执业证书编号：S0740523110005 Email：xiongjy01@zts.com.cn 主动权益基金三季度如何调仓？ ——2025 年基金三季报分析 执业证书编号：S0740520050001 Email：liqy02@zts.com.cn 观点（2025.09.14）》2025-09-14 观点（2025.09.06）》2025-09-07 3 、《" 一 句 话 " 自 动 回 测 框 架 》 2025-09-04 证券研究报告/金融工程专题报告 2025 年 10 月 31 日 分析师：李倩云 报告摘要 市场总览 行业配置 个股配置 风险提示：结论基于公开的历史数据进行统计、测算，文中部分数据有一定滞后性，同时 存在第三方数据提供不准确风险；对基金产品和基金管理人的研究分析结论并不预示其未 来表现，也不能保证未来的可持续性，亦不构成投资收益的保证或投资建议；产品的表现 受宏观环境、行业基本面超预期变动、市场波动、风格转换等多重因素影响，存在一定波 动风险。 请务必阅读正文之后的重要声明部分 分析师：熊婧妍 ■整体基金市场：基金市场上最多的为混合型基金，为 4763 只。其次是债券型基金和股票 ...

Core Viewpoint - The article highlights the significant changes in the holdings of actively managed equity funds in China during the second quarter of 2025, with a notable shift in investment strategies and a reduction in the concentration of holdings in top stocks [2][3][5]. Group 1: Major Holdings and Changes - Tencent Holdings remains the top stock held by actively managed equity funds, followed by Ningde Times and Kweichow Moutai, despite a decrease in their holdings [3][7]. - The concentration of holdings among the top twenty stocks has decreased, with 19 out of the top 20 stocks experiencing reductions in fund holdings, except for China Merchants Bank, which saw a slight increase [7][12]. - The number of funds holding Tencent, Ningde Times, and Kweichow Moutai has decreased, with respective holdings dropping by 14.75%, 5.72%, and 14.18% compared to the previous quarter [7][12]. Group 2: Sectors with Increased Investment - The light module sector, innovative pharmaceuticals, and previously underweighted banking sector have seen increased investments from actively managed equity funds [3][8]. - Zhongji Xuchuang and Xinyi Technology are the top two stocks that received the most significant increases in holdings, with Zhongji Xuchuang's stock price rising by 48.46% and Xinyi Technology's by 81.97% during the quarter [10][12]. - New consumer, innovative pharmaceuticals, light module, and PCB sectors have been highlighted as key areas of investment, with several stocks from these sectors appearing in the top fifty increased holdings list [9][12]. Group 3: Notable Reductions in Holdings - BYD and Alibaba have been significantly reduced in holdings, with BYD experiencing a 66.95% decrease in the number of shares held by actively managed equity funds [13][14]. - The white liquor sector has been particularly affected, with major brands like Kweichow Moutai and Wuliangye seeing substantial reductions in fund holdings [14].