1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In Q3 2025, the scale of active equity funds significantly increased, with the scale rising from approximately 3.35 trillion yuan in Q2 to over 4 trillion yuan, a growth rate of 19.75%. The performance also improved notably, with about 98% of active equity funds achieving positive returns and a median return of 23.00%. Active equity funds reduced their positions in consumer, financial, and real - estate sectors and increased their positions in the technology sector. Technology and new - energy funds outperformed other sectors, and the large - cap growth style dominated in Q3 [1][10][15] 3. Summary by Relevant Catalogs 3.1 Fund Three - Quarterly Report Investment Outlook Keywords - In Q3, active equity fund managers generally focused on technology, consumption, and growth. Trend keywords included "repair", "structural", and "recovery"; industry - sector keywords were "technology", "consumption", and "electronics"; theme keywords were "computing power", "robotics", and "dividends"; event keywords were "exports", "tariffs", and "easing" [1][7] 3.2 Performance and Scale Dimensions - **Scale Increase**: The scale of active equity funds increased significantly from Q2 to Q3 2025, with E Fund, China Europe Fund, and Fullgoal Fund having the largest active equity management scales, all exceeding 200 billion yuan. China Europe Fund, Yongying Fund, and E Fund had obvious scale growth, all exceeding 50 billion yuan [10][13] - **Performance Improvement**: Approximately 98% of active equity funds achieved positive returns in Q3, with a median return of 23.00%. Most funds' performance ranged from 7% to 47%, and 361 funds achieved returns exceeding 50% [15] - **Position and Heavy - Position Stock Allocation**: The overall position of active equity funds increased, with the average stock position rising to 88.72% (+1.34%), and the Hong Kong stock position slightly decreasing (- 0.09%). Heavy - position stocks reduced their allocation in CSI 500 component stocks and increased their allocation in CSI 300 and STAR Market stocks. In terms of industries, electronics had the highest allocation ratio and the largest increase, while banks had the most significant reduction [19][21] - **Large - Scale Funds**: E Fund Blue Chip Select remained the largest active equity fund. Some large - scale products had performance recoveries but declining shares, while several products reached over 10 billion yuan in scale in Q3 [24] - **Newly - Issued and Existing Funds**: The newly - issued scale of active equity funds rebounded. China Merchants Balanced Optimization, managed by Wu Xiao, was the largest newly - issued active equity fund this quarter, with a scale of 4.955 billion yuan. There were 6 newly - issued active equity funds with a scale exceeding 2 billion yuan [25] 3.3 Fund Company Dimension - **Performance**: Dongwu Fund had the best average performance of active equity funds in Q3 2025, with an average return of 40.58%. Other well - performing fund companies included Caitong Fund, E Fund, and Morgan Fund [32] - **Scale**: E Fund remained the largest active equity management company, and China Europe Fund and Yongying Fund had obvious scale growth in Q3 [34] - **Heavy - Position Stock Allocation**: Leading fund companies in performance over - allocated industries such as power equipment and communication and under - allocated industries such as pharmaceutical biology and food and beverage. Some companies also had significant over - or under - allocation in specific industries [35][36] 3.4 Investment Strategy Comparison - Technology and new - energy funds outperformed other sectors in Q3, while consumer, financial, and real - estate funds underperformed. The large - cap growth style dominated, with the median return of large - cap growth products leading among various products, reaching 43.73% in Q3, while small - cap growth products generally performed weaker [1][15]