<div id="readability-page-1"><div>Guosen Securities released a report stating that in 1Q26, both the Hong Kong stock position ratio and the overweight allocation to Hong Kong stocks by mainland active equity mutual funds continued to decline. During the quarter, active equity mutual funds increased allocations to Hong Kong-listed hardware equipment and oil &amp; gas stocks, while reducing allocations to Hong Kong-listed internet and semiconductor stocks. The concentration of the top 10 Hong Kong heavyweight holdings of active equity mutual funds continued to fall.In terms of fund size, in 1Q26, mainland active equity funds eligible to invest in Hong Kong stocks amounted to RMB2,095.1 billion, accounting for 52.4% of total active equity fund assets, down from 52.5% in 4Q25. The scale of Hong Kong heavyweight holdings by active equity mutual funds reached RMB262.2 billion in 1Q26, compared with a historical average of RMB108.5 billion over the past 15 years, and down from RMB312.1 billion in 4Q25.Top 10 Hong Kong Heavyweight Holdings of Active Equity Mutual Funds in 1Q26:StockHolding Size in 1Q26Holding Ratio TENCENT (00700.HK) -14.400 (-3.005%) Short selling $988.68M; Ratio 10.824% RMB33.6 billion12.82% BABA-W (09988.HK) -4.200 (-3.216%) Short selling $1.50B; Ratio 29.087% RMB19.1 billion7.28% CNOOC (00883.HK) +0.060 (+0.204%) Short selling $446.08M; Ratio 25.436% RMB16.2 billion6.20% YOFC (06869.HK) -27.400 (-11.872%) Short selling $735.99M; Ratio 13.345% RMB13.7 billion5.23% INNOVENT BIO (01801.HK) +3.850 (+4.535%) Short selling $229.89M; Ratio 24.358% RMB8.6 billion3.28% SMIC (00981.HK) +4.200 (+6.383%) Short selling $982.51M; Ratio 16.380% RMB7.9 billion3.03% SKB BIO (06990.HK) +14.600 (+3.175%) Short selling $26.01M; Ratio 17.560% RMB7.2 billion2.73% AKESO (09926.HK) +2.600 (+1.909%) Short selling $44.67M; Ratio 7.929% RMB5.9 billion2.27% GEELY AUTO (00175.HK) -0.100 (-0.448%) Short selling $220.81M; Ratio 27.483% RMB5.0 billion1.91% 3SBIO (01530.HK) +0.900 (+4.050%) Short selling $59.67M; Ratio 13.789% RMB4.5 billion1.74% --------------------------------------------------------- Total of Top 10RMB121.7 billion46.5%Top 10 Hong Kong Heavyweight Holdings of Active Equity Mutual Funds in 4Q25:StockHolding Size in 4Q25Holding Ratio TENCENT (00700.HK) -14.400 (-3.005%) Short selling $988.68M; Ratio 10.824% RMB57.8 billion18.51% BABA-W (09988.HK) -4.200 (-3.216%) Short selling $1.50B; Ratio 29.087% RMB31.0 billion9.95% SMIC (00981.HK) +4.200 (+6.383%) Short selling $982.51M; Ratio 16.380% RMB18.7 billion5.98% CNOOC (00883.HK) +0.060 (+0.204%) Short selling $446.08M; Ratio 25.436% RMB9.5 billion3.03% INNOVENT BIO (01801.HK) +3.850 (+4.535%) Short selling $229.89M; Ratio 24.358% RMB8.8 billion2.81% SKB BIO (06990.HK) +14.600 (+3.175%) Short selling $26.01M; Ratio 17.560% RMB6.9 billion2.20% 3SBIO (01530.HK) +0.900 (+4.050%) Short selling $59.67M; Ratio 13.789% RMB6.0 billion1.94% POP MART (09992.HK) -1.700 (-1.084%) Short selling $163.42M; Ratio 19.800% RMB5.8 billion1.85% CHINA MOBILE (00941.HK) -0.700 (-0.819%) Short selling $323.68M; Ratio 39.318% RMB5.4 billion1.74% AKESO (09926.HK) +2.600 (+1.909%) Short selling $44.67M; Ratio 7.929% RMB5.1 billion1.65% --------------------------------------------------------- Total of Top 10RMB155.0 billion49.66%(wl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</div>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</div>

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Guosen Securities reported a decline in the Hong Kong stock position ratio and overweight allocation to Hong Kong stocks by mainland active equity mutual funds in 1Q26. The total size of mainland active equity funds eligible for Hong Kong investments was RMB2,095.1 billion, with top 10 heavyweight holdings amounting to RMB121.7 billion, down from RMB155.0 billion in 4Q25. Notable stocks include Tencent, Alibaba, and CNOOC, with significant short selling activity observed.

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Guosen Securities Lists Top 10 HK Heavyweight Holdings of Mainland Active Equity Mutual Funds in 1Q26 (Table)