通信行业25Q2基金持仓分析：25Q2基金大幅增配光模块，基金重仓通信环比提升

Investment Rating - The industry rating is "Overweight" with a maintained rating from the previous assessment [4][17] Core Insights - In Q2 2025, the proportion of communication heavyweights in fund holdings increased to 5.3%, up by 2.4 percentage points from the previous quarter, ranking 6th among 31 industries [1][4] - The total market value of funds heavily invested in the communication sector reached 708.8 billion yuan, accounting for 5.3% of the total market value of A-share holdings, with a significant preference for optical devices and modules, communication components, IoT, connectors, cables, and operators [1][2] - The concentration of holdings in the top ten communication stocks increased significantly, with their market value accounting for 64.6% of the total communication sector holdings, up by 16.3 percentage points from the previous quarter [2][13] Summary by Sections Fund Holdings Analysis - The total market value of funds heavily invested in the communication sector was 1166.7 billion yuan, representing 8.7% of the total A-share holdings [1] - The top five stocks with increased holdings were Zhongji Xuchuang (139.90 billion yuan), Xinyi Sheng (128.93 billion yuan), Huhua Electronics (84.55 billion yuan), Tianfu Communication (29.11 billion yuan), and Yuanjie Technology (16.49 billion yuan) [3][15] - The top five stocks with decreased holdings included Dalian Technology (-16.66 billion yuan), ZTE Corporation (-12.80 billion yuan), Hengtong Optic-electric (-12.73 billion yuan), Runze Technology (-12.49 billion yuan), and Guanghuan New Network (-11.46 billion yuan) [3][15] Stock Performance - The communication sector outperformed the CSI 300 index over various time frames, with returns of 11.82% over one month, 27.66% over three months, and 54.32% over twelve months [6]