion yuan, which was an increase from 19.687 billion yuan at the end of the fourth quarter of the previous year, but significantly lower than 96.006 billion yuan at the end of the third quarter of the previous year. In terms of the number of fund companies holding Contemporary Amperex Technology Co., Ltd. and Infore Enviro, as of the end of the first quarter, there were 142 fund companies holding Contemporary Amperex Technology Co., Ltd., with a total of 2322 fund products; there were 135 fund companies holding Infore Enviro, with a total of 1846 fund products. Contemporary Amperex Technology Co., Ltd. maintained a lead in both numbers of companies and products, with 7 more companies and 476 more products. In the first quarter, the number of funds holding Contemporary Amperex Technology Co., Ltd. overwhelmingly surpassed that of Infore Enviro, further expanding the lead in the number of heavy-weight products. At the end of last year, there were 132 fund companies holding Contemporary Amperex Technology Co., Ltd., with a total of 2055 fund products; there were 139 fund companies holding Infore Enviro, with a total of 1808 fund products. At that time, the number of fund companies holding Contemporary Amperex Technology Co., Ltd. was 7 fewer than those holding Infore Enviro, but there were 247 more fund products. At the end of the fourth quarter of last year, there were 132 and 139 fund companies holding Contemporary Amperex Technology Co., Ltd. and Infore Enviro, respectively; there were 2055 and 1808 fund products held by these companies, respectively, with 7 fewer companies holding the former and 247 more products held by the former. The heavy-weight data shows that compared to the end of the previous quarter, Contemporary Amperex Technology Co., Ltd. and Infore Enviro were reduced by 95.4354 million shares and 36.1674 million shares, respectively. As of the end of the first quarter of this year, the top seven funds holding Contemporary Amperex Technology Co., Ltd. were all broad-based ETF products, including Yifangda Growth Enterprise Board ETF, Huatai Bairui CSI 300 ETF, and Huaxia Chuangye 50 ETF. In active equity products, Fu Pengbo's Ruiyuan Growth Value fund holds the most shares of this stock, followed by Zhu Shaoxing's Fuguo Tianhui selected growth, Yang Dong's Guangfa multi-factor, and Xie Zhiyu's Xingquanherun, among others. In addition, Zhao Feng's Ruiyuan Balanced Value Three Years and Zhao Yi's Quanguo Xuyuan Three Years under the "Yi Zhongtian" combination have reduced their holdings of Contemporary Amperex Technology Co., Ltd. in the first quarter of this year. The top five funds holding Infore Enviro in the same period were all broad-based ETFs. In active equity products, Ren Jie's Yongying Technology Intelligent Selection held the most positions, followed by Fu Pengbo, Xie Zhiyu, Gao Nan, and Han Hao's products. In the "Yi Zhongtian" combination, the ranking of the heavy positions of Tencent Communications rose from 37th at the end of last year to 24th at the end of the first quarter of this year. The stock saw a reduction of 16.4753 million shares in the first quarter. In active equity products, Han Hao's Zhonghang Opportunity Navigation held the most positions. Furthermore, Ren Jie's Yongying Technology Intelligent Selection saw the most reductions, and after reducing its holdings in the first quarter, it no longer holds a heavy position in Tencent Communications. In addition, Mo Haibo's Wan Jia Emerging Blue Chips and Li Wenbin's Yongying Technology-Driven products are also no longer heavy in Tencent Communications after reducing their holdings in the first quarter. All of these top ten heavy-weight stocks have experienced reductions in the first quarter of this year. Since the first quarter of 2025, public funds have been reducing their holdings of Contemporary Amperex Technology Co., Ltd. for five consecutive quarters, with broad-based ETFs being the main force in reducing their holdings. The active equity fund with the most reductions is Xie Zhiyu's Xingquanherun, followed by Quanguo Xuyuan Three Years.In the past year, with the relocation of Xingquan's business model under Qiaoqian, there has been a significant reduction in holdings.Ningde Times regains the top position in active funds' heavy holdings Compared to the overall market situation reflected by all public mutual fund holdings, the position selection of active equity funds can better reflect the fund manager's active judgment and market prediction. In the first quarter, the top heavy holdings of active equity funds changed again, 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 heavy holdings of active mutual funds are: Ningde Times, Zhongji Xuchuang, New Yisheng, Tencent Holdings, Guizhou Maotai, Zijin Mining, Dongshan Precision, Alibaba-W, China National Offshore Oil, and Luxshare Precision. Their total market values were 80.409 billion yuan, 78.02 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 the top heavy holding stock of public active funds, which has switched back from Zhongji Xuchuang at the end of last year to Ningde Times. At the same time, China National Offshore Oil entered the top ten heavy holdings of public active funds while HiSilicon exited this list. Among the top ten heavy holdings of active funds, 5 stocks experienced reductions in the first quarter of this year: Zijin Mining, Luxshare Precision, Alibaba-W, Dongshan Precision, and Tencent Holdings were reduced by 38.9 million shares, 14.8 million shares, 66.4595 million shares, 36.9712 million shares, and 27.6873 million shares respectively. Meanwhile, China National Offshore Oil, Ningde Times, New Yisheng, Guizhou Maotai, and Zhongji Xuchuang were increased by 220 million shares, 11.7935 million shares, 3.3144 million shares, 3.0729 million shares, and 1.7065 million shares, respectively. It is noteworthy that Ningde Times saw an increase of 11.7935 million shares in the first quarter. In the previous 5 quarters from the fourth quarter of 2024 to the fourth quarter of 2025, active funds had been consistently reducing their holdings of Ningde Times. By the end of the first quarter of this year, active funds' total market value of holdings in Ningde Times exceeded Zhongji Xuchuang by 2.39 billion yuan. In the fourth quarter of last year, active funds held a total market value of Zhongji Xuchuang that was 13.365 billion yuan ahead of Ningde Times. There was a reversal in their positions within one quarter. At the end of the first quarter of this year, 136 fund companies and a total of 1704 fund products held Ningde Times, while 129 fund companies and 1265 fund products held Zhongji Xuchuang. Ningde Times maintained a lead in both aspects, with 7 more companies and 439 more products. At the end of the last quarter of last year, 126 fund companies and a total of 1474 fund products held Ningde Times, while 134 fund companies and 1273 fund products held Zhongji Xuchuang. At that time, Ningde Times had 8 fewer fund companies covering it but had 201 more products. Public funds reduce holdings and realize profits in the non-ferrous and financial sectors Overall, the top ten stocks that public funds increased their holdings in the first quarter were: Baosteel, PetroChina, China Merchants Shipping, Zhongtian Technology, Guanghui Energy, Hengtong Optic-Electric, China Telecom, TCL Technology, Weichai Power, and Focus Media. They 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 respectively. In terms of industry distribution, this list shows a dual focus on traditional cyclical and technology-communications sectors, with the former covering energy, materials, and industrial sectors, and the latter involving information technology and communication services in the technology race. Specifically, Baoshan Steel, which saw the most increase in holdings, was mainly increased by Han Chuang's Da Cheng Industrial Trends. In the first quarter, they increased their holdings by 151 million shares, while at the same time, Dong Han, Li Yiwen, co-managed the Jingshun Changcheng Jingyi Shuangli also increased their holdings by over 100 million shares. Excluding ETFs, the top three active equity products that increased their holdings in PetroChina were: the above-mentioned Jingshun Changcheng Jingyi Shuangli, Han Chuang's Da Cheng New Trends Industry, and Jiao Wei's Yinhua Fuyu Theme. At the same time, the funds that increased their holdings in China Merchants Shipping included products managed by Han Chuang, Xiaonan, and other fund managers. Tang Xiaobin's GF Far Vision Wisdom selected products that increased their holdings in Zhongtian Technology more. The top four funds that increased their holdings in Guanghui Energy were all products managed by Han Chuang. The most holding of TCL was by Zhao Feng's products, including Fuguo Tianyi Value managed by Tang Yiheng, BOComm Living Growth managed by Yang Hao, COAM Ingenuity managed by Zhou Weiwen for two years, Regal New Power managed by Zhao Yi, and HSBC Asset Management managed by Lu Bin all had increased holdings in the stock. At the same time, the top ten stocks that public funds reduced their holdings in the first quarter were: Zijin Mining, Industrial Bank, China Merchants Bank, Ping An of China, China Eastern Airlines, Yangtze Power, Industrial and Commercial Bank, Tongling Nonferrous, Sinopec, and Luoyang Mohs, 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 major stocks that experienced significant reductions in holdings mainly focused on the non-ferrous metal and major financial sectors. In terms of reduction details, the top five reducing holders of Zijin Mining were: Hua Xia's SSE 50 ETF, Huatai Bairui's SSE 300 ETF, E Fund's SSE 300 ETF, and Jiashi's SSE 300 ETF. Among active equity funds, the most reducing holder of Zijin Mining was Gao Nan's Yongying Ruixin, which was no longer heavily invested by the end of the first quarter. In addition, Jiao Wei's Yinhua Fuyu Theme, Xiaonan's E Fund High-Quality Selection of the Three Years, Wang Xiaochen's E Fund Yuxiang Return was no longer heavily invested in the stock after reducing holdings in the first quarter. After the reduction, at the end of the first quarter, Yang Dong's GF Multi-Factor no longer held heavy positions in Industrial Bank; Li Xiaoxing's Yinhua Heart Enjoyment for a year, Shengfeng Yan's Western Advantage Central SOE Selection no longer held heavy positions in China Merchants Bank; Jiao Wei's Yinhua Fuyu Theme, Ruiyuan Balanced Value for three years, Yang Dong's GF Value Leading for a year, Rao Gang's Ruiyuan Steady Inclined Configuration for two years, and others no longer held heavy positions in Ping An of China; Yang Dong's GF Multi-Factor, Cui Chenlong's Qianhai Kaiyuan Public Utilities, Han Chuang's Da Cheng New Trends Industry, Yang Dong's GF Balanced Growth, Ge Lan's Zhongou Mingrui New Starting Point, and others no longer held heavy positions in China Eastern Airlines. This article is reproduced from "CaiLian News", author: Feng Qi.Juan; GMTEight editor: Xu Wenqiang.Bonjour, comment a va?