CSC(SH:601066) Zhong Guo Zheng Quan Bao·2025-10-28 22:24Core Insights - Public funds collectively increased their stock positions in Q3 2023, with significant rises in average stock holdings across various fund types [1][2] Fund Positioning - As of the end of Q3, the average stock position of all public funds was 83.28%, an increase of 2.13 percentage points from Q2 [2] - The average stock position for mixed open-end funds was 82.15%, up by 1.24 percentage points, while stock open-end funds saw an average position of 90.14%, increasing by 2.26 percentage points [2] - The concentration of holdings in public funds also rose, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively, reaching 56.81% and 57.72% [2] Fund Manager Activity - Several prominent fund managers significantly increased their stock positions in Q3, with some funds reaching over 90% stock allocation [3] - For instance, the stock position of the Guangfa Stable Growth Mixed Fund managed by Fu Youxing exceeded 60%, marking a rise of over 10 percentage points, the highest since the end of 2017 [3] - Other funds managed by notable managers, such as the E Fund Competitive Advantage Enterprises Mixed Fund and the E Fund Quality Momentum Three-Year Holding Mixed Fund, also saw substantial increases in stock positions [3] Mixed Fund Strategies - Many mixed funds approached full investment capacity, with notable increases in equity assets [4] - Funds like the Zhongjia Core Intelligent Manufacturing Mixed Fund and the Huaxia Panyi One-Year Open Mixed Fund were close to full capacity, with the Zhongjia fund's stock position increasing by over 10 percentage points [4] - Flexible allocation funds also showed similar trends, with the Penghua Preferred Return Flexible Allocation Mixed Fund maintaining over 90% stock allocation since Q1 2024 [4] Divergent Performance - Despite the overall increase in public fund positions, some products significantly reduced their allocations, indicating market risks [5][6] - For example, the stock position of the Bosera Huixing Return One-Year Holding Mixed Fund dropped from 90% to 60%, while the China Europe Dividend Preferred Mixed Fund saw a reduction to 84.25%, a decrease of approximately 7 percentage points [6] - The divergence in fund performance highlighted the importance of evaluating not just growth potential but also pricing rationality and the overall market environment [6]