Traditional consumers are fading out of the top 10 stock holdings of public funds, and the new generation of fund managers prefer new consumption.

The latest disclosed quarterly report of public mutual funds in 2025 shows a new change in the top ten heavy-weighted stocks of active equity funds, with nine seats occupied by technology and new energy stocks, while the remaining seat is given to Kweichow Moutai. This change reflects the current situation of the differentiation of public consumption tracks: on one hand, some funds are still sticking to traditional consumption, with some liquor stocks being heavily weighted for 36 consecutive quarters; on the other hand, the new consumption brought by action figures, grain economy, and medical beauty has become the new favorite of a group of new generation fund managers.