加仓零售半导体，减仓硬件新消费

Group 1 - The issuance of investable Hong Kong stock funds significantly rebounded in Q3 2025, with the number of funds increasing from 277 to 434 and the issuance scale rising from 907 billion to 1518 billion, marking a new high since Q1 2021 [4][5][6] - The active public fund's position in Hong Kong stocks slightly decreased, with the market value proportion of Hong Kong stocks in the sample of active equity funds dropping from 20.0% in Q2 2025 to 19.2% in Q3 2025 [4][10] - The allocation to small and medium-sized stocks and the Hang Seng Technology Index increased, with their market value proportions rising by 1.1 and 3.0 percentage points respectively, while the Hang Seng Index's allocation decreased by 8.5 percentage points [4][10] Group 2 - In terms of industry allocation, public funds mainly increased their positions in the retail, pharmaceutical, and non-ferrous metal sectors, corresponding to concepts such as internet retail, semiconductors, innovative pharmaceuticals, and non-ferrous metals [4][11] - Conversely, there was a reduction in positions in the communication, computer, social services, light industry, and automotive sectors, reflecting a decrease in exposure to telecommunications equipment, new consumption, and new energy vehicles [4][11][15] - The report highlights that the active funds primarily increased their holdings in internet retail, semiconductors, and innovative pharmaceuticals while reducing their stakes in telecommunications equipment and new consumption sectors [11][15]