Amidst a growing array of structural opportunities within the A-share market, certain fund managers opted to scale back their investments in Hong Kong stocks during the first quarter. Instead, they bolstered their holdings in conventional A-share industrial chains, with a particular emphasis on underlying assets that are integral to the AI sector, such as electricity and minerals. Recently, a number of public fund institutions—including Ping An Fund, Qianhai Open Source Fund, Huafu Fund, and Rongtong Fund—released their first-quarter reports for 2026. These reports reveal that infrastructure sectors, such as electricity and hardware, which are closely tied to the growth of the AI industry, have emerged as focal points for public funds seeking to expand their positions. Concurrently, traditional resource stocks have also garnered interest from funds looking to diversify and adjust their portfolios.