公募基金仓位再均衡，周期行业配置上行

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Overall, the positions of public funds decreased, and the concentration remained stable. The positions of public funds decreased slightly, the concentration of heavy - holding stocks was relatively stable, and the profit - making effect of heavy - weight stocks was average. The allocation of the GEM increased, the allocation of the main board decreased, and the allocation of the STAR Market was stable. The allocation of Hong Kong stocks fell back to around 16% [4]. - In terms of scale, the scale and share of public funds contracted again. In the fourth quarter, the management scale and share of funds both declined, with the share contraction reaching around 10%. All funds of different scales switched from mandatory consumption and TMT to cyclical industries [4]. - At the industry level, TMT was overall under - allocated, with the under - allocation ratios of electronics, computer, and media exceeding 1%. The allocation of the communication industry continued to increase, but the number of shares held in leading targets was reduced. The cyclical industry as a whole rose rapidly, with obvious over - allocation in non - ferrous metals and chemicals, and the positions of public funds began to re - balance. The allocation ratios of non - banking and machinery also increased significantly [5]. 3. Summary According to the Directory 3.1 Position Decrease and Stable Concentration - In the fourth quarter of 2025, funds reduced their positions in the main board and the STAR Market and increased their positions in the GEM. Compared with the third quarter of 2025, the heavy - position allocation ratio of the main board decreased by 1.41 percentage points to 65.40%, and the GEM increased by 1.71 percentage points to 20.85% [18]. - The proportion of Hong Kong stock positions decreased. The overall stock market value ratio of four types of active stock - type funds decreased slightly. The proportion of stocks in the total fund asset value decreased to 84.22% month - on - month, the proportion of bonds increased to 4.17% month - on - month, and the cash ratio increased [24]. - The concentration of fund positions was relatively stable, and the profit - making effect of heavy - holding individual stocks was average. The average return of the top ten heavy - holding stocks in the third quarter in the fourth quarter of 2025 reached 2.0%, slightly outperforming the - 1.1% of the common stock - type fund index. The top 50 shareholding concentration of funds in the fourth quarter of 2025 reached 43.7% [25][27]. - The allocation of leading companies increased slightly. In the fourth quarter of 2025, the proportion of positions held by funds in first - tier/second - and third - tier leading companies increased by 1.34 and 0.66 percentage points respectively compared with the third quarter of 2025, reaching 26.96% and 15.86%. Overall, the concentration of leading companies increased, and the allocation of both first - tier and second - and third - tier leading companies rebounded. In terms of industries, funds mainly increased their positions in leading companies in the communication, non - banking, and non - ferrous industries in the fourth quarter, and mainly reduced their positions in leading companies in the power - new, pharmaceutical, and electronics industries [30]. 3.2 Contraction of Public Fund Scale and Share - The overall management scale and share of public funds contracted synchronously. The scale of funds of all sizes was declining, and the share of funds of all sizes was also contracting. The direction of position adjustment of large and small public funds was relatively consistent, and all funds of different sizes switched from mandatory consumption and TMT to raw materials, with large differences in optional consumption and manufacturing [71][76][84]. 3.3 Reduction in Manufacturing, Consumption, and Technology, and Increase in Cyclical Industries - In the fourth quarter, funds significantly increased their positions in raw materials and finance and reduced their positions in information technology and medicine. The allocation of the raw material sector increased by 3.6%, the allocation of the financial sector increased by 1.1%, the allocation of the information technology sector decreased by - 3.0%, and the allocation of the pharmaceutical sector decreased by - 1.6% [34]. - In terms of the heavy - position allocation ratio, the heavy - position allocation ratios of non - ferrous metals, communication, chemicals, and non - banking increased the most in the fourth quarter. In contrast, the ratios of computer, medicine, electronics, and media decreased the most. In terms of the over - allocation ratio, the over - allocation ratios of electronics, communication, non - ferrous metals, and power - new were the highest in the fourth quarter. Banks, non - banking, public utilities, and computers were significantly under - allocated [35]. - At the secondary industry level, the heavy - position allocation ratios of communication equipment, industrial metals, insurance, and rare metals increased significantly in the fourth quarter. The heavy - position allocation ratios of computer equipment, new - energy power systems, chemical pharmaceuticals, cultural entertainment, and semiconductors decreased significantly [57][61]. 3.4 Sector - by - Sector Configuration Details - Metal Sector: The upstream heavy - position allocation ratio of the metal sector increased overall. The allocation ratio of coal increased by 0.04 percentage points to 0.32% in the fourth quarter, the allocation ratio of petroleum and petrochemicals increased by 0.22 percentage points to 0.67%, the allocation ratio of non - ferrous metals increased by 2.11 percentage points to 8.13%, and the allocation ratio of steel increased by 0.15 percentage points to 0.53% [93][97]. - Power - New Sector: The heavy - position allocation ratio of the power - new sector decreased. The allocation ratio of the power equipment and new - energy sector decreased by 0.88 percentage points to 9.29% in the fourth quarter [122]. - National Defense and Military Industry Sector: The heavy - position allocation ratio of the national defense and military industry sector decreased. The allocation ratio of the national defense and military industry decreased by 0.37 percentage points to 2.14% in the fourth quarter [122]. - Machinery and Equipment Sector: The heavy - position allocation ratio of the machinery and equipment sector increased. The allocation ratio of machinery increased by 0.51 percentage points to 6.25% in the fourth quarter [126]. - Food and Beverage Sector: The heavy - position allocation ratio of the food and beverage sector decreased. The allocation ratio of the food and beverage sector decreased by 0.45 percentage points to 4.37% in the fourth quarter [160]. - Home Appliance Sector: The heavy - position allocation ratio of the home appliance sector increased. The allocation ratio of home appliances increased by 0.08 percentage points to 2.4% in the fourth quarter [160]. - Medical and Healthcare Sector: The heavy - position allocation ratio of the medical and healthcare sector decreased. The allocation ratio of medicine decreased by 1.63 percentage points to 8.12% in the fourth quarter [164]. - Automobile Sector: The heavy - position allocation ratio of the automobile sector decreased. The allocation ratio of the automobile sector decreased by 0.12 percentage points to 4.27% in the fourth quarter [164]. - Finance + Real Estate Sector: The overall allocation ratio of finance increased. The allocation ratio of banks increased by 0.04 percentage points to 1.88% in the fourth quarter, the allocation ratio of real estate decreased by 0.31 percentage points to 0.27%, the allocation ratio of non - banking financial increased by 1.03 percentage points to 2.52%, and the allocation ratio of comprehensive finance decreased by 0 percentage points to 0% [169][173]. - TMT Sector: The overall allocation ratio of TMT decreased significantly, and only the allocation ratio of communication increased. The allocation ratio of electronics decreased by 1.27 percentage points to 22.8% in the fourth quarter, the allocation ratio of computer decreased by 1.71 percentage points to 2.75%, the allocation ratio of communication increased by 1.86 percentage points to 11.06%, and the allocation ratio of media decreased by 1.14 percentage points to 1.35% [196][199]. - Hong Kong Stock Sector: The allocation ratio of Hong Kong stocks decreased. The allocation ratio of Hong Kong stocks fell back to around 16% [4].