- The report analyzes institutional heavy positions based on the top ten shareholders of listed companies, identifying investor types through keyword matching in shareholder names [8][11][13] - The analysis includes the scale of heavy positions for different institutions, using total market value for Hong Kong Stock Connect and public funds, and free float market value for other institutions (excluding shareholders with over 5% holdings) [8][15][22] - Historical data from Q4 2004 to Q2 2025 shows trends in heavy positions: Hong Kong Stock Connect peaked in 2021 and then declined, index funds showed significant growth in the past five years, active public funds and private equity experienced declines, while insurance and social security funds showed mixed trends [8][22] - Sector preferences for Q2 2025 and historical data were analyzed: Hong Kong Stock Connect favored power equipment, electronics, and banking; index funds leaned towards electronics and healthcare; active public funds preferred small-cap and low-dividend stocks; private equity showed a similar preference; insurance and social security funds favored large-cap and high-dividend stocks [8][24][29] - Institutional style preferences were evaluated using factor exposures, including reversal, Beta, size, valuation, profitability, momentum, volatility, liquidity, growth, and dividends. For Q2 2025, Hong Kong Stock Connect and insurance funds leaned towards large-cap and high-dividend stocks, while index funds, active public funds, and private equity favored small-cap and low-dividend stocks [31][34]