The top holdings of fund Q3 reports are revealed: This is the "twilight" of Moutai, but also the "dawn" of AI hard technology

As the disclosure of the third quarter reports comes to an end, the list of heavily weighted stocks "voted" by active fund managers has also been revealed.

As of the evening of October 28, statistics show that public funds are flowing out of the consumer and financial sectors at an unprecedented speed, and are similarly rushing into hard technology fields represented by AI computing power, communications, and servers.

Consumer stocks, which once dominated the hot list, have become a "thing of the past." Kweichow Moutai is just a step away from dropping out of the top ten heavyweights held by funds, while the rankings of Wuliangye, Midea, Gree, and others have also rapidly declined.

The positions they vacated have been replaced by companies related to AI and innovative technology, with the top three heavyweights at the end of the third quarter being CATL, Tencent Holdings, and Xinyise. A new era is coming.

CATL "Tops"

Wind data shows that, ranked by total market value of holdings, in the third quarter, CATL surpassed Tencent Holdings to reclaim the position of the most favored stock among active public funds. Tencent Holdings fell to second place.

The total market value of holdings by active public funds for both companies exceeds 70 billion yuan, placing them in the first tier.

Following them are Xinyise, Zhongji Xuchuang, Alibaba-W, Luxshare Precision, FII, Zijin Mining, SMIC, and Kweichow Moutai.

A few years ago, Kweichow Moutai was still in a continuous competition for the top spot with CATL, but now it is on the verge of being pushed out of the top ten.

Cambricon, Huadian Technology, Hengrui Medicine, Zhaoyi Innovation, Midea Group, WuXi AppTec, EVE Energy, Northern Huachuang, Sungrow Power, and Dongshan Precision together make up the 11th to 20th positions.

AI Industry Chain Becomes the Biggest "Winner"

Looking at the stocks ranked by total market value of holdings, in the third quarter, active funds significantly concentrated their positions in AI-related hardware and communications sectors.

FII, Cambricon, Huadian Technology, and other AI computing power, server, and CPO (optical module) concept stocks saw significant rises in rankings, with Xinyise and Zhongji Xuchuang even entering the top five, highly favored by active funds.

Taking FII as an example, it is one of the stocks with a high total market value of holdings among active funds, and its rise has been particularly rapid, jumping from outside the top 100 in the second quarter report to seventh in the third quarter report.

In the third quarter, FII's stock price growth rate exceeded 214%. Meanwhile, as a global AI server manufacturer, its performance is viewed positively by the market, leading active funds to significantly increase their positions.

Similarly, as a scarce target for domestic AI chips, Cambricon directly benefits from the urgent demand for domestic AI computing power and the industry's popularity, with both stock price and fund holdings rising.

Huadian Technology, as a PCB leader, and Zhaoyi Innovation, as a storage chip leader, have also hitched a ride on the AI industry chain's tailwind From the perspective of the total market value growth of actively managed funds' heavy holdings, Zhongji Xuchuang, Xinyi Sheng, and FII are also in the top three for the third quarter.

In addition, the new energy sector has also shown signs of recovery. Besides CATL regaining the top position, Yiwei Lithium Energy and Sungrow Power Supply have significantly improved their rankings due to their advantages in energy storage and other fields.

Consumer and Financial Sectors "Sparse Traffic"

Correspondingly, the consumer and financial sectors have cooled down. Compared to the second quarter report data, the popularity of some consumer stocks, such as liquor, white goods, and bank stocks, has decreased.

Xiaomi Group-W, Wuliangye, and China Merchants Bank have all fallen out of the top 20, and the rankings of Kweichow Moutai and Midea Group have also significantly declined, indicating that active fund managers have reduced their preferences for these sectors in the third quarter.

In the banking sector, looking at the quarterly changes in total market value of holdings, not only China Merchants Bank but also Jiangsu Bank, Hangzhou Bank, Ningbo Bank, Chengdu Bank, and Agricultural Bank of China are among those reducing their holdings.

However, in the fourth quarter, financial stocks have shown some performance. For example, Agricultural Bank of China has reached a new historical high. It is unclear what insights the fund managers who reduced their holdings have gained.

The consumer sector is even more "disliked." Both old and new consumer stocks have representatives among those with significant reductions in holdings.

Not only white goods like Midea Group and Gree Electric, and liquor like Wuliangye, but even new consumer stock Pop Mart has faced redemptions this quarter, with a significant net decrease in total market value of holdings.

Equipment Manufacturing Stocks Frequently Discovered

From the list of newly added heavy holdings, it can be seen that focusing on manufacturing upgrades and energy revolutions is the most core and distinct theme in the third quarter's portfolio adjustments. Active fund managers are continuously and rapidly increasing their positions in "hardcore" assets that align with national strategies and possess technological barriers.

For example, Guangku Technology, a national high-tech enterprise specializing in optical fiber devices and chip integration, China Shipbuilding Special Gas, a supplier of electronic special gases and trifluoromethanesulfonic acid series products, Zhongxin Innovation, a new energy technology company, and Yunyi Electric, a developer and manufacturer of core electronic products for automobiles, have entered the heavy holdings list of some active funds this quarter.

Additionally, Ying'en Biotechnology-B, a company in the field of antibody-drug conjugates (ADC) that went public in April, is also included.

Overall, this quarter, active fund managers, after abandoning reliance on certain old consensus, are constructing a brand new, more aggressive investment portfolio centered around technological development.

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