【公募基金】主动权益基金经理在关注哪些方向？——2025Q2主动权益型基金季报点评

Group 1 - The core viewpoint of the article emphasizes the performance and strategies of active equity funds in Q2 2025, highlighting the market's recovery and the shifting focus of fund managers towards various sectors such as consumption, pharmaceuticals, TMT (Technology, Media, and Telecommunications), and high-end manufacturing [10][23][41]. Group 2 - In Q2 2025, the A-share market experienced a fluctuating upward trend, with significant sector rotation and style switching. The National Index 2000 and ChiNext 50 recorded positive returns of 4.41% and 3.19%, respectively, while the median return of active equity funds was 1.90%, outperforming major indices like CSI 300 and CSI 500 [10][12][14]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a slight decrease from 3.33 trillion yuan in the previous quarter. The net outflow of funds in Q1 2025 was 113.407 billion yuan, with 74.34% of funds experiencing a decline of more than 1% [15][19]. - The average stock position of active equity funds was 87.23%, with 39.57% of funds adjusting their positions by 0 to 5% [19][21]. Group 3 - The top five industries with increased allocations were telecommunications, pharmaceuticals, non-bank financials, banking, and defense industry, while the top five industries with reduced allocations included food and beverage, automotive, retail, electric equipment and new energy, and machinery [23][24]. - The report indicates a significant shift in fund managers' focus towards sectors with growth potential, particularly in AI, innovative pharmaceuticals, and high-end manufacturing, while also noting the challenges faced by traditional sectors [41][62]. Group 4 - Fund managers expressed optimism about the resilience of the Chinese economy and the potential for recovery, with a focus on undervalued assets in traditional sectors and growth opportunities in emerging industries [41][49][62]. - The report highlights the increasing interest in innovative pharmaceuticals, with a notable rise in the number of clinical trials and international collaborations, reflecting a trend towards globalization in the pharmaceutical industry [62][63].