智通财经网·2026-01-29 06:41Group 1 - The interest of mutual funds in the Hong Kong market slightly decreased in Q4 of last year, with strong capital inflows into the metals and financial sectors [1] - By the end of 2025, the structure of stock holdings in equity and mixed mutual funds diversified, with the top 50 holdings' share of total stock investments dropping from 25.8% to 25.1% [1] - The proportion of Hong Kong stocks in mutual fund heavyweights decreased from a peak of 17.8% to 16.3% [1] Group 2 - Driven by global metal market trends, Chinese mutual funds significantly increased their investments in metal stocks in Q4, with a quarterly rise of 1.7 percentage points [2] - Fund managers showed optimism towards banks and diversified financials, with notable inflows into Industrial Bank and ICBC [2] - For Q1 2026, mutual funds are expected to have a higher risk tolerance post profit-taking, with AI and metals remaining key investment themes [2]