Ping An Securities·2025-10-30 12:35Group 1 - The core view of the report indicates that active equity funds have increased their stock positions, with a focus on enhancing holdings in the technology and new energy sectors [4][12][20] - As of the end of Q3 2025, the number of active equity funds reached 4,626, a 1.58% increase from the previous quarter, while the total fund size rose to 4.12 trillion yuan, marking a 19.68% increase [4][7][9] - The issuance of new active equity funds in Q3 2025 totaled 561.10 billion yuan, representing a 53% increase compared to the previous quarter [9][10] Group 2 - The performance of active equity funds was strong in Q3 2025, with significant gains in the A-share market, particularly in mid-cap and growth-style funds [12][15] - The telecommunications, electronics, and power equipment sectors saw the highest increases, while the banking sector experienced significant declines [17][18] - The report highlights that technology, new energy, and cyclical theme funds had substantial gains, with median returns of 44.97%, 39.13%, and 35.76% respectively [20][21] Group 3 - As of the end of Q3 2025, the median stock position of active equity funds was 91.23%, an increase of 1.12 percentage points from the previous quarter [25][26] - The concentration of holdings increased, with the median position in the top ten stocks rising to 48.39%, up 3.39 percentage points from the previous quarter [27][28] - The report notes a significant increase in holdings in the electronics, telecommunications, and power equipment sectors, while reductions were seen in the banking and food and beverage sectors [29][31] Group 4 - The top holdings included Ningde Times, which regained its position as the largest holding with a total value of 73.57 billion yuan, followed by significant increases in Industrial Fulian and SMIC [33][34] - The report indicates that stocks such as Zhongji Xuchuang and Xinyi Sheng saw the largest increases in holdings, while Xiaomi Group-W and China Merchants Bank were among the most reduced [35][36] - The median position in Hong Kong stocks for active equity funds was 26.67%, a slight decrease of 0.36% from the previous quarter, while Hong Kong theme funds increased their median position to 85.02%, up 1.22% [40][41] Group 5 - The report highlights that the media sector remains the largest holding in Hong Kong theme funds, with a holding ratio of 16.77%, while significant increases were noted in the retail and non-ferrous metal sectors [43][44] - The report also mentions that the top increases in individual stocks for Hong Kong theme funds were seen in Alibaba-W and Tencent Holdings, while Meituan-W and China Construction Bank were reduced [45]