Zhongji Innolight tops the list of the largest holdings in public offerings! AI hardware becomes the focus!

Public mutual funds have completed the disclosure of their Q4 2025 reports. Data shows that in Q4 2025, public mutual funds focused their positions on core sectors such as electronics and power equipment, with leading optical module companies Zhongji Innolight and Xinyi Technology surpassing CATL and Tencent Holdings to become the top two heavyweights in actively managed equity funds. Zhongji Innolight Tops the List of Heavyweights in Actively Managed Equity Funds According to Tianxiang Investment Consulting data, as of the end of Q4 2025, Zhongji Innolight topped the list of heavyweights in actively managed equity funds, with the second to tenth largest heavyweights being Xinyi Technology, CATL, Tencent Holdings, Zijin Mining, Alibaba-W, Cambricon Technologies-U, Luxshare Precision, Kweichow Moutai, and Dongshan Precision, covering directions such as AI, new energy, internet, consumption, and electronics. Compared to the end of Q3 2025, leading optical module company Zhongji Innolight and Xinyi Technology surpassed CATL and Tencent Holdings to become the top two heavyweights in actively managed equity funds. Cambricon Technologies-U and Dongshan Precision entered the top ten heavyweights, while Industrial Fulian and SMIC exited the top ten. From the perspective of the overall market statistics of public mutual funds, at the individual stock level, according to Wind data, over 600 new stocks were added by public mutual funds by the end of Q4 2025. Stocks such as Litong Technology, Xingtum Measurement and Control, Chaojie Co., Ltd., Dafeng Industrial, Lixing Co., Ltd., and Dayilong had a total fund holding ratio exceeding 4% of circulating A-shares. Among them, Xingtum Measurement and Control and Chaojie Co., Ltd. saw their stock prices rise by over 20% since January, becoming highlights among new targets. Both the increase and decrease camps showed a scale characteristic, with over 1,300 stocks being increased in Q4. Stocks such as Hengbo Co., Ltd., Maiwei Co., Ltd., Tianhua New Energy, Puris, and Siling Intelligent Drive received significant increases, with the increase ratio exceeding 4% of circulating shares. Maiwei Co., Ltd. and Siling Intelligent Drive saw their stock prices rise by over 30% since January; during the same period, over 1,300 stocks were also reduced, with stocks such as JiuGuiJiu, Anpeilong, Meihu Co., Ltd., Kaitie Co., Ltd., and KedaLi experiencing significant reductions, with JiuGuiJiu and Kaitie Co., Ltd. seeing varying degrees of price declines since January. Electronics and Power Equipment Become Core Configurations According to Wind data, from the industry distribution of heavyweights in public mutual funds at the end of Q4 2025, electronics, pharmaceuticals and biology, and machinery equipment are the three industries with the most concentrated number of fund holdings, each involving more than 250 stocks. In terms of the more closely watched proportion of market value held, the electronics industry is the largest heavyweight field for public mutual funds, accounting for about 20% of their total market value of A-share holdings. Cambricon Technologies-U is the stock with the largest market value held by funds in the electronics industry, with over a thousand funds heavily invested. The power equipment industry follows closely, with a market value holding ratio exceeding 10%, and stocks such as Tianci Materials and Tianhua New Energy receiving significant increases from public mutual funds. From the individual stock perspective, stocks such as Xidian Co., Ltd., Purang Co., Ltd., Kema Technology, and Baiwei Storage in the electronics industry, and China Western Electric in the power equipment industry all received significant increases from funds in Q4, and their stock prices have risen by over 50% since January 2026, confirming the foresight of institutional allocations Multiple Stocks Have Over 20% of Circulating Shares Locked by Funds From the perspective of fund holding concentration, according to Wind data, stocks such as CATL, Zhongji Innolight, Zijin Mining, Neway, Ping An of China, Tencent Holdings, Cambricon Technologies, Kweichow Moutai, and Midea Group are the most favored by public funds, each held by over a thousand funds. In terms of shareholding lock-in levels, by the end of Q4 2025, stocks like Zhongji Innolight, Neway, Dongshan Precision, Zhejiang Rongtai, Haisco, Siling Intelligent Drive, and Hengbo Co., Ltd. have fund shareholdings accounting for over 20% of circulating A-shares, indicating a significant concentration effect. In terms of sector allocation, public funds' preference for growth sectors continues to rise. By the end of Q4 2025, the market value of fund holdings accounted for over 5% of the circulating market value of the Sci-Tech Innovation Board and the ChiNext, ranking among the top in various sectors. Compared to the end of Q3, funds have increased their position allocation in the ChiNext. On the performance front, from the disclosed Q4 2025 performance forecasts of heavily held stocks by funds, companies like Zhongtai Co., Ltd., Shanghai Yizhong, Southern Precision, and Jin'an Guoji are expected to have a lower limit of net profit growth exceeding 500% for 2025. The combination of high performance growth and institutional support provides a foundation for the subsequent performance of these stocks. In summary, public funds in Q4 2025 are focusing on core tracks and growth sectors, with the ChiNext becoming a key area for increasing positions. While institutions are diversifying their stock allocations, they also emphasize the pursuit of performance certainty. This layout logic may continue to influence the capital flow and sector rotation rhythm in the A-share market at the beginning of 2026. 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 goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk.