# fund flows

China’s Fund Managers Shift Stakes: CATL Tops Holdings as Moutai Falls to No.4 and Banks Gain Ground

Fund holdings disclosed in China’s 2025 Q4 reports show a concentrated shift: CATL, two optical‑communications suppliers and Zijin Mining join Guizhou Moutai among five stocks with fund holdings above RMB 100 billion. Managers pared back positions in several high‑growth industrials while topping up banks, insurers and resource names, and FOF allocations favoured short‑duration bond products.