主动权益基金重仓电子、医药生物等行业

Core Insights - The active equity funds maintained a high stock position in Q4 2025, with value-style funds outperforming others [1][3] Group 1: Fund Performance and Size - As of the end of 2025, the total size of active equity funds reached 3.91 trillion yuan, with equity mixed funds dominating in both number (2,770 funds) and size (2.41 trillion yuan), accounting for over 61% of the total [2] - The total size of active equity funds decreased by 165.7 billion yuan compared to the end of Q3 2025, likely due to market volatility [2] - In Q4 2025, 112 new active equity fund products were launched, with a total scale of 57.08 billion yuan, remaining stable compared to Q3 2025 [2] Group 2: Fund Manager Insights - Only two fund managers, E Fund and China Universal, had active equity fund sizes exceeding 200 billion yuan, with sizes of 266.05 billion yuan and 231.61 billion yuan respectively [2] - Among major fund managers, China Universal had the highest proportion of active equity fund size relative to total managed products at 33.35% [2] Group 3: Sector Preferences and Holdings - The top three sectors favored by active equity funds were electronics (23.76%), pharmaceuticals and biology (11.51%), and power equipment (11.14%) [4] - The top three individual stocks held by active equity funds were Zhongji Xuchuang, Xinyi Sheng, and Ningde Times [4] - In Q4 2025, the top three stocks increased in holdings were Zhongji Xuchuang, China Ping An, and Dongshan Precision [4] Group 4: Market Outlook - Analysts predict that the Chinese capital market may enter a phase of opportunities and challenges in 2026, with expectations of increased international capital inflow into A-shares and Hong Kong stocks [4][5] - The market's upward momentum is expected to shift from valuation recovery to fundamental drivers as corporate earnings stabilize [5] - The current valuation of A-shares is near historical averages, making equity assets attractive in a low-interest-rate environment [5][6]