Huachuang Securities·2025-07-23 14:16Market Performance - In Q2 2025, major A-share indices generally rose, with the North Star 50 increasing by 13.85% and the Shanghai Composite Index rising by 3.26%[13][17] - The top five performing sectors included Comprehensive Finance (32.16%), National Defense and Military Industry (16.03%), and Banking (12.62%) while the worst performers were Food and Beverage (-5.13%) and Home Appliances (-3.45%) [17][18] Fund Issuance and Positioning - A total of 66 equity-oriented active funds were established in Q2 2025, with a total share of 338.57 billion, marking an increase in issuance compared to the previous quarter[2][25] - The average stock positions of various types of equity-oriented active funds increased, with mixed equity funds reaching an average position of 88.46%[29] Sector and Stock Holdings - The top five sectors with increased holdings were Communication, Banking, National Defense and Military Industry, Non-Bank Financials, and Media, with Communication and Banking seeing increases of over 1%[4][42] - The top five stocks with the largest increases in holdings were Zhongji Xuchuang, Xinyi Sheng, Hudian Co., Shenghong Technology, and SF Express, while the largest reductions were seen in BYD, Kweichow Moutai, and Wuliangye[5][43] Billion Fund Holdings - The largest changes in holdings among billion-dollar funds were observed in SF Express, Xinlitai, and Ningde Times, with the National Defense and Military Industry sector seeing a significant increase from 0 to 10.76 billion[6] Southbound Capital Analysis - In Q2 2025, the top five stocks held by southbound funds included Tencent Holdings, Xiaomi Group, and Alibaba, with notable increases in holdings for Sinda Biopharmaceuticals and Pop Mart[7]