SINOLINK SECURITIES(SH:600109) SINOLINK SECURITIES·2025-10-29 01:56Group 1: Active Equity Funds "Asset-Liability" Positive Cycle - In Q3 2025, the stock position of active equity funds rose to 87.26%, primarily driven by an increase in A-share allocation, while Hong Kong stock allocation slightly decreased but remained at historical highs [2][10] - The median performance of active funds in Q2 2025 was approximately 22.05%, marking a new quarterly high since Q2 2019, with over 75% of active funds outperforming their benchmarks [2][15] - The net outflow from active equity funds increased significantly from 91.60 billion yuan in Q2 2025 to 217.85 billion yuan in Q3 2025, indicating a growing redemption pressure [2][21] Group 2: Active Equity Fund Positioning and Performance - Active equity funds have shown a renewed concentration in holdings, particularly increasing allocations to large-cap growth and mid/small-cap value stocks, with TMT sector allocation exceeding 40%, a historical high [3][18] - The performance of top-performing funds in Q3 2025 exhibited significant exposure to growth factors, high valuations, and strong momentum, indicating a trend of "stronger getting stronger" alongside some reversal characteristics [3][19] - The proportion of active equity funds reaching new net asset value highs has significantly increased, suggesting a potential shift in the underlying assets [3][24] Group 3: "Fixed Income+" Funds - The scale of "Fixed Income+" funds continued to rise significantly in Q3 2025, with stock positions reaching relatively high levels since 2024 [3][28] - "Fixed Income+" funds also increased allocations to electronic, medical, electric new energy, and communication sectors, mirroring trends seen in active equity funds [3][30] Group 4: Individual Investors as Incremental Capital - Since October 2025, individual investors, including those participating in margin trading and personal ETFs, have remained the primary source of incremental capital in the market [4][31] - The active equity funds have experienced a decline in performance since October, with new equity fund issuance also decreasing, indicating a critical point in the quest for "pricing power" [4][33]