SWHY(SZ:000166) 申万宏源研究·2025-05-22 01:27Core Viewpoint - The article emphasizes the importance of aligning public fund performance with investor interests and enhancing the stability of fund investment behavior, as outlined in the CSRC's action plan for high-quality development of public funds [1][2]. Group 1: Fund Performance and Benchmarking - Approximately 70% of active equity funds use major broad-based indices such as CSI 300, CSI 800, and CSI 500 as performance benchmarks, with a similar proportion in terms of fund size [2][5]. - About 14% of active products are benchmarked against Hong Kong indices, indicating a growing interest in Hong Kong stocks among mainland active public funds [2][9]. Group 2: Industry Allocation and Performance Deviation - Financial, dividend, and computer sectors are identified as the main underweight industries, with significant absolute underweight amounts even after excluding industry index products [3][4]. - The banking and non-banking financial sectors are underweight by approximately 190 billion yuan each compared to their benchmarks, while the electronics sector is overweight by nearly 140 billion yuan [3][11]. Group 3: Detailed Industry Analysis - The analysis shows that banks and non-banking financials are underweight by over 8 percentage points, while the electronics sector is overweight by 5.8 percentage points [4][12]. - Absolute amounts indicate that the banking and non-banking sectors are underweight by around 180 to 200 billion yuan, while the electronics sector is overweight by about 130 billion yuan [4][11].