1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - AI + technology remains the main battlefield, with new consumption, some resource products, and innovative drugs also being frequently mentioned in the viewpoints of the second - quarter reports of representative public funds [10]. - The new wave of the pan - AI industry has become the mainstream allocation, with the allocation ratio of TMT + Hang Seng Technology reaching 36.19% and showing a continuous increase, while the pan - new energy is in a continuous reduction process [16]. - The consumption position shows a trend of shifting from traditional consumption to new consumption, with the current position of the new consumption 50 portfolio accounting for about 10.36%. The overseas expansion wave has not fundamentally reversed due to tariffs, and the position of the overseas expansion 50 portfolio remains high, with obvious increases in cultural overseas expansion sectors less affected by tariffs [20]. - The logic of the transformation of new and old kinetic energy in the A - share market has become the consensus of institutional allocation, with the position of the new economy TMT index continuously rising and the current position of the old economy index only at 9.46% [30]. 3. Summary According to Relevant Catalogs 3.1 Active - type Public Offering Q2 Position Change Breakdown - **Q2 Institutional Increase Logic**: AI industry chain (overseas computing power, domestic substitution, application end), pharmaceutical sector benefiting from the overseas expansion of innovative drugs and policy improvement, military industry (aircraft and missile chain) and high - end manufacturing, and some resource products (such as electrolytic aluminum, copper, and gold) [5]. - **Q2 Institutional Reduction Logic**: Traditional consumption (such as liquor) and some previously high - level sectors (such as intelligent driving and robotics) [5]. - **Industry - level Changes**: In 2025Q2, the top five industries with institutional increases were communication, banking, non - banking finance, pharmaceuticals, and media; the top five industries with institutional reductions were food and beverage, automobiles, machinery, household appliances, and power equipment and new energy [1][5]. - **AI Industry Chain**: In 2025Q2, the allocation of the AI industry chain remained the core. Benefiting from the diffusion effect of the continuous rise of NVIDIA, active funds significantly increased their positions in the overseas computing power chain, such as optical modules (+2.29pct) and PCB (+1.56pct), while domestic computing power (-0.08pct) and Hong Kong - listed Internet giants had slight reductions [5]. - **Pharmaceutical Sector**: In 2025Q2, the institutional position in the pharmaceutical sector increased significantly, especially in some leading Hong Kong - listed innovative drug companies. Chemical preparations (+0.77pct, mainly innovative drugs) and biomedicine (+0.52pct), and Hong Kong - listed Innovent Biologics became one of the top 20 institutional heavy - position stocks for the first time [5]. - **Overseas Expansion Industry Chain**: In 2025Q2, institutional investors' positions in the overseas expansion industry chain were differentiated. In the context of tariff risks, game and cultural overseas expansion became the focus, with games (+0.45pct) and advertising and marketing (+0.29pct) increasing, while white goods (-0.91pct), engineering machinery (-0.43pct), and consumer electronics (-1.10pct) had obvious reductions [6]. - **Consumption Sector**: In 2025Q2, the positions in the new and traditional consumption sectors were opposite. The new consumption sector increased overall, such as pet food (+0.38pct), and stocks like Hong Kong - listed Pop Mart increased; traditional consumption such as liquor (-2.61pct) and consumer medical services (-0.57pct) had obvious reductions [6]. - **Large Financial Sector**: In 2025Q2, the institutional position in the large financial sector increased significantly. Banks (+1.02pct, the allocation ratio reached 4.81% for the first time since 2016), insurance (+0.50pct), and securities (+0.23pct) all showed obvious increasing trends [6]. - **Resource Product Sector**: In 2025Q2, institutional investors increased their positions in some resource product sectors with rising prices, including gold (+0.12pct), rare earths (+0.10pct), and copper (+0.19pct) [6]. 3.2 Overall Allocation Trends - The number of heavy - position Hong Kong - listed stocks and the proportion of heavy - position market value in active - type public funds continued to rise, currently approaching about 20% [13]. - The new wave of the pan - AI industry has become the mainstream allocation, with the allocation ratio of TMT + Hang Seng Technology reaching 36.19% and showing a continuous increase, while the pan - new energy is in a continuous reduction process [16]. - The consumption position shows a trend of shifting from traditional consumption to new consumption, with the current position of the new consumption 50 portfolio accounting for about 10.36%. The overseas expansion wave has not fundamentally reversed due to tariffs, and the position of the overseas expansion 50 portfolio remains high, with obvious increases in cultural overseas expansion sectors less affected by tariffs [20]. - The logic of the transformation of new and old kinetic energy in the A - share market has become the consensus of institutional allocation, with the position of the new economy TMT index continuously rising and the current position of the old economy index only at 9.46% [30]. 3.3 Active - Position - Increasing Stock Ranking The stocks with active position increases are mainly concentrated in the CPO + innovative drug direction, including Zhongji Innolight, New Fiber Optic Network, Huadian Technology, etc. [31].