Group 1 - The core viewpoint of the article highlights the significant increase in fund holdings in certain core assets, with 126 stocks having a fund holding ratio exceeding 10%, indicating enhanced "control" by funds over these assets [1][3] - The stock with the highest fund holding is Nine Company, with 216 funds collectively holding 195 million shares, accounting for 35.24% of its circulating stock [1] - Other notable stocks include BeiGene and Innovent Biologics, with fund holding ratios of 33.47% and 32.70% respectively, and 17 stocks have fund holding ratios exceeding 20%, reflecting high recognition from funds [1][3] Group 2 - In Q2, funds were active in adjusting their holdings, with 85 out of 126 stocks seeing increased fund holdings, particularly notable increases in Puyuan Precision, Huahong Semiconductor, and Yuanjie Technology, with increases of 409.08%, 354.96%, and 317.64% respectively [3] - Conversely, 41 stocks experienced reductions in fund holdings, with Hengxuan Technology, Stone Technology, and Nairui Radar seeing decreases of 37.29%, 32.21%, and 30.98% respectively [3] - The "hugging" phenomenon is prominent among high holding ratio stocks, with 44 stocks held by over 100 funds and 32 stocks held by 50 to 99 funds, with Ningde Times leading at 1,775 funds holding 14.49% of its shares [3][4] Group 3 - From a valuation perspective, among the high holding ratio stocks, 42 stocks have a price-to-earnings ratio below 30, with Gujing Distillery having the lowest at 8.20 times [4] - Major sectors represented among these stocks include electronics, pharmaceuticals, and automotive, with 32, 21, and 12 stocks respectively [4] - Of the 24 stocks that have released half-year performance forecasts, 23 are expected to see profit increases, with Huaxia Airlines projecting a staggering 875.10% year-on-year profit growth [4]

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场情绪追踪 截至2025年5月30日，沪深300上涨家数占比指标最近一个月环比上月上升，上涨家数占比指标高于50%， 市场情绪较高；从动量情绪指标走势来看，近一月快线、慢线向下，快线处于慢线下方，预计在未来一段 时间内将维持谨慎观点；从均线情绪指标来看，短期内沪深300指数处于情绪非景气区间。 机构调研策略跟踪 2025年5月，私募调研跟踪策略获取正超额收益。公募调研选股策略相对中证800获取超额收益-0.44%，私 募调研跟踪策略相对中证800获取超额收益2.57%。 负面清单 截至2025年5月30日，宽松有息负债率排名前30的股票中，中毅达、指南针、现代投资、春兴精工、奥飞 数据、华映科技、和辉光电、思创医惠、泉峰汽车在传统口径下排 ...

Group 1 - The core viewpoint is that the rising stock price of Pop Mart in the Hong Kong market has attracted many fund managers who previously invested heavily in Kweichow Moutai, but they need to be cautious of valuation risks associated with concentrated investments [1] - As of the end of Q1 2025, the number of funds heavily invested in Pop Mart has increased to 207, a significant rise from 62 funds at the end of September 2024, indicating a strong collective interest from public funds [1] - The phenomenon of funds clustering around a single stock can create a "snowball effect," leading to a positive feedback loop where rising stock prices attract more investors, but this growth is often unsustainable in the long term [1] Group 2 - There are concerns regarding whether the concentrated investment by multiple funds in a single stock may be considered a violation of regulations, especially if there is a tacit agreement among funds to avoid selling or to continue buying [2] - Market manipulation is defined as actions that improperly influence stock prices or trading volumes, and regulatory bodies in mainland China and Hong Kong should enhance cooperation to monitor coordinated trading behaviors among fund managers [2] - The article suggests that the Fund Industry Association should establish self-regulatory norms to limit the maximum percentage of a single stock that can be held by all domestic public funds, potentially capping it at 30% to ensure liquidity for other market participants [2] Group 3 - Regulatory authorities should implement a dynamic monitoring and early warning disclosure mechanism, requiring public funds to disclose information when their overall holding approaches a preset limit, such as 28% [3] - A "quiet period" should be triggered, during which all public funds must refrain from actively buying the stock to prevent further risk escalation [3] - The market should prioritize genuine value discovery and orderly competition over the artificial prosperity created by fund clustering, emphasizing the need for sustainable value creation through independent and prudent investment research [3]

2025 年 5 月 3 日 机构调研策略跟踪：2025 年 4 月，私募调研跟踪策略获取正超额收益。公募调 研选股策略相对中证 800 获取超额收益-2.92%，私募调研跟踪策略相对中证 800 获取超额收益 0.04%。 负面清单：截至 2025 年 4 月 30 日，宽松有息负债率排名前 30 的股票中，中毅 达、指南针、现代投资、春兴精工、思创医惠、华映科技、泉峰汽车、联创电子 在传统口径下排名在 100 及以后。 总量研究 基金抱团减弱，市场情绪降温 ——金融工程量化月报 20250503 要点 市场情绪追踪：截至 2025 年 4 月 30 日，沪深 300 指数上涨家数占比指标近一 个月环比上月下降，上涨家数占比指标低于 60%，市场情绪有所降温；从动量 情绪指标走势来看，近一月快线、慢线向下，快线处于慢线下方，预计在未来一 段时间内将维持谨慎观点；从均线情绪指标来看，短期内沪深 300 指数处于情 绪非景气区间。 基金分离度跟踪：截至 2025 年 4 月 30 日，基金抱团分离度小幅上行，基金抱 团程度减弱。最近一月抱团股超额收益小幅下行，抱团基金超额收益小幅上行。 PB-ROE-50 策略 ...