Zhong International Xuchuang reclaims the top spot in public offering heavy positions. Technology stocks may be entering a "Darwinian moment."

With the completion of the disclosure of the first quarter reports of public offering funds, the data of the top ten stocks with the heaviest positions in the funds have officially emerged. Calculated by holding market value, the top ten stocks with the heaviest positions in active equity public offering funds in the first quarter are Jiashan Zhichuang, Ningde Times, New Yisheng, Tencent Holdings, Guizhou Maotai, Easte Precision, Zijin Mining, Alibaba Group-W, Wuhan Mingde, and Lixun Precision. "Technology" remains the core keyword in the allocation of public offering funds in the first quarter. Jiashan Zhichuang retains its position as the top stock with the heaviest position, and excellent performance funds all focus on technology themes, with many technology stocks being increased by public offering funds. In addition, the emerging forces of artificial intelligence in Hong Kong stocks have also risen rapidly, contributing significantly to the net value of heavily positioned funds. Several public offering fund managers emphasized in their first quarter reports that artificial intelligence is still the most important structural theme in current asset pricing. Whether it is the overseas computing power supply chain or domestic AI demand-driven, the high prosperity of the technology sector is still highly valued. Against the background of generally pressured technology trends in overseas markets, the structural changes in the A-share technology sector have become more and more evident. According to Tang Xiaobin of Guangfa Fund, if the period from 2023 to 2025 is a time of flourishing AI technology, valuation bubbles, and homogenized competition, then 2026 will officially enter the "Darwinian moment" of survival of the fittest.