四季度主动权益基金主动加仓前四大行业：金属、化学品、保险和机械设备

• The report focuses on the Q4 2025 active equity fund performance, highlighting a weighted average net value decline of -1.51% and a median decline of -0.72%, compared to the CSI 300 index's -0.23% drop during the same period[22][133][134] - The total public fund size decreased to 3.92 trillion yuan by the end of Q4 2025, representing a 4.40% decline from Q3 2025[9][27][133] - Active equity funds maintained a high stock position, with an overall stock position of 86.38%, down 0.97 percentage points from Q3 2025[10][35][133] - The top 10 funds with the highest net subscriptions in Q4 2025 collectively achieved a net subscription scale of 369.51 billion yuan, with a median return rate of 10.33%[11][47][133] - The highest-performing fund in Q4 2025 was "Yongying High-End Equipment Selection," with a return rate of 56.42% and a net subscription of 79.90 billion yuan[11][47][133] - The top four industries with the highest active equity fund allocations in Q4 2025 were telecommunications (1.90 percentage points), metals and mining (1.90 percentage points), chemicals (1.10 percentage points), and insurance (0.94 percentage points)[4][13][52] - Non-sector-themed funds actively increased allocations in insurance (1.03 percentage points), metals and mining (0.90 percentage points), chemicals (0.86 percentage points), and machinery (0.62 percentage points), slightly exceeding the active equity fund's allocation in insurance and machinery[14][130][134] - The top four industries with the highest absolute returns in Q4 2025 were insurance (23.36%), oil and petrochemicals (18.15%), national defense and military (16.77%), and telecommunications (14.07%)[125][134]