ZHONGTAI SECURITIES·2025-10-30 10:56Report Industry Investment Rating - The report does not explicitly mention a comprehensive industry investment rating. However, it provides a "Buy" rating for stocks and an "Overweight" rating for industries in the investment rating description section [29]. Core Viewpoints of the Report - In Q3 2025, the concentration of actively managed funds' heavy - holding stocks increased, with a shift towards the "technology manufacturing + energy resources" sectors, showing a pattern of "less defense, more growth". The market is expected to start a new upward trend in Q4, driven by the repair of macro - expectations and policy expectations, and the structural preference for technology growth and high - end manufacturing will continue to strengthen [3][4][24]. Summary by Relevant Catalogs 2025Q3 Active Fund Heavy - Holding Stock Position Structure Overview - AH Stock Position Market Value Increase: The number of heavy - holding stocks decreased from 2,946 in Q2 to 2,902 in Q3. The total A - share position market value rose from 1.39 trillion yuan to 1.78 trillion yuan, a 27.58% increase, and the Hong Kong stock position increased from 341.3 billion yuan to 418.5 billion yuan, a 22.62% increase [3][5]. - Industry Concentration and Capital Flow: The top five industries in terms of A - share market value in the first three quarters were electronics, power equipment, medicine and biology, communication, and non - ferrous metals. The heavy - holding market value CR3 reached 46%, and CR5 reached 62%, indicating a significant concentration. The communication, electronics, and media sectors were the top three in terms of position increase, while defensive and traditional consumption sectors such as public utilities, banks, and social services saw significant position reductions [3][6][7]. - Sector - Specific Changes: The electronics sector's position increased from 18% in Q2 to 25%, the communication sector from 5% to 9%, and the power equipment sector from 10% to 12%. The medicine and biology sector decreased from 11% to 9%, and the non - ferrous metals sector slightly increased to 6% [8]. Q3 Active Fund Top Heavy - Holding Stock Tracking - A - Share Top 20 Heavy - Holding Stock Changes: Seven companies newly entered the top 20 heavy - holding stocks in Q3, mainly from the electronics, communication, and new energy sectors, benefiting from the improvement of computing power infrastructure and the new energy industry. Seven companies exited the list, mostly from traditional industries with stable fundamentals but limited profit growth [15][16]. - Hong Kong Stock Position Adjustment: Tencent Holdings and Alibaba - W remained the most concentrated and fundamentally best - performing targets in the Hong Kong stock market. Alibaba's position market value soared to 52.9 billion yuan. Consumer electronics and trendy toy stocks such as Pop Mart and Xiaomi Group were reduced [17]. Q3 Industry Leader Heavy - Holding Stock Tracking - Sectors with Increased Positions: In Q3, funds significantly increased their positions in five industries: communication, electronics, media, non - ferrous metals, and power equipment. For example, in the communication industry, the focus was on optical module and communication equipment leaders; in the electronics industry, there was a shift from traditional consumer electronics to the upstream of semiconductors and electronic components [3][21][22]. - Sectors with Reduced Positions: Defensive industries such as transportation, household appliances, banks, insurance, and public utilities were significantly reduced due to the increase in market risk appetite and the attraction of the technology market [23]. Investment Recommendations - Focus on the AI Diffusion Main Line: In Q4, attention should be paid to the penetration opportunities in the AI application layer, including robots, edge - side AI, industrial vision, and intelligent manufacturing. The Hong Kong stock market's Hang Seng Tech Index has room for phased repair [24][25]. - "Anti - involution" Main Line: Pay attention to new energy segments such as polysilicon and photovoltaic modules, which have attractive valuations after previous adjustments [26]. - Financial Repair Main Line: Securities firms may face a window for valuation re - evaluation, both in the short - term due to market activity and in the long - term due to policy support [27].