公募基金二季度规模增长2万亿，主动权益基金A股持仓占比连续三个季度下滑，二季度大手笔加仓通信、军工、金融、医药

Overview of Public Fund Market - As of June 30, the total net asset value of the public fund market reached 33.72 trillion yuan, with money market funds accounting for 14.23 trillion yuan, representing 42.2% of the total [1] - Bond funds totaled 10.91 trillion yuan, making up 32.36%, while equity funds reached 4.27 trillion yuan, accounting for 12.66% [1] - Mixed funds stood at 3.21 trillion yuan, representing 9.51%, and QDII funds totaled 590.2 billion yuan, or 1.75% [1] - The total net asset value of public funds grew by 1.42 trillion yuan in the first half of the year, with a share increase of 763.6 billion units [1] Fund Performance and Changes - In the first half of the year, equity funds saw a net asset value increase of 201.7 billion yuan, with a share increase of 85.5 billion units [1] - Mixed funds experienced a net asset value growth of 31.8 billion yuan but faced a net redemption of 116.4 billion units [1] - Bond funds increased by 376.2 billion yuan in net asset value, with a share growth of 127.7 billion units [1] - Money market funds grew by 622.6 billion yuan in net asset value, with a share increase of 622.7 billion units [1] Active Equity Fund Dynamics - As of the end of Q2 2025, the number of active equity funds totaled 4,582, with a combined net asset value of 34.65 trillion yuan, a decrease of 211.8 billion yuan from the previous quarter [7] - Active equity funds held stocks valued at 2.94 trillion yuan, with stock positions rising to 84.24%, the highest level since 2005 [10] - The proportion of A-shares in active equity fund asset allocation continued to decline, dropping from 70.80% to 70.05% [10] Sector Allocation Insights - In Q2 2025, the top sectors by holding value included electronics (18.67%), pharmaceuticals (10.91%), and electric equipment (9.89%) [17] - The allocation to the technology growth sectors, including communications and defense, saw significant increases, while financial sectors remained under-allocated [20] - The semiconductor, chemical pharmaceuticals, and battery industries ranked high in terms of holding value among active equity funds [20] ETF Market Expansion - By June 30, 2025, the total net asset value of domestic non-money ETFs reached 4.15 trillion yuan, with stock ETFs accounting for 3.04 trillion yuan [22] - The stock ETF market grew by 203.7 billion yuan in Q2 2025, driven by significant capital inflows [25] - The net inflow for stock ETFs was 103.3 billion yuan, with new ETF establishments contributing 38.4 billion yuan [25]