北交所25年公募三季报重仓股点评：加仓科技成长，增量资金待入市

Core Insights - The report highlights an increase in public fund holdings in the North Exchange, with a market value of 10.307 billion yuan as of Q3 2025, reflecting a quarter-on-quarter growth of 4.19% [2][13] - The proportion of public fund holdings in the North Exchange relative to the entire A-share market decreased slightly to 0.31%, down by 0.07 percentage points [2][3] - Despite a slight decline in the proportion of public fund holdings, the number of public fund products focusing on the North Exchange has increased, with 142 products reported as of Q3 2025, an increase of 24 products from the previous quarter [2][12] Public Fund Holdings in North Exchange - The market value of public fund holdings in the North Exchange reached 10.307 billion yuan, with a quarter-on-quarter increase of 4.19% [2][13] - The number of public funds focusing on the North Exchange has increased, with 142 products reported, including 5 active equity products and 3 North Exchange 50 index products [2][12] - The active equity public funds have a median scale of approximately 300 million yuan, with over 52% of active equity products in the market having a scale of less than 300 million yuan [14][16] Investment Trends - There is a focus on increasing allocations in technology growth sectors, particularly in power equipment, electronics, and computers, with notable increases in holdings of companies like NaKonoer and KaiTe [2][31] - The report indicates a significant reduction in holdings of Jinbo Biological and Tongli Co., with declines of 10.7% and 7.7% respectively, attributed to market concerns regarding industry conditions [2][31] - The average net value growth rate of thematic funds since Q3 2025 is 14.4%, outperforming the North Exchange 50 index's growth of 8.7% [21][22] Future Outlook - The North Exchange 50 index products have seen net subscriptions, with a total scale of 12.083 billion yuan as of Q3 2025, indicating a positive trend in index investment [2][22] - Upcoming thematic products are expected to contribute approximately 50 billion yuan in incremental funds, with 8-10 new products anticipated to launch [2][21] - The report emphasizes the importance of monitoring the performance of thematic funds and the potential for increased public fund participation in the North Exchange [2][21]