2025Q2公募基金持仓点评：非银配置比例环比有所提升，整体仍然维持低配

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [8]. Core Insights - The allocation of public funds to the non-bank sector has increased on a quarter-on-quarter basis, with passive funds holding a higher market value proportion compared to active funds [2][11]. - The insurance allocation ratio has risen, with major holdings in Hong Kong being China Pacific Insurance and Ping An Insurance [11]. - The brokerage allocation ratio has also increased, with individual stocks still concentrated in leading institutions [11]. - The multi-financial sector continues to be under-allocated, with holdings concentrated in the Hong Kong Stock Exchange [11]. - Overall, passive funds have a higher allocation to the non-bank sector compared to active funds, indicating a recovery in the capital market and potential performance elasticity in the brokerage sector [11]. Summary by Sections Non-Bank Sector Allocation - The market value of non-bank sector holdings by major passive and active funds in Q2 2025 was 154.81 billion and 1,735.33 billion respectively, with quarter-on-quarter changes of +76.9% and +9.6% [11]. - In Hong Kong, the market value for the same period was 84.67 billion and 148.34 billion, with increases of +101.5% and +51.4% [11]. Insurance Sector - The insurance sector's allocation ratio has increased, with market value proportions for active and passive funds at 0.74% and 4.69% respectively, showing quarter-on-quarter increases of +0.38 percentage points and +0.23 percentage points [11]. - Major holdings include Ping An (53.0% for active funds) and China Pacific Insurance (24.7% for active funds) [11]. Brokerage Sector - The allocation ratio for the brokerage sector has improved, with market value proportions for active and passive funds at 0.39% and 8.21% respectively, with quarter-on-quarter increases of +0.16 percentage points and +0.13 percentage points [11]. - Key stocks include Citic Securities (24.7% for active funds) and Dongfang Wealth (44.1% for passive funds) [11]. Multi-Financial Sector - The multi-financial sector's holdings are primarily concentrated in the Hong Kong Stock Exchange, with market value proportions for active and passive funds at 0.08% and 0.004% respectively [11]. - The sector remains under-allocated compared to the Hang Seng Index [11].