兴业证券：Q3主动偏股基金的创业板仓位显著提升

Core Insights - The report indicates a significant increase in the allocation of active equity funds, with a quarter-over-quarter rise of 1.46 percentage points to 87.43% as of Q3 2025 [1][2][3] Fund Positioning - Active equity funds saw an increase in positions across various types: ordinary equity funds rose by 0.93 percentage points, mixed equity funds by 1.33 percentage points, and flexible allocation funds by 1.87 percentage points [1][3] - The allocation to the ChiNext board increased significantly by 4.70 percentage points to 23.7%, while the STAR Market allocation grew by 2.12 percentage points to 17.45%. Conversely, the main board allocation decreased by 6.71 percentage points to 58.51% [1][3] Sector Allocation - The sectors with the highest increases in allocation include electronics (+6.77 percentage points), telecommunications (+3.96 percentage points), and power equipment (+2.42 percentage points). The technology growth sector is identified as a key area for increased investment in Q3 [3] - The sectors with the largest reductions in allocation are banking (-3.05 percentage points), food and beverage (-1.81 percentage points), and home appliances (-1.62 percentage points) [3] Sub-sector Insights - In the secondary industry, the top sectors for increased allocation are communication equipment (+4.45 percentage points), consumer electronics (+3.09 percentage points), and semiconductors (+2.34 percentage points). The sectors with the largest reductions include white goods (-1.67 percentage points), city commercial banks (-1.45 percentage points), and liquor (-1.02 percentage points) [3] Individual Stock Movements - The stocks with the highest increases in allocation include Zhongji Xuchuang, Industrial Fulian, Xinyi Technology, Cambrian, and Luxshare Precision, with increases of 2.17, 2.03, 1.92, 0.91, and 0.63 percentage points respectively. The stocks with the largest decreases in allocation are China Merchants Bank, Kweichow Moutai, and Gree Electric Appliances [3] Hong Kong Market Insights - In the Hong Kong market, the allocation of active equity funds slightly decreased by 0.76 percentage points to 19.09%. The sectors with increased allocation include healthcare and materials, while reductions were seen in telecommunications, finance, and energy [1][3] - The stocks with the most significant increases in allocation in the Hong Kong market are Alibaba, SMIC, and Tencent, while Xiaomi was notably reduced [1][3]