2025年二季度基金重仓配置分析

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q2 2025, the positions of funds increased slightly, and the concentration decreased again. Funds reduced their holdings in the Main Board and increased their holdings in the Science and Technology Innovation Board and the Growth Enterprise Market. The proportion of Hong Kong stock holdings continued to rise, and the overall stock market value proportion of four types of active stock - type funds increased slightly. The concentration of fund holdings decreased, and the profitability of heavy - holding stocks was differentiated. The allocation of leading companies continued to decline [11][14][17]. - The overall management scale and share of public funds shrank. The management scale changes of funds of different sizes were differentiated, but the position - adjustment directions of large and small public funds were relatively consistent. Small - scale funds switched from consumption to TMT, while large - scale products separately increased their positions in manufacturing and raw materials [61][70][75]. - Manufacturing and consumption sectors were under - weighted, while TMT and cyclical sectors were over - weighted. The upstream, mid - stream manufacturing, and mid - stream processing sectors within manufacturing showed different trends in position allocation, with some industries increasing and some decreasing [78][85][118]. 3. Summary According to Relevant Catalogs 3.1 Position Slightly Increased, Concentration Decreased Again - Plate Allocation: In Q2 2025, funds reduced their holdings in the Main Board, with the heavy - holding allocation ratio decreasing by 1.81 percentage points to 72.52%. They increased their holdings in the Science and Technology Innovation Board and the Growth Enterprise Market, with the Growth Enterprise Market increasing by 1.76 percentage points to 15.20%. The proportion of Hong Kong stock holdings continued to rise [11]. - Stock - holding Ratio of Funds: The stock - holding ratio of four types of funds increased slightly compared with the previous quarter. The proportion of stocks in the total fund assets increased to 84.24% quarter - on - quarter, while the proportion of bonds decreased to 4.63%, and the cash ratio also decreased [14]. - Concentration of Fund Holdings: The concentration of the top 50 heavy - holding stocks in Q2 2025 reached 38.2%. The profitability of heavy - holding stocks was differentiated. The average return of the top 50 heavy - holding stocks in Q1 2025 in Q2 2025 was 3.1%, higher than the 2.5% of the common stock - type fund index, while the average return of the top 10 heavy - holding stocks was - 5.1%, significantly underperforming the index [17][18]. - Allocation of Leading Companies: The holding ratios of first - tier and second - and third - tier leading companies in Q2 2025 decreased by 1.26 and 0.13 percentage points respectively compared with Q1 2025, to 27.06% and 13.24%. In terms of industries, funds mainly increased their positions in the leading companies of the communication and agriculture, forestry, animal husbandry, and fishery industries and reduced their positions in the leading companies of the electronics, food and beverage, and household appliance industries [21]. - Industry Allocation: In Q2, funds significantly increased their positions in the communication and finance sectors, with an increase of 3.2% and 1.9% respectively, and reduced their positions in the optional consumption and necessary consumption sectors, with a decrease of 2.3% and 1.5% respectively. In terms of heavy - holding allocation ratio changes, the communication, bank, national defense and military industry, and non - bank sectors had the largest increases, while the food and beverage, automobile, electric power equipment and new energy, and machinery sectors had the largest decreases [30][32]. 3.2 Public Funds' Scale and Share Shrunk - Overall Scale and Share: The overall management scale and share of public funds shrank [61]. - Differentiated Changes in Different - Sized Funds: The management scale changes of funds of different sizes were differentiated, but the position - adjustment directions of large and small public funds were relatively consistent. Small - scale funds switched from consumption to TMT, while large - scale products separately increased their positions in manufacturing and raw materials. Funds of different sizes reduced their heavy - holding stock allocations [64][70][75]. 3.3 Manufacturing and Consumption Under - weighted, TMT and Cyclical Sectors Over - weighted - Upstream Sector: The heavy - holding allocation ratio of the upstream sector declined overall, with internal structural differentiation. The allocation ratio of the petroleum and petrochemical sector remained stable at 0.52% in Q2, while the allocation ratio of the coal sector decreased by 0.1 percentage point to 0.36%. The allocation ratio of non - ferrous metals increased by 0.12 percentage points to 4.68%, and the allocation ratio of steel decreased by 0.26 percentage points to 0.37% [85][90]. - Mid - stream Manufacturing: The overall heavy - holding allocation of the manufacturing sector decreased. The allocation ratio of the electric power equipment and new energy sector decreased by 0.99 percentage points to 8.78% in Q2, while the allocation ratio of the national defense and military industry sector increased by 0.89 percentage points to 3.64% [118]. - Mid - stream Processing: The overall heavy - holding allocation of the manufacturing sector decreased. The allocation ratio of the machinery sector decreased by 0.99 percentage points to 5.55% in Q2, the allocation ratio of building materials remained stable at 0.47%, the allocation ratio of transportation increased by 0.31 percentage points to 1.97%, and the allocation ratio of light industry manufacturing decreased by 0.01 percentage points to 0.86% [123][127].