数说港股基金25年二季报：加仓医药非银，减持零售社服，“抱团度”下降

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No explicit core viewpoints are presented in the given text. The report mainly focuses on analyzing the performance, scale,持仓 characteristics, and fund companies of Hong Kong stock funds. 3. Summaries Based on Related Catalogs 3.1 Hong Kong Stock Fund Performance and Scale Development - Risk - Return Indicators: Different types of Hong Kong stock funds, including Hong Kong Stock Connect - ETF & Passive Index, Hong Kong QDII - ETF & Passive Index, Hong Kong Stock Connect - Active, and Hong Kong QDII - Active, have varying returns, maximum drawdowns, and annualized Sharpe ratios over different time periods (1 quarter, 1 year, 3 years, and 5 years). For example, the Hong Kong QDII - Active fund had a 10.22% return in the recent quarter [13]. - Scale and Share Changes: There are data on the scale development and share changes of different types of Hong Kong stock funds, as well as the new issuance situation of Hong Kong stock funds in each quarter [17][22]. 3.2 Hong Kong Stock Fund Holding Characteristics - Stock and Hong Kong Stock Positions: Information on the stock positions and Hong Kong stock positions of different types of Hong Kong stock funds over the past five years is provided, along with the distribution of stock and Hong Kong stock positions [24][27]. - Sector Allocation: The sector allocation of Hong Kong stock funds shows that industries such as media, commerce and retail, and electronics are among the top - allocated sectors. There are also changes in the proportion of different sectors over time [31][35]. - Heavy - Holding Stocks: The heavy - holding stocks of Hong Kong stock funds include companies like Tencent Holdings, Xiaomi Group - W, and Alibaba - W. There are also data on the top 10 stocks by market value ratio, the top 10 stocks with increased or decreased allocation, and the top 10 stocks by the number of heavy - holding funds [37][39]. 3.3 Hong Kong Stock Fund Company Analysis - Fund Company Scale: The top 20 fund companies in terms of Hong Kong stock fund scale in 2025Q2 are listed, along with their scale in 2025Q1, scale changes, and ranking changes. For example, China Asset Management had a scale of 1009.3 billion yuan in 2025Q2, with a 9.61% increase from 2025Q1 [47]. - Heavy - Holding Industries and Stocks: The heavy - holding industries (at the Shenwan primary level) and heavy - holding stocks of the top 20 fund companies in terms of Hong Kong stock fund scale are presented, along with the proportion of heavy - holding stocks and their changes [50][51]. 3.4 Performance - Outstanding Hong Kong Stock Fund Holding Display and Quarterly Report Views - Funds Holding "Top 50 Rising Stocks": Some actively managed Hong Kong stock funds that held "top 50 rising stocks" in 2025Q2 are listed, including their fund codes, names, types, 2025Q2 returns, fund managers, total scale, and the stocks they held, along with the stocks' 2025Q2 rising percentages and the proportion of the stocks' market value in the fund's net value [54][55]. - Quarterly Report Excerpts: Excerpts from the 2025 second - quarter reports of some performance - outstanding actively managed Hong Kong stock funds are provided, including their performance, fund managers, total scale, and investment strategies. For example, the Huatai - PineBridge Hong Kong Stock Connect Advantage Select A fund plans to invest in innovative drug companies and excellent equipment and consumable leading companies with high barriers [57][58].