2025年三季度基金重仓配置分析

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In Q3 2025, funds reduced their positions in the Main Board and increased their positions in the Science and Technology Innovation Board and the ChiNext Board. The overall stock market value ratio of four types of active equity funds slightly increased, and the concentration of fund holdings rose. The allocation of leading companies showed differentiation, with a continuous decrease in the allocation of first - tier leaders and a recovery in the allocation of second - and third - tier leaders. Funds significantly increased their allocation to communication and information technology and reduced their allocation to optional consumption, necessary consumption, and finance. Each scale of funds shifted from consumption, financial real estate to TMT [11][14][19][29]. 3. Summary According to the Table of Contents 3.1 Position Slightly Increased, Concentration Declined Again - Sector Allocation: In Q3 2025, funds reduced their positions in the Main Board by 5.13 percentage points to 67.39% and increased their positions in the ChiNext Board by 3.84 percentage points to 19.04% compared with Q2 2025. The proportion of Hong Kong stock holdings continued to increase [11]. - Stock Market Value Ratio: The overall stock market value ratio of four types of active equity funds slightly increased. The proportion of stocks in the total fund assets increased to 85.62% quarter - on - quarter, while the proportion of bonds decreased to 3.95% quarter - on - quarter, and the cash ratio decreased [14]. - Concentration of Fund Holdings: In Q3 2025, the concentration of the top 50 fund holdings reached 44.5%. The profitability of fund heavy - holding stocks was acceptable, with the top 10 stocks significantly outperforming the common equity fund index. The average return of the top 10 heavy - holding stocks in Q3 2025 reached 65.8%, significantly outperforming the 26.4% of the common equity fund index [16][17]. - Allocation of Leading Companies: In Q3 2025, the proportion of fund holdings in first - tier/second - and third - tier leading companies decreased by 1.23 and increased by 2.07 percentage points quarter - on - quarter to 25.83% and 15.31% respectively. Funds mainly increased their allocation to leading companies in communication, electric power and new energy, and non - ferrous metals industries, and mainly reduced their allocation to leading companies in household appliances, banking, and food and beverage industries [19]. 3.2 Expansion of Public Fund Scale, Contraction of Share - Overall Scale and Share: The overall management scale of public funds expanded rapidly, but the share contracted. The scale of each size of funds increased quarter - on - quarter, but the share growth rate showed differentiation. The position adjustment directions of large and small public funds were relatively consistent, and each scale of funds shifted from consumption, financial real estate to TMT [56][60][70]. 3.3 Reduction in Manufacturing, Consumption, and Cyclical Sectors, Increase in TMT - Industry Allocation Changes: In Q3, funds significantly increased their allocation to communication and information technology, with an increase of 5.9pct in the information technology sector and 4.6pct in the communication business sector. They reduced their allocation to optional consumption and necessary consumption sectors by 3.2pct and 2.4pct respectively. In terms of heavy - holding allocation ratio changes, the heavy - holding allocation ratios of electronics, communication, computer, and electric power and new energy increased the most, while the ratios of banking, food and beverage, household appliances, and national defense and military industry decreased the most. In terms of over - allocation ratio levels, electronics, communication, electric power and new energy, and medicine had the highest over - allocation ratios, while banking, non - banking, public utilities, and petroleum and petrochemical were still significantly under - allocated [29][31]. - Sub - industry Allocation: At the secondary industry level, the heavy - holding allocation ratios of communication equipment, computer equipment, semiconductors, and components increased significantly in Q3, while those of white goods, regional banks, and liquor decreased significantly [46][49].