中金 | 公募三季报回顾：加仓科技成长，减仓金融消费

Core Viewpoint - The article discusses the changes in public fund positions, highlighting an increase in equity allocations in A-shares while Hong Kong stocks saw a slight decrease. The overall market sentiment improved, leading to a significant rise in A-share indices and public fund performance in Q3 2025 [3][4]. Fund Position Changes - In Q3 2025, A-shares experienced a rise in overall performance, with the Shanghai Composite Index increasing by 12.7%. The ChiNext Index and STAR Market Index saw substantial gains of 50.4% and 49%, respectively [3]. - Public fund assets expanded, with total assets rising from 36.7 trillion yuan to 38.1 trillion yuan. Equity assets increased from 7.2 trillion yuan to 9 trillion yuan, raising the equity proportion to 23.6% [3][4]. Active Equity Fund Insights - Active equity funds saw their total asset value increase from 2.6 trillion yuan to 3.1 trillion yuan, with stock assets rising to 2.8 trillion yuan and a position increase to 88.4%. A-share positions rose from 70.6% to 71.7%, although this remains low compared to the past decade [4][6]. - The net redemption scale for active equity funds expanded to 212.1 billion yuan, while passive fund scales continued to rise. New active equity funds issued 54.85 billion units, a 51% increase from the previous quarter [4][6]. Sector Allocation Trends - The concentration of holdings in leading companies increased, with the top 100 companies' market value share rising from 52.2% to 60.3%. The top 50 companies' share increased from 40.1% to 47.7% [6]. - There was a notable increase in allocations to the electronics, communication, and power equipment sectors, while reductions were seen in consumer and financial sectors. The electronics and communication sectors saw increases of 6.7 and 4 percentage points, respectively [7][8]. Market Outlook - The article suggests that the growth style in the market is expected to outperform in the medium term, supported by macroeconomic policies and capital market development. The recent market adjustments may be nearing an end, with a potential recovery in A-share performance anticipated [11][12].