East Money Securities·2026-01-27 13:09Group 1 - The report indicates a slight decrease in the total share of active equity funds, with a total of 26,662.1 billion, reflecting a reduction of 727.8 billion from the previous quarter, although the rate of decline has narrowed [7][8] - The performance of active equity funds in Q4 showed a slight retreat, with the active stock index down by 3.04% and underperforming the CSI 300 by nearly 3 percentage points [12][13] - The allocation to cyclical sectors has increased, with significant additions in materials, chemicals, and oil sectors, while technology and consumer sectors have seen a reduction in allocation [24][20] Group 2 - Fund managers are optimistic about the market outlook for Q1 2026, expecting a continuation of a "slow bull" market supported by economic recovery, liquidity easing, and policy support [28][24] - The report highlights a focus on sectors such as AI, semiconductors, and renewable energy, indicating a shift towards balanced growth and value stocks complementing growth stocks [28][24] - The top holdings in active equity funds include Zhongji Xuchuang, with significant increases in positions in China Ping An, Meituan, and Dongshan Precision [28][24]