量化市场追踪周报：主动权益基金仓位达到年内高位，通信行业仓位持续上升-20250818

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Active equity fund positions have reached the highest level of the year, with continuous increases in the communication industry position. The market's broad - based indices generally rose last week, with the Shanghai Composite Index breaking through 3700 points. TMT industries performed strongly, while dividend - related industries such as banking and coal were weak. [4][12] - Active equity public funds have been continuously increasing their positions, and the overall position has reached the highest level of the year. Even relatively cautious "fixed - income +" funds have been continuously raising their positions. In terms of style, public funds have focused on the growth sector and shifted towards small - cap stocks. [4][12] - Public funds are optimistic about the communication industry, which has seen the most significant position increase in the past three months. The proportion in the consumer sector has decreased, and the allocation ratio of the food and beverage industry has reached a multi - year low. It is recommended to shift the allocation towards the growth sector. [4][12] 3. Summary According to the Table of Contents 3.1 Last Week's Market Review - Broad - based Index Performance: Last week (2025/8/11 - 2025/8/15), A - share broad - based indices generally rose, with the ChiNext Index rising significantly. As of 2025/8/15, the Shanghai Composite Index closed at 3696.77 points, up about 1.70% week - on - week; the Shenzhen Component Index closed at 11634.67 points, up about 4.55%; the ChiNext Index closed at 2534.22 points, up about 8.58%; and the CSI 300 closed at 4202.35 points, up about 2.37%. [13] - Industry Index Performance: TMT and non - banking industries performed well last week. The top - performing industries in terms of weekly returns were communication, comprehensive finance, non - bank finance, electronics, and computer, with returns of 7.11%, 7.07%, 6.57%, 6.44%, and 6.31% respectively. The bottom - performing industries included banking, steel, textile and apparel, coal, and construction, with returns of - 3.22%, - 2.00%, - 1.36%, - 0.77%, and - 0.59% respectively. [16] 3.2 Public Funds - Net Value Performance: The average net value change of active partial - stock funds last week was 3.47%. Among the 4468 funds, 3990 rose, accounting for 89.30%. The top five funds in terms of net value performance were Yongying Digital Economy Smart Selection Hybrid A, SDIC UBS Jinbao Flexible Allocation Hybrid, SDIC UBS Advanced Manufacturing Hybrid, SDIC UBS New Energy Hybrid A, and SDIC UBS Industry Trend Hybrid A, with weekly net value changes of 18.81%, 17.88%, 17.34%, 17.29%, and 17.01% respectively. [4][18] - Position Calculation: As of 2025/8/15, the average position of active equity funds was about 89.14%. Among them, the average position of common stock funds was about 91.41% (up 0.86 pct from the previous week), the average position of partial - stock hybrid funds was about 88.93% (up 1.90 pct), the average position of allocation funds was about 88.23% (up 2.61 pct), and the average position of "fixed - income +" funds was about 23.48%, up 0.43 pct from the previous week. [2][22] - Style Trends: Recently, public funds have mainly been allocated to the small - cap growth style. As of 2025/8/15, the positions of active partial - stock funds in large - cap growth, large - cap value, mid - cap growth, mid - cap value, small - cap growth, and small - cap value were 27.52% (up 0.19 pct from the previous week), 9.4% (down 0.69 pct), 9.51% (down 0.37 pct), 5.96% (up 0.3 pct), 43% (up 1.06 pct), and 4.62% (down 0.5 pct) respectively. [3][29] - Industry Trends: From the perspective of the weighted average of stock - holding market value, the industries with a significant increase in the allocation ratio of active equity funds last week were communication (about 6.19%, up 0.86 pct from the previous week), non - ferrous metals (about 4.31%, up 0.42 pct), petroleum and petrochemicals (about 1.17%, up 0.33 pct), comprehensive (about 0.52%, up 0.30 pct), and real estate (about 1.03%, up 0.24 pct). The industries with a significant decrease were food and beverage (about 3.96%, down 0.62 pct), electronics (about 15.99%, down 0.54 pct), national defense and military industry (about 5.05%, down 0.52 pct), banking (about 3.57%, down 0.43 pct), and textile and apparel (about 1.09%, down 0.32 pct). [4][32] - ETF Market Tracking: Last week (2025/8/11 - 2025/8/15), domestic stock ETFs had a net outflow of about 23.799 billion yuan, cross - border ETFs had a net inflow of about 16.335 billion yuan, bond ETFs had a net inflow of about 12.633 billion yuan, and commodity ETFs had a net outflow of about 1.719 billion yuan. [39] - Newly Established Funds: This year, 171 active equity funds have been newly issued, with a total scale of about 68.102 billion yuan, about 130.65% of the same period in 2024; 356 passive equity funds have been newly issued, with a total scale of 184.103 billion yuan, about 320.38% of the same period in 2024. [44] 3.3 Main/Active Capital Flows - Main Capital Flow: Last week, the main capital flowed into non - bank and electronics sectors and flowed out of national defense and military industry and machinery sectors. [5][56] - Active Capital Flow: The net main - buying amount last week was about - 1016.139 billion yuan. Active capital flowed into non - bank and electronics sectors. The industries with the highest net main - buying amounts were non - bank finance, electronics, computer, communication, and non - ferrous metals; the industries with significant outflows were machinery, national defense and military industry, banking, power and public utilities, and medicine. [5][56]