Core Insights - The public funds held a total market value of approximately 37,864 billion yuan in A-shares by the end of Q3 2025, marking an increase of over 12,027 billion yuan compared to the end of Q2 2025, primarily driven by a rapid rise in the A-share market, particularly in the ChiNext index which surged over 50% [2][3]. Industry Distribution - The electronics industry had the highest total market value held by funds, amounting to approximately 8,020 billion yuan, significantly surpassing other sectors. This industry also became the largest sector in terms of total market value in A-shares in August 2025 [2][3]. - The power equipment (mainly renewable energy) and pharmaceutical biotechnology sectors also saw substantial holdings, with fund holdings exceeding 4,500 billion yuan and 3,200 billion yuan, respectively. Additionally, the communication, food and beverage, non-bank financial, and non-ferrous metals sectors each had fund holdings exceeding 2,000 billion yuan [2][3]. Changes in Holdings - Compared to Q2, the fund's holdings in the electronics sector increased by over 3,600 billion yuan, while holdings in power equipment and communication sectors rose by more than 1,900 billion yuan each. Conversely, the banking sector saw the largest decrease in holdings, dropping by over 700 billion yuan [3][4]. Top Holdings - By the end of Q3 2025, 55 A-share companies had over 10 billion yuan in fund holdings. Notably, the top heavy-weight stock was Ningde Times, with a total fund holding market value of approximately 2,071 billion yuan, an increase of over 600 billion yuan from Q2, largely due to a stock price increase of over 60% [5][6]. - Other significant stocks included Zhongji Xuchuang and Xinyi Sheng, each with fund holdings exceeding 1,100 billion yuan, reflecting strong market performance [6][9]. Performance of Fund Holdings - The median increase in stock prices for the 55 A-share companies heavily held by funds was 56.45% in the first three quarters of the year, outperforming the ChiNext index during the same period. Notably, 19 stocks, including Shenghong Technology and Xinyi Sheng, achieved over 100% growth [5][6]. - The top 30 A-share companies favored by funds saw a median price increase of 78.57%, significantly outpacing the ChiNext index [9][11]. AI and New Energy Stocks - A total of 38 AI computing stocks were held by funds, with significant holdings in Zhongji Xuchuang and Xinyi Sheng, each exceeding 1,100 billion yuan. The median increase for these stocks was approximately 129%, with 26 stocks doubling in value [13][17]. - In the new energy sector, 33 stocks were held by funds, with Ningde Times leading at over 2,000 billion yuan in holdings. The median increase for these stocks was around 50%, with notable performers like Xian Dao Intelligent achieving over 210% growth [17].

Core Viewpoint - The article discusses the significant changes in the holdings of public funds in the third quarter of 2025, highlighting the rise of technology stocks and the continued dominance of Ningde Times as the largest holding [4][5]. Group 1: Public Fund Holdings - As of the end of Q3 2025, the total stock holdings of public funds reached 8.99 trillion yuan, an increase of approximately 1.8 trillion yuan from 7.19 trillion yuan at the end of Q2 2025 [3]. - Ningde Times consistently ranks as the top holding in public funds throughout the first three quarters of 2025, with a holding value of 2,071 billion yuan in Q3 [2][4]. - New entrants to the top ten holdings include Zhongji Xuchuang, Xinyi Sheng, and Hanwujing, while companies like China Merchants Bank, Midea Group, and Xiaomi Group have exited the list [5]. Group 2: Technology Sector Insights - Fund managers express optimism about the AI sector, noting that it remains a key driver of global technological innovation, with strong domestic demand for computing power and improving supply chain conditions [5]. - The AI industry is experiencing explosive growth, with domestic internet companies increasing capital expenditures in AI, leading to stable revenue growth and a gradual increase in profit contributions from AI [5]. - There are concerns regarding the long-term outlook for the industry due to uncertainties in technology iterations and the competitive landscape, but there is also recognition of significant progress in technology and applications [6].

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 - 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].

智通财经10月29日讯（记者 周晓雅）公募基金三季报密集披露后，公募投资A股的情况也一一浮现。 Wind数据显示，截至三季度末，公募基金持有A股市值突破了7万亿关口，创新高至7.38万亿元，占所有基金资产总值的20.84%，与前一季度 相比市值增长了22.23%。 公募基金持有A股市值创新高 此次公募基金首次持有A股市值超7万亿元，从6万亿向7万亿关口跨越，历时近4年。 数据显示，早在2021年，公募投资A股市值分别在当年二季度末、四季度末接连突破5万亿、6万亿关口，至年底的6.45万亿元；但随着2022 年、2023年A股行情调整，公募投资A股市值也徘徊在5万亿的水平。 而去年"9·24"行情点燃之际，公募投资A股市值也在去年3季度末重新到6万亿元以上，但仍未及2021年的峰值；并且在下一季度再次出现短暂 回落。 | | 近年公募投资A股市值变化一览 | | | | --- | --- | --- | --- | | 时间 | 投资股票市值 | 其中:A股 | 资产净值 | | | (万亿元) | (万亿元) | (万亿元) | | 2025年3季度 | 8. 99 | 7. 38 | 35. 41 | | ...

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 Q3 2025 include Ningde Times, Tencent Holdings, New Yi Sheng, Zhong Ji Xu Chuang, Alibaba-W, Luxshare Precision, Industrial Fulian, Zijin Mining, SMIC, and Kweichow Moutai [1][3] - Compared to the end of Q2 2025, Zhong Ji Xu Chuang and Industrial Fulian have entered the top ten holdings, while Midea Group and Xiaomi Group-W have exited [1] Public Fund Holdings - As of the end of Q3 2025, the total market value of public funds reached 35.85 trillion yuan, an increase of 6.30% from the previous quarter, with the A-share market value held by public funds exceeding 7 trillion yuan [3] - The top ten stocks held by public funds and their respective market values (in billion yuan) are: - Ningde Times: 758.81, 4.28% of circulating shares - Tencent Holdings: 699.38, 1.26% - New Yi Sheng: 560.70, 17.31% - Zhong Ji Xu Chuang: 558.13, 12.51% - Alibaba-W: 500.97, 1.62% - Luxshare Precision: 370.44, 7.88% - Industrial Fulian: 363.43, 2.77% - Zijin Mining: 340.18, 4.35% - SMIC: 290.86, 6.67% - Kweichow Moutai: 283.72, 1.57% [3][4] Active Fund Holdings - The top 20 active fund holdings in A-shares for Q3 2025 include: - Ningde Times: 796.90 billion yuan, 4.66% - Zhong Ji Xu Chuang: 577.49 billion yuan, 12.94% - New Yi Sheng: 571.59 billion yuan, 17.65% [4] - The top stocks with increased holdings include Zhong Ji Xu Chuang (100.30 billion yuan increase) and Industrial Fulian (50.94 billion yuan increase) [5] Passive Fund Holdings - The top 20 passive fund holdings in A-shares for Q3 2025 include: - Ningde Times: 1,273.84 billion yuan, 7.45% - Kweichow Moutai: 936.92 billion yuan, 5.18% - Zhong Ji Xu Chuang: 533.19 billion yuan, 11.95% [10] - The top stocks with increased holdings include New Yi Sheng (189.52 billion yuan increase) and Zhong Ji Xu Chuang (137.75 billion yuan increase) [9] Changes in Holdings - The top stocks with the largest reductions in holdings include: - Shenghong Technology: -99.62 billion yuan - Haiguang Information: -89.49 billion yuan - Midea Group: -64.91 billion yuan [7] - Notable reductions also include Ningde Times (-38.26 billion yuan) and Industrial Fulian (-27.23 billion yuan) [7][11]

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]

Core Viewpoint - The A-share market has shown a significant recovery this year, with the Shanghai Composite Index surpassing 4000 points, reflecting strong investment interest from foreign public funds, including major players like Morgan Stanley and BlackRock [3] Foreign Fund Holdings - In the third quarter, six foreign public funds increased their stock holdings, with Allianz Fund and Schroders Fund showing remarkable growth rates of 77.10% and 82.03% respectively [5] - Morgan Chase Fund's asset scale reached 213.22 billion, holding 194 stocks with a total market value of approximately 756.73 billion [6] - Morgan Stanley Fund's asset scale was 270.04 billion, with a focus on sectors like pharmaceuticals and AI, achieving an average return of 140.35% for its top twenty holdings [9] Key Stock Performances - The top holdings of Morgan Chase Fund included CATL, which saw a price increase of 45.29% year-to-date, with a total holding value of 3.66 billion [7] - New Yi Sheng, a key stock for Morgan Stanley Fund, experienced a staggering increase of 255.27% this year [10] - The top three holdings of Manulife Fund were all in the computing power industry, with 19 out of 20 stocks showing significant price increases [12] Investment Trends - The recent optimization of the Qualified Foreign Institutional Investor (QFII) system is expected to attract more foreign capital into the Chinese market, enhancing liquidity [3] - BlackRock Fund has notably increased its holdings in CATL, with a total market value of approximately 2.11 billion [15] - Fidelity Fund emphasizes the growth potential of Chinese technology stocks, despite a more diversified current portfolio [20] Market Outlook - The outlook for the A-share market remains optimistic, with expectations of new highs as the market stabilizes [18] - Roadshow Fund has maintained its positions in traditional blue-chip stocks while also focusing on technology stocks [19]