丨证券研究报告丨 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 2025Q4 公募基金持仓点评：保险配置比例环比 显著提升，被动持仓持续高于主动 报告要点 [Table_Summary] 基金非银板块港股配置环比持续提升，被动基金持仓市值占比高于主动型基金。1）保险配置比 例环比提升，港股主被动第一大持仓分别为中国太保 H、中国平安 H；2）港股券商配置比例环 比下降，个股仍集中于头部机构；3）多元金融持续低配，H 股持仓仍然集中于港交所。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 投资银行业与经纪业 cjzqdt11111 [Table_T 2025Q4 itle公募基金持仓点评：保险配置比例环比 2] 显著提升，被动持仓持续高于主动 [Table_Summary2] 事件描述 公募基金披露 2025 年四季度重仓持股情况。 事件评论 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, there were five major highlights in the holdings of public - offering funds, including the contraction of active equity scale with eased redemption pressure, the differentiation of A/H - share positions, the continuation of the "passive > active" situation, the record - high position of resource products and the record - low position of consumer services, and no subscription or redemption operations of Huijin for ETFs [6]. - The stock positions of all mainland public - offering funds declined, and from both overall and median perspectives, the stock positions of active equity - biased funds in Q4 2025 also declined [6]. - From the perspective of the fund allocation side of stocks, the shareholding scale of index and "fixed - income +" products increased. Compared with Q3 2025, in Q4 2025, the number of top - holding stocks of mainland public - offering funds increased, the market value slightly shrank, and the concentration of the top 100 top - holding stocks decreased [6]. 3. Summary by Relevant Catalogs 3.1 2025Q4 Public - Offering Fund Holdings: Five Major Highlights - **Active equity scale contraction with eased redemption pressure**: In Q4 2025, the scale of active equity funds shrank, but the redemption pressure eased. The scale of active equity - biased funds was 3.9 trillion yuan, a 4% quarter - on - quarter contraction; the share was 2.65 trillion shares, a decrease of 71.6 billion shares quarter - on - quarter. The net redemption share was 125.6 billion shares, a contraction of 91.9 billion shares quarter - on - quarter [15]. - **Differentiation of A/H - share positions, reduction of Alibaba in Hong Kong stocks**: In Q4 2025, the A/H - share positions of mainland active equity - biased funds were differentiated. The A - share position slightly increased, while the Hong Kong - share position significantly declined. The active equity - biased funds held about 483.6 billion yuan of Hong Kong stocks, accounting for 23.4% of the scale of active equity - biased funds that could invest in Hong Kong stocks (a 3.9 - percentage - point quarter - on - quarter decrease). Tencent Holdings remained the largest Hong Kong - stock top - holding of mainland active equity - biased funds, with a reduction of 3.9 billion Hong Kong dollars in Q4. Alibaba and other software and hardware technology directions were under - allocated, with the largest under - allocation scale of Alibaba reaching 11.2 billion Hong Kong dollars [20]. - **Continuation of the "passive > active" situation, "fixed - income +"承接 residents' entry into the market**: In Q4 2025, the scale of "fixed - income +" funds reached 2.6 trillion yuan, a 9.8% quarter - on - quarter increase. Index funds became an important channel for funds to enter the market, and the gap between passive and active funds widened. The scale expansion of "fixed - income +" funds might be an important carrier for the transfer of residents' deposits [22][24]. - **Record - high position of resource products and record - low position of consumer services**: In Q4 2025, active equity - biased funds significantly increased their positions in resource products and reduced their positions in TMT. The position of resource products reached 13.3%, and the under - allocation margin narrowed to a record high; the position of consumer services was 9.8%, reaching a record low [29]. - **No subscription or redemption operations of Huijin for ETFs**: As of the end of Q4 2025, Huijin's holding shares of the 12 "preferred" ETFs were the same as those in H1 and Q3, with no subscription or redemption operations during the period [32]. 3.2 Mainland Public - Offering Fund Asset Allocation - **All mainland public - offering funds**: In Q4 2025, the stock positions of mainland public - offering funds declined, and the bond positions increased. The total asset value of mainland public - offering funds was 39.48 trillion yuan, a 3.5% quarter - on - quarter increase; the net asset value was 36.35 trillion yuan, a 2.7% quarter - on - quarter increase. The stock position was 22.87%, a decrease of 0.71 percentage points quarter - on - quarter [36]. - **Active equity - biased funds**: In Q4 2025, the net asset value and stock market value of active equity - biased funds declined compared with Q3, and the stock position decreased synchronously, while the A - share position slightly increased. The stock position of active equity - biased funds was 84.37%, a decrease of 1.41 percentage points quarter - on - quarter; the A - share position was 72.26%, an increase of 0.66 percentage points quarter - on - quarter [40]. - **"Fixed - income +" funds**: In Q4 2025, the net asset value of "fixed - income +" funds increased by 9.8%, the stock market value continued to grow, and both the stock and bond positions increased slightly. The stock position was 10.04%, an increase of 0.17 percentage points quarter - on - quarter; the bond position was 86.02%, an increase of 0.19 percentage points quarter - on - quarter [44]. - **Median of fund positions**: From the median perspective, in Q4 2025, the stock positions of active equity - biased and "fixed - income +" funds declined, while the position of index funds remained stable. The median stock position of active equity - biased funds was 87.90%, a decrease of 1.01 percentage points quarter - on - quarter [48]. - **Stock allocation side**: The shareholding scale of index and "fixed - income +" products increased. In Q4 2025, the stock market value of active equity - biased funds was 3.37 trillion yuan, a 5.2% quarter - on - quarter decrease; the stock market value of index funds was 4.70 trillion yuan, a 3.4% quarter - on - quarter increase; the stock market value of "fixed - income +" funds was 301.501 billion yuan, a significant 14.1% quarter - on - quarter increase [53]. 3.3 A - Share Top - Holding Stock Analysis of Mainland Public - Offering Active Equity - Biased Funds - **Overall situation**: Compared with Q3 2025, in Q4 2025, the number of top - holding stocks increased, the market value slightly shrank, and the concentration of the top 100 top - holding stocks decreased. The number of top - holding stocks was 2,429, an increase of 117 quarter - on - quarter; the market value was 1.61 trillion yuan, a 2.72% quarter - on - quarter decrease [58]. - **Sector allocation**: The over - allocation ratio of the GEM increased, and the under - allocation ratio of the main board expanded. In Q4 2025, the allocation ratios of the main board, GEM, STAR Market, and Beijing Stock Exchange were 58.5%, 24.8%, 16.5%, and 0.3% respectively [63]. - **Style allocation**: The allocation ratio of large - cap stocks continued to rise, while the positions of mid - and small - cap stocks declined. In Q4 2025, the allocation ratios of CSI 100 and CSI 300 increased by 1.35 and 1.87 percentage points quarter - on - quarter respectively, while those of CSI 500 and CSI 1000 decreased by 0.42 and 0.40 percentage points quarter - on - quarter respectively [66]. - **Large - category allocation**: The allocation ratio of TMT declined from a high level, while the allocation ratio of resource products increased significantly. In Q4 2025, the top three allocation ratios of active equity - biased funds among large - category industries were TMT (37.8%), mid - stream manufacturing (25.7%), and resource products (13.3%) [70]. - **First - level industry allocation**: The positions of cyclical products increased, while the positions of TMT decreased significantly. The top five industries with increased positions were non - ferrous metals, non - bank finance, basic chemicals, machinery and equipment, and food and beverages; the top five industries with decreased positions were electronics, media, computers, national defense and military industry, and communications [78]. - **Second - level industry allocation**: The positions of insurance and industrial metals increased significantly. After excluding the impact of stock prices, the positions of insurance, industrial metals, and auto parts increased, while consumer electronics, games, and batteries were relatively under - allocated [84]. - **Individual stocks**: Zhongji Innolight became the new top - holding stock of institutions. China Ping An, Dongshan Precision, and Baiwei Storage were significantly increased in position; Industrial Foresight, EVE Energy, and Ninebot were significantly reduced in position [88].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector has decreased by 0.15 percentage points, currently at a low allocation level of approximately 1.01%, which is 0.38 percentage points below the standard allocation ratio of 1.39% [15][21] - The report highlights a continued decline in holdings across various sub-sectors, with the feed sector experiencing the most significant drop of 0.14 percentage points [21] - Major public fund holdings are concentrated in leading companies within the livestock breeding industry and related agricultural sectors, with notable stocks including Muyuan Foods (0.28%), Wens Foodstuffs (0.07%), and others [22][24] Summary by Sections 1. Sector Allocation - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector is approximately 1.01%, down 0.15 percentage points from the previous quarter, indicating a low allocation level compared to the standard ratio of 1.39% [15] 2. Sub-sector Holdings - The holdings in the feed and breeding sectors have both decreased, with the feed sector at 0.47% (down 0.14 percentage points) and the breeding sector at 0.43% (down 0.01 percentage points) [21] 3. Major Holdings - The report indicates that public fund holdings are primarily in leading companies in the livestock breeding chain and related agricultural sectors, with significant holdings in Muyuan Foods, Wens Foodstuffs, and others [22] 4. Investment Recommendations - In the pig farming sector, the report suggests that companies with cost advantages will have a significant competitive edge, recommending major players like Wens Foodstuffs and Muyuan Foods, while also highlighting potential in smaller firms like Tian Kang Biological and Shennong Group [37] - For the poultry sector, the report notes potential supply declines due to avian influenza, recommending attention to companies like San Nong Development and Yisheng Biological [37] - In the feed sector, the report remains optimistic about leading companies expanding their market share domestically and internationally, emphasizing the importance of cost efficiency [37] - The report also suggests monitoring developments in biotechnology and industry consolidation in the planting sector, recommending companies like Suqian Agricultural Development and Beidahuang [37] - In the pet industry, the report highlights the trend towards market consolidation and recommends companies like Guibao Pet and Zhongchong Co. [37]

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Insights - In Q3 2025, the proportion of public funds' holdings in the basic chemical sector decreased both year-on-year and quarter-on-quarter, with a market value allocation of 2.66%, down by 0.94 percentage points year-on-year and 0.60 percentage points quarter-on-quarter [2][13] - The market value of basic chemical stocks in A-shares remained stable year-on-year at 3.59%, with a slight increase of 0.11 percentage points quarter-on-quarter [2][13] - The number of stocks held by public funds in the basic chemical sector increased to 161, up by 31 stocks year-on-year and 7 stocks quarter-on-quarter [3][20] Summary by Sections 1. Sector Holding Changes - The basic chemical sector's heavy stock holding ratio decreased in Q3 2025, with a market value allocation of 2.66%, reflecting a downward trend since Q1 2023 [2][13] - The allocation of public funds to basic chemical stocks peaked at 4.23% in Q1 2021, followed by fluctuations leading to the current level [13] 2. Individual Stock Changes - The top five stocks held by public funds in Q3 2025 were Juhua Co., Ltd., Hualu Hengsheng, Sailun Tire, Wanhua Chemical, and Guangdong Hongda, with no changes from Q2 2025 [4][27] - The number of companies in the agricultural chemical sector remained the highest among the top 50 holdings, with 11 companies, maintaining a 22% share [4] 3. Public Fund Preferences Analysis - Stocks with a market value of over 50 billion accounted for 32.92% of the total market value of the top 50 chemical stocks, an increase of 7.69 percentage points quarter-on-quarter [5] - The number of public fund products holding leading stocks in various sub-industries increased in Q3 2025, indicating a shift back to industry leaders [5]

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry [5][27]. Core Insights - The total market value of pharmaceutical stocks held by public funds increased from 300.9 billion to 409 billion yuan, representing a growth of 35.9% [6][9]. - The proportion of pharmaceutical stocks in the holdings of all public funds rose to 10.53%, an increase of 0.76 percentage points compared to the previous quarter [6][9]. - The report highlights the growth potential of the pharmaceutical industry driven by continuous technological innovation and demand [6][9]. Summary by Sections 1. Pharmaceutical Holdings Proportion in 2025Q3 - The total market value of pharmaceutical stocks held by public funds increased from 300.9 billion to 397.8 billion yuan, a rise of 32.2% from 2025Q2 to 2025Q3 [9]. - The proportion of pharmaceutical stocks in public fund holdings was 94.64%, up by 0.05 percentage points from 2025Q2 [9]. 2. Market Value of Pharmaceutical Sub-sectors in 2025Q2 - The leading sectors in public fund holdings were: 1) Chemical preparations: 1,734 billion yuan (44.3%) 2) Other biological products: 921 billion yuan (23.5%) 3) Medical devices: 419 billion yuan (10.7%) [13][11]. 3. Public Fund Heavy Holdings in 2025Q3 - The top five pharmaceutical stocks by market value in public fund holdings were: 1) Heng Rui Medicine: 50.2 billion yuan 2) Innovent Biologics: 25.7 billion yuan 3) Mindray Medical: 21.5 billion yuan 4) Bai Li Tian Heng: 16.4 billion yuan 5) Kangfang Biologics: 16.4 billion yuan [23][27].

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9] Core Insights - The allocation of public funds to the non-bank sector in Hong Kong has significantly increased, with passive fund holdings surpassing those of active funds [2][12] - The insurance sector's allocation in Hong Kong has risen, with major holdings in China Pacific Insurance (H) and Ping An Insurance (H) [12] - The brokerage sector's allocation has also increased, focusing on leading institutions [12] - The multi-financial sector remains under-allocated, with holdings concentrated in the Hong Kong Stock Exchange [12] Summary by Sections Public Fund Holdings - In Q3 2025, the market value of non-bank sector holdings by active and passive funds was 153.66 billion and 2,061.14 billion respectively, with changes of -0.7% and +18.8% [12] - In Hong Kong, the market value for the non-bank sector was 113.85 billion and 496.35 billion, with increases of +34.5% and +234.6% [12] Insurance Sector - The allocation for passive funds in the insurance sector has increased, with holdings in Ping An (94.4%) and China Pacific (3.6%) [12] - Compared to the CSI 300, the insurance sector is under-allocated by 3.57 percentage points for active funds and 0.83 percentage points for passive funds [12] Brokerage Sector - The allocation for the brokerage sector has increased, with active fund holdings concentrated in CITIC Securities (22.8%) and Huatai Securities (16.0%) [12] - In Hong Kong, the market value for the brokerage sector was 0.07 billion and 1.50 billion, with changes of +0.01 percentage points and +0.95 percentage points [12] Multi-Financial Sector - The multi-financial sector's holdings are concentrated in the Hong Kong Stock Exchange, with a market value of 0.31 billion and 0.41 billion for active and passive funds respectively [12] - The sector remains under-allocated compared to the Hang Seng Index by 3.69 percentage points for active funds and 3.58 percentage points for passive funds [12] Overall Market Outlook - Since the beginning of 2025, the capital market has been recovering, and the brokerage sector's performance is expected to be resilient [12] - The insurance sector is anticipated to recover due to favorable policies and economic trends, indicating potential growth in the industry [12]

Core Viewpoint - The recent public fund quarterly reports indicate a significant increase in the electronic industry's allocation, reaching over 25%, marking the highest single-industry allocation in the past fifteen years [2][3]. Group 1: Industry Allocation Insights - The electronic industry's allocation surpassing 25% is notable, as it reflects a trend where public funds have historically struggled to maintain allocations above 20% without subsequent market adjustments [2][5]. - Historical data shows that when public fund allocations to a single industry exceed 20%, it often leads to subsequent pressure on absolute returns, with most instances since 2010 resulting in declines in relative performance [2][5]. - The report from Huatai Securities suggests that the average duration of core asset accumulation is around ten quarters, with current electronic sector allocations slightly above this average [3]. Group 2: Market Behavior and Predictions - The analysis indicates that during periods of improved market risk, sectors with increased allocations have an 86% probability of generating excess returns in the following quarter [3]. - Historical patterns reveal that high allocations often coincide with market changes, and the peak in holdings may be driven more by industry price increases rather than active accumulation [5]. - The electronic sector's current allocation has surpassed previous historical limits, yet it is essential to monitor the underlying fundamentals for potential acceleration in growth [5]. Group 3: Contextual Analysis - The report highlights that while the current allocation in the electronic sector is high, it does not necessarily indicate an immediate need for rebalancing, as the sector may continue to perform well if the fundamentals support it [5][6]. - The analysis serves as a window into market sentiment, providing insights into which sectors are currently attracting more attention from investors [6].

Core Viewpoint - Xianghe Industrial (603500.SH) reported its Q3 2025 results, highlighting a total institutional ownership of 12.1264 million shares, representing 3.64% of the company's total equity, with an increase in institutional holding by 0.33 percentage points compared to the previous quarter [1] Institutional Investors - As of October 30, 2025, six institutional investors disclosed their holdings in Xianghe Industrial, with a combined shareholding of 12.1264 million shares [1] - The institutional investors include Tian Tai Xiang He Investment Center (Limited Partnership), China Construction Bank - Wan Jia New Opportunities Leading Enterprises Flexible Allocation Mixed Securities Investment Fund, and others, collectively holding 3.64% of the total shares [1] - The institutional holding ratio increased by 0.33 percentage points compared to the last quarter [1] Public Funds - One public fund, Jin Ying Min Feng Return Mixed Fund, reduced its holdings compared to the previous quarter, showing a slight decline [1] - Four new public funds disclosed their holdings this quarter, including Wan Jia New Opportunities Leading Enterprises Mixed A and Wan Jia Domestic Demand Growth One-Year Holding Period Mixed Fund [1] - A total of 54 public funds were not disclosed this quarter, including various index-enhanced funds [1] Foreign Investment - One foreign institution, Goldman Sachs International - Proprietary Funds, was not disclosed in this quarter compared to the previous one [2]

Core Viewpoint - Jinli Technology (002869.SZ) reported an increase in institutional ownership, with a total of 44.48 million shares held by six institutional investors, representing 24.77% of the total share capital, marking a 6.25 percentage point increase from the previous quarter [1] Institutional Investors - Six institutional investors disclosed their holdings in Jinli Technology, with a combined ownership of 44.48 million shares, accounting for 24.77% of the total share capital [1] - The institutional ownership increased by 6.25 percentage points compared to the previous quarter [1] Public Funds - Two new public funds disclosed their holdings in the current period, including Huaxia Industry Prosperity Mixed A and Huaxia Excellent Growth Mixed A [1] - A total of 26 public funds that were previously disclosed did not report their holdings this quarter, including Huashang Advantage Industry Mixed A and others [1] Social Security Funds - One new social security fund disclosed its holdings in Jinli Technology, specifically the Huaxia Fund Management Co., Ltd. - Social Security Fund 422 Combination [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Jinli Technology by 1.10% compared to the previous period [1]