2025Q4基金仓位解析：四季度基金调仓五大看点

Overall Allocation: Scale Decline, Position Adjustment - In Q4 2025, the scale of actively managed equity funds slightly decreased, with the market value of holdings dropping by 5.21% to 33,843.12 billion yuan and total fund assets declining by 3.63% to 40,191.1 billion yuan. The proportion of circulating market value also fell from 3.72% in Q3 2025 to 3.44% [1][7] - The equity position was adjusted downwards, with the overall equity position decreasing by 1.40% to 84.21% from the overall perspective, and a decrease of 0.99% to 82.19% from the average perspective [9][10] Fund Reallocation Highlights in Q4 2025 - The overall scale fluctuation narrowed, and redemption pressure weakened. The impact of net value fluctuations on fund scale significantly decreased compared to Q3. The estimated redemption pressure in Q4 was approximately halved compared to Q3 [2] - The allocation to the ChiNext board saw a concentrated increase, reaching a new high since 2017. The fund's allocation to the ChiNext board increased while the allocation to the main board and the Sci-Tech Innovation board was adjusted downwards [2] - The main positions of AI and non-ferrous metals continued to strengthen. Despite fluctuations in risk appetite, AI and non-ferrous metals became the core focus of fund allocations, with significant investments in computing power and various sub-industries reaching historical peak levels [2][3] Industry Allocation - The marginal decline in industry concentration was noted, but the trend of reducing oligopoly remained strong. The allocation in the electronics sector decreased, leading to a slight reduction in industry concentration, yet it remained at historically high levels [3] - The overall allocation to TMT (Technology, Media, and Telecommunications) decreased, with a notable reduction in AI-related applications while maintaining a strong focus on core AI computing directions [3] Individual Stock Allocation - The concentration of holdings continued to rise, with TMT maintaining a high proportion. By the end of Q4 2025, the top 20, top 50, and top 100 stocks held by public funds saw their respective holding ratios change by 0.77%, 0.16%, and -0.44%, reaching 34.50%, 48.54%, and 61.02% [31] - The top five heavyweights included Zhongji Xuchuang, Xinyi Technology, CATL, Zijin Mining, and Cambricon, with Zhongji Xuchuang being the most significantly increased stock [31][32]