主动权益基金2024年四季报分析：加仓科技减仓周期，港股仓位有所提升

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report indicates a slight decrease in equity positions among active equity funds, reflecting a stabilization in risk appetite [1][15] - There is an increase in allocation towards Hong Kong stocks, with median positions rising across various fund types [2][17] - Active equity funds have increased their positions in technology and consumer sectors while reducing exposure to cyclical sectors and pharmaceuticals [3][25] Summary by Sections 1. Position Analysis - The median equity position for active equity funds decreased slightly in Q4 2024, with ordinary stock funds at 90.74%, mixed equity funds at 89.15%, and flexible allocation funds at 84.37% [1][15] - The historical percentile for these positions indicates they remain relatively high compared to past data [15] 2. Concentration Analysis - The concentration of individual stocks and sectors has decreased, indicating a more diversified approach among active equity funds [21] - The median concentration for the top 10 stocks decreased by 1.65%, while the top 3 and top 5 sector concentrations also saw declines [21] 3. Sector Analysis - Active equity funds increased their positions in technology, consumer, and financial sectors, with technology seeing the largest increase of 2.89% [3][25] - Conversely, there was a reduction in positions in cyclical sectors and pharmaceuticals, with decreases of 2.41% and 1.16% respectively [25] 4. Primary Industry Analysis - The top three primary industries with increased positions were electronics, banking, and automotive, with electronics seeing a rise of 2.94% [4][32] - The report highlights a significant focus on the electronics sector, with a historical high in allocation [31] 5. Secondary Industry Analysis - The top five secondary industries with increased positions included semiconductors, new energy power systems, and regional banks [5][50] - The report notes a shift towards sectors like semiconductors and new energy, reflecting current market trends [50][59] 6. Heavyweight Stock Analysis - The top three stocks with increased positions were Xiaomi Group, ZTE Corporation, and SMIC, with respective increases of 45.88 billion, 44.90 billion, and 42.19 billion [6][71] - The report also identifies significant reductions in positions for stocks like Zhongji Xuchuang and Sunshine Power [71] 7. Fund Size Analysis - The report indicates a high proportion of active equity funds are below 1 billion in size, with a notable increase in smaller funds [72][76] - The trend shows a shift towards smaller fund sizes, with a decrease in larger funds [76] 8. Fund Manager Holdings Analysis - The report provides insights into the preferences of top fund managers, with a focus on large-cap stocks among certain managers [80][83] - Different fund managers exhibit varying preferences for sectors, with some favoring technology and others leaning towards consumer sectors [80]