公募港股持仓破1.3万亿，投资“主力军”悄然更替

Core Insights - The market value of public funds' holdings in Hong Kong stocks reached 1.33 trillion yuan in Q3 2025, with passive funds surpassing active funds for the first time since 2017 [2][4]. Group 1: Market Trends - The market value of public funds' investments in Hong Kong stocks reached 13,255 billion yuan, with passive funds holding 7,000 billion yuan (52.8%) and active funds holding 6,255 billion yuan (47.2%) [4][5]. - The significant increase in passive fund holdings, which rose by 73% compared to Q2 2025, indicates a growing trend of capital flowing into the Hong Kong market through ETF products [5][6]. Group 2: Fund Performance - The top-performing ETFs in Q3 2025 included the Fuqua Hong Kong Internet ETF, Hua Bao Hong Kong Internet ETF, and Huaxia Hang Seng Technology Index ETF, with substantial increases in fund shares [6][7]. - Active funds showed a preference shift towards sectors like healthcare and materials, while reducing exposure to telecommunications and finance [8]. Group 3: Investment Strategies - Despite market fluctuations, some active fund managers increased their positions in Hong Kong stocks, focusing on technology core assets due to favorable valuations [9]. - The overall trading volume in the Hong Kong market has significantly increased, with average daily turnover reaching 2,579 billion HKD, nearly doubling from the previous year [11].