- The average performance of active equity funds significantly improved in Q3 2025, with 98% of active equity funds achieving positive returns and a median quarterly return of 22.80%[9] - The scale of active equity funds and passive index funds both increased, with passive index funds growing more significantly, reaching 4.54 trillion yuan by the end of Q3 2025, compared to 3.86 trillion yuan for active equity funds[16] - The stock positions of public active equity funds continued to rise for the fifth consecutive quarter, with the latest weighted position at 89.31%, higher than the historical average of 77.05%[23] - The exposure of active equity funds to different index components showed mixed changes, with increased exposure to the CSI Growth Index (+3.72%) and the CSI 300 Index (+2.69%), and decreased exposure to the CSI Value Index (-4.77%) and the CSI Dividend Index (-2.04%)[29][31] - The top five concepts with the most increased exposure were Top 10 Turnover, Technology Leaders, TMT, 5G, and Artificial Intelligence+[30][32] - The top five A-shares with the highest holding ratios were CATL, New Easy-Send, Zhongji Xuchuang, Luxshare Precision, and Industrial Fulian[33] - The top five Hong Kong stocks with the highest holding ratios were Tencent Holdings, Alibaba-W, SMIC, Cinda Biotech, and Pop Mart[36][38] - The top five industries with the highest allocation were Electronics (24.09%), Electric Power Equipment and New Energy (10.45%), Medicine (9.80%), Communication (8.97%), and Nonferrous Metals (5.95%)[42] - Growth-style funds increased their positions the most in Electronics, Nonferrous Metals, Electric Power Equipment and New Energy, Medicine, and Media[63][66] - Value-style funds increased their positions the most in Nonferrous Metals, Coal, Basic Chemicals, Home Appliances, and Construction[67][68] - Quality-style funds increased their positions the most in Electronics, Communication, Computers, Nonferrous Metals, and Building Materials[70][73] - The top three fund companies with the largest active equity fund management scale were E Fund, China Europe Fund, and Bosera Fund, with E Fund's active equity fund scale reaching 642 billion yuan by the end of Q3 2025[74] - The top five fund companies with the highest average quarterly performance in Q3 2025 were Caitong Fund, E Fund, Dongwu Fund, Morgan Fund, and Huashang Fund, with Caitong Fund achieving an average quarterly return of 46.35%[78][81]

Group 1: Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - The report reviews the performance, scale changes, and new - issue market of active equity - biased funds in Q3 2025, and analyzes their investment portfolios at the end of Q3 to offer market observations and analyses for public fund investors [1] - In Q3, the ChiNext Index led the rise, with the large - cap growth style prevailing. The communication industry performed well. Active equity - biased funds had an average return of 25.71%, and over 98% of them had positive returns. Funds heavily invested in the AI industry chain performed outstandingly [5][10] - Driven by performance, the scale of active equity - biased funds rebounded significantly in Q3, rising 18.37% from the end of the previous quarter. Funds with relatively large scale increases were mainly invested in areas such as AI computing power and semiconductor equipment [5][21] - The new - issue fund market continued to recover in 2025Q3, with an increase in both the number and scale of new - issued funds [5][31] - At the end of Q3, the overall stock positions of ordinary stock, equity - biased hybrid, flexible allocation, and balanced hybrid funds were 91.04%, 89.88%, 86.61%, and 65.70% respectively, with changes of + 0.96, + 1.42, + 0.71, and - 0.29 percentage points compared to the end of the previous quarter [5][39] - Active equity - biased funds began to reduce their positions in Hong Kong stocks in 2025Q3, with the proportion of Hong Kong stock holdings in the market value of stock investments decreasing by about 1.79 percentage points, and currently standing at 31.34% [5][39] - The proportion of the main board continued to decline, while the proportions of the Science and Technology Innovation Board and the ChiNext increased. The proportion of small - and medium - cap stocks below 5 billion decreased significantly by 11.64 percentage points [5][39] - Active equity - biased funds significantly increased their positions in TMT and reduced the allocation ratios of other sectors. Among the primary industries, the industries with the largest increase in heavy - position market value were electronics, communication, and power equipment and new energy, while the industry with the largest decrease was banking [5][39] - At the end of Q3 2025, CATL became the largest heavy - position stock of active equity - biased funds, followed by Tencent Holdings and New H3C Technologies [5][39] Group 3: Summary According to the Directory 1. Active Equity - Biased Fund Market Review 1.1 Performance Overview - In Q3, the ChiNext Index led the rise, with the large - cap growth style prevailing. The communication industry performed well. Active equity - biased funds had an average return of 25.71%, and over 98% of them had positive returns, with most returns ranging from 10% to 30%. Funds heavily invested in the AI industry chain performed outstandingly [5][10] - In Q3 2025, the overall equity market rose. Among the broad - based indices, the ChiNext Index rose significantly by 50.4%, with the growth style prevailing, while the large - cap value index fell slightly. In the Hong Kong stock market, the Hang Seng Tech Index and the Hang Seng Index rose by 21.9% and 11.6% respectively [10] - By industry, in Q3, communication led with a rise of over 50%. Electronics, non - ferrous metals, and power equipment and new energy also performed well, with increases of over 40%. In contrast, comprehensive finance and banking declined by 9.0% and 8.7% respectively [10] - As of October 28, the increases of communication, electronics, and non - ferrous metals since the beginning of the year were as high as 76.4%, 50.9%, and 73.5% respectively [10] - The average return of active equity - biased funds in Q3 2025 was 25.7%. As of October 28, the average return of active equity - biased funds since the beginning of the year was 33.0% [10] 1.2 Scale Changes - Driven by performance, the scale of active equity - biased funds rebounded significantly in Q3, rising 18.37% from the end of the previous quarter. Funds with relatively large scale increases were mainly invested in areas such as AI computing power and semiconductor equipment. All funds with a scale of over 20 billion achieved scale growth [5][21] - At the end of Q3, the scale of active equity - biased funds rebounded significantly to 3.93 trillion yuan, rising 18.37% from the end of the previous quarter. The scale growth was driven by performance. In terms of share changes, the number of shares of active equity - biased funds at the end of Q3 was 2.58 trillion, continuing to decline compared to the end of the previous quarter, and the decline rate widened to 7.69% [21] 1.3 New - Issue Market - The new - issue fund market continued to recover in 2025Q3, with an increase in both the number and scale of new - issued funds. A total of 98 active equity - biased funds were established in 2025Q3, with a total scale of 56.496 billion yuan and an average issuance scale of 580 million yuan. Since Q4 2025 (as of October 28), 10 active equity - biased funds have been established, with a total scale of 12.476 billion yuan and an average issuance scale of 1.25 billion yuan [31] - Among the funds newly established in Q3, the one with the largest issuance scale was China Merchants Balanced Selection, managed by fund manager Wu Xiao, with an issuance scale close to 5 billion yuan. Among the funds newly established since Q4 2025 (as of October 28), two products had an issuance scale of over 2 billion yuan [36] 2. Position Analysis 2.1 Position Analysis - At the end of Q3, the overall stock positions of ordinary stock, equity - biased hybrid, flexible allocation, and balanced hybrid funds were 91.04%, 89.88%, 86.61%, and 65.70% respectively, with changes of + 0.96, + 1.42, + 0.71, and - 0.29 percentage points compared to the end of the previous quarter [39][40] 2.2 AH Market Selection - Active equity - biased funds began to reduce their positions in Hong Kong stocks in 2025Q3, with the proportion of Hong Kong stock holdings in the market value of stock investments decreasing by about 1.79 percentage points, and currently standing at 31.34% [39][46] 2.3 Market - Value Style - At the end of Q3, heavy - position stocks were still mainly from the main board, but the proportion continued to decline to 58.53%, a decrease of 6.56 percentage points from the end of the previous quarter. The proportion of the ChiNext increased by 4.69 percentage points to 23.73%, and the proportion of the Science and Technology Innovation Board increased slightly by 1.97 percentage points to 17.44%. The proportion of the Beijing Stock Exchange decreased slightly compared to the end of the previous quarter and currently stands at 0.30% [52] - Among the heavy - position stocks in the Q3 reports of equity - biased funds, the proportion of small - and medium - cap stocks below 5 billion decreased significantly from 43.15% to 31.51%, a decrease of 11.64 percentage points. At the same time, the proportion of stocks with a market value between 300 billion and 500 billion increased significantly from 4.44% to 15.31% [55] 2.4 Industry Distribution - In Q3, active equity - biased funds significantly increased their positions in TMT and reduced the allocation ratios of other sectors. Compared with the industry distribution of heavy - position stocks in 2025Q2, equity - biased funds increased their positions in TMT more (from 28.77% to 40.23%), while the allocation ratios in other sectors decreased. Among them, the proportion of the consumer sector decreased more (from 14.86% to 9.66%), followed by the financial real - estate sector (from 7.18% to 3.80%) [57] - According to the CITIC primary industries, in Q3 2025, the industries with the highest heavy - position market value of active equity - biased funds were electronics, power equipment and new energy, and medicine, and all three industries were significantly increased compared to the end of the previous quarter [60] - The industries with the largest increase in heavy - position market value in Q3 were electronics, communication, and power equipment and new energy, with increases of over 40% in Q3. The industry with the largest decrease in heavy - position market value was banking, with a return of - 8.66% in Q3 [60] 2.5 Positioned Stocks - At the end of Q3 2025, CATL became the largest heavy - position stock of active equity - biased funds, followed by Tencent Holdings and New H3C Technologies [66] - Among the top ten heavy - position stocks, Infinera, New H3C Technologies, and Foxconn Industrial Internet were the most increased. Compared with Q2 2025, Foxconn Industrial Internet, Cambricon - U, Hudian Co., Ltd., Zhaoyi Innovation, EVE Energy, WuXi AppTec, Sungrow Power Supply, and Dongshan Precision entered the top 20 heavy - position stocks of active equity - biased funds, while Luxshare Precision Industry, Hengrui Medicine, EVE Energy, WuXi AppTec, Midea Group, North Huachuang, Sungrow Power Supply, and Dongshan Precision dropped out of the top 20 [66]

Group 1 - The report highlights that public fund holdings in the TMT sector have reached a historical high of approximately 40%, suggesting a need for more balanced industry allocation [1][5][6] - The report indicates that the TMT sector has seen a significant increase in fund allocation, with a rise of 11.20 percentage points to 39.85%, marking a historical peak [5][6] - The report recommends focusing on sectors with better cost-performance ratios, particularly in TMT and other high-performing industries [7] Group 2 - The "14th Five-Year Plan" emphasizes strategic stability, risk response, and efficiency improvement, indicating a focus on maintaining competitive advantages in international markets [9][10] - The report outlines that the North Exchange is entering a strategic opportunity period, with a focus on product innovation and market vitality enhancement [14][16] - The North Exchange aims to support innovative small and medium enterprises and enhance market openness through various reforms [14][16] Group 3 - The report on Huace Navigation indicates that the company has shown robust performance in its core business, with a projected net profit of 7.3 billion, 9.5 billion, and 12.1 billion yuan for 2025-2027 [3][20] - The company has experienced significant growth in overseas markets, contributing to its overall revenue and profit increase [18][20] - The report notes that Huace Navigation's gross profit margin has improved, reaching 60.4% in the first three quarters of 2025 [19] Group 4 - The report on Jucheng Co. highlights a significant increase in revenue and net profit, with a 21.29% year-on-year growth in revenue for the first three quarters of 2025 [22][24] - The company has successfully expanded its high-value product offerings, leading to improved profitability [23][24] - The report emphasizes the importance of R&D investment, which reached a historical high of 1.46 billion yuan in the first three quarters of 2025 [23] Group 5 - The report on Tianhe Pharmaceutical indicates a gradual improvement in its fundamentals, with a notable increase in net profit for the third quarter of 2025 [41][43] - The company is focusing on international expansion and enhancing its service capabilities through strategic acquisitions [42][43] - The report projects significant revenue growth for Tianhe Pharmaceutical, with expected revenues of 71.93 billion, 79.78 billion, and 90.86 billion yuan for 2025-2027 [43]

三季度公募基金持仓有哪些值得关注的边际变化？ 三季度公募基金持仓有五个值得关注的边际变化。首先，主动权益基金申赎情 况显著变化。由于市场行情较好，约 4,000 多亿规模的主动偏股基金在三季度 回本，而二季度仅为 400 多亿。对应到居民端，解套赎回意愿强烈，三季度净 赎回份额达 2000 多亿份，环比扩大一倍。基于历史经验推测，今年四季度公 募负债端压力可能进一步加大。 其次是港股持股情况。三季度 A 股大盘成长、 双创弹性优于港股，导致 A 股和港股仓位分化。主动偏股基金中 A 股仓位达 71.6%，环比提升 1.4 个百分点；港股仓位占全部主动权益 14.3%，占可投港 股部分 28.2%，均环比小幅下行。同时，重仓港数量增加至 376 只，其中腾 讯仍为内地主动偏股第一大重仓港股，并增持 100 亿元。此外，阿里、中兴等 软硬件科技方向及创新药方向也有增配，而小米、美团、泡泡玛特等可选消费 方向减配明显。 第三点是被动基金持股份额与主动相比进一步拉大。今年三季 三季度公募基金股票仓位达到 24.25%，环比增加约 4.6 个百分点，为 12 年来中等偏上的历史分位。主动偏股基金股票仓位 85.8%，环 ...

Market Overview - The Shanghai Composite Index closed above the 4000-point mark, ending at 4016.33, with a gain of 0.70% [2][4] - The Shenzhen Component Index rose by 1.95% to 13691.38, while the ChiNext Index increased by 2.93% to 3324.27, marking a significant upward trend in the market [2][4] Sector Performance - The top-performing sectors included Electric Power Equipment (+4.79%), Non-ferrous Metals (+4.28%), and Non-bank Financials (+2.08%) [3] - Conversely, the sectors that underperformed were Banks (-1.98%), Food & Beverage (-0.56%), and Textiles & Apparel (-0.24%) [3] Future Outlook - The market is expected to continue its upward trend, supported by a favorable macroeconomic environment and ongoing capital inflows, with a trading volume of 2.26 trillion yuan, an increase of 108.2 billion yuan from the previous trading day [6] - Key sectors to focus on include dividends, TMT (Technology, Media, and Telecommunications), New Energy, and Non-ferrous Metals, as the market is likely to maintain a steady upward trajectory [6] Policy Insights - The recent announcement from the Central Committee emphasizes the need to accelerate the construction of a financial powerhouse, which includes enhancing the central bank's system and developing various financial sectors such as technology finance and green finance [5] - The central bank's commitment to preventing systemic financial risks and supporting the capital market's positive momentum is expected to bolster market confidence [5]

Group 1 - The overall fund positions increased in Q3 2025, with a notable rise in the allocation to the ChiNext board, increasing by 4.06 percentage points to 19.27%, while the allocation to the main board decreased by 5.75 percentage points to 66.76% [6][15][24] - In terms of industry allocation, public funds increased their exposure to technology while reducing their allocation to consumer, cyclical, and manufacturing sectors. The sectors with the highest overweight included electronics, telecommunications, power and new energy equipment, and healthcare [6][28][33] - The TMT (Technology, Media, and Telecommunications) sector saw an overall increase in positions, with funds increasing their allocation to electronics and telecommunications while reducing their exposure to the computer sector [6][28][33] Group 2 - The allocation to high-dividend sectors decreased, with the proportion of high-dividend industry holdings dropping by 5.34 percentage points to 4.62% in Q3 2025 [6][45] - The export-related sectors showed mixed trends, with an increase in allocation to components and parts by 3.0 percentage points to 9.85%, while the allocation to household appliances decreased by 1.7 percentage points to 2.54% [6][28] - The healthcare sector saw a decrease in allocation, with public funds reducing their exposure to the food and beverage industry while increasing their positions in power and new energy equipment [6][28][33]

Core Viewpoint - The stock market experienced a strong rally, with the Shanghai Composite Index surpassing 4000 points, reaching a 10-year high, while the ChiNext Index rose nearly 3%, marking a 4-year high. The North Stock 50 Index surged over 8% [1] Market Performance - As of the market close, the Shanghai Composite Index increased by 0.7% to 4016.33 points, the Shenzhen Component Index rose by 1.95% to 13691.38 points, the ChiNext Index climbed by 2.93% to 3324.27 points, and the North Stock 50 Index gained 8.4%. The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 22,909 billion yuan [1] Sector Analysis - The banking and liquor sectors declined, while the non-ferrous metals sector saw a strong rally. Other sectors such as brokerage, coal, insurance, electricity, and oil also experienced gains. The photovoltaic industry chain stocks surged, and sectors related to lithium mining, solid-state batteries, and rare earth concepts were active [1] Market Outlook - According to Everbright Securities, the market is expected to maintain a strong performance. The approval of the "15th Five-Year Plan" by the 20th Central Committee is anticipated to boost market confidence. Additionally, the Federal Reserve is expected to continue lowering interest rates in October, which may enhance market risk appetite. Overall, multiple favorable factors are likely to support a strong market performance in the short term [1] Investment Focus - In terms of sector allocation, the mid-term focus is on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors. If market fluctuations occur, attention may shift to sectors with stagnant growth, such as high-dividend and consumer sectors [1]

Core Viewpoint - The stock market is experiencing a strong upward trend, with major indices reaching new highs, driven by various sectors such as semiconductors, automotive, pharmaceuticals, and real estate [1] Market Performance - As of the report, the Shanghai Composite Index has surpassed the 4000-point mark, achieving its highest level in over a decade [1] - The ChiNext Index and the STAR 50 Index are also showing positive movements [1] Sector Analysis - Key sectors contributing to the market rally include: - Semiconductors - Automotive - Pharmaceuticals - Real Estate - Military trade concepts - Storage chips - Controlled nuclear fusion concepts [1] Economic Outlook - Short-term market performance is expected to remain strong due to: - The goals outlined in the 20th National Congress of the Communist Party of China, which aim to boost market confidence through new policy deployments - Ongoing US-China trade negotiations and the anticipated interest rate cuts by the Federal Reserve in October [1] - Mid-term outlook suggests potential improvement in corporate earnings, which could provide new momentum for the market [1] Earnings and Recovery - Current corporate earnings are still stabilizing, with the economic recovery process being relatively slow, although some areas show improvement [1] - Domestic exports are expected to remain resilient, and the sustainability of domestic demand improvements may exceed expectations [1] - Overall, policy support is anticipated to lead to a slight recovery in A-share earnings in the fourth quarter, adding new momentum to the market [1] Investment Strategy - Mid-term focus on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors - In case of market fluctuations, attention should be directed towards sectors with stagnant growth, such as high-dividend and consumer sectors [1]

Group 1 - A-shares opened lower with the Shanghai Composite Index down 0.25% and the ChiNext Index down 0.9%, with storage chips, combustible ice, cultivated diamonds, and CPO sectors leading the declines [1] Group 2 - Guotai Junan indicates that a new round of financial policies and capital market reforms is imminent, which is expected to further promote economic transformation and enhance the perception of the value of Chinese assets, suggesting that the "transformation bull" in the Chinese stock market still has room for new highs [2] Group 3 - Everbright Securities suggests that multiple favorable factors are likely to support a strong market performance in the short term, with attention on TMT and advanced manufacturing sectors in the medium term, as company earnings are expected to improve, contributing new momentum to the market [3] - The report highlights that while the recovery process remains relatively slow, some areas show improvement, and domestic exports are expected to remain resilient, with the potential for sustained improvement in domestic demand [3] Group 4 - Dongfang Securities notes that the battle for the 4000-point mark is entering a critical phase, with short-term upward movement not expected to be smooth, emphasizing the importance of tracking technology themes [4] - The report indicates that the stocks contributing most to the gains in the Shanghai Composite Index are primarily bank stocks and "state-owned enterprises," along with leading AI stocks like Industrial Fulian, showcasing recent market characteristics [4]

- The report tracks the performance of long-term industry-themed fund indices, showing that TMT-themed funds had the most significant net value increase this week, with a weekly return of 7.24%[37][38][39] - Among actively managed equity funds, the median weekly return was 3.2%, with the top-performing fund being Manulife Revival Industry A (001170.OF), achieving a weekly return of 18.24%[40][41] - For stock passive index funds, the median weekly return was 3.28%, with the best-performing fund being Communication ETF (515880.SH), which recorded a weekly return of 13.88%[42][43] - The REITs comprehensive index rose by 0.25% this week, with the water infrastructure REITs index leading the gains at 3.23%[51][52][53] - ESG funds showed strong performance, with actively managed equity ESG funds achieving a median weekly return of 4.51%, and low-carbon economy-themed funds standing out with returns as high as 14.77%[84][85]