西部证券发布研报指出，25Q3公募基金TMT仓位达到历史高位，建议行业配置注重再均衡。西部证券 还称在8.31《看向新高》中曾指出，历史上的基金抱团行情，较难维持在30%以上的高位，而当前TMT 基金持仓约为40%，已较为极致，抱团行情的持续时间也达到了13个季度，达到历史平均水平，因此建 议行业配置更加均衡一些。 ...

Fund Position Monitoring - The median position of ordinary equity funds is 91.98%, and for mixed equity funds, it is 91.33%, showing an increase compared to the previous quarter. The current positions are at historical percentiles of 98.41% and 100% respectively [1][6][11] - The average Hong Kong stock allocation for ordinary equity funds is 13%, and for mixed equity funds, it is 17.11%, both slightly increased from the previous quarter. The number of funds allocating to Hong Kong stocks is 241 for ordinary equity funds and 1,671 for mixed equity funds, accounting for 59.55% of the total [1][11][9] Fund Holding Concentration Monitoring - The proportion of heavy-weight stocks in equity allocation is 54.96%, up from 52.46% in the previous period, indicating a significant increase in concentration. The total number of stocks held by fund managers decreased to 2,377 from 2,507, suggesting reduced diversity in holdings [10][1][6] Sector Allocation Monitoring - The main board allocation weight is 47.54%, the ChiNext board is 19.29%, the Sci-Tech Innovation board is 13.91%, and Hong Kong stocks are 19.26%. The main board weight has decreased significantly, while the ChiNext and Sci-Tech boards have increased [21][24] - The technology sector saw a substantial increase in allocation, rising by 12.97% to a historical high of 50.51%. In contrast, the consumer and financial sectors saw significant reductions of 6.08% and 3.48%, respectively, reaching historical lows [24][27] Industry Allocation Monitoring - The top three industries by allocation weight are electronics (23.93%), electric power equipment and new energy (10.27%), and pharmaceuticals (9.81%). The industries with the most active increases in allocation are communication, computer, and electronics, with increases of 2.93%, 1.97%, and 1.85% respectively [26][27][28] Individual Stock Allocation Monitoring - The three stocks with the highest absolute market value allocation are Ningde Times (740 billion), Tencent Holdings (682 billion), and Xinyi Technology (559 billion) [31][32] Performance Fund and Billion Fund Industry Allocation Monitoring - The top three industries allocated by performance funds are electronics (41.18%), communication (38.25%), and computer (8.57%). For billion-scale funds, the top three industries are electronics (26.6%), pharmaceuticals (13.97%), and food and beverage (11.41%) [35][36]

公募基金股票仓位进一步攀升。 据天相投顾数据，三季度公募基金平均股票仓位大幅提升，股票型开放式基金仓位提升尤为明显，平均 仓位达90.14%。 具体来看，截至三季度末，全部公募基金平均仓位为83.28%，较二季度末提升2.13个百分点。其中，全 部开放式基金平均仓位为83.28%，较二季度末提升了2.13个百分点；混合型开放式基金平均仓位为 82.15%，较二季度末提升1.24个百分点；股票型开放式基金平均仓位为90.14%，较二季度末提升2.26个 百分点。 与此同时，公募基金持股集中度提高，股票型开放式基金、混合型开放式基金持股集中度分别提升0.94 个百分点、2.1个百分点至56.81%、57.72%。 ...