公募基金2025Q3季报分析：电子和通信配比新高

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In Q3 2025, the total scale of the public - offering fund market approached 35.8 trillion yuan, with a quarter - on - quarter increase of 6.48% and a new - added scale of about 2.18 trillion yuan. The "fixed - income plus" strategy funds performed outstandingly, and the scale of secondary bond funds increased significantly. The technology theme of active equity funds was popular, and the allocation of electronics and communication industries reached a new high [2]. - The performance of different types of public - offering funds in Q3 2025 was significantly differentiated. Equity - heavy products generally achieved positive returns, while the median quarterly returns of medium - and long - term pure - bond funds and passive index bond funds were negative [44]. - The overall stock position of active equity funds reached the highest level since 2010, and the concentration of heavy - position stocks rebounded, but the long - term concentration was still relatively low [52][66]. 3. Summary According to the Directory 3.1 Fund Scale - Full - market Fund Overview: In Q3 2025, the market continued the characteristics of "total growth and structural re - balance". The scale of bond funds shrank, while money funds grew steadily. The "fixed - income plus" strategy funds, especially secondary bond funds, were favored, with a quarter - on - quarter increase of about 61.34% [14][15]. - Newly - established Funds: In Q3 2025, 477 newly - issued funds raised about 3788 billion yuan. Index funds were the main fundraising force, including equity index funds and bond index funds such as science and technology innovation bond ETFs [3][19]. - Active Equity Funds: By the end of Q3 2025, the total scale of active equity funds was about 4.02 trillion yuan, with a quarter - on - quarter increase of over 20%. However, the share continued to decline for ten quarters. Technology - themed funds were popular, and some large - scale single products changed [23][30]. - Equity ETF Fund Flows: With the market recovery, broad - based index ETFs such as CSI 50 and SSE 500 had a profit - taking trend, while cross - border and some low - level sectors attracted continuous inflows of ETF funds, mainly in Hong Kong - related and low - level segmented directions [3][32]. - Fund Company Management Scale Distribution: The competition pattern of high - equity - position fund managers was stable. In different types of funds, such as passive equity funds, standard "fixed - income plus" funds, and FOF funds, the leading positions of some fund companies were obvious, and the growth rates of some medium - sized institutions were fast [36][37]. 3.2 Fund Performance - By Fund Type: In Q3 2025, equity - heavy funds generally had positive returns, while medium - and long - term pure - bond funds and passive index bond funds had negative median quarterly returns and underperformed money funds in terms of cumulative performance during the year [44]. - Active Equity Funds: In Q3 2025, partial - stock funds outperformed the CSI 800 index. The top - performing active equity funds were mainly in the TMT and growth sectors [45][48]. 3.3 Active Equity Fund Allocation - Stock Position: In Q3 2025, the overall stock position of active equity funds reached 89.21%, the highest since 2010. The position divergence narrowed, but the total position of balanced hybrid funds decreased [52]. - Hong Kong Stock Allocation: By the end of Q3 2025, the allocation ratio of active equity funds to Hong Kong stocks was 16.61%, slightly lower than the previous quarter but still at a high level [63]. - Fund Stock - holding Concentration: By the end of Q3 2025, the concentration of heavy - position stocks of active equity funds rebounded, and the number of heavy - position stocks decreased slightly. Although the short - term concentration increased, the long - term concentration was still relatively low [66][67]. 3.4 Fund Heavy - position Stock Analysis - Industry Distribution: By the end of Q3 2025, the heavy - position stocks of active equity funds were highly concentrated in electronics, power equipment and new energy, medicine, and communication industries, with a total proportion of over 53%. The allocation ratios of electronics and communication industries reached a new high since 2010, while the banking, food and beverage, and household appliance industries were significantly reduced [71]. - Market - value Distribution: By the end of Q3 2025, the heavy - position stocks of active equity funds were mainly in the 100 - 500 billion yuan and 1000 - 3000 billion yuan market - value intervals. The proportion of stocks in the 3000 - 5000 billion yuan market - value interval increased, and that in the 100 - 500 billion yuan interval decreased [73]. - Broad - based Index Component Stock Allocation: By the end of Q3 2025, the proportion of SSE 300 component stocks in active equity funds increased, while that of CSI 500 component stocks decreased, showing a slight inclination towards large - cap stocks [76]. - Heavy - position Stock Details: The top ten heavy - position stocks of active equity funds were more concentrated in the leading companies of the electronics and communication industries, and the heavy - position allocation of Hong Kong stocks was more concentrated in the Internet and innovative drug fields [8]. - Active Addition and Reduction of Heavy - position Stocks: The top ten actively - added stocks included Industrial and Commercial Bank of China, Zhongji Innolight, etc., and the top ten actively - reduced stocks included Shenghong Technology, Midea Group, etc. [9]