Tianfeng Securities·2025-10-29 10:15Core Conclusions - Public funds in Q3 2025 have reached historical highs in their allocations to the electronics and communication sectors, with the electronics allocation increasing from 18.67% in Q2 to 25.53% in Q3, and the relative overweight ratio rising from +9.1% to +12.75%, making it the only primary industry with an overweight ratio exceeding 10% relative to the entire A-share market [10][11] - Other industries that saw further overweighting in Q3 include communication, power equipment, non-ferrous metals, and media, with electronics, communication, power equipment, and non-ferrous metals performing well in Q3 2025, indicating a concentrated preference among public funds [10][11] Market Overview - The allocation of active equity funds in Q3 2025 shows a significant increase in stock positions, with the stock allocation rising to 85.62% from 84.24% in Q2, amounting to approximately 3.58 trillion yuan, reflecting a 21.48% increase [11][12] - The allocation across different market segments indicates a decline in the main board and North Exchange, while other segments have rebounded [13] Industry Allocation - The allocation for major industry categories in Q3 2025 is as follows: upstream raw materials at 9.98% (up 0.69 percentage points), midstream manufacturing at 54.16% (up 12.3 percentage points), downstream consumption at 26.95% (down 7.05 percentage points), financial real estate at 4.3% (down 3.63 percentage points), and support services at 4.52% (down 2.28 percentage points) [18][19] - The upstream raw materials sector has shown an overall recovery, with specific allocations for coal at 0.29% (down 0.08 percentage points), oil and petrochemicals at 0.35% (down 0.03 percentage points), basic chemicals at 2.41% (down 0.54 percentage points), steel at 0.32% (down 0.02 percentage points), non-ferrous metals at 6% (up 1.35 percentage points), and building materials at 0.61% (up 0.01 percentage points) [21][22] Midstream Manufacturing - In midstream manufacturing, the allocations for Q3 2025 are as follows: power equipment at 12.32% (up 2.43 percentage points), machinery at 4.06% (up 0.27 percentage points), electronics at 25.53% (up 6.86 percentage points), national defense and military industry at 2.99% (down 1.18 percentage points), and communication at 9.26% (up 3.93 percentage points) [27][28] - The communication sector has seen significant increases in allocation, particularly in communication equipment, which rose by 4.44 percentage points [27][31] Downstream Consumption - In downstream consumption, the allocations for Q3 2025 are as follows: agriculture, forestry, animal husbandry, and fishery at 1.15% (down 0.5 percentage points), food and beverage at 4.93% (down 1.81 percentage points), pharmaceutical and biological products at 9.66% (down 1.25 percentage points), textiles and apparel at 0.21% (down 0.2 percentage points), social services at 0.18% (down 0.22 percentage points), light industry manufacturing at 0.46% (down 0.36 percentage points), media at 2.48% (up 0.55 percentage points), home appliances at 2.75% (down 1.66 percentage points), automotive at 4.88% (down 1.45 percentage points), and beauty and personal care at 0.24% (down 0.17 percentage points) [32][33]