主动权益基金新发规模持续上升

The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results for such models or factors. The report primarily focuses on the performance, allocation, and trends of active equity funds in various industries during Q2 2025. Below is a summary of the key points: - Active equity funds' net asset value weighted average return in Q2 2025 was 2.14%, with a median return of 1.85%[6][15][115] - The top 10 funds by return in Q2 2025 achieved approximately 30% growth, with a total net subscription of 9.02 billion yuan[8][39][41] - The top 10 funds by net subscription in Q2 2025 collectively reached 217.30 billion yuan, with a median return of 12.55%[39][40] - Active equity funds' overall stock positions increased slightly to 85.97% in Q2 2025, up 0.50 percentage points from Q1 2025[7][28][115] - The top four industries with the highest active equity fund allocations in Q2 2025 were electronics, healthcare, electric power and new energy equipment, and food and beverages[9][43][46] - The top four industries with the highest active equity fund overweighting in Q2 2025 were telecommunications (2.08 percentage points), banking (0.71 percentage points), defense and military (0.61 percentage points), and electronics (0.45 percentage points)[9][43][46] - The top four industries with the highest absolute returns in Q2 2025 were telecommunications (21.77%), commercial trade (21.55%), agriculture (19.03%), and insurance (12.51%)[108][116] - Non-sector-themed funds showed the highest active overweighting in telecommunications (2.09 percentage points), banking (0.92 percentage points), insurance (0.58 percentage points), and defense and military (0.46 percentage points)[9][111][116] No quantitative models or factors were explicitly mentioned in the report. The focus was on fund performance, industry allocation, and market trends.