Public mutual funds' 2025 annual reports are out! A look at the TOP 50 holdings in fund portfolios

Publicly offered mutual funds completed their 2025 annual report disclosures on March 31.

According to data from the China Fund Association, as of the end of 2025, China’s publicly offered mutual fund market had 13,622 funds, with total net asset value reaching 37.71 trillion yuan, up 14.86% year over year.

Regarding mutual fund profits, according to data from Eastmoney Choice, the total profit of all publicly offered mutual funds in 2025 across the market was 2.60 trillion yuan, up 102% from the same period last year. Of this, equity funds generated total profit of 1.12 trillion yuan; bond funds generated 0.19 trillion yuan; money market funds generated 0.18 trillion yuan; and hybrid funds generated 0.88 trillion yuan.

In terms of fund holdings, the total market value of publicly offered mutual fund holdings reached 8.97 trillion yuan. CATL, Jizhong Chuangxin, and Tencent Holdings were the top three most heavily held stocks, with total holding market values of 190.6 billion yuan, 168.9 billion yuan, and 134.1 billion yuan, respectively. In addition, another six stocks—including Luxshare? and Kweichow Moutai—also had total holding market values exceeding 100 billion yuan; along with SMIC, the total market value of the top ten holdings was 1.24 trillion yuan, accounting for 13.82% of the total holding market value. In the Hong Kong stock market, besides Tencent Holdings, five Hong Kong stocks—including Alibaba, Meituan, Xiaomi Group, SMIC (Hong Kong), and Kuaishou—entered the top 50 most heavily held stocks.

Looking at changes in the number of shares held in the top 50 most heavily held stocks, compared with the 2025 interim report, publicly offered mutual funds substantially increased their positions in BYD. The number of shares held increased by 158 million shares to 265 million shares, an increase of 147.98%, ranking first among the biggest increasers. Second was Meituan, with the number of shares held increasing by 70.29%. Dongshan Precision ranked third, with the number of shares held increasing by 67.31%. In addition, Xiaomi Group also received additional buying, with the number of shares held increasing by 47.72%, ranking fifth.

Regarding the fund companies with the largest single holdings among the top 50 most heavily held stocks, E Fund was the “biggest holder,” serving as the largest holding fund company for 13 individual stocks, including Jizhong Chuangxin, Tencent Holdings, New Expectations? , Alibaba, and others. After them were Huaxia Fund and Invesco Great Wall Fund, ranking next, each being the largest holding fund company for six individual stocks. Huaxia Fund’s holdings include Kweichow Moutai, China Ping An, China Merchants Bank, Industrial Bank, Yangtze River Power, and Industrial and Commercial Bank of China. Invesco Great Wall Fund’s holdings include Meituan, Xiaomi Group, SMIC (Hong Kong), Yili Co., Ltd., Mindray Medical, and Kuaishou.

（Source: Eastmoney Research Center）