①In the first quarter, public QDII funds held 561 overseas stocks as major positions, with a total market value of RMB 386.779 billion. Hong Kong stocks accounted for more than 60%, while the U.S. market accounted for about 30%;
②The combined market value of the top ten overseas major holdings amounted to RMB 197.052 billion, with Tencent, Alibaba, Meituan, and Xiaomi collectively exceeding RMB 100 billion in market value;
③Technology plays a significant role in the weighting of U.S. stocks.
Cailian Press reported on April 25 (by reporter Wu Yuqi) that the structure of overseas stock holdings by public funds in the first quarter gradually became clear.
Wind data shows that by the end of the first quarter, QDII funds held 561 overseas stocks as major positions, with a total holding market value of RMB 386.779 billion, an increase of RMB 31.212 billion from the previous period. In terms of regional distribution, Hong Kong stocks remained the primary position for public overseas holdings, with the Hong Kong market accounting for RMB 232.901 billion, or 60.22%; the U.S. market fund accounted for RMB 130.058 billion, or 33.63%.
At the individual stock level, holdings remained highly concentrated.$TENCENT (00700.HK)$、$BABA-W (09988.HK)$、 $MEITUAN-W (03690.HK)$ 、 $XIAOMI-W (01810.HK)$ 、$NVIDIA (NVDA.US)$、$NTES-S (09999.HK)$、 $Apple (AAPL.US)$ 、$BYD COMPANY (01211.HK)$、$JD-SW (09618.HK)$、$Microsoft (MSFT.US)$The top 10 overseas stocks held by QDII funds had a combined holding value of RMB 197.052 billion, accounting for 50.95% of the total overseas holdings; the top 20 stocks collectively held a market value of RMB 271.662 billion, increasing the proportion to 70.24%. A small number of leading companies in Hong Kong's internet, U.S. technology, and Hong Kong's technology consumption sectors carried the majority of the portfolio weight.
Hong Kong stocks remained the mainstay, with Tencent, Alibaba, Meituan, and Xiaomi holding more than RMB 100 billion in major positions.
From the detailed equity investment of QDII funds, the main focus of overseas holdings in the first quarter remained in Hong Kong stocks. The market value of Hong Kong stocks held by public funds reached RMB 232.901 billion, significantly higher than other overseas markets; the combined market value of Nasdaq and New York Stock Exchange holdings amounted to RMB 130.058 billion, corresponding to the primary allocation in the U.S. market.
In addition, there were also holdings in markets such as South Korea, Vietnam, Germany, Japan, the United Kingdom, and Taiwan, but the scale was not significant. The market value of QDII funds' holdings in the South Korean market was RMB 3.856 billion, RMB 2.760 billion in Vietnam, RMB 2.110 billion in Germany, and RMB 1.100 billion in Japan.
Within Hong Kong stocks, internet and technology consumption leaders remained the primary source of positions. Tencent was the top holding among QDII funds' overseas stocks with a market value of RMB 36.015 billion, involving 67 funds, an increase of RMB 0.988 billion from the previous period; Alibaba-W had a market value of RMB 31.539 billion, included in the portfolios of 66 funds, an increase of RMB 1.182 billion; Meituan's holding market value was RMB 21.527 billion, involving 40 funds, an increase of RMB 1.665 billion; Xiaomi Group’s market value was RMB 20.220 billion, involving 38 funds, an increase of RMB 1.439 billion.
The combined holding market value of these four stocks alone was RMB 109.301 billion, accounting for 28.26% of the total market value of QDII overseas major holdings.
In terms of stock performance, Tencent, Alibaba-W,$MEITUAN-W (03690.HK)$、$XIAOMI-W (01810.HK)$recorded price changes of -19.20%, -16.67%, -19.70%, and -19.19% respectively in the first quarter. Despite the decline in share prices, these stocks remained at the forefront of the major holdings list, largely due to their originally high market capitalization weights and fund holding bases.
In addition to internet platforms, Hong Kong-listed technology and consumer assets such as BYD, NetEase-S, and JD.com maintained relatively high positions. According to QDII details, NetEase-S was heavily held with a market value of 15.694 billion yuan, an increase of 1.041 billion yuan from the previous period; BYD's holding market value was 14.003 billion yuan, an increase of 3.182 billion yuan; JD.com’s was 12.066 billion yuan, up by 1.022 billion yuan. In the automotive sector, XPeng Motors-W was heavily held by public funds with a market value of 1.57 billion yuan, an increase of 1.553 billion yuan from the previous period, making it one of the stocks with significant increases in market value during the first quarter.
In contrast, the market value of some Hong Kong-listed technology manufacturing and internet stocks declined. SMIC’s market value in the QDII details was 9.765 billion yuan, a decrease of 1.475 billion yuan from the previous period; Kuaishou Technology’s market value was 8.865 billion yuan, down by 1.278 billion yuan; Baidu Group’s market value was 7.375 billion yuan, a decline of 162 million yuan. From the perspective of price changes, SMIC fell by 29.04% in the first quarter, Kuaishou-W dropped by 29.44%, and Baidu Group-SW decreased by 19.62%.
Top ten stocks account for half of the portfolio, with U.S. tech stocks showing stronger presence.
Overall, public fund offshore holdings are highly concentrated, with the top ten stocks collectively accounting for a total market value of 197.052 billion yuan, representing more than half of the entire portfolio. Tencent (67 funds), Alibaba (66 funds), Meituan (40 funds), Xiaomi Group (38 funds), NVIDIA (57 funds), NetEase-S (45 funds), Apple (39 funds), BYD (52 funds), JD.com (37 funds), and Microsoft (40 funds) form the core portfolio. These stocks not only have high market values but also feature prominently in many funds’ portfolios, forming a clear cornerstone characteristic.
In the U.S. market, the presence of the technology sector was even more prominent. NVIDIA was included as a major holding in 57 funds, with a total market value of RMB 19.003 billion; Apple was heavily held by 39 funds, with a market value of RMB 15.443 billion; Microsoft appeared in the portfolios of 40 funds, valued at RMB 11.543 billion;$Amazon (AMZN.US)$held by 32 funds, with a market value of RMB 8.824 billion.
In addition,$Taiwan Semiconductor (TSM.US)$appeared in the portfolios of 29 funds,$Broadcom (AVGO.US)$Included in 27 fund portfolios,$Tesla (TSLA.US)$and held by 21 funds as major positions. These leading US technology stocks occupy a core position in public mutual funds' overseas allocation, reflecting the funds' focus on strategic investments along the technology supply chain.
Moreover, from the perspective of individual funds, the largest offshore stock holdings are mostly ETFs. Wind data shows that E Fund CSI Overseas Internet ETF had a holding market value of 36.691 billion yuan, ranking first; Huaxia Hang Seng Technology ETF had a market value of 34.009 billion yuan; Huaxia Hang Seng Internet Technology ETF had a market value of 28.09 billion yuan; E Fund Hang Seng Technology ETF had a market value of 19.433 billion yuan; GF CSI Hong Kong Innovative Pharmaceuticals ETF had a market value of 17.473 billion yuan. The top five products are all index or ETF funds, primarily covering overseas internet, Hang Seng Technology, and Hong Kong innovative pharmaceuticals, highlighting the significant role of ETFs in offshore investments.
Editor/Jeffy