The second quarter report of funds has concluded, and the public offering's "preference" for AI and innovative drugs is no longer hidden

The 2025 public fund Q2 report has recently been fully released.

In this transitional season, the preference and adjustments of public funds towards A-shares are very evident.

According to WIND's statistics as of 4 PM on July 21, among the top ten heavy stocks of public funds at mid-year, AI concept stocks have been highly favored. Eoptolink, Zhongji Xuchuang and others have received significant increases in holdings from funds.

The stock prices of both companies also performed brilliantly in Q2 this year, with their total market capitalization ranking "soaring," as funds flocked to Eoptolink, directly elevating it into the top ten heavy stocks of funds.

In addition, innovative pharmaceutical companies have also attracted considerable attention from fund managers. The pharmaceutical stocks, which had been lackluster for over four years, have regained their luster in this quarter.

Tencent, CATL, and Moutai Lead the Top Ten

Wind data shows that ranked by total market capitalization, the largest heavy stock of public funds in Q2 remains Tencent Holdings.

This Hong Kong-listed company, a well-known internet giant, is also involved in AI, gaming, and even high-dividend value stocks, and has maintained its position as the number one heavy stock of A-share active public funds for two consecutive quarters.

Meanwhile, the dual-leading enterprise in new energy vehicles and renewable energy, CATL, continues to closely follow Tencent, with only a 15% difference between them. The total market capitalization of active public funds for both exceeds 50 billion yuan.

The heavy stocks from second to tenth place are Guizhou Moutai, Midea Group, Zijin Mining, Xiaomi Group-W, Alibaba-W, Luxshare Precision, Eoptolink, and SMIC.

The "King of Liquor," Moutai's market value has "declined," and its loss of favor among institutions has become quite evident. In Q2, Moutai's A-share stock price fell by 8%, and the number of shares held decreased.

Compared to Q1 report data, Xiaomi Group-W rose from 11th to the top ten. However, this is based on public funds (heavy stock holdings) reducing their holdings by over 24 million shares.

More noteworthy is that Eoptolink has risen 34 rankings, newly entering the top ten favorite stocks of active public funds (see the chart below).

Eoptolink focuses on the research, manufacturing, and sales of optical modules; optical modules complete the optoelectronic signal conversion at fiber optic terminals and are the most critical components in fiber optic transmission; they are also currently the most competitive industrial segment among domestic manufacturers in the AI field. Optical modules are widely used in data broadband, telecommunications, data centers, and other industries.

Significant Increases in Electronic Communication Stocks

According to the growth in total market capitalization of stocks increased by active public funds, the stocks that saw the most significant increases in Q2 include Zhongji Xuchuang, Eoptolink, Huadian Technology, Innovent Biologics, Pop Mart, Shenghong Technology, 3SBio, SF Holding, Haida Group, AVIC Shenyang Aircraft and others From an industry perspective, the focus is clearly on electronic communications and pharmaceuticals and biotechnology, as well as new consumption, transportation, agriculture, forestry, animal husbandry, fishery, and national defense and military industry stocks.

Notably, the total market value of shares held by actively managed public funds in Zhongji Xuchuang and Eoptolink increased by over 10 billion yuan in the second quarter.

Like Eoptolink, Zhongji Xuchuang is also a company focused on optical modules. It is a leading provider of high-speed optical interconnection solutions, dedicated to providing efficient optical module products to global customers. Its products are widely used in cloud computing data centers, wireless networks, telecommunications transmission, and other fields.

Behind the attention to optical modules is the optimistic outlook on the continuous growth of investments in artificial intelligence-related computing power. Research reports indicate that in the first half of the year, global infrastructure construction for AI computing power continued to ramp up, creating a spending peak in AI computing and data center infrastructure, driving demand for high-performance optical module products.

Hong Kong Stocks of Innovative Drugs Attract Attention

The most increased holdings in Hong Kong stocks are two innovative drug companies, Innovent Biologics and 3SBio. The total market value of shares held by actively managed public funds also increased by over 6 billion yuan.

Innovent Biologics is an investment holding company primarily engaged in the research, development, production, and sales of innovative drugs for major diseases such as tumors, cardiovascular and metabolic (CVM) diseases, autoimmune diseases, and ophthalmology.

3SBio is an investment holding company primarily engaged in the development, production, marketing, and sales of pharmaceutical products. In terms of research, the company continues to develop innovative biological products, including monoclonal antibodies, bispecific antibodies, and antibody fusion proteins, as well as several small molecule drugs, covering areas such as kidney disease, tumor immunity, autoimmune and inflammatory diseases, eye diseases, and dermatological diseases.

From the research reports this year, the core drugs of these two companies focus on current hotspots in the biopharmaceutical field, such as metabolic diseases and tumor immunity, with excellent clinical data and broad commercialization prospects, thus becoming the focus of capital market attention.

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