Public mutual funds' Q1 2026 report shows active equity funds maintained high positions (90.77% for ordinary stock funds, 89.38% for partial equity mixed funds), but significantly reduced Hong Kong stock allocations. Sector-wise, large-cycle sectors saw a 1.67% increase while consumer sectors decreased by 1.51%. Electronics (21.23%), telecommunications (13.08%), and power equipment & new energy (10.19%) held the highest industry weights. Managers actively added to telecommunications, basic chemicals, and petrochemicals while reducing non-ferrous metals, electronics, and non-bank financials. At the stock level, Zhongji Xuchuang (300308.SZ), CATL (300750.SZ), and Xinyisheng (300502.SZ) topped absolute market value holdings; Hengtong Optic-electric (600487.SH), Zhongtian Technology (600522.SH), and Yangtze Optical Fiber (601869.SH) were most actively bought, while Tencent (0700.HK), Zijin Mining (601899.SH), and Cambricon (688256.SH) were most actively sold. Top-performing funds heavily weighted telecommunications, non-ferrous metals, and electronics, while billion-scale funds favored electronics, telecommunications, and pharmaceuticals.