The latest disclosed public fund's first quarter report for 2025 shows that in the volatile market in the first quarter of this year, the fund strongly embraced technology and innovation. Tencent became the fund's top holding for the first time, CATL took second place, and Kweichow Moutai was the third largest holding. Among the top 50 holdings of the fund, there are as many as 12 companies in the information technology industry among A-share companies alone, including North China Huachuang, Haiguang Information, SMIC, GigaDevice, Cambrian, Shengbang Shares, etc. in the semiconductor field, as well as Luxshare Precision, the leading stock in the Apple industry chain, and Shenghong Technology, the leading PCB company. In the first quarter of this year, the fund increased its layout of Hong Kong stocks. Among the top 50 holdings of the fund, there are 8 Hong Kong-listed companies, namely Tencent Holdings, Alibaba-W, Xiaomi Group-W, Meituan-W, China Mobile, China National Offshore Oil Corporation, Pop Mart and SMIC. What has attracted much attention is that Tencent has become the top holding of public funds for the first time. Data shows that by the end of the first quarter, a total of 1,186 funds held Tencent Holdings, with a holding value of 69.384 billion yuan; 1,267 funds held CATL, with a total holding value of 55.369 billion yuan; the market value of Kweichow Moutai held by funds was 37.862 billion yuan. The next funds with the largest holdings are Alibaba-W, Midea Group, Luxshare Precision, BYD, etc.