CAITONG SECURITIES·2025-07-25 08:03Group 1: Report Overview - The report analyzes the regular reports of active equity funds from multiple perspectives, including scale, quantity, position, concentration, industry and sector allocation, and individual stock allocation, aiming to provide an overview of fund trading behavior characteristics and asset allocation [6]. Group 2: Scale and Quantity Analysis - As of 2Q2025, there were 4,385 active equity funds in the market, an increase of 44 compared to the end of the previous quarter. The total scale of active equity funds was 3.17 trillion yuan, a decrease of 30.472 billion yuan or 0.95pct compared to the end of the previous quarter [8]. - In 2Q2025, 71 active equity funds were established in the market, with a combined issuance share of 3.6593 billion shares, a significant increase of 139.18pct compared to the end of the previous quarter [10]. - In terms of fund scale distribution, in 2Q2025, the proportion of active equity funds with a scale of less than 100 million yuan was as high as 80.55%. The proportion of large - scale funds continued to decline. The proportion of funds with a scale of less than 200 million yuan was 46.51%, a 0.12pct increase compared to the end of the previous quarter [14]. Group 3: Position Analysis - In 2Q2025, the equity positions of active equity funds increased slightly. The equity positions of common stock - type, partial - stock hybrid, and flexible - allocation funds were 90.20%, 87.50%, and 72.58% respectively, an increase of 0.86pct, 1.14pct, and 1.12pct compared to the end of the previous quarter [16]. - The Hong Kong stock positions of active equity funds increased significantly. The Hong Kong stock positions of common stock - type, partial - stock hybrid, and flexible - allocation funds were 12.85%, 17.09%, and 4.08% respectively, an increase of 0.84pct, 1.61pct, and 0.36pct compared to the end of the previous quarter [18]. Group 4: Concentration Analysis - In 2Q2025, the concentration of individual stocks and industries of active equity funds decreased slightly. The concentration of the top 3, top 5, and top 10 individual stocks was 20.92%, 31.25%, and 51.77% respectively, a decrease of 0.43pct, 0.87pct, and 1.17pct compared to the end of the previous quarter. The concentration of the first, top 3, and top 5 industries was 18.24%, 37.31%, and 46.53% respectively, a decrease of 0.33pct, 1.07pct, and 1.13pct compared to the end of the previous quarter [21]. Group 5: Heavy - Positioned Sector Analysis - In the A - share market, in 2Q2025, the top three sectors with heavy - positioned stocks of active equity funds were technology, manufacturing, and consumption, accounting for 27.89%, 23.84%, and 14.84% respectively. The sectors with increased positions were technology, financial real estate, and medicine, with an increase of 2.82pct, 1.83pct, and 0.38pct compared to the previous quarter [25]. - In the Hong Kong stock market, the top three sectors with heavy - positioned stocks of active equity funds were technology, consumption, and medicine, accounting for 46.82%, 14.40%, and 13.42% respectively. The sectors with increased positions were medicine and financial real estate, with an increase of 4.94pct and 2.39pct compared to the previous quarter [26]. Group 6: Heavy - Positioned Industry Analysis 6.1 Active Equity Funds - In A - share allocation, in 2Q2025, the top three industries with heavy - positioned stocks of active equity funds in terms of market value were electronics, medicine, and power equipment and new energy, accounting for 18.11%, 11.47%, and 8.85% respectively. The industries with the top three active increases in positions were communication, banking, and non - banking finance, with an increase of 2.51pct, 0.76pct, and 0.74pct respectively [30][32]. - In Hong Kong stock allocation, the top three industries with heavy - positioned stocks of active equity funds in terms of market value were media, electronics, and medicine, accounting for 25.69%, 13.48%, and 13.42% respectively. The industries with the top three active increases in positions were medicine, non - banking finance, and computer, with an increase of 3.88pct, 1.48pct, and 0.88pct respectively [36][37]. 6.2 Performance - Excellent and Hundred - Billion Funds - In A - share allocation, in 2Q2025, the top three industries with heavy - positioned stocks of performance - excellent funds in terms of market value were medicine, national defense and military industry, and communication, accounting for 64.66%, 9.03%, and 8.41% respectively. The top three industries with heavy - positioned stocks of hundred - billion funds were food and beverage, electronics, and medicine, accounting for 19.55%, 19.52%, and 19.35% respectively [40]. - In Hong Kong stock allocation, the top three industries with heavy - positioned stocks of performance - excellent funds in terms of market value were medicine, media, and commerce and retail, accounting for 91.45%, 2.40%, and 1.51% respectively. The top three industries with heavy - positioned stocks of hundred - billion funds were media, communication, and commerce and retail, accounting for 32.18%, 13.18%, and 12.03% respectively [41]. Group 7: Heavy - Positioned Individual Stock Analysis 7.1 Heavy - Positioned Individual Stock Market Value Analysis - In 2Q2025, the top three A - shares with the highest absolute market value of heavy - positioned stocks of active equity funds were CATL, Kweichow Moutai, and Midea Group, with market values of 46.6 billion yuan, 26.213 billion yuan, and 25.094 billion yuan respectively. The top three A - shares in terms of allocation market - value ratio were InnoCare Pharma - U, Weichai Heavy Machinery, and BeiGene - U, with the proportion of shares held in the floating shares being 31.99%, 24.84%, and 24.50% respectively [47]. - The top three Hong Kong stocks with the highest absolute market value of heavy - positioned stocks of active equity funds were Tencent Holdings, Xiaomi Group - W, and Alibaba - W, with market values of 55.608 billion yuan, 19.662 billion yuan, and 18.9 billion yuan respectively. The top three Hong Kong stocks in terms of allocation market - value ratio were 3SBio, Kelun Botai Biopharma - B, and Shanghai Fudan, with the proportion of shares held in the floating shares being 12.56%, 10.57%, and 8.95% respectively [49]. 7.2 Heavy - Positioned Individual Stock Active Position - Adjustment Analysis - In 2Q2025, the top three A - shares with the highest active increase in positions of active equity funds compared to the end of the previous quarter were Zhongji Innolight, Hudian Co., Ltd., and Sinnet Technology, with an increase of 12.953 billion yuan, 7.642 billion yuan, and 7.506 billion yuan respectively. The top three A - shares with the highest active decrease in positions were BYD, Kweichow Moutai, and Wuliangye Yibin, with a decrease of 11.04 billion yuan, 5.527 billion yuan, and 5.021 billion yuan respectively [51]. - The top three Hong Kong stocks with the highest active increase in positions of active equity funds compared to the end of the previous quarter were 3SBio, Innovent Biologics, and JD Health, with an increase of 4.919 billion yuan, 4.07 billion yuan, and 2.793 billion yuan respectively. The top three Hong Kong stocks with the highest active decrease in positions were Tencent Holdings, Alibaba - W, and SMIC, with a decrease of 10.71 billion yuan, 8.463 billion yuan, and 3.235 billion yuan respectively [53].