2025Q4公募基金持仓点评：保险配置比例环比显著提升，被动持仓持续高于主动

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9]. Core Insights - The report highlights a significant increase in the insurance allocation ratio, with passive holdings consistently surpassing active holdings in the non-bank sector of the Hong Kong stock market [2][12]. - The report indicates that the market performance has remained high, and the brokerage sector's earnings elasticity is worth noting due to ongoing policy support [12]. Summary by Sections Fund Holdings Overview - In Q4 2025, the market value of active and passive funds in the non-bank sector reached 271.41 billion and 2,078.94 billion respectively, with quarter-on-quarter changes of +76.6% and +0.9%, accounting for 1.8% and 11.0% of the total, with changes of +0.84 percentage points and -0.13 percentage points [12]. - In the Hong Kong market, the values for active and passive funds were 120.01 billion and 529.82 billion, with quarter-on-quarter changes of +5.4% and +6.7%, representing 0.8% and 2.8% of the total [12]. Insurance Sector Analysis - The insurance allocation ratio increased in Q4 2025, with the largest holdings in passive and active funds being China Pacific Insurance H and Ping An Insurance H. The market value allocation for active and passive funds in the insurance sector was 1.21% and 4.05%, with quarter-on-quarter increases of +0.71 percentage points and +0.80 percentage points [12]. - Active holdings were concentrated in Ping An (64.4%), China Pacific (20.5%), and New China Life (7.7%), while passive holdings were primarily in Ping An (93.8%) [12]. Brokerage Sector Insights - The allocation ratio for brokerage firms decreased in Q4 2025, with active and passive funds holding 0.54% and 6.98% of the market, showing quarter-on-quarter changes of +0.13 percentage points and -0.93 percentage points [12]. - Active holdings were focused on CITIC Securities (34.0%), Huatai Securities (18.4%), and Guotai Junan (9.4%), while passive holdings were concentrated in Eastmoney (28.5%) and CITIC Securities (23.4%) [12]. Multi-Financial Sector Overview - The report notes that multi-financial holdings in H-shares remain concentrated in the Hong Kong Stock Exchange, with active and passive funds showing low allocations compared to the Hang Seng Index [12]. - The overall trend indicates that passive funds have higher holdings in the non-bank sector compared to active funds, reflecting a shift in investment strategies [12].