Core Viewpoint - The active equity funds, considered as "smart money" in the market, have shown a shift in manager sentiment towards a more optimistic outlook, despite experiencing a decline in both share and scale due to ongoing redemption pressures [1][6]. Performance Summary - In Q2, active equity funds outperformed passive equity funds, with the mixed equity fund index rising by 3.06%, surpassing the CSI 300 index by approximately 1.81 percentage points [3]. - The average return for various active equity fund types exceeded 2%, with the best-performing fund, Changcheng Pharmaceutical Industry Select A, achieving a return of 35.86% [4][3]. - Despite good performance, over 60% of active equity funds still recorded positive returns, but the average return decreased compared to Q1 [3][6]. Scale and Redemption - The total scale of active equity funds decreased to 3.27 trillion yuan, a reduction of 366.62 billion yuan from the previous quarter [8]. - The number of active equity funds increased slightly to 4,190, but the overall market share continued to decline, reflecting a cautious investor sentiment [9][8]. - The gap between active and passive fund scales widened, with passive index funds reaching 3.60 trillion yuan [9]. Stock Positioning - Active equity funds increased their stock positions, with an overall weighted position of 88.08%, marking a continuous rise over four quarters [12]. - The allocation to small-cap stocks increased, while the allocation to large-cap stocks decreased, with the proportion of holdings in the CSI 500 reaching its highest point since 2018 [13][12]. Sector Allocation - The main sectors for active equity fund investments included electronics (19.01%), pharmaceuticals (11.01%), and power equipment & new energy (8.89%), with notable increases in communication and banking sectors [14]. - The allocation to communication increased by 2.60%, while the allocation to food and beverage decreased by 2.14% [14]. Individual Stock Holdings - The top ten holdings in active equity funds included Ningde Times, Kweichow Moutai, and Midea Group, with significant increases in holdings for stocks like Zhongji Xuchuang and Xinyi Semiconductor [15]. - The funds reduced their positions in major consumer stocks such as BYD and Kweichow Moutai, indicating a shift towards technology and growth-oriented stocks [15][16].
二季度主动权益基金披露四个看点
2 1 Shi Ji Jing Ji Bao Dao·2025-07-29 10:12