The floodgates have opened for the disclosure of 2025's first-quarter fund reports, revealing clearer trends in fund managers' portfolio adjustments and stock rotations. As of April 20th, approximately a thousand funds from 42 fund companies have unveiled their first-quarter reports, encompassing notable names like China Merchants Fund, Penghua Fund, and Yinhua Fund. During the first quarter, emerging industries like AI continued to surge, driving economic vitality, and Chinese assets as a whole exhibited robust performance. Fund managers have significantly increased their allocations to technology stocks, effectively raising their portfolios' "tech content". Wind data underscores this shift, with top-performing funds such as Ping An Advanced Manufacturing Theme, Huafu Technology Momentum, Great Wall Jiuxin, Wanjia Industry Optimization, and China Europe Smart Manufacturing all reporting first-quarter returns exceeding 25%. These standout funds have consistently made substantial investments in technology stocks, particularly in popular thematic sectors like artificial intelligence, humanoid robots, and semiconductors, which have emerged as their core holdings.