—— 量化市场追踪周报（2025W47） [Table_ReportTime] 2025 年 11 月 23 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [Table_ReportType] 金工点评报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 主动权益趋势性增配电子、有色与及反内卷板块 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W47)：主动权益趋势性增 配电子、有色与及反内卷板块 [Table_ReportDate] 2025 年 ...

- The report analyzes the active equity funds' allocation in Q1 2025, highlighting that the median position of active equity funds was 89.55%, which has remained stable around 90% since 2020[1][7] - The top three sectors with the highest allocation in Q1 2025 were machinery, TMT, and Hong Kong stocks, with allocation ratios of 22.30%, 21.01%, and 19.08%, respectively[1][13] - Compared to the previous quarter, the allocation ratio for Hong Kong stocks and pharmaceuticals increased by 4.74% and 0.03%, respectively, while the allocation ratio for machinery, TMT, consumption, finance, others, real estate infrastructure, and cyclical sectors decreased[1][13] - The top five industries with the highest allocation in Q1 2025 were Hong Kong stocks, electronics, pharmaceuticals, power equipment and new energy, and food and beverages, with allocation ratios of 19.08%, 15.29%, 8.63%, 7.91%, and 7.14%, respectively[1][20] - The top five stocks with the largest holdings by active equity funds in Q1 2025 were CATL, Midea Group, Luxshare Precision, Kweichow Moutai, and BYD, with holding values of 54.49 billion yuan, 32.32 billion yuan, 30.82 billion yuan, 37.53 billion yuan, and 23.09 billion yuan, respectively[1][24] - The top five Hong Kong stocks with the largest holdings by active equity funds in Q1 2025 were Tencent Holdings, SMIC, Xiaomi Group-W, Pop Mart, and Meituan-W, with holding values accounting for 4.1%, 1.2%, 1.1%, 0.5%, and 0.6% of the fund's heavy stock value, respectively[1][26][28] - The report defines fund clustering degree as determined by the clustering degree of heavy stocks and their holding ratios, with the calculation method provided[1][30][32] - The report lists the top 20 funds with the highest clustering degree and the top 20 funds with the lowest clustering degree, based on specific screening criteria[1][35][39]