Group 1 - The overall fund positions increased marginally in Q2 2025, with a notable increase in the ChiNext index and a decrease in the main board [6][10][14] - In terms of industry allocation, public funds increased their holdings in technology and cyclical sectors while reducing exposure to manufacturing and consumer sectors [25][31] - The allocation to high-dividend sectors rose, with significant increases in insurance holdings [50][52] Group 2 - The public funds significantly increased their positions in the ChiNext index by 1.74 percentage points to 15.18% and reduced the main board by 1.87 percentage points to 72.46% [14][24] - The technology sector saw increased allocations, particularly in electronics, healthcare, and home appliance manufacturing, while the food and beverage sector saw a decline [31][34] - The telecommunications and financial sectors experienced notable increases in allocation, while discretionary and staple consumer sectors were reduced [28][31] Group 3 - The report highlighted a marginal increase in the stock positions of four types of funds, with the balanced mixed funds showing a more significant increase [11][19] - The concentration of the top ten holdings decreased, with the top ten holdings accounting for 16.70%, down 3.4 percentage points from the previous quarter [24] - The report indicated a continued rise in the allocation to Hong Kong stocks, while the allocation to the Hang Seng Technology index saw a decline [15][17]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the Q2 2025 positions of public funds, covering aspects such as scale changes, stock positions, A-share sector and style allocation, industry and individual stock positions, and Hong Kong stock market allocation changes [2]. Summary by Directory 1. Q2 Public Fund Scale Changes - By the end of Q2 2025, there were 12,907 public funds in China, an increase of 307 from Q1 2025. Among them, there were 3,015 stock funds, 4,702 hybrid funds, and 3,862 bond funds, increasing by 209, 31, and 54 respectively compared to Q1 2025 [4]. - The total net asset value of all public funds at the end of Q2 2025 was 33.72 trillion yuan, a growth of 2.1112 trillion yuan from Q1 2025. Stock funds reached 4.27 trillion yuan, hybrid funds 3.21 trillion yuan, bond funds 10.91 trillion yuan, and money market funds 14.23 trillion yuan [5]. - In terms of equity fund sub - types, passive index funds and enhanced index funds both saw increases in quantity and net asset value [11]. - By the end of Q2 2025, the total number of actively managed equity - oriented funds was 4,582, an increase of 45 from Q1 2025, but the total net asset value decreased by 21.18 billion yuan [13]. 2. Actively Managed Equity - Oriented Funds: Stock Positions Continue to Rise - In Q2 2025, actively managed equity - oriented funds held stocks worth 2.94 trillion yuan, a decrease of 0.02 trillion yuan from the end of Q1. However, the stock position in asset allocation continued to rise, from 84.01% at the end of Q1 to 84.24%, a historical high since 2005. The proportion of A - shares in the fund's asset allocation continued to decline [2]. - Most of the stock positions of the four types of actively managed equity - oriented funds increased. The positions of common stock, balanced hybrid, and flexible allocation funds rose by 0.57, 2.05, and 0.49 percentage points respectively, while the position of partial - stock hybrid funds remained basically unchanged [24]. 3. A - Share Sector Distribution and Style Allocation (1) Increased Allocation in the GEM - In Q2 2025, the allocation ratio of the GEM reversed the previous two - quarter decline, rising from 16.58% at the end of Q1 to 18.93%. The allocation ratio of the Sci - Tech Innovation Board increased by 0.18 percentage points, and the allocation ratio of the Beijing Stock Exchange rose from 0.23% at the end of Q1 to 0.41%. The market value of main - board holdings decreased by 2.71 percentage points [25]. (2) Positioning Style Tends towards Growth and Finance - In the A - share market, the market value ratio of large - cap stocks represented by the CSI 300 decreased by 2.55 percentage points in Q2, and the investment enthusiasm for large - cap stocks continued to decline. The allocation ratio of small - cap stocks also decreased by 0.93 percentage points. In terms of growth and value styles, the growth style increased by 0.92 percentage points, and the value style increased by 0.42 percentage points [26]. - From the perspective of the five - style index classification, the growth style increased by 3.98 percentage points, the financial style by 1.72 percentage points, and the stable style by 0.02 percentage points. The consumption and cyclical styles decreased [27]. 4. A - Share Industry Allocation: Increased Allocation in the Communication Industry and Rising Finance Popularity (1) First - Tier Industry Allocation - In Q2 2025, the industries with high market value ratios were electronics (18.67%), pharmaceutical biology (10.91%), power equipment (9.89%), food and beverage (6.73%), and automobiles (6.32%). Industries with relatively low ratios included comprehensive (0.11%), steel (0.34%), coal (0.37%), petroleum and petrochemicals (0.38%), and textile and apparel (0.41%) [30]. - In Q2 2025, industries such as electronics, pharmaceutical biology, power equipment, communication, and household appliances were significantly over - allocated, while non - bank finance, computer, bank, public utilities, and machinery were under - allocated [30]. - In Q2 2025, the market value ratios of 15 first - tier industries increased. Industries with an increase of over 0.5 percentage points included communication, bank, national defense and military industry, non - bank finance, and media. Industries with a decline included food and beverage, automobiles, power equipment, household appliances, and machinery [32]. - In terms of the change in the over - allocation ratio, communication, national defense and military industry, non - bank finance, bank, and media increased significantly, while food and beverage, automobiles, power equipment, machinery, and household appliances decreased [35]. (2) Second - Tier Industry Allocation - In Q2 2025, semiconductor, chemical pharmaceutical, battery, Baijiu II, communication equipment, components, automobile parts, white goods, consumer electronics, and industrial metals ranked high in terms of market value ratio. Chemical pharmaceutical rose to the second place, and Baijiu II dropped to the fourth place [41]. - The top ten industries with increased holdings were communication equipment, components, chemical pharmaceutical, city commercial banks II, insurance II, aviation equipment II, logistics, games II, joint - stock commercial banks II, and feed industry. Industries with significant reductions included Baijiu II, passenger cars, consumer electronics, white goods, and construction machinery [43]. 5. Heavy - Positioned Individual Stocks: Decreased Concentration - Among the top 20 individual stocks by total market value held by actively managed equity - oriented funds, there were 14 A - shares and 6 Hong Kong stocks. Compared with Q1, Zijin Mining and Xiaomi Group - W rose to the 5th and 6th places respectively, and Wuliangye and Shanxi Fenjiu dropped significantly. Newly included stocks were 3 A - shares and 2 Hong Kong stocks [51]. - The top ten stocks with increased holdings were Zhongji Innolight, New Fiber Optic, Hudian Co., Ltd., Cinda Bio (HK), Pop Mart (HK), Shenghong Technology, 3SBio (HK), SF Holding, Haid Group, and AVIC Shenfei. The top ten stocks with reduced holdings were BYD, Alibaba Group Holding Limited - W (HK), Luxshare Precision Industry Co., Ltd., Tencent Holdings Limited (HK), Kweichow Moutai Co., Ltd., Wuliangye, Luzhou Laojiao Co., Ltd., Midea Group Co., Ltd., Shanxi Fenjiu, and Semiconductor Manufacturing International Corporation (HK) [52]. - In Q2 2025, the concentration of heavy - positioned individual stocks in actively managed equity - oriented funds decreased overall. The proportions of the top 10, 20, 30, 40, and 50 stocks in the total market value of heavy - positioned stocks decreased by 3.16, 3.31, 2.90, 2.60, and 2.19 percentage points respectively compared with the end of Q1 [59]. 6. Hong Kong Stock Market Allocation Changes - The allocation ratio of the A - share market in the heavy - positioned stocks of actively managed equity - oriented funds has declined for six consecutive quarters, from 91.34% at the end of 2023 to 80.09% at the end of Q2 2025. The allocation ratio of the Hong Kong stock market has increased from 8.66% at the end of 2023 to 19.91% at the end of Q2 2025, rising by 0.81 percentage points compared with Q1 2025 [62]. - By the end of Q2 2025, there were 360 Hong Kong stocks in the heavy - positioned stocks of actively managed equity - oriented funds, an increase of 33 from Q1. The market value of Hong Kong stock holdings was 326.5 billion yuan, an increase of 8.2 billion yuan from Q1 [63]. - In terms of the Hang Seng primary industries, the market value of information technology, non - essential consumer goods, healthcare, and finance accounted for 32.41%, 26.87%, 14.32%, and 6.33% respectively. The market value and proportion of healthcare and finance increased, while information technology and non - essential consumer goods decreased [63]. - In terms of the Hang Seng secondary industries, the top five industries were software services, pharmaceuticals and biotechnology, professional retail, information technology equipment, and household appliances and products. The market value of eight industries such as pharmaceuticals and biotechnology increased by over 1 billion yuan, while the professional retail industry had the largest decline [67][70]. - In Q2 2025, actively managed equity - oriented funds significantly increased their holdings of Cinda Bio, Pop Mart, 3SBio, JD Health, and Xiaomi Group - W, and significantly reduced their holdings of Alibaba Group Holding Limited - W, Tencent Holdings Limited, Semiconductor Manufacturing International Corporation, XPeng Inc. - W, and Geely Automobile [73].

The provided content does not contain any quantitative models or factors related to financial engineering or quantitative analysis. The documents primarily discuss public fund market trends, asset allocation, industry allocation, and fund flows for Q2 2025. There are no mentions of quantitative models, factor construction, or backtesting results. If you have another document or specific content related to quantitative models or factors, please provide it for analysis

Core Conclusions - The top five sectors for active fund accumulation in Q2 2025 are telecommunications, pharmaceuticals, non-bank financials, banking, and military industry, indicating a shift in investment logic towards these sectors due to overseas computing power and innovative drug trends [10][11] - The reduction in holdings is primarily seen in food and beverage and automotive sectors, with food and beverage representing core assets and automotive linked to anti-involution trends [10] Asset Allocation and Sector Distribution - The allocation for active equity funds in Q2 2025 shows a significant increase in midstream manufacturing to 41.86% (up 1.58 percentage points), while downstream consumption decreased to 34% (down 2.98 percentage points) [19] - The overall allocation for upstream raw materials is 9.29% (down 0.26 percentage points), financial and real estate sectors increased to 7.93% (up 1.67 percentage points), and support services remained stable at 6.8% (down 0.03 percentage points) [19] Upstream Raw Materials - The allocation in upstream raw materials shows a slight recovery, with non-ferrous metals at 4.65% (up 0.15 percentage points) and basic chemicals at 2.95% (unchanged), while coal and steel sectors saw declines [24] - The top three sectors with increased allocation are precious metals at 1.08% (up 0.11 percentage points), glass and fiberglass at 0.19% (up 0.11 percentage points), and energy metals at 0.32% (up 0.09 percentage points) [24] Midstream Manufacturing - Telecommunications saw a significant increase in allocation to 5.33% (up 2.39 percentage points), while defense and military industry reached 4.17% (up 0.99 percentage points) [28] - The electronics sector remains dominant at 18.67% (down 0.07 percentage points), with notable declines in machinery and power equipment sectors [28] Downstream Consumption - The pharmaceuticals sector increased to 10.91% (up 0.37 percentage points), while food and beverage decreased to 6.74% (down 2.08 percentage points) [33] - The automotive sector allocation is at 6.33% (down 1.49 percentage points), with significant declines in the white wine sector [33] Financial and Real Estate - The banking sector allocation increased to 4.88% (up 1.12 percentage points), while non-bank financials rose to 1.85% (up 0.76 percentage points) [3] - Real estate remains at a low allocation of 0.68% (down 0.19 percentage points), indicating a cautious approach towards this sector [3] Support Services - The allocation in support services is led by transportation at 1.97% (up 0.32 percentage points), while computer services saw a decline to 2.59% (down 0.53 percentage points) [3]

Group 1: Real Estate Development Sector - As of May 23, 2025, the real estate (Shenwan) price-to-earnings ratio (PE TTM) is 39.04, with a historical percentile of 84.38% (2024-present) [2] - The real estate (Shenwan) price-to-book ratio (PB LF) is 0.71, with a historical percentile of 67.12% (2024-present) [2] - From May 1 to May 23, 2025, the real estate (Shenwan) index decreased by 1.4%, underperforming the CSI 300 index by 4.3 percentage points [2] - Key A-share real estate companies with the largest declines include China Vanke (-2.64%) and Shanghai Lingang (-1.87%) [2] Group 2: Property Services Sector - As of May 23, 2025, the real estate services (Shenwan) PE TTM is 42.46, with a historical percentile of 56.76% (2024-present) [3] - The real estate services (Shenwan) PB LF is 1.53, with a historical percentile of 63.66% (2024-present) [3] - From May 1 to May 23, 2025, the real estate services (Shenwan) index fell by 2.5%, underperforming the CSI 300 index by 5.4 percentage points [3] - Key A-share property service companies with the largest gains include Nandu Property (+5.17%) and Xinda Zheng (+2.30%) [3] Group 3: Public Fund Holdings in Real Estate - As of the end of Q1 2025, the total market value of public funds holding real estate stocks is approximately 54.84 billion, accounting for about 0.17% of net asset value [4] - The proportion of real estate stocks in the public fund's investment portfolio is approximately 0.79%, which is underweight by about 0.49 percentage points compared to the standard industry allocation [4]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on the Hong Kong stock market (港股) and its performance, particularly in relation to Southbound capital flows and the differences in financial reporting between Hong Kong and A-shares [1][2][3]. Core Insights and Arguments - **Increased Southbound Capital Allocation**: Southbound capital's allocation to Hong Kong stocks has significantly increased, rising from 14.5% in Q4 2024 to 19.2% in Q1 2025, indicating a growing interest in the Hong Kong market [2]. - **Complexity in Financial Reporting**: The differences in fiscal year reporting and the non-mandatory nature of quarterly reports in Hong Kong complicate performance analysis. Companies can choose their fiscal year start date, leading to inconsistencies [3][4]. - **Performance of Hong Kong Stock Connect**: In 2024, the overall profitability of Hong Kong Stock Connect stocks outperformed A-shares, with revenue growth of 2.4% and profit growth of 7.4%, indicating strong growth potential [1][6]. - **Weak Capital Expenditure**: Hong Kong companies experienced a significant negative growth in capital expenditure compared to 2023, reflecting a weak overall expansion sentiment in China, which may limit future profitability [1][8]. - **Promising Sectors**: The financial, TMT (Technology, Media, and Telecommunications), and pharmaceutical sectors showed strong growth potential, with notable contributions to net profit margins and asset turnover [1][9]. Additional Important Insights - **Impact of Leading Companies**: The concentration of leading companies in Hong Kong significantly affects performance analysis. For instance, Tencent contributed nearly 25% to year-on-year performance growth, while Vanke negatively impacted results by about 20% [10]. - **Sector Performance**: Key sectors showing improvement in both revenue and profit growth include TMT, consumer goods, and pharmaceuticals, while cyclical sectors performed poorly [9][11]. - **Public Fund Holdings**: In Q1 2025, public funds increased their holdings in sectors such as retail (Alibaba), electronics (SMIC, Xiaomi), media (Tencent), pharmaceuticals, and non-ferrous metals (Zijin Mining), indicating institutional confidence in these areas [12]. This summary encapsulates the essential points discussed in the conference call, highlighting the dynamics of the Hong Kong stock market and the implications for investors.

Investment Rating - The industry investment rating is Neutral (maintained rating) [5] Core Viewpoints - In Q1 2025, the proportion of public fund holdings in the basic chemical sector slightly increased quarter-on-quarter but decreased year-on-year, with a market value proportion of 3.32% [2][13] - The basic chemical stocks accounted for 3.53% of the A-share market, showing a year-on-year decrease of 0.11 percentage points [2][13] - The number of stocks held by public funds in the basic chemical sector reached 146, an increase of 4 stocks year-on-year and 21 stocks quarter-on-quarter [3][20] Summary by Sections 1. Event - Public funds are required to disclose their top ten heavy stocks within 15 days after the end of each quarter, and the report analyzes the top heavy stocks in the basic chemical industry for Q1 2025 [1][12] 2. Holdings Change - The heavy stock holding ratio in the basic chemical sector increased slightly by 0.05 percentage points quarter-on-quarter but decreased by 0.49 percentage points year-on-year [2][13] - The basic chemical industry is underweighted by 0.2%, with a quarter-on-quarter decrease of 0.04 percentage points [2][13] - The oil and chemical sector saw a significant increase in public fund holdings since Q3 2020, but the proportion dropped to 0.4% in Q1 2025, a decrease of 0.74 percentage points year-on-year [2][18] 3. Individual Stock Analysis - The top five heavy stocks in Q1 2025 are Wanhua Chemical, Juhua Co., Sailun Tire, Hualu Hengsheng, and Satellite Chemical, with Satellite Chemical replacing China National Petroleum in the top five [4][29] - The number of companies in the agricultural chemical sector remains the highest among the top 50 heavy stocks, with 9 companies, accounting for 18% [4][29] 4. Market Preference Analysis - The proportion of holdings in industry leaders has decreased, with a shift towards small and mid-cap stocks [5] - Stocks with a market capitalization of over 500 billion accounted for 33.7% of the total market value of the top 50 chemical stocks, a decrease of 7.49 percentage points [5]

发布时间：2025-04-30 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《年报效应边际递减，右侧买入信号 触发——微盘股指数周报 20250427》 - 2025.04.27 《动量波动分化，低波高涨占优—— 中邮因子周报 20250427》 - 2025.04.27 《OpenAI 发布 GPT-4.1，智谱发布 证券研究报告：金融工程报告 GLM-4-32B-0414 系列——AI 动态汇总 20250421》 - 2025.04.23 《国家队交易特征显著，短期指数仍 交易补缺预期，TMT 类题材仍需等待— —行业轮动周报 20250420》 - 2025.04.21 《小市值强势，动量风格占优——中 邮因子周报 20250420》 - 2025.04.21 《基本面与量价共振，如遇回调即是 买点——微盘股指数周报 20250420》 - 2025.04.21 《Meta LIama 4 开源，OpenAI 启动先 锋计划——AI 动态汇总 20250414》 - 2025.04.15 《融资盘被动 ...

丨证券研究报告丨 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 SFC：BUV596 吴一凡 谢宇尘 程泽宇 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 2025Q1 公募基金持仓点评：非银板块配置仍显 低配，券商和保险持仓环比下滑 报告要点 [Table_Summary] 基金非银板块配置环比持续回落，被动基金持仓占比高于主动型基金。1）被动基金持保险市值 占比高于主动型基金，主被动基金持仓均集中于中国平安；2）被动基金持券商市值占比高于主 动型基金，个股仍集中于头部机构；3）主动基金持多元金融市值占比高于被动型基金，仅有部 分个股存在持仓。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 2025Q1 公募基金持仓点评：非银板块配置仍显 2] 低配，券商和保险持仓环比下滑 [Table_Summary2] 事件描述 公募基金披露 2025 年一季度重仓持 ...

Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1] Core Insights - The total market capitalization of pharmaceutical stocks in public offering funds increased from RMB 233.40 billion to RMB 238.30 billion, reflecting a growth of 2% [30][31] - The proportion of pharmaceutical stocks in all fund holdings slightly increased to 7.87%, up by 0.36 percentage points from the previous quarter [31] - The report expresses optimism about the growth potential of the pharmaceutical industry, driven by continuous technological innovation and demand [30] Summary by Sections 1. Fund Holdings Ratio - The proportion of pharmaceutical stocks in public funds saw a slight recovery, with a total market cap increase from RMB 233.40 billion to RMB 238.30 billion [6][30] - As of Q1 2025, pharmaceutical stocks accounted for 7.87% of all public offering fund long positions, an increase of 0.36 percentage points from Q4 2024 [31] 2. Sector Analysis - The leading sectors in public fund holdings of pharmaceutical stocks in Q1 2025 were: 1) Chemical preparations: RMB 85.20 billion, 36% 2) Medical devices: RMB 44.70 billion, 19% 3) Medical R&D outsourcing: RMB 44.50 billion, 19% [32][10] 3. Top Holdings - The top five public offering fund long positions by market capitalization in Q1 2025 were: 1) Jiangsu Heng Rui Medicine: RMB 32.30 billion 2) WuXi AppTec: RMB 27.60 billion 3) Mindray Medical: RMB 25.60 billion 4) United Imaging: RMB 9.80 billion 5) BeiGene: RMB 9.00 billion [33][20] - The top five growth in public offering fund long positions by market capitalization were: 1) WuXi AppTec: +RMB 6.20 billion 2) BeiGene: +RMB 4.40 billion 3) Sichuan Kelun Pharmaceutical: +RMB 2.60 billion 4) Jiangsu Heng Rui Medicine: +RMB 2.40 billion 5) Pharmaron: +RMB 0.90 billion [25][33]