Zhi Tong Cai Jing·2026-01-22 11:57Core Viewpoint - As of January 22, 2026, the disclosure rate of active equity funds' quarterly reports reached 100%, with a slight decrease in overall positions but remaining at historically high levels [2][3] Fund Positioning - Active equity funds' positions decreased by 0.83 percentage points to 86.6%, still the second highest level after Q3 2025, with ordinary stock, mixed equity, and flexible allocation funds decreasing by 0.5, 0.8, and 0.9 percentage points respectively [3] - The ChiNext board saw an increase in positions by 1.2 percentage points to 25.0%, while the Sci-Tech Innovation board decreased by 0.9 percentage points to 16.6%, and the main board decreased by 0.3 percentage points to 58.2% [3] Sector Allocation - The sectors with the highest increases in positions were non-ferrous metals (+2.3 percentage points), communication (+1.9 percentage points), and non-bank financials (+0.9 percentage points), with non-ferrous metals increasing for four consecutive quarters and communication for three [3] - The sectors with the largest decreases were electronics (-1.7 percentage points), pharmaceuticals and biology (-1.5 percentage points), and media (-1.2 percentage points) [3] Sub-sector Insights - In the secondary industry, the sectors with the highest increases were communication equipment (+1.9 percentage points), industrial metals (+1.2 percentage points), and insurance (+0.9 percentage points), while the largest decreases were in consumer electronics (-1.9 percentage points), batteries (-1.3 percentage points), and chemical pharmaceuticals (-1.0 percentage points) [3] Stock Performance - The stocks with the highest increases in positions included Zhongji Xuchuang, Xinyi Technology, Dongshan Precision, China Ping An, and Zijin Mining, while the stocks with the largest decreases included Industrial Fulian, Yiwei Lithium Energy, CATL, Luxshare Precision, and Focus Media [3] Hong Kong Market Overview - In the Hong Kong market, the active equity positions decreased by 3.1 percentage points to 16.0%, with increases in financials, materials, and energy sectors, while decreases were seen in non-essential consumer, information technology, and healthcare sectors [3] - The most increased stocks were China Ping An H, CNOOC H, and China Life H, while the most decreased stocks were Alibaba, Tencent Holdings, and SMIC [3]