FII(SH:601138) Ge Long Hui A P P·2025-10-30 08:16Core Insights - The total scale of active equity funds increased by 19.54% in Q3 2025, reaching 3.79 trillion yuan, with 4,456 funds in total, an increase of 71 funds from the previous quarter [1] - The issuance of new funds was robust, with 111 new active equity funds established in Q3 2025, totaling 56.11 billion shares, a 53.33% increase from the previous quarter [1] - The equity positions of active equity funds rose, with ordinary stock funds, equity-mixed funds, and flexible allocation funds having equity positions of 90.89%, 89.02%, and 74.76%, respectively, showing increases from the previous quarter [1] Fund Positioning - The current equity positions of ordinary stock funds, equity-mixed funds, and flexible allocation funds are at the highest historical percentiles since 2010, with increases of 7.94%, 4.76%, and 4.76% respectively from the previous quarter [2] - The allocation to Hong Kong stocks also saw a slight increase, with ordinary stock funds, equity-mixed funds, and flexible allocation funds having Hong Kong stock positions of 12.93%, 17.37%, and 4.09%, respectively [2] - The Hong Kong stock positions are at the highest levels since 2019, with percentile increases of 3.70% from the previous quarter [2] Fund Composition - The number of active equity funds allocating to Hong Kong stocks has steadily increased since 2019, with 239 ordinary stock funds, 1,632 equity-mixed funds, and 162 flexible allocation funds, representing 41.93%, 64.13%, and 12.74% of their respective total fund counts [3] - The top three A-shares by absolute market value held by active equity funds in Q3 2025 are Ningde Times, New Yisheng, and Zhongji Xuchuang, with holdings of 67.31 billion yuan, 53.80 billion yuan, and 49.59 billion yuan, respectively [3] - The top three A-shares by market value ratio are Nuocheng Jianhua-U, Aerospace Nanhu, and Baile Tianheng, with holdings accounting for 24.37%, 23.43%, and 23.29% of their circulating shares [3] Increased Holdings - The top three A-shares with the largest increase in holdings compared to the previous quarter are Industrial Fulian, Shenzhen South Circuit, and Zhongji Xuchuang, with increases of 28.24 billion yuan, 7.72 billion yuan, and 7.15 billion yuan, respectively [4] - The top three Hong Kong stocks with the largest increase in holdings are Alibaba-W, Huahong Semiconductor, and Jiufang Zhitu Holdings, with increases of 17.03 billion yuan, 2.70 billion yuan, and 1.81 billion yuan, respectively [4]