策略专题：25Q4公募基金配置港股的亮点

Group 1 - The core conclusion indicates that in Q4 2025, the allocation of Hong Kong stocks by actively managed equity public funds has decreased, with a decline in the proportion of funds overweighting Hong Kong stocks [1][10] - The total size of actively managed equity public funds eligible to invest in Hong Kong stocks in Q4 2025 is 20,356 billion, accounting for 52.2% of the total actively managed equity fund size, down from 52.4% in Q3 2025 [10] - The market value of Hong Kong heavy stocks held by actively managed equity public funds in Q4 2025 is 3,121 billion, which is a decrease from 3,950 billion in Q3 2025 [10][11] Group 2 - In terms of industry allocation, actively managed equity public funds have increased their exposure to cyclical financial sectors while reducing exposure to technology and consumer sectors in Q4 2025 [2][19] - The sectors with increased allocation include non-ferrous metals (6.8%, up 2.3 percentage points), non-bank financials (5.1%, up 3.2 percentage points), and oil and petrochemicals (3.5%, up 2.1 percentage points) [19][26] - The sectors with reduced allocation include consumer discretionary retail (11.0%, down 2.2 percentage points), hardware equipment (3.0%, down 2.0 percentage points), and semiconductors (7.6%, down 2.0 percentage points) [19][26] Group 3 - The concentration of the top ten heavy stocks held by actively managed equity public funds has decreased, with their combined holding percentage in Q4 2025 being 49.7%, down from 54.0% in Q3 2025 [3][28] - The top three heavy stocks remain consistent with Q3 2025, including Tencent Holdings (holding size of 578 billion, accounting for 18.5%), Alibaba (310 billion, 10.0%), and SMIC (187 billion, 6.0%) [3][28]