数说公募主动权益基金四季报：规模、份额双降、周期、金融配置权重上升

1. Report's Investment Rating for the Industry - The provided content does not include the industry investment rating [1] 2. Core Views of the Report - In Q4 2025, after nearly a year of upward trend, the A - share market started to move sideways and fluctuate. The broad - based indexes showed mixed performance. Large - and mid - cap value indexes outperformed growth indexes significantly. Active equity funds' scale and share decreased, while the issuance quantity and scale increased slightly [3]. - The average stock position of equity funds slightly shrank, and the Hong Kong stock position also declined. Funds increased their allocation in cyclical and financial sectors and made structural adjustments in technology, medicine, and consumption sectors [3]. - The performance of theme funds in different industries was divergent. Cyclical theme funds performed the best, while pharmaceutical theme funds performed the worst [3]. - In Q4, the FOF's most heavily - held active equity fund was "Fullgoal Steady Growth", and among new - generation fund managers with less than 3 years of experience, "Rongtong Industry Trend Selection" had the highest holding ratio [3] 3. Summary of Each Section 3.1 Fund Market Overview 3.1.1 Performance Review - In Q4 2025, the A - share market moved sideways and fluctuated after a year - long upward trend. Only the Shanghai Composite Index rose by 2.22%, while the Shenzhen Component Index and CSI 300 declined by 0.01% and 0.23% respectively. The ChiNext Index and STAR 50 Index dropped by 1.08% and 10.10% respectively. The Hang Seng Index and related Hong Kong indexes also fell [8]. - In terms of style, large - and mid - cap value indexes outperformed growth indexes significantly, with the large - cap value index leading. The cyclical and financial indexes had leading quarterly gains, while the stable, consumption, and growth indexes lagged [8] 3.1.2 Industry Index Performance - Except for 9 industries such as medicine and beauty care, the indexes of other industries in the Shenwan 31 industries achieved positive returns in Q4. Resources and military industries performed well, while the pharmaceutical industry was weak overall. The top 5 industries in terms of growth were non - ferrous metals (16.25%), petroleum and petrochemicals (15.31%), communications (13.61%), national defense and military industry (13.1%), and light manufacturing (7.53%) [11] 3.1.3 Equity Fund Performance - In Q4 2025, ordinary stock funds, partial - stock hybrid funds, and flexible allocation funds declined by 1.94%, 1.60%, and 0.04% respectively, while balanced hybrid funds rose by 0.87%. In terms of risk, balanced hybrid funds with lower stock positions had the best drawdown performance in Q4, and ordinary stock funds had the largest drawdown. In the long - term of 5 years, flexible allocation funds showed better risk - return performance [32] 3.1.4 Scale and Share - As of the end of Q4 2025, the total scale of active equity funds was 3.81 trillion yuan, a quarter - on - quarter decrease of 4.53 pct, and the total share was 2.56 trillion shares, a quarter - on - quarter decrease of 2.91 pct. Among them, partial - stock hybrid funds had the largest scale and share, while balanced hybrid funds had the smallest [35] 3.1.5 New Fund Issuance - In Q4, the issuance quantity and scale of active equity funds increased slightly. A total of 100 new funds were issued, with a total scale of 441.67 billion yuan, an increase of 4.72 billion yuan compared with the previous quarter. Partial - stock hybrid funds had the largest new issuance scale in this quarter [37] 3.2 Fund Positioning Characteristics 3.2.1 Stock/Hong Kong Stock Positions - In Q4 2025, the equity fund positions slightly shrank, with the average stock position at 88.05%, a decrease of 0.88 percentage points compared with the end of the previous quarter. The Hong Kong stock position also decreased, with the average investment market value of Hong Kong stocks accounting for 11.62% of the net value, a decrease of 1.85 percentage points compared with the previous quarter [44] 3.2.2 Heavy - Positioned Stock Sector Allocation - In Q4, technology was the most heavily - positioned sector of active equity funds. Except for the cyclical, manufacturing, and financial sectors, the proportion of other sectors decreased. The funds increased their allocation in cyclical products, mainly due to the marginal improvement of macro - expectations, the re - pricing of pro - cyclical profit elasticity, and the increased requirements for portfolio certainty and volatility control [47] 3.2.3 Heavy - Positioned Stock Industry Allocation - The electronics industry remained the largest heavy - positioned industry of equity funds, but the allocation ratio decreased. Non - ferrous metals were significantly increased. The concentration of the top 5 industries slightly decreased from 58.58% in Q3 to 58.40% [50] 3.2.4 Top Ten Heavy - Positioned Stocks - In terms of market value proportion, the top 10 heavy - positioned stocks of equity funds were Zhongji Innolight, Xinyisheng, CATL, Tencent Holdings, Zijin Mining, Alibaba - W, Cambricon - U, Luxshare Precision, SMIC, and Kweichow Moutai. In Q4, the market value proportion of Zhongji Innolight, Xinyisheng, and Ping An of China increased significantly, while that of Foxconn Industrial Internet, Alibaba - W, and EVE Energy decreased relatively more [52] 3.2.5 Heavy - Positioned Stock Market Value and Concentration - In terms of market value distribution of heavy - positioned stocks, the style of equity fund positions continued to strengthen towards mid - and large - cap stocks. In terms of concentration, the concentration of the top 50, 100, and 200 stocks slightly decreased, but basically continued the previous trend [61] 3.3 Fund Company Analysis 3.3.1 Scale of Top 20 Fund Companies - In Q4 2025, the equity fund scale of the top 20 fund companies compared with Q3 showed mixed changes. The top 5 institutions were E Fund Management, China Europe Asset Management, GF Fund Management, Fullgoal Fund Management, and Huatai - PineBridge Fund Management. Among the companies ranked 6 - 20, the equity scale of Yongying Fund Management further increased, and its ranking rose by 2 places [64] 3.3.2 Heavy - Positioned Industries of Top 20 Fund Companies - According to the heavy - positioned stocks of active equity funds in Q4, the first - largest heavy - positioned industries of the top 20 fund companies were mainly electronics and medicine and biology. Dacheng Fund's first - largest heavy - positioned industry was non - ferrous metals, showing certain differentiation [65] 3.3.3 Heavy - Positioned Stocks of Top 20 Fund Companies - In Q4, the average concentration of the top 3 heavy - positioned stocks of the top 20 fund companies was 14.27%, and the concentration of the top 5 heavy - positioned stocks was 21.04%, showing a slight increase compared with the previous quarter. Xingquan Fund had the highest concentration of the top 3 heavy - positioned stocks at 28.51% [67] 3.4 Theme Fund Analysis 3.4.1 Fund Performance - In Q4, the performance of theme funds in different industries was divergent. Cyclical theme funds performed the best, with a quarterly increase of 10.10%. Financial and manufacturing theme funds followed, with quarterly average returns of 2.93% and 1.46% respectively. Pharmaceutical theme funds had the worst performance, with a quarterly decline of 13.15%. Hong Kong - stock and consumption theme funds also had negative average returns [71] 3.4.2 Pharmaceutical and Consumption Theme Funds - In pharmaceutical theme funds, the sub - sectors with relatively high market value proportions were chemical preparations and other biological products. The sub - sectors with increased heavy - position proportions were medical R & D outsourcing and traditional Chinese medicine. In consumption theme funds, the sub - sectors with relatively high market value proportions were liquor and agriculture, forestry, animal husbandry, and fishery. The sub - sectors with increased heavy - position proportions were food processing and social services [75] 3.4.3 Technology and New Energy Theme Funds - In technology theme funds, the sub - sectors with relatively high market value proportions were artificial intelligence and consumer electronics. The sub - sectors with increased heavy - position proportions were optical modules and IDC. In new - energy theme funds, the sub - sectors with relatively high market value proportions were energy storage and solid - state batteries. The sub - sectors with increased heavy - position proportions were resource stocks and solid - state batteries [79] 3.5 FOF Positioning Analysis 3.5.1 Funds with High Holding Ratios - In Q4 2025, the active equity fund with the highest holding ratio in FOF's heavy - positioned funds was "Fullgoal Steady Growth", with a holding market value accounting for 2.53% of the total heavy - positioned funds, an increase of 0.13% compared with the previous quarter. "Bodaojiu Hang" and "China Europe Dividend Premium" ranked second and third [81] 3.5.2 Funds with High Holding Quantities - In Q4 2025, the active equity fund with the largest number of heavy - positioned holdings in FOF was still "Fullgoal Steady Growth", followed by "Bodaojiu Hang" and "China Europe Dividend Premium". The number of FOFs holding these two funds increased by 1 and 7 respectively compared with the previous quarter [83] 3.5.3 Changes in Holding Ratio/Quantity - In Q4 2025, the active equity funds with the largest increase in holding ratio and quantity in FOF's heavy - positioned funds were "Huatai - PineBridge Extended Growth Theme" and "China Europe Dividend Premium" respectively [85] 3.5.4 New - Generation Fund Managers (Less Than 3 Years) - Among the active equity funds managed by new - generation fund managers with less than 3 years of experience, the fund with the highest holding ratio in FOF's heavy - positioned funds in Q4 was "Rongtong Industry Trend Selection", with a holding ratio of 0.70%, a quarter - on - quarter increase of 0.37% [87] 3.5.5 Self - Holding Fund Situations of Major Fund Companies - E Fund's FOF heavily held its own equity funds worth 21.81 billion yuan, accounting for 84.51% of all heavy - positioned equity funds. China Europe's FOF held its own equity funds worth 8.63 billion yuan, accounting for 94.49%. Fullgoal's FOF held its own equity funds worth 3.83 billion yuan, accounting for 51.82%. Huatai - PineBridge's FOF held its own equity funds worth 7.70 billion yuan, accounting for 70.11%. Xingzheng Global's FOF held its own equity funds worth 10.16 billion yuan, accounting for 61.48% [89][92][95][97][99]