主动权益基金2025年四季报：股票仓位回落，重点增持有色金属和通信行业

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The scale of active equity funds decreased by 4% compared to the end of the previous quarter. The number of active equity funds increased by 1.25% to 4,684, while the total fund scale decreased by 4.24% to 3.94 trillion yuan. In Q4 2025, 107 new active equity funds were issued, with a total scale of 56.206 billion yuan, a 0.17% increase from the previous quarter [3][6][8]. - In Q4, the A - share market index showed differentiation, and the performance of active equity funds was weak. Small - cap and value - style funds outperformed large - cap, mid - cap, balanced, and growth - style funds. The non - ferrous metals, petroleum and petrochemical, and communication industries had significant gains, while the pharmaceutical and biological industry had a large decline. Among passive industry - themed funds, cycle and national defense and military industry themes had large increases [3][11][14]. - As of the end of Q4 2025, the median stock position of active equity funds was 90.44%, a decrease of 0.79 pct from the end of the previous quarter. The median position of the top ten heavy - held stocks was 47.98%, a decrease of 0.41 pct. The non - ferrous metals, communication, and non - banking financial industries were heavily increased, while the pharmaceutical and biological and electronics industries were reduced. Zhongji Xuchuang became the largest heavy - held stock, and stocks like Cambricon - U and Dongshan Precision were significantly increased, while Industrial Fulin and SMIC exited the top ten heavy - held stocks. The positions of active equity funds and Hong Kong - themed funds in Hong Kong stocks decreased, and the Hong Kong - themed funds increased their positions in the banking and non - banking financial industries and reduced their positions in the electronics and pharmaceutical and biological industries [3][22][24]. 3. Summary by Relevant Catalogs 3.1 Active Equity Fund Scale and Issuance - Scale Change: By the end of Q4 2025, the number of active equity funds was 4,684, a 1.25% increase from the end of the previous quarter. The total fund scale was 3.94 trillion yuan, a 4.24% decrease. The scales of common stock funds, partial - stock hybrid funds, and flexible allocation funds decreased by 5.38%, 4.39%, and 3.18% respectively [6]. - Fund Issuance: In Q4 2025, 107 new active equity funds were issued, with a total scale of 56.206 billion yuan, a 0.17% increase from the previous quarter. Structurally, partial - stock hybrid funds were the main type, with issuance scales of 47.921 billion yuan, 71.14 billion yuan, and 11.71 billion yuan for partial - stock hybrid funds, common stock funds, and flexible allocation funds respectively [8]. 3.2 Active Equity Fund Performance - Market Performance and Style Comparison: In Q4 2025, the Shanghai Composite Index, CSI 500, and CSI 1000 rose by 2.22%, 0.72%, and 0.27% respectively, while the Shanghai - Shenzhen 300, ChiNext Index, and STAR 50 fell by 0.23%, 1.08%, and 10.10% respectively. The returns of common stock, partial - stock hybrid, and flexible allocation fund indexes were - 1.99%, - 1.61%, and 0.17% respectively. Small - cap style funds outperformed large - cap and mid - cap style funds, and value - style funds outperformed balanced and growth - style funds [11][14]. - Industry Performance: In Q4 2025, the non - ferrous metals industry index rose by 16.25%, and the petroleum and petrochemical, communication, and national defense and military industry indexes rose by 15.31%, 13.61%, and 13.10% respectively. The pharmaceutical and biological industry index fell by 9.25%. Among passive index funds, cycle and national defense and military industry theme funds had median returns of 12.50% and 10.75% respectively, while new energy, financial real estate, consumption, technology, Hong Kong stocks, and pharmaceutical theme funds had negative median returns [16][19]. 3.3 Active Equity Fund Position Analysis - Stock Position: As of the end of Q4 2025, the median stock position of active equity funds was 90.44%, a decrease of 0.79 pct from the end of the previous quarter. The median stock positions of common stock, partial - stock hybrid, and high - position flexible allocation funds were 91.51%, 90.43%, and 89.54% respectively, with decreases of 0.47 pct, 0.90 pct, and 0.73 pct respectively [22]. - Position Concentration: As of the end of Q4 2025, the median position of the top ten heavy - held stocks of active equity funds was 47.98%, a decrease of 0.41 pct from the end of the previous quarter. The median positions of common stock, partial - stock hybrid, and high - position flexible allocation funds were 49.45%, 48.25%, and 46.28% respectively, with decreases of 0.42 pct, 0.63 pct, and 0.21 pct respectively [24]. - Heavy - Held Stock Industry Allocation: The electronics industry remained the largest heavy - held industry, but its holding scale ratio decreased to 21.55%. The non - ferrous metals and communication industries' heavy - held scale ratios increased by 2.14 pct and 1.76 pct respectively, while the electronics, power equipment, and pharmaceutical and biological industries' heavy - held scale ratios decreased by 1.90 pct, 0.34 pct, and 1.95 pct respectively. The non - banking financial industry entered the top ten heavy - held industries [26]. - Heavy - Held Stock Situation: Zhongji Xuchuang became the largest heavy - held stock with a total holding scale of 77.007 billion yuan. Cambricon - U and Dongshan Precision were significantly increased and entered the top ten heavy - held stocks, while Industrial Fulin and SMIC exited. Stocks like Zhongji Xuchuang and Ping An of China were heavily increased, while stocks like Alibaba - W and Industrial Fulin were reduced [31][33]. - Hong Kong Stock Allocation: As of the end of Q4 2025, the median positions of active equity funds and Hong Kong - themed funds in Hong Kong stocks were 20.97% and 83.05% respectively, with decreases of 5.70 pct and 1.97 pct respectively. The media industry remained the largest heavy - held industry. Hong Kong - themed funds increased their positions in the banking and non - banking financial industries and reduced their positions in the electronics and pharmaceutical and biological industries. Stocks like Zijin Gold International and Standard Chartered Group were heavily increased, while stocks like Xiaomi Group - W and Pop Mart were heavily reduced [40][42][43].