量化市场追踪周报（2025W50）：配置型基金仓位回落至7月末水平-20251214

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the A - share market showed a significant differentiation pattern. The performance of broad - based indices was diverse, with the BeiZheng 50 and ChiNext Index leading the gains, while the Shanghai Composite Index and CSI 300 had slight pullbacks, and the CSI Dividend and China Securities Value Index had relatively large pullbacks. At the industry level, the communication sector was strong, while traditional energy and real - estate industrial chain - related sectors were under pressure. The margin trading balance reached a phased high on Wednesday and then declined, with the latest level on Thursday at 25079.82 billion yuan. [3][11] - Active equity funds' stock positions continued the downward trend, with the position of allocation - type funds falling back to the level around the end of July. In terms of industry allocation, in the short - term, the change in the allocation structure was relatively limited. From a medium - term perspective, the positions in the electronics and new energy industries continued to rise, and the exposure level of active equity funds to the large - cap growth style further increased. [3][11] - In the ETF market, A500 and Hong Kong - stock technology - related indices continued to receive net capital inflows, while indices such as the ChiNext Index, securities firms, CSI Bank, and convertible bonds had varying degrees of net capital outflows. [3][11] - In the context of a marginal increase in risk aversion, it is recommended to focus on structural allocation, moderately pay attention to sectors with mid - term prosperity advantages, maintain a relatively balanced allocation at the index level, and control the overall position. [3][11] 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review - Broad - based Index Performance: The A - share broad - based indices showed a differentiated trend this week. The BeiZheng 50 and ChiNext Index led the gains, while the Shanghai Composite Index, CSI 300, CSI Dividend, and China Securities Value Index had pullbacks. As of December 12, 2025, the Shanghai Composite Index closed at 3889.35 points, with a weekly change of about - 0.34%; the Shenzhen Component Index closed at 13258.33 points, with a weekly change of about 0.84%; the ChiNext Index closed at 3194.36 points, with a weekly change of about 2.74%; and the CSI 300 closed at 4580.95 points, with a weekly change of about - 0.08%. [11][12] - Industry Index Performance: The performance of primary industries was also significantly differentiated. The communication sector led the gains, while coal and petroleum and petrochemical sectors had relatively large declines. The top - performing industries in terms of weekly change were communication (5.92%), national defense and military industry (3.57%), electronics (2.51%), power equipment and new energy (1.34%), and machinery (1.33%); the bottom - performing industries were coal (- 3.80%), petroleum and petrochemical (- 3.43%), textile and clothing (- 2.68%), real estate (- 2.62%), and steel (- 2.53%). [14] 3.2 Public Funds - Public Fund Position Calculation: Active equity funds' stock positions continued to decline, with the position of allocation - type funds falling back to the level at the end of July. As of December 12, 2025, the average position of active equity funds was about 88.41%. Among them, the average position of ordinary stock - type funds was about 91.71% (up 0.10 pct from last week), the average position of partial - stock hybrid funds was about 89.72% (down 0.05 pct from last week), the average position of allocation - type funds was about 85.03% (down 0.49 pct from last week), and the average position of "fixed - income +" funds was about 23.33% (up 0.03 pct from last week). [2][21] - Style Trends of Active Equity Products: The exposure to the large - cap growth style has significantly increased compared to three months ago, with little change this week. As of December 12, 2025, the large - cap growth position of active partial - stock funds was 42.77% (down 0.12 pct from last week), the large - cap value position was 6.61% (down 0.23 pct from last week), the mid - cap growth position was 7.67% (up 0.09 pct from last week), the mid - cap value position was 7.44% (up 1.43 pct from last week), the small - cap growth position was 26.82% (down 0.86 pct from last week), and the small - cap value position was 8.69% (down 0.31 pct from last week). [3][29] - Industry Trends of Active Equity Products: In the past three months, the positions in electronics and new energy have significantly increased, while the positions in medicine and banking have decreased. This week, the industries with relatively large increases in the allocation ratio of active equity funds were petroleum and petrochemical (about 0.92%, up 0.11 pct from last week), electronics (about 20.79%, up 0.11 pct from last week), real estate (about 0.63%, up 0.09 pct from last week), building materials (about 0.93%, up 0.08 pct from last week), and power equipment and new energy (about 8.57%, up 0.07 pct from last week). The industries with relatively large decreases in the allocation ratio were computer (about 4.51%, down 0.20 pct from last week), steel (about 1.12%, down 0.08 pct from last week), agriculture, forestry, animal husbandry and fishery (about 1.78%, down 0.08 pct from last week), transportation (about 1.21%, down 0.06 pct from last week), and medicine (about 10.20%, down 0.05 pct from last week). [3][32] - ETF Market Tracking: This week, equity indices with a net inflow of over 1 billion yuan included A500, Hang Seng Technology, Science and Technology Innovation 50, and Hong Kong Stock Connect Technology. Indices with a net outflow of over 1 billion yuan included the ChiNext Index, securities companies, CSI Bank, and CS Artificial Intelligence. The total net outflow of domestic stock - index ETF funds was about 9.893 billion yuan, with a total scale of 36740.46 billion yuan; the total net inflow of overseas index ETFs was about 10.139 billion yuan, with a total scale of 9385.21 billion yuan; the total net inflow of bond - index ETFs was about 2.954 billion yuan, with a total scale of 7208.3 billion yuan; and the total net inflow of commodity - index ETFs was about 0.121 billion yuan, with a total scale of 2435.63 billion yuan. [34] - Newly Established Funds: This week, there were 27 newly established domestic funds, including 3 active equity funds. The total newly - issued share of active equity funds was about 2.152 billion shares, which was at the 50% quantile in the past year. Since the beginning of this year, 312 active equity funds have been newly issued, with a total scale of about 156.326 billion yuan, exceeding the levels of last year and 2023. 574 passive equity funds have been newly issued, with a total scale of about 307.153 billion yuan, significantly exceeding the levels of previous years. [40] 3.3 Main/Active Capital Flows - Active funds had a net inflow into electronics and communication. The main funds had a net outflow from electronics, computer, and basic chemicals this week. In terms of individual stocks, stocks with main - fund net inflow and small - and medium - sized order net outflow included Dongshan Precision, Shenghong Technology, BYD, Lingyizao, and Xiangnong Core Creation; stocks with main - fund net outflow and small - and medium - sized order net inflow included ZTE, Sungrow Power Supply, Tianfu Communication, Industrial Fulin, and Aerospace Development. In terms of industries, industries with main - fund net inflow and small - and medium - sized order net outflow were not specified; industries with main - fund net outflow and small - and medium - sized order net inflow included electronics, computer, basic chemicals, communication, and medicine. The net main - buying amount this week was about - 280.694 billion yuan, and active funds had a net inflow into electronics and communication. Active funds were more optimistic about stocks such as New E - Sheng, Dongshan Precision, Ping An of China, Shenghong Technology, and Changxinbochuang, while stocks such as China Merchants Bank, Kweichow Moutai, ZTE, Yonghui Superstores, and Industrial Fulin were net - sold by active funds. The industries with the highest net main - buying amounts were electronics and communication; the industries with relatively large outflows were medicine, basic chemicals, computer, machinery, and non - ferrous metals. [5][50]