Group 1 - The core viewpoint of the articles highlights the significant growth of public fund assets in the A-share market, surpassing 34 trillion yuan, driven primarily by the increase in ETF funds [1][2] - As of the end of Q2 2025, the total scale of public funds reached 34.05 trillion yuan, marking a 7.04% increase from 31.81 trillion yuan at the end of Q1 2025 [2] - All types of funds experienced growth in Q2, with stock funds increasing by over 270 billion yuan, bond funds by 865.3 billion yuan, and money market funds by 950.5 billion yuan [2] Group 2 - ETFs emerged as the main contributor to the growth in fund management scale, with significant increases in several products, including those from E Fund and Huaxia Fund, each exceeding 10 billion yuan in growth [3] - The "head effect" of ETFs is evident, with top funds attracting substantial inflows, particularly from state-owned entities, which added over 220 billion yuan to ETFs in Q2 [3][4] - Several thematic ETFs, particularly in the healthcare and technology sectors, have shown strong performance, with some achieving returns over 20%, notably the Hang Seng Innovation Drug ETF, which rose by 67.5% [4] Group 3 - The top three heavily held stocks by public funds in Q2 were Ningde Times, Kweichow Moutai, and Midea Group, with market values held by funds of 52.05 billion yuan, 29.34 billion yuan, and 28.36 billion yuan respectively [5] - In terms of changes in holdings, the top three increased positions were in Zhongji Xuchuang, Xinyi Sheng, and Hudian Co., with increases of 13.97 billion yuan, 12.89 billion yuan, and 8.45 billion yuan respectively [6] - Conversely, the largest reductions were in BYD, Luxshare Precision, and Kweichow Moutai, with decreases of 16.51 billion yuan, 10.51 billion yuan, and 8.46 billion yuan respectively [6] Group 4 - Market outlook suggests that capital flow and innovation will remain key drivers for stock performance, with a positive view on H-shares and the overall Chinese stock market [7] - The market has shown strong performance since June, with the Shanghai Composite Index reaching a new high for the year, indicating a solid bullish sentiment among investors [7] - Recommendations include maintaining a medium to high position in the market, focusing on opportunities related to technological advancements and domestic demand policies [7]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q2, the A-share market showed a volatile upward trend with significant structural differentiation and style rotation. The median return of active equity funds was 1.90%, outperforming major indices such as the CSI 300 and CSI 500. Nearly 70% of stocks in the whole market recorded positive returns [3]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a decrease of 0.04 trillion yuan from the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds [6]. - Different - style and theme fund managers had diverse investment strategies and outlooks. For example, value - style fund managers focused on undervalued traditional assets and looked for opportunities in some consumer and cyclical sectors; growth - style fund managers concentrated on long - term growth companies and adopted a "boom - mining + balanced allocation" strategy [21][23]. 3. Summary According to the Table of Contents 3.1 Active Equity - Type Fund 2025 Second - Quarter Report Data Review 3.1.1 Performance Review - In Q2 2025, the A - share market was volatile. After a brief decline in early April due to US tariff policies, it stabilized from mid - April to mid - May and saw theme rotations since June. The Guozheng 2000 and ChiNext 50 recorded relatively high positive returns of 4.41% and 3.19% respectively. The median return of active equity funds was 1.90%, and the median stock price change was 5.39% [3]. 3.1.2 Scale and Fund Flow - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, down from 3.33 trillion yuan in the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds. Funds with a fund - flow change ratio < - 1% accounted for 74.34%, while those with a net inflow ≥ 1% accounted for only 16.51% [6]. 3.1.3 Position Change - As of Q2 2025, the average stock position of active equity funds was 87.23%, with an average position change of 1.15%. The average active position change was 1.18%, and the average natural position change was - 0.04%. 39.57% of funds adjusted their active positions by 0 - 5%, and 33.76% adjusted by - 5% - 0 [9]. 3.1.4 Industry Allocation - The top five industries for increased holdings were communication, medicine, non - bank finance, banking, and national defense and military industry. The top five industries for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. Five industries had over - allocation reductions, and nine industries had under - allocation increases [12]. 3.1.5 Individual Stock Heavy - Holdings - The top ten heavy - holding stocks by market value included Tencent Holdings, CATL, Kweichow Moutai, etc. The top ten heavy - holding stocks by the number of holding funds included CATL, Tencent Holdings, Zijin Mining, etc. The stocks with the largest increase in market value of heavy - holdings included Zhongji Innolight, New H3C Semiconductor Technology, etc., while those with the largest decrease included BYD, Alibaba - W, etc. [15][16][18] 3.2 Second - Quarter Report Fund Manager Views Summary 3.2.1 Value Style - Since 2022, value - style funds have attracted more attention. In 2025, they faced headwinds. Many value - style fund managers believed that undervalued stocks were still worth buying. In terms of position structure, most did not significantly adjust their allocations and focused on traditional undervalued assets, while also looking for opportunities in some consumer and cyclical sectors [21]. 3.2.2 Growth Style - Affected by overseas uncertainties and domestic policies, the market was volatile. Growth - style fund managers adhered to selecting long - term growth companies and adopted a "boom - mining + balanced allocation" strategy. They focused on AI, innovation drugs, and some emerging consumption sectors [23]. 3.2.3 Balanced Style - Balanced - style fund managers selected stocks from multiple dimensions and controlled portfolio risks through diversification. In the context of increased market risk appetite, many reduced holdings in traditional industries and high - dividend consumer stocks and increased holdings in growth stocks and booming industries [25]. 3.2.4 Consumption Theme - Traditional consumption showed differentiation and repair. New consumption had structural opportunities, but the sustainability and space of consumption trends needed to be judged. Some fund managers made structural adjustments in traditional consumption and increased investment in new consumption [27]. 3.2.5 Medicine Theme - Innovation drugs became a consensus. Some fund managers also looked for investment targets with low growth this year, such as innovative medical devices, CXO, and pharmacies [29]. 3.2.6 TMT Theme - The AI industry chain developed rapidly. TMT - theme fund managers continued to focus on AI - related companies and also paid attention to other technology sectors such as robotics and semiconductors [31]. 3.2.7 High - End Manufacturing - The attention to the military industry increased. High - end manufacturing showed competitive advantages, and some fund managers expected the recovery of some electro - new energy sectors [33]. 3.2.8 Cycle Theme - Resource sectors had long - term investment logic. Dividend - type cycle assets had allocation significance, and banks were still the core of the dividend sector [35]. 3.2.9 Hong Kong Stock Theme - Most fund managers were relatively optimistic about Hong Kong stocks. Some adjusted their positions from crowded sectors to the technology sector with lower valuations and expected performance growth [37].

基金季报 sHuangjin 权益仓位整体下降，增配银行、通信；减配食品饮料、汽车 ――公募权益类基金 2025 年二季报持仓分析 分析师：宋旸 SAC NO：S1150517100002 2025 年 7 月 24 日 证券分析师 宋旸 songyang@bhzq.com 022-28451131 张笑晨 SAC NO：S1150525070001 zhangxc@bhzq.com 022-23839033 相关研究报告 权 益 市场 主要 指数 延续 上 涨，科创债成为 ETF 资金配 置的主要方向—公募基金周 报 2025.07.21 房地产领涨行业，宽基指数 资金净流出规模收窄―公募 基金周报 2025.07.14 宽基指数资金大幅流出，主 动权益基金仓位上升——公 募基金周报 2025.07.07 请务必阅读正文之后的免责声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 13 基 金 研 究 券 研 究 报 告 | 1. 权益基金规模、仓位及板块分布情况 4 | | --- | | 1.1 被动指数基金持续高速增长，主动权益类基金仓位水平大体持平 4 | | 1.2 港交所与创业板增配显 ...

Group 1 - The CPO (Co-Packaged Optics) concept declined by 0.11% as of the market close on July 24, ranking among the top decliners in the concept sector [1] - Notable decliners within the CPO sector include Tai Chen Guang, Shi Jia Guang Zi, and Changxin Bochuang, while the top gainers were Bo Min Electronics, Lian Ying Laser, and Kai Ge Precision Machinery, with increases of 4.47%, 4.30%, and 3.32% respectively [1] - The Hainan Free Trade Zone concept saw the highest increase at 9.11%, followed by the horse racing concept at 4.67% and the duty-free shop concept at 4.46% [1] Group 2 - The CPO sector experienced a net outflow of 2.078 billion yuan, with 50 stocks seeing net outflows, and 7 stocks experiencing outflows exceeding 100 million yuan [1] - The stock with the highest net outflow was Xin Yi Sheng, with a net outflow of 599.16 million yuan, followed by Tian Fu Communication and Zhong Ji Xu Chuang with outflows of 363.12 million yuan and 221.04 million yuan respectively [1] - The stocks with the highest net inflows included Changdian Technology, Sanan Optoelectronics, and Unisplendour, with net inflows of 156 million yuan, 130 million yuan, and 81.52 million yuan respectively [1]

投资评级：看好（维持） ——行业点评报告 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-07 2024-11 2025-03 通信 沪深300 行 业 研 究 2025 年 07 月 24 日 相关研究报告 《海外 AI 或估值提升，国内 AI 迎基 本面拐点—行业周报》-2025.7.20 《英伟达将恢复 H20 在华销售，核心 利 好 AIDC 链 — 行 业 点 评报 告 》 -2025.7.15 《算力公司业绩亮眼，Grok-4 发布， AWS 推出 GB200 UltraServers，看好 全 球 AIDC 产 业 链 — 行 业周 报 》 -2025.7.13 蒋颖（分析师） 陈光毅（联系人） jiangying@kysec.cn 证书编号：S0790523120003 谷歌云营收超预期，上调 2025 年资本开支 2025 年 7 月 14 日，谷歌母公司 Alphabet 公布第二季度财报，谷歌云第二季度营 收为 136 亿美元，同比增长 32%，高于市场预期的 131 亿美元，我们认为 AI 对 于谷歌云的助力持续显现。Alphabet 表示，2025 年全年资 ...

Group 1 - The Shanghai Composite Index broke through 3600 points and showed strength again today, with the Wind All A Index surpassing the previous high of 9.24, indicating a positive trend in the A-share market [1] - The WAIC 2025 will open on July 26, showcasing over 3000 cutting-edge exhibits, including more than 100 "global debuts" and "China debuts," marking the largest scale in history [1] - According to a report by China International Capital Corporation (CICC), the technology foundation and product roadmap for building AIAgent intelligent agents are maturing, with expectations for significant advancements in AI applications and the formation of a complete commercial ecosystem by 2025 [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies providing technology, resources, and applications in the AI sector, often referred to as the "robot brain" creators and the "foundation" of the Internet of Everything [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Cambricon Technologies, Hikvision, and iFlytek, indicating a strong representation of the AI industry [2] Group 3 - Related products include the AI ETF (515070), Huaxia CSI Artificial Intelligence Theme ETF Link A (008585), and Huaxia CSI Artificial Intelligence Theme ETF Link C (008586) [3]

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]

1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

Group 1 - CPO concept stocks continue to decline, with Tai Chen Guang (300570) dropping over 8% [1] - Changxin Bochuang (300548) fell more than 7% [1] - Shijia Guangzi decreased by over 6% [1] - Other companies such as Xinyi Sheng (300502), Tianfu Communication (300394), and Zhongji Xuchuang (300308) also experienced declines [1]

4月以来融资余额变化情况 | 融资余额(亿元) 19500 19000 18500 18000 17500 17000 4月1日 7月1日 7月22日 5月1日 6月1日 | | | | 7月以来融资净流入额居前的个股 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 行业 | 融资净流入额 (17元) | 7月以来 涨跌幅(%) | 总市值 ( ( 7 ) | | 300502 | 新易盛 | 通信 | 19.33 | 37.14 | 1731.05 | | 300308 | 中际旭创 | 通信 | 14.89 | 27.64 | 2068.68 | | 600111 | 北方稀土 | 有色金属 | 13.02 | 40.52 | 1264.91 | | 002594 | 比亚迪 | 汽车 | 12.57 | 1.86 | 10593.54 | | 002384 | 东山精密 | 电子 | 11.76 | 41.89 | 981.56 | | 600930 | 花电新能 | 公用事业 | 11.52 | 5.15 | 3093.16 | | 30 ...