以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 对于社保基金，本期较上一季未再披露的社保基金共计1个，即全国社保基金五零二组合。 2025年8月26日，永艺股份(603600.SH)发布2025年半年度报告。截至2025年8月25日，共有7个机构投资 者披露持有永艺股份A股股份，合计持股量达1.73亿股，占永艺股份总股本的52.19%。其中，机构投资 者包括永艺控股有限公司、安吉尚诚永盛股权投资管理有限公司、玄元私募基金投资管理(广东)有限公 司-玄元科新173号私募证券投资基金、泰康人寿保险有限责任公司-传统-普通保险产品-019L-CT001 沪、泰康资产丰达股票型养老金产品-上海浦东发展银行股份有限公司、泰康人寿保险有限责任公司-分 红-个人分红-019L-FH002沪、中国工商银行股份有限公司-大成竞争优势混合型证券投资基金，机构投 资者合计持股比例达52.19%。相较于上一季度，机构持股比例合计上涨了0.07个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即大成竞争优势混合A，持股增加占比小 幅上涨。本期较上一季未再披露的公募基金共计3个，包括招商量化精选股 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025Q2, the market value of convertible bonds held by public - funds decreased, with a 3.34% quarter - on - quarter reduction and a 1.02% year - on - year decrease. The proportion of convertible bond market value in bond investment market value and net value also declined. Different types of funds showed varying trends in convertible bond market value changes, with first - tier bond funds being the main growth driver [2][8][12]. - Convertible bond funds underperformed the index in terms of performance in 2025Q2, with a small - scale net redemption and a reduction in overall scale. However, the convertible bond position and leverage ratio increased simultaneously [4][8][11]. - In terms of industry allocation, banks remained an important underlying position for convertible bonds. Both public - funds and convertible bond funds mainly increased their positions in public utilities, non - banking, and chemical convertible bonds. Additionally, public - funds also increased their positions in pharmaceutical and biological industry convertible bonds, while convertible bond funds increased their positions in non - ferrous metal convertible bonds [8][11][41]. 3. Summary According to the Directory I. Public - funds' Convertible Bond Positions Decrease, with Increased Positions in Public Utilities and Non - banking Convertible Bonds (1) The Market Value of Convertible Bonds Held by Public - funds Decreases Quarter - on - Quarter, and Positions Decline - In 2025Q2, the market value of convertible bonds held by public - funds was 272.823 billion yuan, a 3.34% quarter - on - quarter and 1.02% year - on - year decrease. The proportion of convertible bond market value in bond investment market value and net value decreased by 0.14pct and 0.09pct respectively compared to 25Q1 [2][12]. - Most types of funds saw a decrease in the market value of convertible bonds held, mainly due to the overall contraction of the convertible bond market. Among them, first - tier bond funds continued to expand their convertible bond scale, while second - tier bond funds and convertible bond funds decreased their positions [13][14]. (2) The Proportion of Public - funds' Positions Decreases, while Securities Asset Management and Proprietary Trading Increase Positions - As of the end of 2025Q2, the total face value of convertible bonds held by the Shanghai and Shenzhen Stock Exchanges decreased by 5.90% quarter - on - quarter. Public - funds, insurance institutions, enterprise annuities, and general institutions all significantly reduced their positions, while securities proprietary trading and asset management increased their positions [33]. - The face value of convertible bonds held by public - funds decreased quarter - on - quarter, but there was a marginal improvement in July [37]. (3) Public - funds' Positions Mainly Increase in Public Utilities and Non - banking Convertible Bonds - In 2025Q2, the banking sector remained the primary layout, but the overall position market value decreased significantly due to the forced redemption of multiple bank convertible bonds. The market value of public utilities, non - banking, and other industries increased, while the market value of household appliances, banks, and other industries decreased [41]. (4) Industrial Bank Convertible Bonds Maintain the First - Ranked Heavy - Position Bond, but the Proportion of Banks Decreases - Industrial Bank Convertible Bonds remained the first - ranked heavy - position bond for public - funds. Among the top ten convertible bonds in terms of total position market value, the number of bank convertible bonds decreased compared to Q1. G Sanxia EB2 entered the top five, and the total position market value of Hebang Convertible Bonds increased by over 1 billion yuan [45]. II. Convertible Bond Funds Underperform the Index, with Simultaneous Increases in Convertible Bond Positions and Leverage Ratios (1) The Re - invested Unit Net Value Increases, with Overall Net Redemption - As of 2025Q2, there were 39 convertible bond funds in the market. Their performance underperformed the convertible bond index, with a small - scale net redemption and a 5.96% quarter - on - quarter reduction in scale [50]. - The average increase in the re - invested unit net value of 39 convertible bond funds was 3.44%, and the median was 3.34%. The net redemption amount was 3.272 billion yuan, and the net subscription rate was 30.77%, a 20.51pct decrease compared to 25Q1 [50][52]. (2) The Convertible Bond Position Increases Quarter - on - Quarter, and the Leverage Ratio Increases Slightly - In the second quarter of 2025, the proportion of convertible bond market value in the net value of 39 convertible bond funds increased by 0.64pct quarter - on - quarter, and the median position increased by 4.78pct. The average leverage ratio increased by 2.10 percentage points [64]. (3) Convertible Bond Funds Mainly Increase Positions in Public Utilities, Non - banking Finance, etc. - Most industries saw an increase in the number of times held by convertible bond funds in 2025Q2. Public utilities and non - banking finance had the largest increases in the proportion of position market value. Banks and public utilities remained among the top heavy - position industries [5][50]

2025年8月16日，盈趣科技(002925.SZ)发布2025年半年度报告。截至2025年8月15日，共有13个机构投 资者披露持有盈趣科技A股股份，合计持股量达4.93亿股，占盈趣科技总股本的63.46%。其中，前十大 机构投资者包括深圳万利达电子工业有限公司、建瓯趣惠投资合伙企业(有限合伙)、厦门赢得未来创业 投资合伙企业(有限合伙)、厦门盈趣科技股份有限公司-2025年员工持股计划、厦门盈趣科技股份有限公 司-2025年员工持股计划、国海证券-北部湾财产保险股份有限公司-国海证券卓越8165号单一资产管理计 划、建瓯山坡松投资合伙企业(有限合伙)、香港中央结算有限公司、金元顺安沣楹债券、华商品质慧选 混合A，前十大机构投资者合计持股比例达63.45%。相较于上一季度，前十大机构持股比例合计上涨了 3.27个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 小幅上涨。 公募基金方面，本期较上一季度新披露的公募基金共计5个，包括金元顺安沣楹债券、华商品质慧选混 合A、诺德量化先锋A、汇添富中证A500指数增强A、明亚中证1000指数增强A。 ...

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Viewpoints - In Q2 2025, the proportion of public funds holding basic chemical stocks slightly decreased, with a market value allocation of 3.26%, down 0.46 percentage points year-on-year and 0.09 percentage points quarter-on-quarter [2][12] - The market value of basic chemical stocks in A-shares accounted for 3.49%, a decrease of 0.07 percentage points year-on-year and 0.04 percentage points quarter-on-quarter, indicating a low allocation of 0.23% in the basic chemical industry [2][12] - The number of stocks held by public funds in the basic chemical sector has increased, with 154 stocks held as of Q2 2025, an increase of 21 stocks year-on-year and 7 stocks quarter-on-quarter [3][18] Summary by Sections 1. Event - Public funds are required to disclose their top ten heavy stocks within 15 days after the end of each quarter, with complete holdings disclosed within 60 days after the end of the half-year [11] 2. Sector Holding Changes - The holding proportion of basic chemical stocks by public funds decreased slightly in Q2 2025, with a market value allocation of 3.26% [2][12] - The holding proportion of petrochemical stocks has shown a clear upward trend since Q3 2020, reaching a peak of 1.17% in Q1 2024, but fell to 0.38% in Q2 2025 [2][16] 3. Individual Stock Changes - The top five heavy stocks in Q2 2025 are Juhua Co., Sailun Tire, Hualu Hengsheng, Guangdong Hongda, and Wanhua Chemical, with Guangdong Hongda replacing Satellite Chemical in the top five [4][25] - The number of public funds holding leading stocks in the chemical sector has decreased, with a shift towards small and mid-cap stocks [5][27] 4. Market Preference Analysis - The market value of stocks with a market capitalization of over 500 billion accounted for 25.22% of the total market value of the top 50 chemical stocks, down 8.51 percentage points [5] - The number of funds holding leading stocks like Huafeng Chemical and Xinzhou Bang has increased, while those holding Wanhua Chemical and Hualu Hengsheng has decreased [5][27]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [8]. Core Insights - The allocation of public funds to the non-bank sector has increased on a quarter-on-quarter basis, with passive funds holding a higher market value proportion compared to active funds [2][11]. - The insurance allocation ratio has risen, with major holdings in Hong Kong being China Pacific Insurance and Ping An Insurance [11]. - The brokerage allocation ratio has also increased, with individual stocks still concentrated in leading institutions [11]. - The multi-financial sector continues to be under-allocated, with holdings concentrated in the Hong Kong Stock Exchange [11]. - Overall, passive funds have a higher allocation to the non-bank sector compared to active funds, indicating a recovery in the capital market and potential performance elasticity in the brokerage sector [11]. Summary by Sections Non-Bank Sector Allocation - The market value of non-bank sector holdings by major passive and active funds in Q2 2025 was 154.81 billion and 1,735.33 billion respectively, with quarter-on-quarter changes of +76.9% and +9.6% [11]. - In Hong Kong, the market value for the same period was 84.67 billion and 148.34 billion, with increases of +101.5% and +51.4% [11]. Insurance Sector - The insurance sector's allocation ratio has increased, with market value proportions for active and passive funds at 0.74% and 4.69% respectively, showing quarter-on-quarter increases of +0.38 percentage points and +0.23 percentage points [11]. - Major holdings include Ping An (53.0% for active funds) and China Pacific Insurance (24.7% for active funds) [11]. Brokerage Sector - The allocation ratio for the brokerage sector has improved, with market value proportions for active and passive funds at 0.39% and 8.21% respectively, with quarter-on-quarter increases of +0.16 percentage points and +0.13 percentage points [11]. - Key stocks include Citic Securities (24.7% for active funds) and Dongfang Wealth (44.1% for passive funds) [11]. Multi-Financial Sector - The multi-financial sector's holdings are primarily concentrated in the Hong Kong Stock Exchange, with market value proportions for active and passive funds at 0.08% and 0.004% respectively [11]. - The sector remains under-allocated compared to the Hang Seng Index [11].

Group 1 - As of the end of Q2 2025, public funds held shares in a total of 2,917 A-share companies, with a total market value of approximately 25,837 billion yuan, a decrease of about 50 billion yuan compared to the end of Q1 [1] - The electronics industry had the highest total market value of fund holdings, approximately 4,392 billion yuan, followed by power equipment, food and beverage, pharmaceutical and biological, and banking industries, each with market values exceeding 2,000 billion yuan [3] - A total of 43 A-share companies had public fund holdings exceeding 100 billion yuan, with 11 from the electronics industry and 4 each from non-bank financials, banking, food and beverage, and pharmaceutical and biological sectors [3] Group 2 - As of the end of Q2 2025, 99 companies had a public fund holding ratio of over 10% of their circulating shares, with 13 from the electronics industry and 8 from the pharmaceutical and biological industry among the top 30 companies by holding ratio [4] - The most favored A-share company by public funds was Ningde Times, with a holding market value of approximately 1,426 billion yuan, followed by Kweichow Moutai at approximately 1,252 billion yuan [3] - A total of 136 A-share companies were heavily held by over 100 funds, with the most popular company being Ningde Times, held by 1,774 funds, while Zijin Mining, Midea Group, and Kweichow Moutai were also held by over 1,000 funds [3]

Group 1 - The overall fund positions increased marginally in Q2 2025, with a notable increase in the ChiNext index and a decrease in the main board [6][10][14] - In terms of industry allocation, public funds increased their holdings in technology and cyclical sectors while reducing exposure to manufacturing and consumer sectors [25][31] - The allocation to high-dividend sectors rose, with significant increases in insurance holdings [50][52] Group 2 - The public funds significantly increased their positions in the ChiNext index by 1.74 percentage points to 15.18% and reduced the main board by 1.87 percentage points to 72.46% [14][24] - The technology sector saw increased allocations, particularly in electronics, healthcare, and home appliance manufacturing, while the food and beverage sector saw a decline [31][34] - The telecommunications and financial sectors experienced notable increases in allocation, while discretionary and staple consumer sectors were reduced [28][31] Group 3 - The report highlighted a marginal increase in the stock positions of four types of funds, with the balanced mixed funds showing a more significant increase [11][19] - The concentration of the top ten holdings decreased, with the top ten holdings accounting for 16.70%, down 3.4 percentage points from the previous quarter [24] - The report indicated a continued rise in the allocation to Hong Kong stocks, while the allocation to the Hang Seng Technology index saw a decline [15][17]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the Q2 2025 positions of public funds, covering aspects such as scale changes, stock positions, A-share sector and style allocation, industry and individual stock positions, and Hong Kong stock market allocation changes [2]. Summary by Directory 1. Q2 Public Fund Scale Changes - By the end of Q2 2025, there were 12,907 public funds in China, an increase of 307 from Q1 2025. Among them, there were 3,015 stock funds, 4,702 hybrid funds, and 3,862 bond funds, increasing by 209, 31, and 54 respectively compared to Q1 2025 [4]. - The total net asset value of all public funds at the end of Q2 2025 was 33.72 trillion yuan, a growth of 2.1112 trillion yuan from Q1 2025. Stock funds reached 4.27 trillion yuan, hybrid funds 3.21 trillion yuan, bond funds 10.91 trillion yuan, and money market funds 14.23 trillion yuan [5]. - In terms of equity fund sub - types, passive index funds and enhanced index funds both saw increases in quantity and net asset value [11]. - By the end of Q2 2025, the total number of actively managed equity - oriented funds was 4,582, an increase of 45 from Q1 2025, but the total net asset value decreased by 21.18 billion yuan [13]. 2. Actively Managed Equity - Oriented Funds: Stock Positions Continue to Rise - In Q2 2025, actively managed equity - oriented funds held stocks worth 2.94 trillion yuan, a decrease of 0.02 trillion yuan from the end of Q1. However, the stock position in asset allocation continued to rise, from 84.01% at the end of Q1 to 84.24%, a historical high since 2005. The proportion of A - shares in the fund's asset allocation continued to decline [2]. - Most of the stock positions of the four types of actively managed equity - oriented funds increased. The positions of common stock, balanced hybrid, and flexible allocation funds rose by 0.57, 2.05, and 0.49 percentage points respectively, while the position of partial - stock hybrid funds remained basically unchanged [24]. 3. A - Share Sector Distribution and Style Allocation (1) Increased Allocation in the GEM - In Q2 2025, the allocation ratio of the GEM reversed the previous two - quarter decline, rising from 16.58% at the end of Q1 to 18.93%. The allocation ratio of the Sci - Tech Innovation Board increased by 0.18 percentage points, and the allocation ratio of the Beijing Stock Exchange rose from 0.23% at the end of Q1 to 0.41%. The market value of main - board holdings decreased by 2.71 percentage points [25]. (2) Positioning Style Tends towards Growth and Finance - In the A - share market, the market value ratio of large - cap stocks represented by the CSI 300 decreased by 2.55 percentage points in Q2, and the investment enthusiasm for large - cap stocks continued to decline. The allocation ratio of small - cap stocks also decreased by 0.93 percentage points. In terms of growth and value styles, the growth style increased by 0.92 percentage points, and the value style increased by 0.42 percentage points [26]. - From the perspective of the five - style index classification, the growth style increased by 3.98 percentage points, the financial style by 1.72 percentage points, and the stable style by 0.02 percentage points. The consumption and cyclical styles decreased [27]. 4. A - Share Industry Allocation: Increased Allocation in the Communication Industry and Rising Finance Popularity (1) First - Tier Industry Allocation - In Q2 2025, the industries with high market value ratios were electronics (18.67%), pharmaceutical biology (10.91%), power equipment (9.89%), food and beverage (6.73%), and automobiles (6.32%). Industries with relatively low ratios included comprehensive (0.11%), steel (0.34%), coal (0.37%), petroleum and petrochemicals (0.38%), and textile and apparel (0.41%) [30]. - In Q2 2025, industries such as electronics, pharmaceutical biology, power equipment, communication, and household appliances were significantly over - allocated, while non - bank finance, computer, bank, public utilities, and machinery were under - allocated [30]. - In Q2 2025, the market value ratios of 15 first - tier industries increased. Industries with an increase of over 0.5 percentage points included communication, bank, national defense and military industry, non - bank finance, and media. Industries with a decline included food and beverage, automobiles, power equipment, household appliances, and machinery [32]. - In terms of the change in the over - allocation ratio, communication, national defense and military industry, non - bank finance, bank, and media increased significantly, while food and beverage, automobiles, power equipment, machinery, and household appliances decreased [35]. (2) Second - Tier Industry Allocation - In Q2 2025, semiconductor, chemical pharmaceutical, battery, Baijiu II, communication equipment, components, automobile parts, white goods, consumer electronics, and industrial metals ranked high in terms of market value ratio. Chemical pharmaceutical rose to the second place, and Baijiu II dropped to the fourth place [41]. - The top ten industries with increased holdings were communication equipment, components, chemical pharmaceutical, city commercial banks II, insurance II, aviation equipment II, logistics, games II, joint - stock commercial banks II, and feed industry. Industries with significant reductions included Baijiu II, passenger cars, consumer electronics, white goods, and construction machinery [43]. 5. Heavy - Positioned Individual Stocks: Decreased Concentration - Among the top 20 individual stocks by total market value held by actively managed equity - oriented funds, there were 14 A - shares and 6 Hong Kong stocks. Compared with Q1, Zijin Mining and Xiaomi Group - W rose to the 5th and 6th places respectively, and Wuliangye and Shanxi Fenjiu dropped significantly. Newly included stocks were 3 A - shares and 2 Hong Kong stocks [51]. - The top ten stocks with increased holdings were Zhongji Innolight, New Fiber Optic, Hudian Co., Ltd., Cinda Bio (HK), Pop Mart (HK), Shenghong Technology, 3SBio (HK), SF Holding, Haid Group, and AVIC Shenfei. The top ten stocks with reduced holdings were BYD, Alibaba Group Holding Limited - W (HK), Luxshare Precision Industry Co., Ltd., Tencent Holdings Limited (HK), Kweichow Moutai Co., Ltd., Wuliangye, Luzhou Laojiao Co., Ltd., Midea Group Co., Ltd., Shanxi Fenjiu, and Semiconductor Manufacturing International Corporation (HK) [52]. - In Q2 2025, the concentration of heavy - positioned individual stocks in actively managed equity - oriented funds decreased overall. The proportions of the top 10, 20, 30, 40, and 50 stocks in the total market value of heavy - positioned stocks decreased by 3.16, 3.31, 2.90, 2.60, and 2.19 percentage points respectively compared with the end of Q1 [59]. 6. Hong Kong Stock Market Allocation Changes - The allocation ratio of the A - share market in the heavy - positioned stocks of actively managed equity - oriented funds has declined for six consecutive quarters, from 91.34% at the end of 2023 to 80.09% at the end of Q2 2025. The allocation ratio of the Hong Kong stock market has increased from 8.66% at the end of 2023 to 19.91% at the end of Q2 2025, rising by 0.81 percentage points compared with Q1 2025 [62]. - By the end of Q2 2025, there were 360 Hong Kong stocks in the heavy - positioned stocks of actively managed equity - oriented funds, an increase of 33 from Q1. The market value of Hong Kong stock holdings was 326.5 billion yuan, an increase of 8.2 billion yuan from Q1 [63]. - In terms of the Hang Seng primary industries, the market value of information technology, non - essential consumer goods, healthcare, and finance accounted for 32.41%, 26.87%, 14.32%, and 6.33% respectively. The market value and proportion of healthcare and finance increased, while information technology and non - essential consumer goods decreased [63]. - In terms of the Hang Seng secondary industries, the top five industries were software services, pharmaceuticals and biotechnology, professional retail, information technology equipment, and household appliances and products. The market value of eight industries such as pharmaceuticals and biotechnology increased by over 1 billion yuan, while the professional retail industry had the largest decline [67][70]. - In Q2 2025, actively managed equity - oriented funds significantly increased their holdings of Cinda Bio, Pop Mart, 3SBio, JD Health, and Xiaomi Group - W, and significantly reduced their holdings of Alibaba Group Holding Limited - W, Tencent Holdings Limited, Semiconductor Manufacturing International Corporation, XPeng Inc. - W, and Geely Automobile [73].

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Core Conclusions - The top five sectors for active fund accumulation in Q2 2025 are telecommunications, pharmaceuticals, non-bank financials, banking, and military industry, indicating a shift in investment logic towards these sectors due to overseas computing power and innovative drug trends [10][11] - The reduction in holdings is primarily seen in food and beverage and automotive sectors, with food and beverage representing core assets and automotive linked to anti-involution trends [10] Asset Allocation and Sector Distribution - The allocation for active equity funds in Q2 2025 shows a significant increase in midstream manufacturing to 41.86% (up 1.58 percentage points), while downstream consumption decreased to 34% (down 2.98 percentage points) [19] - The overall allocation for upstream raw materials is 9.29% (down 0.26 percentage points), financial and real estate sectors increased to 7.93% (up 1.67 percentage points), and support services remained stable at 6.8% (down 0.03 percentage points) [19] Upstream Raw Materials - The allocation in upstream raw materials shows a slight recovery, with non-ferrous metals at 4.65% (up 0.15 percentage points) and basic chemicals at 2.95% (unchanged), while coal and steel sectors saw declines [24] - The top three sectors with increased allocation are precious metals at 1.08% (up 0.11 percentage points), glass and fiberglass at 0.19% (up 0.11 percentage points), and energy metals at 0.32% (up 0.09 percentage points) [24] Midstream Manufacturing - Telecommunications saw a significant increase in allocation to 5.33% (up 2.39 percentage points), while defense and military industry reached 4.17% (up 0.99 percentage points) [28] - The electronics sector remains dominant at 18.67% (down 0.07 percentage points), with notable declines in machinery and power equipment sectors [28] Downstream Consumption - The pharmaceuticals sector increased to 10.91% (up 0.37 percentage points), while food and beverage decreased to 6.74% (down 2.08 percentage points) [33] - The automotive sector allocation is at 6.33% (down 1.49 percentage points), with significant declines in the white wine sector [33] Financial and Real Estate - The banking sector allocation increased to 4.88% (up 1.12 percentage points), while non-bank financials rose to 1.85% (up 0.76 percentage points) [3] - Real estate remains at a low allocation of 0.68% (down 0.19 percentage points), indicating a cautious approach towards this sector [3] Support Services - The allocation in support services is led by transportation at 1.97% (up 0.32 percentage points), while computer services saw a decline to 2.59% (down 0.53 percentage points) [3]