公募二季报两大看点！港股配置逼近20％关口，“易中天”三兄弟成新宠

Core Viewpoint - The report highlights a significant shift in public fund allocations, with a notable increase in Hong Kong stock investments and a rebalancing of sector allocations, particularly favoring communication and financial sectors while reducing exposure to traditional consumer and renewable energy stocks [1][2][3]. Group 1: Fund Allocation Trends - Public funds have increased their allocation to Hong Kong stocks, with the proportion rising from 8.66% at the end of 2023 to 19.91% by the end of Q2 2025, marking a new high [2]. - The number of Hong Kong stocks held by actively managed equity funds has increased to 360, with a total market value of 326.5 billion yuan [2]. - The allocation to the ChiNext board has rebounded, increasing by 2.35 percentage points to 18.93%, while the main board has seen a decline for the fourth consecutive quarter, dropping by 2.71 percentage points to 65.39% [3][4]. Group 2: Sector and Industry Focus - The communication sector has seen a significant increase in allocation, with a market value share rising by 2.40 percentage points, while the financial sector also gained traction with increases of 1.13 percentage points for banks and 0.76 percentage points for non-bank financials [5][6]. - The healthcare and financial sectors have become the main battlegrounds for southbound capital, with their market value shares increasing by 6.01 and 2.26 percentage points, respectively [2]. - Notable individual stocks that have gained favor include biotech firms such as Innovent Biologics and 3SBio, while tech giants like Alibaba and Tencent have faced significant reductions in holdings [2][6]. Group 3: Market Dynamics and Sentiment - The market is experiencing a recovery in risk appetite, but there remains a cautious approach, with funds focusing on sectors with stable growth prospects or potential policy improvements [7]. - The consumer sector, particularly food and beverage, has seen significant reductions in holdings, reflecting a broader market concern regarding the recovery of consumer spending [7][8]. - The report indicates that the market's response to tariff policies has become less sensitive, with expectations that risks related to tariffs may not escalate further unless unexpected policy changes occur [8].