【有色】2025Q2有色板块重仓股持仓环比增长，稀土、小金属增持明显——有色金属行业基金重仓股数据点评（王招华/方驭涛）

Core Viewpoint - The report analyzes the heavy holdings of active equity funds in the non-ferrous metals industry for Q2 2025, highlighting a slight increase in the sector's representation within the overall fund holdings [3][4]. Group 1: Industry Overview - In Q2 2025, the market value of heavy holdings in the non-ferrous metals sector by active equity funds reached approximately 70.4 billion, accounting for 4.29% of total fund heavy holdings, which is an increase of 0.07 percentage points from Q1 2025 [4]. Group 2: Top Heavy Holdings - The top ten heavy holdings in the non-ferrous metals sector include Zijin Mining (22.8 billion), Shandong Gold (4.4 billion), Zhongjin Gold (3 billion), Zijin Mining (H) (2.7 billion), Hunan Gold (2.5 billion), Yun Aluminum (2.2 billion), Shanjin International (2.1 billion), Luoyang Molybdenum (2.1 billion), Chifeng Gold (2 billion), and Huayou Cobalt (1.95 billion) [5]. Group 3: Increased Holdings - The increase in holdings is primarily concentrated in the rare earth and small metal sectors, with significant increases in stocks such as Guangsheng Nonferrous (largest increase in rare earth), Haotong Technology (platinum, palladium, rhodium recovery), and Xinyi Silver Tin (silver, tin) [6]. Group 4: Decreased Holdings - The decrease in holdings is mainly observed in aluminum, gold, and certain processing stocks, with the largest reductions seen in Xibu Materials (titanium), Shenhuo Co. (aluminum), and Huafeng Aluminum (aluminum processing) [7][8].