25Q2主动权益基金季报分析：消费成为二季报展望关键词，主动权益增配金融与医药

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Consumption, tariffs, and innovation are the key concerns of active equity fund managers in the second - quarter reports. The trend keywords include repair, recovery, and rebound; industry - related keywords are technology, military, and banking; theme keywords are computing power, dividends, and Hong Kong stocks; event - related keywords are exports, uncertainties, and trade [3][9]. - In Q2 2025, the performance of active equity funds declined slightly compared to the previous quarter, with about 70% of them achieving positive returns and a median return of 2.05%. Funds with leading performance in Q2 were heavily invested in industries such as pharmaceutical biology, communication, and electronics [3][14]. - The overall position of active equity funds increased in Q2, with the average stock position rising to 87.33% (+1.10%) and the Hong Kong stock position also significantly increasing (+1.22%). The average Hong Kong stock position of Hong Kong stock funds reached 92.71% (+3.11%) [3][22]. - Active equity funds reduced their holdings in advanced manufacturing and consumption sectors in Q2 and increased their positions in finance, technology, and pharmaceutical sectors. The communication and pharmaceutical biology industries had the most significant increases in the allocation ratio of heavy - holding stocks, while the food and beverage industry had the most significant reduction [3][24]. - The new - issue market of active equity funds showed signs of recovery in Q2. The Dongfanghong Core Value, managed by Zhou Yun, was the largest - scale new - issue active equity fund this quarter, with an issue scale of 1.991 billion yuan and 14,600 accounts. There were 10 new - issue active equity funds with a scale of over 1 billion yuan [3][34]. - Guojin Fund had the best average performance of active equity funds in Q2 2025, with an average return of 6.91%. The Guojin Quantitative Multi - Factor, managed by Ma Fang and Yao Jiahong, performed the best, achieving a return of 13.76% in Q2 [37]. - Pharmaceutical and financial real - estate funds outperformed other sectors in Q2, while new - energy and advanced - manufacturing funds showed relatively weak performance. The small - cap growth style was dominant in Q2, with the median return of small - cap growth products reaching 9.92%, while the mid - cap value style products generally performed poorly, with a median performance of about 0.78% [3] 3. Summary According to the Directory 3.1 Fund Second - Quarter Report Investment Outlook Keywords: Consumption as the Key Focus, High Attention on Tariffs and Innovation - Consumption, tariffs, and innovation are the key concerns of active equity fund managers in the second - quarter reports. The trend keywords include repair, recovery, and rebound; industry - related keywords are technology, military, and banking; theme keywords are computing power, dividends, and Hong Kong stocks; event - related keywords are exports, uncertainties, and trade [9]. - Some fund managers' investment strategies and operation analyses are summarized, including value - oriented strategies, AI and technology - focused strategies, and consumption - and pharmaceutical - oriented strategies [12][13] 3.2 Performance and Scale Dimension: Slight Decline in Q2 Performance, Slight Recovery in the New - Issue Market - The performance of active equity funds in Q2 2025 declined slightly compared to the previous quarter, with about 70% of them achieving positive returns and a median return of 2.05%. Most funds' performance ranged from - 3% to 10%, and 71 funds achieved returns of over 20% [14]. - The top 20 active equity funds in Q2 were mainly invested in industries such as pharmaceutical biology, communication, and electronics. Some products with a high proportion of Hong Kong stock allocations, mostly focusing on the pharmaceutical sector, also performed well [17]. - The overall position of active equity funds increased in Q2, with the average stock position rising to 87.33% (+1.10%) and the Hong Kong stock position also significantly increasing (+1.22%). The average Hong Kong stock position of Hong Kong stock funds reached 92.71% (+3.11%). The allocation ratio of heavy - holding stocks in CSI 300 components decreased, while that in CSI 1000, Hong Kong stocks, and the STAR Market increased [22]. - Active equity funds reduced their holdings in advanced manufacturing and consumption sectors in Q2 and increased their positions in finance, technology, and pharmaceutical sectors. The communication and pharmaceutical biology industries had the most significant increases in the allocation ratio of heavy - holding stocks, while the food and beverage industry had the most significant reduction [24]. - E Fund Blue Chip Select remained the largest - scale active equity fund. Some large - scale products showed performance recovery in Q2, but their shares continued to decline [30]. - In Q2, the estimated net subscription amounts of products such as Huatai - PineBridge Innovative Medicine and Winwin Advanced Manufacturing Smart Selection were the highest, both exceeding 2.8 billion yuan. The Dongfanghong Core Value was the largest - scale new - issue active equity fund this quarter, with an issue scale of 1.991 billion yuan and 14,600 accounts. There were 10 new - issue active equity funds with a scale of over 1 billion yuan [34]. - There was no obvious phenomenon of chasing rising and selling falling in Q2. Although a small number of high - performance products had significant share increases, the correlation between performance and share changes was weak overall [36][37] 3.3 Fund Company Dimension: Guojin Fund Performed Well in Q2 - Guojin Fund had the best average performance of active equity funds in Q2 2025, with an average return of 6.91%. The Guojin Quantitative Multi - Factor, managed by Ma Fang and Yao Jiahong, performed the best, achieving a return of 13.76% in Q2. Other well - performing fund companies included Ruiyuan Fund, Winwin Fund, and Caitong Securities Asset Management [37]. - E Fund remained the company with the largest active equity fund management scale in Q2, with a scale of 220.5 billion yuan, slightly lower than the previous quarter. Other large - scale fund companies included China Europe Fund, Fullgoal Fund, GF Fund, and Huatai - PineBridge Fund [38]. - The top - performing fund companies in Q2 over - allocated industries such as computers and non - bank finance and under - allocated industries such as electronics, food and beverage, and power equipment. Some companies also had obvious over - or under - allocation in certain industries [42]. - Large - scale fund companies generally under - allocated sectors such as electronics and food and beverage and over - allocated sectors such as banks, media, and household appliances [44] 3.4 Investment Strategy Comparison: Small - Cap Growth Style Funds Significantly Outperformed - Pharmaceutical and financial real - estate funds outperformed other sectors in Q2, while new - energy and advanced - manufacturing funds showed relatively weak performance [3]. - The small - cap growth style was dominant in Q2, with the median return of small - cap growth products reaching 9.92%, while the mid - cap value style products generally performed poorly, with a median performance of about 0.78% [3]