Industrial Securities(SH:601377) Zhi Tong Cai Jing·2025-10-30 13:19Core Insights - The report from Industrial Securities indicates that in Q3 2025, active public funds are aligning with the AI industry trend, showing a significant shift towards "increasing hardware and decreasing software" [1][10] Group 1: TMT Sector Allocation - The allocation ratio of active public funds to the TMT sector has increased significantly by 11.3 percentage points to 39.9% in Q3 2025, nearing historical highs last seen at the end of 2020 [2] - The TMT sector has grown to encompass over 1,000 companies, with a free float market capitalization exceeding 25%, allowing for a larger capacity for fund allocation [2] - The adjusted indicator of "active public fund allocation ratio/free float market capitalization ratio" for TMT in Q3 2025 is 1.52, which is not extreme compared to historical highs [3][6] Group 2: AI Subsector Analysis - In Q3 2025, active public funds have notably increased their positions in upstream network communication hardware (mainly North American computing chains) and chip storage (mainly domestic computing chains), while reducing positions in midstream algorithm technology and software [10][12] - The allocation in upstream network communication hardware is at 19.4%, with a significant increase in configurations for components like optical modules and PCBs [11] - The midstream software sector has seen a reduction in most areas, with application software and office software showing historically low allocation ratios [12][13] Group 3: Downstream AI Applications - The downstream AI sector has seen an increase in allocations towards consumer electronics such as AI phones and wearable devices, while humanoid robots have been reduced [13] - Most downstream AI applications have experienced a decrease in allocations, with gaming and a few other sectors showing some increases, but overall configurations remain at historically low levels [13]