Zhi Tong Cai Jing·2025-07-21 23:02Group 1 - The core viewpoint is that both active and passive fund sizes have rebounded in Q2 2025, with a notable increase in active fund positions and a decrease in stock concentration [1][2] - Active equity funds are focusing on technology, large finance, and military medicine sectors, with a preference for small-cap growth stocks [2][3] - The active fund's total heavy holdings in Hong Kong stocks reached 325.9 billion yuan, increasing its proportion in total heavy holdings from 19.13% in Q1 2025 to 19.92%, marking a new high since Q2 2015 [4] Group 2 - The recovery in the A-share market since Q2 2025 has led to an increase in investor risk appetite, benefiting active fund performance and size [2] - Passive funds have also seen significant net subscriptions since early April 2025, driven by state-owned enterprises entering the market to stabilize it [2][3] - The banking sector has been a focus for active funds, with significant increases in holdings due to high dividend yields and market activity [3]