24Q3主动权益基金重仓股风险因子分析

Market Trends and Risk Preferences - A-share active equity funds showed a higher risk preference in Q3 2024, with a weighted average market capitalization of 200.313 billion yuan, reflecting a contraction in size and potential portfolio optimization[2][6] - The average dividend yield of heavily held stocks rose to 1.69%, while the volatility remained high at 40.69%, indicating a willingness to bear higher market risks[2][6] - The average revenue growth rate of heavily held stocks slowed to 22.26%, with an average ROE of 14.76%, reflecting a balance between high growth and stability[2][6] Portfolio Composition and Valuation - The unweighted proportion of negative PE stocks was 11.86%, while the weighted proportion was 4.42%, showing that fund managers maintained some exposure to stocks with volatile earnings[2][6] - The weighted average PE of heavily held stocks was 38.43, indicating a preference for growth-oriented stocks despite the higher valuation[2][6] Risk Factors and Market Outlook - The data on heavily held stocks does not represent the entire portfolio, and historical data cannot predict future performance, with risks including market volatility and geopolitical influences[3][16]