Group 1 - The metal lead concept increased by 3.56%, ranking fourth among concept sectors, with 32 stocks rising, including Dazhong Mining which hit the daily limit, and Huayu Mining, Guocheng Mining, and Huaxi Nonferrous rising by 8.09%, 7.67%, and 6.74% respectively [1] - The metal lead concept sector saw a net inflow of 1.775 billion yuan, with 24 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow, led by Zijin Mining with a net inflow of 878 million yuan [2] - The top net inflow ratios were recorded by Dazhong Mining, China Metallurgical Group, and Zijin Mining at 23.39%, 15.78%, and 13.58% respectively [3] Group 2 - The leading stocks in the metal lead concept included Zijin Mining, Shengtun Mining, and Dazhong Mining, with respective daily price changes of 3.75%, 6.35%, and 10.03% [3] - Stocks with significant declines included Beijiete and Wisdom Agriculture, which fell by 3.10% and 2.08% respectively [1][5] - The overall market performance showed a mixed trend with various sectors experiencing both gains and losses, highlighting the volatility in the current market environment [2][5]

Core Insights - The gold concept sector saw an increase of 2.69%, ranking 9th among concept sectors, with 59 stocks rising, including Jiangxi Copper, Tebian Electric Apparatus, and Huayu Mining, which rose by 9.57%, 8.91%, and 8.09% respectively [1] - The sector experienced a net inflow of 4.995 billion yuan, with 45 stocks receiving net inflows, and 12 stocks exceeding 100 million yuan in net inflows, led by Tebian Electric Apparatus with 1.22 billion yuan [2][3] Sector Performance - The top-performing concept sectors included Hainan Free Trade Zone (+4.35%), BC Battery (+3.89%), and Metal Zinc (+3.60%), while the worst performers included DRG/DIP (-1.31%) and Military Equipment Restructuring Concept (-1.14%) [2] - The gold concept sector's performance was bolstered by significant inflows, with major contributors being Tebian Electric Apparatus, Zijin Mining, Jiangxi Copper, and Luoyang Molybdenum, which saw net inflows of 1.22 billion yuan, 878 million yuan, 583 million yuan, and 445 million yuan respectively [2] Stock-Specific Insights - The stocks with the highest net inflow ratios included Hangmin Co., Jiangxi Copper, and Zijin Mining, with net inflow ratios of 16.50%, 13.64%, and 13.58% respectively [3] - Notable stock performances included Tebian Electric Apparatus (+8.91%), Zijin Mining (+3.75%), and Jiangxi Copper (+9.57%), with respective turnover rates of 8.83%, 1.03%, and 4.96% [3][4]

Core Insights - The metal cobalt sector experienced a rise of 3.31%, ranking sixth among concept sectors, with 30 stocks increasing in value, including notable gains from Zhongtung High-tech, Guocheng Mining, Hainan Mining, and Xiamen Tungsten [1][2] Sector Performance - The top-performing concept sectors included Hainan Free Trade Zone (+4.35%), BC Battery (+3.89%), and Metal Zinc (+3.60%), while the worst performers were DRG/DIP (-1.31%) and Military Equipment Restructuring Concept (-1.14%) [2] - The metal cobalt sector saw a net inflow of 3.74 billion yuan, with 25 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows [2] Key Stocks - Zijin Mining led the net inflow with 878.94 million yuan, followed by Ganfeng Lithium, Luoyang Molybdenum, and Huayou Cobalt with net inflows of 542.84 million yuan, 444.77 million yuan, and 355.20 million yuan respectively [2][3] - The stocks with the highest net inflow ratios included China Metallurgical Group (15.78%), Zijin Mining (13.58%), and China Railway Group (13.38%) [3][4] Stock Performance - Notable stock performances included Zhongtung High-tech (+10.00%), Ganfeng Lithium (+6.22%), and Luoyang Molybdenum (+4.78%), while stocks like Huaxin Environmental Protection and China Ruilin saw declines of -2.48% and -2.15% respectively [1][5]

Reported Industry Investment Rating - Not provided in the content Core Views of the Report - As of 3Q2025, there were 4,456 active equity funds in the market, an increase of 71 from the end of the previous quarter, with a total fund size of 3.79 trillion yuan [3][8]. - In 3Q2025, the equity positions of common stock - type, partial - stock hybrid, and flexible allocation funds increased slightly, and the positions in the Hong Kong stock market continued to rise. The equity positions were 90.89%, 89.02%, and 74.76% respectively, up 0.69 pct, 1.53 pct, and 2.19 pct from the end of the previous quarter. The Hong Kong stock positions were 12.93%, 17.37%, and 4.09% respectively, up 0.08 pct, 0.26 pct, and 0.01 pct from the end of the previous quarter [3]. - The concentration of individual stocks and industries increased slightly. The concentrations of the top three, top five, and top ten individual stocks were 21.98%, 33.04%, and 53.75% respectively, up 0.90 pct, 1.38 pct, and 1.84 pct from the end of the previous quarter. The concentrations of the first, top three, and top five industries were 24.47%, 41.76%, and 49.64% respectively, up 1.54 pct, 2.38 pct, and 2.51 pct from the end of the previous quarter [3]. - In terms of heavy - position sectors, in A - share market, the heavy - position stocks of active equity funds increased their positions in the technology sector by 11.36 pct compared with the previous quarter. In the Hong Kong stock market, the heavy - position stocks increased their positions in the consumer and pharmaceutical sectors by 3.23 pct and 2.37 pct respectively compared with the previous quarter [3]. - In terms of A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were electronics, power equipment and new energy, and pharmaceuticals, accounting for 23.01%, 10.32%, and 10.09% respectively. The top three industries with the largest active increase in positions were communication, computer, and electronics, with increases of 2.77 pct, 2.00 pct, and 1.79 pct respectively [3]. - In terms of Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were media, pharmaceuticals, and commerce and retail, accounting for 22.69%, 15.79%, and 13.58% respectively. The top three industries with the largest active increase in positions were commerce and retail, pharmaceuticals, and electronics, with increases of 4.80 pct, 1.34 pct, and 1.00 pct respectively [3]. - In 3Q2025, the top three A - shares with the largest active increase in positions compared with the end of the previous quarter were Industrial and Commercial Bank of China, Shennan Circuit, and Zhongji Innolight, with increases of 282.41 billion yuan, 77.17 billion yuan, and 71.51 billion yuan respectively. The top three Hong Kong stocks with the largest active increase in positions were Alibaba - W, Huahong Semiconductor, and Jiufang Zhitou Holdings, with increases of 170.28 billion yuan, 26.99 billion yuan, and 18.13 billion yuan respectively [3]. Summary by Relevant Catalogs 1. Scale and Quantity Analysis - As of 3Q2025, the scale of active equity funds increased. There were 4,456 active equity funds in the market, an increase of 71 from the end of the previous quarter. The total scale was 3.79 trillion yuan, an increase of 619.566 billion yuan or 19.54% from the end of the previous quarter [8]. - The fund issuance market was hot. In 3Q2025, 111 new active equity funds were established, with a combined issuance share of 5.611 billion shares, a 53.33% increase from the end of the previous quarter [9]. - In terms of fund scale distribution, in 3Q2025, the proportion of active equity funds with a scale of less than 100 million yuan was 77.96%. The proportion of funds with a scale of less than 200 million yuan decreased by 3.58 pct, while the proportions of funds with scales of 200 - 1000 million yuan, 1000 - 5000 million yuan, 5000 - 10000 million yuan, and over 10000 million yuan increased by 0.98 pct, 1.78 pct, 0.60 pct, and 0.22 pct respectively [13]. 2. Position Analysis - In 3Q2025, the stock positions of active equity funds increased. The equity positions of common stock - type, partial - stock hybrid, and flexible allocation funds were 90.89%, 89.02%, and 74.76% respectively, up 0.69 pct, 1.53 pct, and 2.19 pct from the end of the previous quarter. These positions were at relatively high historical levels [16]. - The Hong Kong stock positions of active equity funds increased slightly. The Hong Kong stock positions of common stock - type, partial - stock hybrid, and flexible allocation funds were 12.93%, 17.37%, and 4.09% respectively, up 0.08 pct, 0.26 pct, and 0.01 pct from the end of the previous quarter. The number of funds allocating to Hong Kong stocks also increased [17]. 3. Heavy - Position Stock Concentration Analysis - In 3Q2025, the concentration of individual stocks and industries in active equity funds increased. The concentrations of the top three, top five, and top ten individual stocks were 21.98%, 33.04%, and 53.75% respectively, up 0.90 pct, 1.38 pct, and 1.84 pct from the end of the previous quarter. The concentrations of the first, top three, and top five industries were 24.47%, 41.76%, and 49.64% respectively, up 1.54 pct, 2.38 pct, and 2.51 pct from the end of the previous quarter, indicating an increase in risk preference [20]. 4. Heavy - Position Stock Sector Analysis - In the A - share market in 3Q2025, the top three sectors in terms of heavy - position stock allocation of active equity funds were technology, manufacturing, and cyclical sectors, accounting for 39.33%, 23.35%, and 13.58% respectively. The technology sector saw an increase in positions, while the consumer, financial real - estate, pharmaceutical, cyclical, and manufacturing sectors saw a decrease in positions [24]. - In the Hong Kong stock market in 3Q2025, the top three sectors in terms of heavy - position stock allocation of active equity funds were technology, consumer, and pharmaceutical sectors, accounting for 41.25%, 17.70%, and 15.79% respectively. The consumer, pharmaceutical, and cyclical sectors saw an increase in positions, while the technology, manufacturing, and financial real - estate sectors saw a decrease in positions [28]. 5. Heavy - Position Stock Industry Analysis 5.1 Active Equity Fund Heavy - Position Stock Industry Analysis - In A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were electronics, power equipment and new energy, and pharmaceuticals, accounting for 23.01%, 10.32%, and 10.09% respectively. The top three industries with the largest active increase in positions were communication, computer, and electronics, while the top three industries with the largest active decrease in positions were banking, home appliances, and national defense and military industry [30][32][33]. - In Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of active equity funds were media, pharmaceuticals, and commerce and retail, accounting for 22.69%, 15.79%, and 13.58% respectively. The top three industries with the largest active increase in positions were commerce and retail, pharmaceuticals, and electronics, while the top three industries with the largest active decrease in positions were media, consumer services, and communication [36][37]. 5.2 Performance - Excellent and Hundred - Billion Fund Heavy - Position Stock Industry Analysis - In A - share allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of performance - excellent funds were electronics, communication, and computer, accounting for 41.21%, 38.05%, and 8.45% respectively. The top three industries with the largest active increase in positions were computer, machinery, and automobile, while the top three industries with the largest active decrease in positions were electronics, media, and power equipment and new energy [40]. - The top three industries in terms of market value of heavy - position stocks of hundred - billion funds were electronics, pharmaceuticals, and food and beverage, accounting for 21.86%, 16.77%, and 13.12% respectively. The top three industries with the largest active increase in positions were communication, computer, and basic chemicals, while the top three industries with the largest active decrease in positions were transportation, electronics, and pharmaceuticals [40][41]. - In Hong Kong stock allocation in 3Q2025, the top three industries in terms of market value of heavy - position stocks of performance - excellent funds were commerce and retail, media, and electronics, accounting for 34.84%, 34.56%, and 24.14% respectively. The top three industries with the largest active increase in positions were commerce and retail, comprehensive finance, and non - ferrous metals, while the top three industries with the largest active decrease in positions were communication, home appliances, and pharmaceuticals [43]. - The top three industries in terms of market value of heavy - position stocks of hundred - billion funds were media, commerce and retail, and pharmaceuticals, accounting for 26.93%, 17.75%, and 12.36% respectively. The top three industries with the largest active increase in positions were commerce and retail, electronics, and pharmaceuticals, while the top three industries with the largest active decrease in positions were media, communication, and consumer services [43]. 6. Heavy - Position Individual Stock Analysis 6.1 Heavy - Position Individual Stock Market Value Analysis - In 3Q2025, the top three A - shares in terms of absolute market value of heavy - position allocation of active equity funds were CATL, Xinyisheng, and Zhongji Innolight, with market values of 67.31 billion yuan, 53.801 billion yuan, and 49.594 billion yuan respectively. The top three A - shares in terms of allocation market value ratio were Novartis Pharma - U, Aerospace South Lake, and Baili Tianheng, with the proportion of shares held accounting for 24.37%, 23.43%, and 23.29% of the tradable shares respectively [46]. - The top three Hong Kong stocks in terms of absolute market value of heavy - position allocation of active equity funds were Tencent Holdings, Alibaba - W, and SMIC, with market values of 65.575 billion yuan, 47.603 billion yuan, and 26.714 billion yuan respectively. The top three Hong Kong stocks in terms of allocation market value ratio were Sino Biopharm, Goldwind Science & Technology, and Kelun Botai Biopharm - B, with the proportion of shares held accounting for 11.75%, 10.73%, and 10.04% of the tradable shares respectively [47]. 6.2 Heavy - Position Individual Stock Active Position - Adjustment Analysis - In 3Q2025, the top three A - shares with the largest active increase in positions of active equity funds compared with the end of the previous quarter were Industrial and Commercial Bank of China, Shennan Circuit, and Zhongji Innolight, with increases of 28.241 billion yuan, 7.717 billion yuan, and 7.151 billion yuan respectively. The top three A - shares with the largest active decrease in positions were Shenghong Technology, Midea Group, and CATL, with decreases of 14.111 billion yuan, 7.982 billion yuan, and 7.262 billion yuan respectively [50]. - The top three Hong Kong stocks with the largest active increase in positions of active equity funds compared with the end of the previous quarter were Alibaba - W, Huahong Semiconductor, and Jiufang Zhitou Holdings, with increases of 17.028 billion yuan, 2.699 billion yuan, and 1.813 billion yuan respectively. The top three Hong Kong stocks with the largest active decrease in positions were Tencent Holdings, Xiaomi Group - W, and Meituan - W, with decreases of 7.926 billion yuan, 7.612 billion yuan, and 5.077 billion yuan respectively [52].

Core Viewpoint - The Shanghai Composite Index rose by 0.70% on October 29, with 24 out of 28 sectors experiencing gains, particularly in the power equipment and non-ferrous metals sectors, which increased by 4.79% and 4.28% respectively [1] Market Performance - The main funds in the two markets saw a net inflow of 5.406 billion yuan, with 12 sectors experiencing net inflows. The power equipment sector led with a net inflow of 16.132 billion yuan, followed by the non-ferrous metals sector with 5.997 billion yuan [1] - Conversely, 19 sectors experienced net outflows, with the electronics sector leading at a net outflow of 6.540 billion yuan, followed by the communications sector with 4.736 billion yuan [1] Non-Ferrous Metals Sector - The non-ferrous metals sector rose by 4.28%, with a total net inflow of 5.997 billion yuan. Out of 137 stocks in this sector, 122 saw gains, and 4 hit the daily limit [2] - The top stocks by net inflow included Zijin Mining with 878 million yuan, Jiangxi Copper with 583 million yuan, and Ganfeng Lithium with 542 million yuan [2] - The sector also had 8 stocks with net outflows exceeding 50 million yuan, led by Antai Technology with a net outflow of 603 million yuan [2][4] Non-Ferrous Metals Sector Inflow Rankings - Key stocks with significant inflows included: - Zijin Mining: +3.75%, turnover rate 1.03%, inflow 877.89 million yuan - Jiangxi Copper: +9.57%, turnover rate 4.96%, inflow 582.99 million yuan - Ganfeng Lithium: +6.22%, turnover rate 9.17%, inflow 541.84 million yuan [2] Non-Ferrous Metals Sector Outflow Rankings - Key stocks with significant outflows included: - Antai Technology: +2.35%, turnover rate 25.88%, outflow -602.59 million yuan - Chuangjiang New Materials: +2.11%, turnover rate 22.94%, outflow -194.99 million yuan - Dongfang Tantalum: -0.87%, turnover rate 13.37%, outflow -107.78 million yuan [4]

Core Viewpoint - Public funds have significantly increased their investment in A-shares, with the total market value surpassing 7 trillion yuan, reaching a record high of 7.38 trillion yuan, which accounts for 20.84% of all fund assets, marking a 22.23% increase compared to the previous quarter [1][4]. Group 1: Public Fund Investment Overview - As of the end of Q3 2025, public funds held a total stock market value of 8.99 trillion yuan, with A-shares accounting for 7.38 trillion yuan, reflecting a growth rate of 22.23% [2][5]. - The total net asset value of public funds reached 35.41 trillion yuan, with a growth of 6.03% [2][5]. - The number of funds holding over 100 billion yuan in stock market value increased by 30% to 110 funds [7]. Group 2: Individual Stock Holdings - Ningde Times remains the highest individual stock held by public funds, with a market value exceeding 200 billion yuan, specifically reaching 2070.74 billion yuan [3][13]. - Guizhou Moutai, Zhongji Xuchuang, and Xinyi Sheng also have market values exceeding 100 billion yuan, with Guizhou Moutai valued at 1236.49 billion yuan [3][15]. - The top ten stocks held by public funds include major companies like Tencent and Alibaba, with Tencent's market value at 1068.12 billion yuan [14][17]. Group 3: Market Trends and Changes - The public fund investment in A-shares has seen a significant increase, moving from 6 trillion to 7 trillion yuan over nearly four years, with notable fluctuations during market adjustments in 2022 and 2023 [4][6]. - The increase in public fund investment is attributed to a strong performance in the A-share market, with a notable increment of 1.34 trillion yuan in Q3 2025 alone [5][6]. - Passive index funds, particularly ETFs, dominate the segment of funds with over 100 billion yuan in stock holdings, accounting for over 70% of this group [8][9].

Core Insights - Public funds have significantly increased their investment in A-shares, with the total market value surpassing 7 trillion yuan, reaching a record high of 7.38 trillion yuan, which accounts for 20.84% of total fund assets [1][3]. Group 1: Public Fund Investment Overview - As of the end of Q3 2025, public funds held a total stock market value of 8.99 trillion yuan, with A-shares contributing 7.38 trillion yuan, marking a 22.23% increase from the previous quarter [2][4]. - The total net asset value of public funds reached 35.41 trillion yuan, with a growth rate of 6.03% [2][4]. - The number of funds holding over 100 billion yuan in stock value increased by 30% to 110 funds [5]. Group 2: Individual Stock Holdings - Ningde Times remains the highest-valued stock held by public funds, with a market value exceeding 200 billion yuan, specifically 2070.74 billion yuan, held by 2124 funds [3][8]. - Guizhou Moutai and other stocks like Zhongji Xuchuang and Tencent also have significant holdings, each exceeding 100 billion yuan [3][9]. - Zhongji Xuchuang saw a remarkable increase in market value, rising by 287.89% to 1110.68 billion yuan, making it the third-largest holding [9][10]. Group 3: Market Trends and Historical Context - The transition from 6 trillion to 7 trillion yuan in A-share investments took nearly four years, with previous peaks in 2021 [3][4]. - The stock market value has shown a consistent upward trend over the past three quarters, with a notable increase of 1.34 trillion yuan in Q3 [4][5].

Market Overview - The A-share market showed mixed performance in October, with the Shanghai Composite Index rising by 2.7% while the Sci-Tech Innovation 50 Index fell by 1.6% [1][8] - The Hong Kong stock market experienced a pullback, with major indices such as the Hang Seng Index and Hang Seng Technology Index declining by 1.9% and 5.8% respectively [1][11] A-share Insights - The market is expected to maintain a strong performance due to multiple favorable factors, including the approval of the 15th Five-Year Plan by the Communist Party and anticipated interest rate cuts by the Federal Reserve [2][15] - The focus for mid-term investments should be on the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors, while high-dividend and consumer sectors may be considered if market volatility increases [2][20] Hong Kong Insights - The Hong Kong market is likely to continue its upward trend amidst the Federal Reserve's interest rate cuts, with a focus on a "barbell" strategy that includes technology growth and high-dividend stocks [3][22] - Key sectors to watch include self-sufficient technology, chips, and high-end manufacturing, as well as stable dividend-paying sectors like telecommunications and utilities [3][22] Stock Recommendations - The A-share stock selection for November includes: Sunlord Electronics, Aolai Technology, Zhongji Xuchuang, Hangcha Group, Sany Heavy Industry, Zhengguang Co., Haier Smart Home, China Petroleum, Zijin Mining, and Shanghai Lingang [3][24] - The Hong Kong stock selection for November includes: New China Life Insurance, China Life Insurance, Tencent Holdings, SMIC, and Hua Hong Semiconductor [3][28]

Core Insights - The top ten holdings of public funds for the third quarter of 2025 have been released, featuring companies such as CATL, Tencent, and Alibaba [1] Group 1: Top Holdings - The top ten stocks held by public funds include: CATL (300750), Tencent, Xinyisheng (300502), Zhongji Xuchuang (300308), Alibaba-W, Luxshare Precision (002475), Industrial Fulian (601138), Zijin Mining (601899), SMIC, and Kweichow Moutai (600519) [1] - Compared to the end of the second quarter of 2025, Zhongji Xuchuang and Industrial Fulian have newly entered the top ten holdings, while Midea Group (000333) and Xiaomi Group-W have exited [1]

Core Insights - The top ten holdings of public funds for the third quarter of 2025 have been released, featuring companies such as CATL, Tencent, and Alibaba [1] - Compared to the end of the second quarter of 2025, companies like Zhongji Xuchuang and Industrial Fulian have entered the top ten holdings, while Midea Group and Xiaomi have exited [1] Group 1 - The top ten stocks include: CATL, Tencent, New Yisheng, Zhongji Xuchuang, Alibaba-W, Luxshare Precision, Industrial Fulian, Zijin Mining, SMIC, and Kweichow Moutai [1] - Zhongji Xuchuang and Industrial Fulian are new entrants in the top ten holdings of public funds [1] - Midea Group and Xiaomi Group-W have been removed from the top ten holdings [1]