Group 1: Institutional Investor Holdings - As of Q2 2025, the market value of A-share institutional investors' holdings increased to 18.7 trillion CNY, accounting for 20.6% of the total market, up 0.2 percentage points from the end of 2024[4] - Public funds hold 6.0 trillion CNY (6.7%); foreign capital holds 3.1 trillion CNY (3.4%); private equity holds 4.1 trillion CNY (4.5%); and insurance companies hold 3.1 trillion CNY (3.4%)[4] - The stock investment ratio of insurance institutions reached 8.8%, close to historical highs, driven by increased premium income and expanded risk from interest rate spreads[8] Group 2: Fund Types and Trends - The scale of active public funds reached 2.6 trillion CNY, while passive funds reached 3.4 trillion CNY, with stock ETFs at 3.0 trillion CNY, increasing from 14.7% at the end of 2021 to 50.2% currently[13] - Since June, the issuance of active equity public funds has been recovering, indicating potential growth in public fund holdings[13] - Private equity fund holdings reached 4.1 trillion CNY, with a 0.1 percentage point increase to 4.5% as of Q2 2025[18] Group 3: Individual Investor Activity - Individual investors' holdings reached 35.2 trillion CNY, up 1.6 trillion CNY from Q1 2025, accounting for 38.9% of the total market[23] - Margin trading balances surged to nearly 2.3 trillion CNY, a historical high, with margin trading volume accounting for 11.7% of total A-share trading volume[23] Group 4: Sector Preferences - Public funds favor growth sectors, heavily investing in electronics (16.4%) and pharmaceuticals (9.8%); private equity focuses on electronics (12.7%) and computers (10.6%)[25] - Insurance companies prioritize dividend value, with significant investments in banks (45.5%) and utilities (7.8%)[25] - Foreign capital balances growth and value, with QFII heavily investing in banks (46.7%) and electronics (12.3%)[25]

大型基金经理的持仓仍偏低 尽管看涨的散户投资者推动标普500指数重回历史高位，但美国总统唐纳德·特朗普不断变化的贸易政策 迫使这些机构投资者保持克制。这种仓位配置反映了机构资产管理者的谨慎情绪，但也给他们提供了增 加配置的空间，以跟上市场的步伐。 巴克莱银行全球股票战术策略主管Alexander Altmann表示，他的团队将在未来几周保持对美股的看多立 场，并称仓位和情绪都"过低"。 以Dubravko Lakos-Bujas为首的摩根大通策略师上周表示，随着特朗普政府的重点似乎从关税转向减 税，"阻力最小的道路就是创下新高"。"即使在全球股市出现V型反弹之后，投资者的仓位仍然处于轻 度至中等水平，市场情绪也较为低迷。" 智通财经APP获悉，巴克莱和摩根大通等公司的分析师认为美国股市还有进一步上涨的空间，部分原因 是他们预计机构投资者将放弃谨慎的立场并增加对股票的投资。 尽管美国股市已从4月份关税引发的下跌中强势反弹，但大型基金经理的持仓仍明显偏低：德意志银行 的数据显示，自2010年以来，其整体股票仓位之低仅在23%的时间里出现过。 Truist Advisory Services联席首席投资官Keith ...