CMS·2025-10-30 03:05Group 1: Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - The report reviews the performance, scale changes, and new - issue market of active equity - biased funds in Q3 2025, and analyzes their investment portfolios at the end of Q3 to offer market observations and analyses for public fund investors [1] - In Q3, the ChiNext Index led the rise, with the large - cap growth style prevailing. The communication industry performed well. Active equity - biased funds had an average return of 25.71%, and over 98% of them had positive returns. Funds heavily invested in the AI industry chain performed outstandingly [5][10] - Driven by performance, the scale of active equity - biased funds rebounded significantly in Q3, rising 18.37% from the end of the previous quarter. Funds with relatively large scale increases were mainly invested in areas such as AI computing power and semiconductor equipment [5][21] - The new - issue fund market continued to recover in 2025Q3, with an increase in both the number and scale of new - issued funds [5][31] - At the end of Q3, the overall stock positions of ordinary stock, equity - biased hybrid, flexible allocation, and balanced hybrid funds were 91.04%, 89.88%, 86.61%, and 65.70% respectively, with changes of + 0.96, + 1.42, + 0.71, and - 0.29 percentage points compared to the end of the previous quarter [5][39] - Active equity - biased funds began to reduce their positions in Hong Kong stocks in 2025Q3, with the proportion of Hong Kong stock holdings in the market value of stock investments decreasing by about 1.79 percentage points, and currently standing at 31.34% [5][39] - The proportion of the main board continued to decline, while the proportions of the Science and Technology Innovation Board and the ChiNext increased. The proportion of small - and medium - cap stocks below 5 billion decreased significantly by 11.64 percentage points [5][39] - Active equity - biased funds significantly increased their positions in TMT and reduced the allocation ratios of other sectors. Among the primary industries, the industries with the largest increase in heavy - position market value were electronics, communication, and power equipment and new energy, while the industry with the largest decrease was banking [5][39] - At the end of Q3 2025, CATL became the largest heavy - position stock of active equity - biased funds, followed by Tencent Holdings and New H3C Technologies [5][39] Group 3: Summary According to the Directory 1. Active Equity - Biased Fund Market Review 1.1 Performance Overview - In Q3, the ChiNext Index led the rise, with the large - cap growth style prevailing. The communication industry performed well. Active equity - biased funds had an average return of 25.71%, and over 98% of them had positive returns, with most returns ranging from 10% to 30%. Funds heavily invested in the AI industry chain performed outstandingly [5][10] - In Q3 2025, the overall equity market rose. Among the broad - based indices, the ChiNext Index rose significantly by 50.4%, with the growth style prevailing, while the large - cap value index fell slightly. In the Hong Kong stock market, the Hang Seng Tech Index and the Hang Seng Index rose by 21.9% and 11.6% respectively [10] - By industry, in Q3, communication led with a rise of over 50%. Electronics, non - ferrous metals, and power equipment and new energy also performed well, with increases of over 40%. In contrast, comprehensive finance and banking declined by 9.0% and 8.7% respectively [10] - As of October 28, the increases of communication, electronics, and non - ferrous metals since the beginning of the year were as high as 76.4%, 50.9%, and 73.5% respectively [10] - The average return of active equity - biased funds in Q3 2025 was 25.7%. As of October 28, the average return of active equity - biased funds since the beginning of the year was 33.0% [10] 1.2 Scale Changes - Driven by performance, the scale of active equity - biased funds rebounded significantly in Q3, rising 18.37% from the end of the previous quarter. Funds with relatively large scale increases were mainly invested in areas such as AI computing power and semiconductor equipment. All funds with a scale of over 20 billion achieved scale growth [5][21] - At the end of Q3, the scale of active equity - biased funds rebounded significantly to 3.93 trillion yuan, rising 18.37% from the end of the previous quarter. The scale growth was driven by performance. In terms of share changes, the number of shares of active equity - biased funds at the end of Q3 was 2.58 trillion, continuing to decline compared to the end of the previous quarter, and the decline rate widened to 7.69% [21] 1.3 New - Issue Market - The new - issue fund market continued to recover in 2025Q3, with an increase in both the number and scale of new - issued funds. A total of 98 active equity - biased funds were established in 2025Q3, with a total scale of 56.496 billion yuan and an average issuance scale of 580 million yuan. Since Q4 2025 (as of October 28), 10 active equity - biased funds have been established, with a total scale of 12.476 billion yuan and an average issuance scale of 1.25 billion yuan [31] - Among the funds newly established in Q3, the one with the largest issuance scale was China Merchants Balanced Selection, managed by fund manager Wu Xiao, with an issuance scale close to 5 billion yuan. Among the funds newly established since Q4 2025 (as of October 28), two products had an issuance scale of over 2 billion yuan [36] 2. Position Analysis 2.1 Position Analysis - At the end of Q3, the overall stock positions of ordinary stock, equity - biased hybrid, flexible allocation, and balanced hybrid funds were 91.04%, 89.88%, 86.61%, and 65.70% respectively, with changes of + 0.96, + 1.42, + 0.71, and - 0.29 percentage points compared to the end of the previous quarter [39][40] 2.2 AH Market Selection - Active equity - biased funds began to reduce their positions in Hong Kong stocks in 2025Q3, with the proportion of Hong Kong stock holdings in the market value of stock investments decreasing by about 1.79 percentage points, and currently standing at 31.34% [39][46] 2.3 Market - Value Style - At the end of Q3, heavy - position stocks were still mainly from the main board, but the proportion continued to decline to 58.53%, a decrease of 6.56 percentage points from the end of the previous quarter. The proportion of the ChiNext increased by 4.69 percentage points to 23.73%, and the proportion of the Science and Technology Innovation Board increased slightly by 1.97 percentage points to 17.44%. The proportion of the Beijing Stock Exchange decreased slightly compared to the end of the previous quarter and currently stands at 0.30% [52] - Among the heavy - position stocks in the Q3 reports of equity - biased funds, the proportion of small - and medium - cap stocks below 5 billion decreased significantly from 43.15% to 31.51%, a decrease of 11.64 percentage points. At the same time, the proportion of stocks with a market value between 300 billion and 500 billion increased significantly from 4.44% to 15.31% [55] 2.4 Industry Distribution - In Q3, active equity - biased funds significantly increased their positions in TMT and reduced the allocation ratios of other sectors. Compared with the industry distribution of heavy - position stocks in 2025Q2, equity - biased funds increased their positions in TMT more (from 28.77% to 40.23%), while the allocation ratios in other sectors decreased. Among them, the proportion of the consumer sector decreased more (from 14.86% to 9.66%), followed by the financial real - estate sector (from 7.18% to 3.80%) [57] - According to the CITIC primary industries, in Q3 2025, the industries with the highest heavy - position market value of active equity - biased funds were electronics, power equipment and new energy, and medicine, and all three industries were significantly increased compared to the end of the previous quarter [60] - The industries with the largest increase in heavy - position market value in Q3 were electronics, communication, and power equipment and new energy, with increases of over 40% in Q3. The industry with the largest decrease in heavy - position market value was banking, with a return of - 8.66% in Q3 [60] 2.5 Positioned Stocks - At the end of Q3 2025, CATL became the largest heavy - position stock of active equity - biased funds, followed by Tencent Holdings and New H3C Technologies [66] - Among the top ten heavy - position stocks, Infinera, New H3C Technologies, and Foxconn Industrial Internet were the most increased. Compared with Q2 2025, Foxconn Industrial Internet, Cambricon - U, Hudian Co., Ltd., Zhaoyi Innovation, EVE Energy, WuXi AppTec, Sungrow Power Supply, and Dongshan Precision entered the top 20 heavy - position stocks of active equity - biased funds, while Luxshare Precision Industry, Hengrui Medicine, EVE Energy, WuXi AppTec, Midea Group, North Huachuang, Sungrow Power Supply, and Dongshan Precision dropped out of the top 20 [66]