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<Research>CICC: CN Public Equity Funds' HK Stock Position Ratio Hits New High in 1Q; TENCENT/ BABA/ SMIC/ Others Most Favored
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Since the beginning of this year, China assets, especially the Hong Kong stock market, saw a wave of magnificent DeepSeek-induced narrative re-rating, with the HSTECH leapfrogging by more than 40%, according to CICC's research report. As of the end of 1Q25, the proportion of public equity funds' Hong Kong stock positions in the market value of their equity investments had risen to 36.9%, the highest level in nearly 5 years, significantly higher than 30.5% at the end of 2024. In terms of sector allocation, internet and semiconductors were most favored, while energy and utilities declined the most, with higher concentration of individual stocks, CICC added. At the individual stock level, the concentration of leading stocks increased significantly. TENCENT (00700.HK), BABA-W (09988.HK) and SMIC (00981.HK) were the most favored, but CNOOC (00883.HK) and MEITUAN-W (03690.HK) declined significantly. In 1Q25, Chinese public equity funds' heavyweight stocks were in TENCENT, BABA-W and SMIC, with the largest inclines in both number of holders and market capitalization, while those in MEITUAN-W, CNOOC and SUNNY OPTICAL (02382.HK) recorded largest declines. In terms of heavyweight stock holdings, BABA-W and SMIC also replaced MEITUAN-W and Xiaomi in the top three heavyweight stock list. Compared with the end of 2024, the number of holders of BABA-W, TENCENT, SMIC and Pop Mart rose the most, while the number of funds holding MEITUAN-W, CNOOC, BYD ELECTRONIC (00285.HK) and CHINA SHENHUA (01088.HK) decreased significantly. AAStocks Financial News |
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