基金分析报告：基金季报2025Q4：港股仓位下降，增持有色金属和通信

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The scale of public - offering active equity funds decreased, and the position in Hong Kong stocks declined. The scale of fixed - income funds increased, and the duration remained at a high level. FOF funds maintained a high issuance rhythm, and the scale recovered [1][2][3]. 3. Summary According to the Directory 3.1 Public Funds 2025Q4 Quarterly Report Highlights - Active equity funds: The scale decreased, and the position in Hong Kong stocks dropped. The number increased steadily, the scale decreased, and the position was at 86% [11][12]. - Active bond funds: The scale of fixed - income funds grew, and the duration remained high. The number increased continuously, and the scale increased by 1.1% compared with the previous period [13]. - FOF products: FOF funds maintained a high issuance rhythm, and the scale recovered. In Q4, 43 new FOF products were issued, and the total scale increased by about 16.9% compared with Q3 [14][15]. 3.2 Active Equity - Type Funds 3.2.1 Scale and Position Changes - The scale of public - offering active equity funds decreased, and the position decreased slightly. The number reached 4,679, with an increase of 59 compared with Q3. The current scale was 3.9 trillion yuan, a decrease of 4.13% compared with Q3. The position was at 86%, a decrease of about 1% compared with Q3 [19][21][24]. 3.2.2 Industry Allocation Changes - The most heavily held industries were electronics, communication, medicine, power equipment and new energy, and non - ferrous metals. The industries with the most increased allocation were non - ferrous metals, communication, basic chemicals, non - banking finance, and machinery. The industries with the most reduced allocation were medicine, media, computer, electronics, and commercial retail [25][26]. 3.2.3 Sector Allocation Changes - The concepts with the most increased allocation were resource stocks, optical modules, base stations, East - West Computing, pro - cyclical, IDC, optical communication, and communication equipment. The concepts with the most reduced allocation were dual - cycle, self - controllability, advanced manufacturing, 5G applications, and digital economy [29]. 3.2.4 Style Allocation Changes - In Q4, public funds increased their preference for high - elasticity and high - momentum stocks, and further increased their holdings of growth stocks. The volatility of holding stocks decreased significantly, and the number of holding concentrated stocks increased [30][32][33]. 3.2.5 Individual Stock Allocation Changes (A - shares) - The stocks with the highest holding ratio in Q4 were Zhongji Innolight, Xinyisheng, etc. The stocks with the most increased holdings were Zhongji Innolight, Ping An of China, etc., and the stocks with the most reduced holdings were Industrial Fubon, CATL, etc. [34][35]. 3.2.6 Individual Stock Allocation Changes (Hong Kong Stocks) - In 2025Q4, the position in Hong Kong stocks of public funds decreased. The total holding market value was about 305.2 billion yuan, and the weighted total position in Hong Kong stocks was 12.41%, a decrease of 2.04% compared with Q3. The stocks with the most increased holdings were Ping An of China, CNOOC, etc., and the stocks with the most reduced holdings were Alibaba - W, Tencent Holdings, etc. [36][40][41]. 3.2.7 Value - Type Fund Allocation and Views - Value - type funds preferred food and beverages, banks, home appliances, non - banking finance, and media. The newly added industries were non - banking finance, petroleum and petrochemicals, machinery, basic chemicals, and building materials [46]. 3.2.8 Growth - Type Fund Allocation and Views - Growth - type funds preferred electronics, communication, power equipment and new energy, machinery, and automobiles. In 2025Q4, they added positions in communication, non - ferrous metals, machinery, basic chemicals, and power equipment and new energy [49]. 3.3 Active Bond Funds 3.3.1 Scale and Quantity Changes - The scale of fixed - income funds increased, and the duration remained high. The total number was 4,293, an increase of 1.1% compared with Q3. The total scale was about 9.48 trillion yuan, an increase of 1.6% compared with the previous period [57]. 3.3.2 Bond Type Allocation Changes - The allocation ratio of bond - type funds changed little compared with Q3. They increased their holdings of medium - term notes, corporate bonds, and inter - bank certificates of deposit, while the proportion of financial bonds, treasury bonds, and corporate short - term financing bonds decreased [58]. 3.3.3 Duration Allocation Changes - In December 2025, the average duration of medium - and long - term pure bond funds was 4.11. In the market where the maturity yield of treasury bonds was declining but the downward space was relatively limited, the duration of bond - type funds remained at a high level [60]. 3.4 FOF Products 3.4.1 Scale and Quantity Changes - FOF funds maintained a high issuance rhythm, and the scale continued to recover. In Q4, 43 new FOF products were issued, and the total scale was about 218.794 billion yuan, an increase of about 16.9% compared with Q3 [65][68]. 3.4.2 Position Changes - They increased their holdings of active bond - type funds, and the proportion of passive bond - type funds and equity - type funds decreased [69][74]. 3.4.3 Target Preference Changes - FOF preferred equity - type funds with strong industry allocation and dynamic trading capabilities, mainly technology - manufacturing - oriented funds. For fixed - income funds, it preferred funds with strong credit management and term structure allocation capabilities [76][78].