1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q4 2025, after nearly a year of upward trend, the A - share market started to move sideways and fluctuate, with wide - based indices showing mixed performance. Large and mid - cap value indices significantly outperformed growth indices, and the active equity fund scale and share decreased while the issuance quantity and scale slightly increased [3][8]. - The average stock position of equity funds slightly shrank, and the Hong Kong stock position also declined. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [3]. - The performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, while pharmaceutical theme funds performed the worst [3]. - Among the top 20 fund companies in terms of active equity fund scale, the scale changes compared to Q3 were mixed, with some companies' rankings changing [3]. - In Q4, the active equity fund most heavily held by FOF in terms of holding ratio and quantity was "Fuguo Steady Growth" [3]. 3. Summary by Related Catalogs 3.1 Fund Market Overview - **Performance Review**: In Q4 2025, the A - share market moved sideways and fluctuated after a year - long upward trend. Only the Shanghai Composite Index rose by 2.22% among wide - based indices, while others like the Shenzhen Component Index and the ChiNext Index declined. In terms of style, large and mid - cap value indices outperformed growth indices. The Hang Seng Index and related Hong Kong stock indices also declined [8]. - **Industry Index Performance**: Except for 9 industries such as medicine and beauty care, the remaining 22 industries in the Shenwan 31 - industry index achieved positive returns in Q4. Resources and military industries performed well, while the pharmaceutical industry was weak overall. The top 5 industries in terms of increase were non - ferrous metals (16.25%), petroleum and petrochemicals (15.31%), communication (13.61%), national defense and military industry (13.1%), and light industry manufacturing (7.53%) [11]. - **Equity Fund Performance**: In Q4 2025, ordinary stock - type funds, partial - stock hybrid funds, and flexible allocation funds declined by 1.94%, 1.60%, and 0.04% respectively, while balanced hybrid funds rose by 0.87%. In terms of risk, balanced hybrid funds with lower stock positions had the best drawdown performance, and flexible allocation funds showed better risk - return performance in the long - term [31]. - **Scale and Share**: By the end of Q4 2025, the total scale of active equity funds was 3.81 trillion yuan, a slight decrease of 4.53pct compared to the previous quarter, and the total share was 2.56 trillion shares, a decrease of 2.91pct. Among them, partial - stock hybrid funds had the largest scale, and balanced hybrid funds had the smallest scale [34]. - **Newly Issued Fund Situation**: In Q4, the number and scale of newly issued active equity funds slightly increased. A total of 100 funds were newly issued, with a total scale of 441.67 billion yuan, an increase of 4.72 billion yuan compared to the previous quarter. Partial - stock hybrid funds had the largest newly issued scale [36]. 3.2 Fund Holding Characteristics - **Stock/Hong Kong Stock Position**: In Q4 2025, the equity fund position slightly shrank, with the average stock position at 88.05%, a decrease of 0.88 percentage points compared to the end of the previous quarter. The Hong Kong stock position also decreased, with the average investment market value of Hong Kong stocks accounting for 11.62% of the net value, a decrease of 1.85 percentage points compared to the previous quarter [43]. - **Heavy - Holding Stock Sector Allocation**: In Q4, technology was the most heavily held sector by active equity funds. Except for cyclical, manufacturing, and financial sectors, the proportion of other sectors decreased. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [48]. - **Heavy - Holding Stock Industry Allocation**: The electronics industry was still the largest heavily - held industry by equity funds, but the allocation ratio decreased, and non - ferrous metals were significantly increased. The concentration of the top five industries slightly decreased from 58.58% in Q3 to 58.40% [50]. - **Individual Stock Level**: The top 10 individual stocks in terms of heavy - holding market value accounted for by equity funds were Zhongji Innolight, Xinyisheng, CATL, Tencent Holdings, Zijin Mining, Alibaba - W, Cambricon - U, Luxshare Precision, SMIC, and Kweichow Moutai. The market value proportion of Zhongji Innolight, Xinyisheng, and Ping An of China increased significantly, while that of Industrial Fuxing, Alibaba - W, and EVE Energy decreased relatively more [52]. - **Heavy - Holding Stock Market Value and Concentration**: The market value style of equity fund holdings continued to strengthen towards mid - and large - cap stocks. The concentration of the top 50, 100, and 200 heavy - holding stocks slightly decreased, but basically continued the previous trend [61]. 3.3 Fund Company Analysis - **Scale Ranking**: In Q4 2025, the scale changes of the top 20 fund companies in terms of active equity fund scale compared to Q3 were mixed. The top 5 institutions were E Fund, China Europe Asset Management, GF Fund, Fuguo Fund, and Huatai - PineBridge Fund. Among the companies ranked 6 - 20, the equity scale of Yongying Fund further increased, and its ranking rose by 2 places [64]. - **TOP20 Fund Company Heavy - Holding Industries**: The first - largest heavily - held industries of the top 20 fund companies were mainly electronics and medicine and biology. Dacheng Fund's first - largest heavily - held industry was non - ferrous metals, showing certain differences [65]. - **TOP20 Fund Company Heavy - Holding Stocks**: In Q4, the average concentration of the top three heavy - holding stocks of the top 20 fund companies in terms of active equity fund scale was 14.27%, and the concentration of the top five heavy - holding stocks was 21.04%, slightly increasing compared to the previous quarter. Xingquan Fund had the highest concentration of the top three heavy - holding stocks [67]. 3.4 Theme Fund Analysis - **Fund Performance**: In Q4, the performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, with a quarterly increase of 10.10%, followed by financial and manufacturing theme funds. Pharmaceutical theme funds had the worst performance, with a quarterly decline of 13.15% [71]. - **Pharmaceutical and Consumption Themes**: In pharmaceutical theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were chemical preparations and other biological products. The sub - sectors with a relatively large increase in heavy - holding proportion were medical R & D outsourcing and traditional Chinese medicine. In consumption theme funds, the sub - sectors with a relatively high market value proportion were liquor and agriculture, forestry, animal husbandry, and fishery. The sub - sectors with a relatively large increase in heavy - holding proportion were food processing and social services [75]. - **Technology and New Energy Themes**: In technology theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were artificial intelligence and consumer electronics industries. The sub - sectors with a relatively large increase in heavy - holding proportion were optical modules and IDC. In new energy theme funds, the sub - sectors with a relatively high market value proportion were energy storage and solid - state batteries. The sub - sectors with a relatively large increase in heavy - holding proportion were resource stocks and solid - state batteries [79]. 3.5 FOF Holding Analysis - **High - Holding - Ratio Funds**: In Q4 2025, the active equity fund with the highest holding ratio among FOF heavy - holding funds was "Fuguo Steady Growth", with a fund manager of Fan Yan. The fund's holding market value accounted for 2.53% of the total market value of all heavy - holding funds, an increase of 0.13% compared to the previous quarter [81]. - **High - Holding - Quantity Funds**: In Q4 2025, the active equity fund most heavily held by FOF in terms of quantity was still "Fuguo Steady Growth", followed by "Bodaojiu Hang" and "China Europe Dividend Premium Selection" [83]. - **Ratio/Quantity Changes**: In Q4 2025, the active equity funds with the largest increase in holding ratio and quantity among FOF heavy - holding funds were "Huatai - PineBridge Extended Growth Theme" and "China Europe Dividend Premium Selection" respectively [85]. - **New - Generation Fund Managers**: Among the active equity funds managed by new - generation fund managers with less than 3 years of management experience, the fund with the highest holding ratio among FOF heavy - holding funds in Q4 was "Rongtong Industrial Trend Selection", with a fund manager of Li Jin. The fund's holding market value accounted for 0.70% of the total market value of all heavy - holding funds, a quarter - on - quarter increase of 0.37% [87]. - **Holding Own Funds**: Different FOF institutions such as E Fund, China Europe Asset Management, Invesco Great Wall, Fuguo Fund, Huatai - PineBridge Fund, and Xingzheng Global Fund had different situations in holding their own equity funds, with different scales and top - held funds [89][91][94][96][98].

Core Viewpoint - The Hong Kong insurance stocks have collectively risen, indicating positive market sentiment towards the sector [1] Company Performance - China Pacific Insurance (00966.HK) increased by 4.38%, reaching HKD 25.76 [1] - China Life Insurance (02628.HK) rose by 3.22%, reaching HKD 34.58 [1] - Ping An Insurance (02318.HK) saw a rise of 2.45%, with shares priced at HKD 72.45 [1] - China Taiping Insurance (02601.HK) grew by 2.14%, with a share price of HKD 39.18 [1]

中国人寿 中国平安 中国太保 中国人寿 中国平安-R 中国平安 分时图 日K线 周K线 月K线 47.68 -0.66 -1.37% 1.51% 1.01% 0.50% 0.00% 0.50% 1.01% 1.51% 47.61 47.85 48.10 48.34 48.58 48.83 49.07 09:30 10:30 11:30/13:00 14:00 15:00 2万 15万 27万 40万 内险股集体上扬，截至发稿，中国太平(00966)涨4.38%，报25.76港元；中国人寿（601628）(02628)涨 3.22%，报34.58港元；中国平安（601318）(02318)涨2.45%，报72.45港元；中国太保（601601）(02601) 涨2.14%，报39.18港元。 消息面上，据国家金融监管总局最新披露数据显示，2025年保险业原保险保费收入约6.12万亿元，同比 增长7.43%。其中，财产险原保险保费收入约1.47万亿元，人身险原保险保费收入约为4.65万亿元。截 至2025年末，保险业总资产约41.32万亿元，较2024年末增长15.06%。 中信证券认为，证监会拟扩大战略投资者类 ...

Core Viewpoint - The insurance sector in China is experiencing a collective rise in stock prices, driven by positive forecasts for premium income and total assets in the coming years [1] Group 1: Stock Performance - Chinese insurance stocks have collectively risen, with China Pacific Insurance up 4.38% to HKD 25.76, China Life Insurance up 3.22% to HKD 34.58, Ping An Insurance up 2.45% to HKD 72.45, and China Taiping Insurance up 2.14% to HKD 39.18 [1] Group 2: Industry Forecast - According to the National Financial Regulatory Administration, the original insurance premium income for the insurance industry is expected to reach approximately CNY 6.12 trillion by 2025, representing a year-on-year growth of 7.43% [1] - Property insurance premium income is projected to be around CNY 1.47 trillion, while life insurance premium income is expected to be about CNY 4.65 trillion [1] - By the end of 2025, the total assets of the insurance industry are anticipated to be approximately CNY 41.32 trillion, reflecting a growth of 15.06% compared to the end of 2024 [1] Group 3: Strategic Investment Insights - CITIC Securities believes that the expansion of strategic investor types by the CSRC will benefit insurance capital as a major patient capital player, leading to a win-win situation for the capital market, listed companies, and investors [1] - The firm maintains that the insurance sector is in a significant opportunity period [1] Group 4: Market Trends - Dongwu Securities forecasts a strong performance for listed insurance companies in the 2026 New Year, with the ongoing trend of "deposit migration" continuing [1] - The attractiveness of insurance products remains significant as their preset interest rates are still higher than bank deposits, leading to optimistic expectations for new premium growth throughout the year [1] - It is anticipated that the proportion of participating insurance in new policies will further increase, benefiting the liability costs of insurance companies [1]

责任编辑：王馨茹 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！中国平安 获评"年度最具品牌价值保险集团"。 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 责任编辑：王馨茹 本次评选活动从多领域、多视角对保险机构各方面进行了综合评估，最终评选出多家行业佼佼者。 2月3日金融一线消息，由新浪财经主办的"2025新浪金麒麟保险行业评选"结果今日正式揭晓！中国平安 获评"年度最具品牌价值保险集团"。 ...

Group 1 - The "2025 Sina Golden Unicorn Insurance Industry Awards" results were announced, recognizing outstanding insurance companies and institutions through comprehensive evaluation [1][4] - China Life was awarded "Outstanding Insurance Group of the Year," while Ping An was recognized as "Most Brand Value Insurance Group" [2][5] - China Pacific Insurance received the title of "Most Socially Responsible Insurance Group" [2][5] Group 2 - China Life Life Insurance was named "Outstanding Life Insurance Company of the Year," and PICC Life was awarded "Outstanding Life Insurance Company" [2][5] - Ping An Property Insurance was recognized as "Outstanding Property Insurance Company," and AIA was awarded "Outstanding Brand Insurance Company" [2][5] - Zhong Postal Insurance received the "Social Responsibility Insurance Company of the Year" award [2][5] Group 3 - Various awards were given for business excellence, including "Outstanding Consumer Protection Award" to Taiping Life and Jiao Yin Life [2][5] - China Life Life Insurance and PICC Property Insurance both received "Outstanding ESG Practice Award" [2][5] - Other awards included "Outstanding Digital Service Award" to Jianxin Life and Xinmei Mutual [2][5] Group 4 - China Dadi Insurance and Zhong An were recognized as "Outstanding Technology Financial Insurance Companies" [3][6] - Taiping Property Insurance and Sunshine Property Insurance received "Outstanding Green Financial Insurance Company" awards [3][6] - Awards for inclusive finance were given to China Huaxia Insurance and Zhonghui Mutual [3][6] Group 5 - The event highlighted the exemplary strength and professionalism of the awarded insurance institutions, which gained customer trust and market acclaim [3][6] - The future outlook emphasizes the need for insurance institutions to leverage their unique advantages and contribute to the high-quality development of the insurance industry [3][6]

Group 1 - Anta Sports (82020), Li Ning (82331), and JD Health (86618) have the highest short-selling ratios at 100.00% each [1][2] - BYD Company (01211), Meituan (03690), and Xiaomi Group (01810) lead in short-selling amounts, with 1.896 billion, 1.439 billion, and 0.965 billion respectively [1][2] - Li Ning (82331), Shangmei Group (02145), and Bank of China Hong Kong (82388) have the highest deviation values at 37.55%, 31.60%, and 30.16% respectively [1][2] Group 2 - The top short-selling ratio rankings include Anta Sports (82020) at 100.00%, Li Ning (82331) at 100.00%, and JD Health (86618) at 100.00% [2] - The top short-selling amounts are led by BYD Company (01211) at 1.896 billion, Meituan (03690) at 1.439 billion, and Xiaomi Group (01810) at 0.965 billion [2] - The top deviation values are led by Li Ning (82331) at 37.55%, Shangmei Group (02145) at 31.60%, and Bank of China Hong Kong (82388) at 30.16% [2]

Market Overview - The Hang Seng Index (HSI) closed at 26,954.92, up by 179.35 points or 0.67% as of February 2, 16:00 Eastern Time [1] - The index reached a high of 27,021.10 and a low of 26,800.30 during the trading session, with a trading volume of 40.725 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.961, increasing by 3.91% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 595.694, down by 0.47% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 598.500, down by HKD 7.500 or 1.24% [3] - Alibaba Group: Latest price HKD 163.300, down by HKD 5.900 or 3.49% [3] - HSBC Holdings: Latest price HKD 134.700, down by HKD 1.900 or 1.39% [3] - AIA Group: Latest price HKD 89.050, down by HKD 1.300 or 1.44% [3] - Meituan: Latest price HKD 94.850, down by HKD 2.350 or 2.42% [3] - BYD Company: Latest price HKD 91.000, down by HKD 6.750 or 6.91% [3] - Kuaishou Technology: Latest price HKD 77.000, down by HKD 3.150 or 3.93% [3]

证 券 研 究 报 告 保险行业周报（20260126-20260130） 推荐（维持） 平安再度增持国寿 H，全年行业保费 6.12 亿元 本周行情复盘：保险指数上升 5.55%，跑赢大盘 5.47pct。保险个股表现分化， 太平+9.96%，友邦+8.79%，国寿+8.73%，太保+8.48%，新华+8.40%，平安 +4.46%，阳光+3.67%，人保+2.91%，财险+2.27%，众安-1.54%。十年期国债 到期收益率 1.81%，较上周末-2bps。 本周动态： （1）每经网：香港联交所披露，平安人寿于 1月 22日在场内以每股均价32.0553 港元，增持中国人寿 1189.1 万股 H 股，涉资约 3.81 亿港元。增持后最新持股 数目为 6.81 亿股，持股比例由 8.98%上升至 9.14%。 （2）智通财经：香港联交所披露，1 月 20 日，阳光人寿减持徽商银行 H 股 1169.4 万股，平均每股作价 3.2896 港元，涉及资金 3846.86 万港元。减持后最 新持股数目为 2.41 亿股，持股比例由 7.92%下降至 6.93%。 （3）证券日报：近日中国人寿接连发布两则公告，宣 ...

1. Report's Investment Rating for the Industry - The provided content does not include the industry investment rating [1] 2. Core Views of the Report - In Q4 2025, after nearly a year of upward trend, the A - share market started to move sideways and fluctuate. The broad - based indexes showed mixed performance. Large - and mid - cap value indexes outperformed growth indexes significantly. Active equity funds' scale and share decreased, while the issuance quantity and scale increased slightly [3]. - The average stock position of equity funds slightly shrank, and the Hong Kong stock position also declined. Funds increased their allocation in cyclical and financial sectors and made structural adjustments in technology, medicine, and consumption sectors [3]. - The performance of theme funds in different industries was divergent. Cyclical theme funds performed the best, while pharmaceutical theme funds performed the worst [3]. - In Q4, the FOF's most heavily - held active equity fund was "Fullgoal Steady Growth", and among new - generation fund managers with less than 3 years of experience, "Rongtong Industry Trend Selection" had the highest holding ratio [3] 3. Summary of Each Section 3.1 Fund Market Overview 3.1.1 Performance Review - In Q4 2025, the A - share market moved sideways and fluctuated after a year - long upward trend. Only the Shanghai Composite Index rose by 2.22%, while the Shenzhen Component Index and CSI 300 declined by 0.01% and 0.23% respectively. The ChiNext Index and STAR 50 Index dropped by 1.08% and 10.10% respectively. The Hang Seng Index and related Hong Kong indexes also fell [8]. - In terms of style, large - and mid - cap value indexes outperformed growth indexes significantly, with the large - cap value index leading. The cyclical and financial indexes had leading quarterly gains, while the stable, consumption, and growth indexes lagged [8] 3.1.2 Industry Index Performance - Except for 9 industries such as medicine and beauty care, the indexes of other industries in the Shenwan 31 industries achieved positive returns in Q4. Resources and military industries performed well, while the pharmaceutical industry was weak overall. The top 5 industries in terms of growth were non - ferrous metals (16.25%), petroleum and petrochemicals (15.31%), communications (13.61%), national defense and military industry (13.1%), and light manufacturing (7.53%) [11] 3.1.3 Equity Fund Performance - In Q4 2025, ordinary stock funds, partial - stock hybrid funds, and flexible allocation funds declined by 1.94%, 1.60%, and 0.04% respectively, while balanced hybrid funds rose by 0.87%. In terms of risk, balanced hybrid funds with lower stock positions had the best drawdown performance in Q4, and ordinary stock funds had the largest drawdown. In the long - term of 5 years, flexible allocation funds showed better risk - return performance [32] 3.1.4 Scale and Share - As of the end of Q4 2025, the total scale of active equity funds was 3.81 trillion yuan, a quarter - on - quarter decrease of 4.53 pct, and the total share was 2.56 trillion shares, a quarter - on - quarter decrease of 2.91 pct. Among them, partial - stock hybrid funds had the largest scale and share, while balanced hybrid funds had the smallest [35] 3.1.5 New Fund Issuance - In Q4, the issuance quantity and scale of active equity funds increased slightly. A total of 100 new funds were issued, with a total scale of 441.67 billion yuan, an increase of 4.72 billion yuan compared with the previous quarter. Partial - stock hybrid funds had the largest new issuance scale in this quarter [37] 3.2 Fund Positioning Characteristics 3.2.1 Stock/Hong Kong Stock Positions - In Q4 2025, the equity fund positions slightly shrank, with the average stock position at 88.05%, a decrease of 0.88 percentage points compared with the end of the previous quarter. The Hong Kong stock position also decreased, with the average investment market value of Hong Kong stocks accounting for 11.62% of the net value, a decrease of 1.85 percentage points compared with the previous quarter [44] 3.2.2 Heavy - Positioned Stock Sector Allocation - In Q4, technology was the most heavily - positioned sector of active equity funds. Except for the cyclical, manufacturing, and financial sectors, the proportion of other sectors decreased. The funds increased their allocation in cyclical products, mainly due to the marginal improvement of macro - expectations, the re - pricing of pro - cyclical profit elasticity, and the increased requirements for portfolio certainty and volatility control [47] 3.2.3 Heavy - Positioned Stock Industry Allocation - The electronics industry remained the largest heavy - positioned industry of equity funds, but the allocation ratio decreased. Non - ferrous metals were significantly increased. The concentration of the top 5 industries slightly decreased from 58.58% in Q3 to 58.40% [50] 3.2.4 Top Ten Heavy - Positioned Stocks - In terms of market value proportion, the top 10 heavy - positioned stocks of equity funds were Zhongji Innolight, Xinyisheng, CATL, Tencent Holdings, Zijin Mining, Alibaba - W, Cambricon - U, Luxshare Precision, SMIC, and Kweichow Moutai. In Q4, the market value proportion of Zhongji Innolight, Xinyisheng, and Ping An of China increased significantly, while that of Foxconn Industrial Internet, Alibaba - W, and EVE Energy decreased relatively more [52] 3.2.5 Heavy - Positioned Stock Market Value and Concentration - In terms of market value distribution of heavy - positioned stocks, the style of equity fund positions continued to strengthen towards mid - and large - cap stocks. In terms of concentration, the concentration of the top 50, 100, and 200 stocks slightly decreased, but basically continued the previous trend [61] 3.3 Fund Company Analysis 3.3.1 Scale of Top 20 Fund Companies - In Q4 2025, the equity fund scale of the top 20 fund companies compared with Q3 showed mixed changes. The top 5 institutions were E Fund Management, China Europe Asset Management, GF Fund Management, Fullgoal Fund Management, and Huatai - PineBridge Fund Management. Among the companies ranked 6 - 20, the equity scale of Yongying Fund Management further increased, and its ranking rose by 2 places [64] 3.3.2 Heavy - Positioned Industries of Top 20 Fund Companies - According to the heavy - positioned stocks of active equity funds in Q4, the first - largest heavy - positioned industries of the top 20 fund companies were mainly electronics and medicine and biology. Dacheng Fund's first - largest heavy - positioned industry was non - ferrous metals, showing certain differentiation [65] 3.3.3 Heavy - Positioned Stocks of Top 20 Fund Companies - In Q4, the average concentration of the top 3 heavy - positioned stocks of the top 20 fund companies was 14.27%, and the concentration of the top 5 heavy - positioned stocks was 21.04%, showing a slight increase compared with the previous quarter. Xingquan Fund had the highest concentration of the top 3 heavy - positioned stocks at 28.51% [67] 3.4 Theme Fund Analysis 3.4.1 Fund Performance - In Q4, the performance of theme funds in different industries was divergent. Cyclical theme funds performed the best, with a quarterly increase of 10.10%. Financial and manufacturing theme funds followed, with quarterly average returns of 2.93% and 1.46% respectively. Pharmaceutical theme funds had the worst performance, with a quarterly decline of 13.15%. Hong Kong - stock and consumption theme funds also had negative average returns [71] 3.4.2 Pharmaceutical and Consumption Theme Funds - In pharmaceutical theme funds, the sub - sectors with relatively high market value proportions were chemical preparations and other biological products. The sub - sectors with increased heavy - position proportions were medical R & D outsourcing and traditional Chinese medicine. In consumption theme funds, the sub - sectors with relatively high market value proportions were liquor and agriculture, forestry, animal husbandry, and fishery. The sub - sectors with increased heavy - position proportions were food processing and social services [75] 3.4.3 Technology and New Energy Theme Funds - In technology theme funds, the sub - sectors with relatively high market value proportions were artificial intelligence and consumer electronics. The sub - sectors with increased heavy - position proportions were optical modules and IDC. In new - energy theme funds, the sub - sectors with relatively high market value proportions were energy storage and solid - state batteries. The sub - sectors with increased heavy - position proportions were resource stocks and solid - state batteries [79] 3.5 FOF Positioning Analysis 3.5.1 Funds with High Holding Ratios - In Q4 2025, the active equity fund with the highest holding ratio in FOF's heavy - positioned funds was "Fullgoal Steady Growth", with a holding market value accounting for 2.53% of the total heavy - positioned funds, an increase of 0.13% compared with the previous quarter. "Bodaojiu Hang" and "China Europe Dividend Premium" ranked second and third [81] 3.5.2 Funds with High Holding Quantities - In Q4 2025, the active equity fund with the largest number of heavy - positioned holdings in FOF was still "Fullgoal Steady Growth", followed by "Bodaojiu Hang" and "China Europe Dividend Premium". The number of FOFs holding these two funds increased by 1 and 7 respectively compared with the previous quarter [83] 3.5.3 Changes in Holding Ratio/Quantity - In Q4 2025, the active equity funds with the largest increase in holding ratio and quantity in FOF's heavy - positioned funds were "Huatai - PineBridge Extended Growth Theme" and "China Europe Dividend Premium" respectively [85] 3.5.4 New - Generation Fund Managers (Less Than 3 Years) - Among the active equity funds managed by new - generation fund managers with less than 3 years of experience, the fund with the highest holding ratio in FOF's heavy - positioned funds in Q4 was "Rongtong Industry Trend Selection", with a holding ratio of 0.70%, a quarter - on - quarter increase of 0.37% [87] 3.5.5 Self - Holding Fund Situations of Major Fund Companies - E Fund's FOF heavily held its own equity funds worth 21.81 billion yuan, accounting for 84.51% of all heavy - positioned equity funds. China Europe's FOF held its own equity funds worth 8.63 billion yuan, accounting for 94.49%. Fullgoal's FOF held its own equity funds worth 3.83 billion yuan, accounting for 51.82%. Huatai - PineBridge's FOF held its own equity funds worth 7.70 billion yuan, accounting for 70.11%. Xingzheng Global's FOF held its own equity funds worth 10.16 billion yuan, accounting for 61.48% [89][92][95][97][99]