FII(SH:601138) Ge Long Hui·2025-10-30 08:41Core Insights - The report indicates a significant growth in the scale of actively managed equity funds in Q3 2025, with a total size of 3.79 trillion yuan, reflecting a 19.54% increase from the previous quarter [1] - The number of actively managed equity funds has also increased, with 4,456 funds reported, an increase of 71 funds from the last quarter [1] - The issuance of new funds has surged, with 111 new actively managed equity funds established in Q3 2025, totaling 56.11 billion shares, a 53.33% increase from the previous quarter [1] Fund Positioning - The equity positions of actively managed equity funds have risen, with ordinary stock funds, equity-mixed funds, and flexible allocation funds showing equity positions of 90.89%, 89.02%, and 74.76% respectively, marking increases from the previous quarter [1] - Historical data shows that current equity positions are at high historical percentiles, with increases of 7.94%, 4.76%, and 4.76% for ordinary stock, equity-mixed, and flexible allocation funds respectively [2] Hong Kong Stock Exposure - The Hong Kong stock positions of actively managed equity funds have slightly increased, with ordinary stock, equity-mixed, and flexible allocation funds holding 12.93%, 17.37%, and 4.09% respectively, showing minor increases from the last quarter [2] - The current Hong Kong stock positions are at their highest levels since 2019, with a 3.70% increase in percentile rankings compared to the previous quarter [2] Fund Composition - The number of actively managed equity funds investing in 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 actively managed equity funds are Ningde Times, New Yisheng, and Zhongji Xuchuang, with holdings valued at 67.31 billion yuan, 53.80 billion yuan, and 49.59 billion yuan respectively [3] Market Activity - The top three A-shares with the largest increase in holdings 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 [5] - 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 [6]