基金风格配置监控周报：权益基金连续两周上调小盘股票仓位-20250615

• The report constructs a model to estimate the complete stock holdings of public funds based on the top 10 heavy holdings disclosed in quarterly reports, the top 10 shareholders of listed companies, and the industry allocation information of public funds[7][8][9] - The model assumes that the non-heavy stock holdings of the fund remain unchanged in terms of stock types across two periods, with only the holding weights changing proportionally. Based on the non-heavy stock holdings at the end of the previous period, the weights are scaled proportionally to simulate the non-heavy stock holdings for the current period[9] - The model uses weighted least squares to estimate the allocation of public funds in large-cap and small-cap combinations at each point in time, based on the daily returns of the fund and the daily returns of the large-cap and small-cap indices[2][11] - The model evaluates the average style changes of public funds from three dimensions: large-cap and small-cap allocation, market value exposure, and industry allocation[2][11] - The median stock position of ordinary stock funds as of June 13, 2025, is 88.84%, up 1.57% from the previous week's estimate. The median stock position of partial equity hybrid funds is 84.98%, up 0.95% from the previous week's estimate[3][13] - The estimated positions of ordinary stock funds and partial equity hybrid funds in the large-cap combination increased by 0.96% and decreased by 1.02%, respectively, while the estimated positions in the small-cap combination increased by 0.61% and 1.97%, respectively[3][13] - The current estimated positions of ordinary stock funds and partial equity hybrid funds are at the 60.53% and 48.47% percentiles, respectively, in the position estimate series since 2016[3][13] - As of June 13, 2025, public funds have high allocation weights in industries such as electronics, pharmaceuticals, electrical equipment, food and beverages, and machinery[3][20] - During the week of June 9-13, 2025, partial equity investment funds reduced their positions in industries such as electronics, computers, pharmaceuticals, food and beverages, and agriculture, forestry, animal husbandry, and fishery, while increasing their positions in industries such as machinery, banking, non-bank finance, basic chemicals, and consumer services[3][20]