Core Viewpoint - The A-share and Hong Kong markets exhibited a divergent pattern on October 31, with small-cap stocks in A-shares rebounding while technology-heavy stocks faced a pullback, driven by policy catalysts and industry trends [1][2]. Market Overview - A-shares saw the Shanghai Composite Index down 0.63% to 3961.62 points, Shenzhen Component down 0.62%, and the ChiNext Index down 1.49%, falling below 2800 points. The STAR Market Index dropped 2.51%, indicating significant pressure on technology growth stocks [3]. - The Hong Kong market also faced pressure, with the Hang Seng Index down 0.89% to 26050.08 points and the Hang Seng Technology Index down 1.91%. However, the healthcare sector rose 1.89%, indicating a defensive market structure [3][4]. - The media sector in A-shares led gains with a 3.03% increase, driven by AI application growth, while the pharmaceutical sector rose 1.95% due to policy catalysts related to innovative drugs [3][5]. Industry Trends and Drivers - The market was primarily driven by a dual force of "policy catalysis and industry trends." The Ministry of Finance and other departments expanded the categories of duty-free goods, directly stimulating the media and retail sectors, with net inflows exceeding 2 billion yuan into these sectors [5]. - The AI application sector showed strong performance, with mobile active users surpassing 700 million, while the hardware sector faced valuation pressures due to previous gains [5][6]. - The lithium battery and photovoltaic sectors continued to show strength, with battery-grade lithium carbonate prices doubling to 105,000 yuan per ton since August, and expectations for storage installation growth being revised upward [3][5]. Investment Strategy Recommendations - The current market is in a critical window characterized by "intensive policy implementation and earnings verification." Investment strategies should focus on three main lines: - In the technology growth sector, emphasis should be placed on "application breakthroughs and domestic substitution," particularly in media and gaming sectors benefiting from AI [7]. - In the pharmaceutical sector, focus on innovative drugs that benefit from upcoming medical insurance negotiations, especially in oncology and autoimmune treatments [7]. - In the cyclical and resource sectors, capitalize on "price rebounds and policy easing," particularly in precious metals and lithium battery materials [7][8]. Policy-Driven Opportunities - The market should closely follow the implementation rhythm of the "14th Five-Year Plan," focusing on high-end manufacturing and AI applications, and consider companies with dual advantages of "domestic substitution and technological iteration" [8]. - The consumer sector should leverage the short-term catalysts from the new duty-free policy and the long-term trend of consumption upgrades, particularly in media, retail, and essential consumer goods sectors [8].

Core Points - The Shanghai Composite Index fell by 0.63% today, with a trading volume of 960.35 million shares and a total transaction value of 1579.156 billion yuan, an increase of 1.33% compared to the previous trading day [1] Industry Performance Summary - **Media**: Increased by 2.94%, with a transaction value of 480.96 billion yuan, up 36.51% from the previous day; leading stock: Fushi Holdings, up 20.09% [1] - **Pharmaceuticals and Biology**: Increased by 2.07%, with a transaction value of 994.74 billion yuan, up 23.04%; leading stock: Sanofi China, up 20.00% [1] - **Retail**: Increased by 2.01%, with a transaction value of 176.86 billion yuan, up 21.36%; leading stock: Jiangsu Guotai, up 8.76% [1] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Increased by 1.61%, with a transaction value of 144.73 billion yuan, down 2.80%; leading stock: Fujian Jinsen, up 9.98% [1] - **Social Services**: Increased by 1.57%, with a transaction value of 83.91 billion yuan, up 13.60%; leading stock: Ancar Detection, up 9.65% [1] - **Computers**: Increased by 1.44%, with a transaction value of 1251.49 billion yuan, up 4.62%; leading stock: Guozi Software, up 24.00% [1] - **Textiles and Apparel**: Increased by 1.29%, with a transaction value of 100.44 billion yuan, up 20.74%; leading stock: Xinlong Holdings, up 9.93% [1] - **Food and Beverage**: Increased by 1.02%, with a transaction value of 254.85 billion yuan, up 26.94%; leading stock: Youyou Food, up 10.00% [1] - **Building Materials**: Increased by 0.70%, with a transaction value of 127.65 billion yuan, up 12.82%; leading stock: Tibet Tianlu, up 10.00% [1] - **Automobiles**: Increased by 0.64%, with a transaction value of 753.73 billion yuan, up 10.48%; leading stock: Siling Co., up 12.84% [1] - **Steel**: Increased by 0.62%, with a transaction value of 113.03 billion yuan, down 4.96%; leading stock: Dazhong Mining, up 9.98% [1] - **Real Estate**: Increased by 0.56%, with a transaction value of 201.05 billion yuan, up 22.65%; leading stock: Nanjing Gaoke, up 7.90% [1] - **Household Appliances**: Increased by 0.53%, with a transaction value of 246.87 billion yuan, up 7.86%; leading stock: Beiyikang, up 3.94% [1] - **Light Industry Manufacturing**: Increased by 0.49%, with a transaction value of 129.50 billion yuan, down 0.14%; leading stock: Xidamen, up 10.00% [1] - **Beauty and Personal Care**: Increased by 0.47%, with a transaction value of 32.92 billion yuan, down 13.43%; leading stock: Qingsong Co., up 4.37% [1] - **Environmental Protection**: Increased by 0.38%, with a transaction value of 140.47 billion yuan, up 0.51%; leading stock: Qidi Environment, up 10.18% [1] - **Basic Chemicals**: Increased by 0.36%, with a transaction value of 694.66 billion yuan, up 10.46%; leading stock: Baihehua, up 10.02% [1] - **Power Equipment**: Increased by 0.22%, with a transaction value of 2117.26 billion yuan, down 1.02%; leading stock: Lijia Technology, up 19.44% [1] - **Oil and Petrochemicals**: Decreased by 0.06%, with a transaction value of 75.08 billion yuan, up 0.18%; leading stock: Renzhi Co., down 4.37% [2] - **Comprehensive**: Decreased by 0.08%, with a transaction value of 25.97 billion yuan, down 8.01%; leading stock: Dongyangguang, down 1.85% [2] - **Machinery Equipment**: Decreased by 0.18%, with a transaction value of 1084.80 billion yuan, up 1.87%; leading stock: Zhengfan Technology, down 14.17% [2] - **Transportation**: Decreased by 0.64%, with a transaction value of 275.74 billion yuan, up 19.71%; leading stock: China National Airlines, down 6.90% [2] - **Defense and Military Industry**: Decreased by 0.73%, with a transaction value of 346.58 billion yuan, down 26.32%; leading stock: Hongyuan Electronics, down 8.98% [2] - **Construction Decoration**: Decreased by 0.79%, with a transaction value of 286.23 billion yuan, up 14.97%; leading stock: China Nuclear Construction, down 10.03% [2] - **Non-Bank Financials**: Decreased by 0.82%, with a transaction value of 453.70 billion yuan, down 9.67%; leading stock: China Pacific Insurance, down 5.01% [2] - **Banks**: Decreased by 0.90%, with a transaction value of 263.46 billion yuan, up 16.50%; leading stock: Xi'an Bank, down 5.06% [2] - **Coal**: Decreased by 1.04%, with a transaction value of 84.66 billion yuan, down 34.04%; leading stock: Dayou Energy, down 9.78% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The industry allocation has reached historical extremes, with active equity - type public funds in 25Q3 mainly adding positions in ChiNext component stocks and the technology sector, and increasing allocations in communication, media, non - ferrous metals, and power equipment while reducing positions in domestic - demand consumption sectors [4]. - The congestion level of the TMT technology sector represented by electronics has reached a historical high, with the electronic position ratio in 25Q3 reaching 25.7% and the TMT full - industry chain position ratio reaching 40%, and the margin trading balance ratio also hitting new highs [6]. - After the high congestion of the TMT technology sector represented by electronics, the subsequent market and observation indicators need to be discussed, including tracking the fundamentals, the change of PPI, and the trends of industrial capital [7]. - The clues for subsequent style switching are to track PPI and pay attention to the opportunities for the clearance of chips in undervalued reversal - type industries during the bottom - rising stage of inflation [8]. - In the context of the upsurge in index - based investment, the scale of ETFs remains high, and the equity positions of fixed - income + funds have increased [9]. - The net value performance of active equity - type funds shows that the money - making effect has continued to improve under high positions, but as the net value recovers to the cost line, public funds face greater redemption pressure, which is expected to ease with the establishment of a slow - bull market [9]. 3. Summary According to Relevant Catalogs 3.1 Industry Allocation Reaches Historical Extremes - **A - share Plate Allocation**: In 25Q3, active equity - type public funds added positions in the ChiNext and reduced positions in the Main Board and the Science and Technology Innovation Board. The Main Board accounted for 49.1% (down 5 percentage points from 25Q2), the ChiNext accounted for 17.6% (up 3.9 percentage points), and the Science and Technology Innovation Board accounted for 13.7% (up 1.9 percentage points). The configuration coefficients of the ChiNext increased by 0.16, while those of the Main Board and the Science and Technology Innovation Board decreased by 0.05 and 0.26 respectively [13]. - **Hong Kong Stock Allocation**: In 25Q3, the allocation proportion of Hong Kong - connected stocks reached a high and then declined, with the structure shifting from technology to medicine, non - ferrous metals, and new energy. The top five industries with increased allocation proportions in Hong Kong - connected stocks were commerce and trade retail (+6.3%), medicine and biology (+3.3%), non - ferrous metals (+1.7%), power equipment (+0.7%), and real estate (+0.7%). The top three industries with decreased allocation proportions were social services (-2.3%), communication (-2.1%), and light manufacturing (-1.9%) [16]. - **Style Allocation**: In 25Q3, active equity - type public funds added positions in the constituent stocks of the ChiNext Index and the CSI 300, with their configuration coefficients rising by 0.12 and 0.07 respectively. The configuration coefficients of the CSI 500, CSI 1000, and Guozheng 2000 decreased by 0.21, 0.06, and 0.07 respectively [20]. - **A - share Major Category Plate Allocation**: Active equity - type public funds added positions in the technology (TMT) sector, with a configuration coefficient of 1.79 (up 0.22 from 25Q2) and a configuration proportion of 40%. Other sectors were generally reduced in positions [21]. - **First - level Industry Allocation**: In 25Q3, industries with increased positions included communication, power equipment, non - ferrous metals, etc., while industries with reduced positions included household appliances, social services, and automobiles. For example, the position proportion of electronics reached 25.7% (up 6.9 percentage points from 25Q2), and the position proportion of communication reached 9.3% (up 3.9 percentage points) [24]. 3.2 Subsequent Market and Observation Indicators of the Highly Congested TMT Technology Sector Represented by Electronics - **Historical Comparison of Single - Industry Position Ratios**: Since 2010, the maximum position ratio of public funds in a single industry has almost all been around 20%, with a total of 7 times. In 25Q3, the electronic position ratio reached 25.7%, exceeding the experience upper limit of 20% [40]. - **TMT Industry Chain Position Ratio**: In 25Q3, the TMT industry chain position ratio accelerated to 40%, reaching a historical high, but the configuration coefficient was only 1.8, still far from the level in 2015 [41]. - **Leveraged Funds and Market Main - Line Switching**: In the past, when leveraged funds and active equity adjusted positions in resonance and their allocations to a single industry reached high points simultaneously, it was easy to trigger a market main - line switch. Currently, the margin trading balance ratio of the electronics industry has exceeded 15%, setting a new historical high [47]. - **Stock Performance after Position Peaks**: After the industry position ratio reaches its peak, the absolute/relative returns face challenges in 2 - 3 quarters. The position ratio usually takes 3 - 10 quarters to fall from the highest point to the lowest point, and each adjustment will fall from around 20% to around 10% or even single - digit levels [50]. 3.3 ETF Scale Remains High, and the Equity Positions of Fixed - income + Funds Increase - **ETF Situation**: In 25Q3, the total scale of stock - type ETFs exceeded 3.6 trillion yuan, and the proportion of ETF stock - holding market value was 3.8%, up 0.1 percentage point from 25Q2. From July to August, ETFs were generally net - redeemed, and from late August to mid - October, they began to have net inflows. The shares of most broad - based ETFs declined, while the shares of some industry ETFs such as banks, securities, and innovative drugs increased [9]. - **Fixed - income + Funds**: In 25Q3, as the bond market entered a volatile period and the equity market continued to recover, fixed - income + funds increased their equity allocation. The single - quarter stock - holding market value increased by nearly 100 billion yuan, and the equity position increased by 2.4 percentage points to 9.9% [9]. 3.4 Total Perspective: The Money - making Effect of Public Funds under High Positions Continues to Improve, but Public Funds Face Greater Redemption Pressure as the Net Value Recovers to the Cost Line - **Net Value Performance**: Since the beginning of 2025, public funds have maintained high positions, and the money - making effect has continued to improve. The median net value increase of active equity - type public funds since the beginning of 2025 was 26.9%. The overall positions of ordinary stock - type, partial - stock hybrid, and flexible - allocation funds in 25Q3 increased by 0.7, 1.0, and 2.3 percentage points respectively, approaching historical high levels [9]. - **Redemption Pressure**: As the net value recovers to the cost line, public funds face greater redemption pressure. In 25Q3, the net redemption shares of active equity funds further expanded, with new fund issuances of 1.19 billion shares and active equity stock redemptions of 231.9 billion shares, resulting in a single - quarter net redemption of 22 billion shares [9].

Core Insights - As of October 29, the market's latest financing balance reached 24,885.78 billion yuan, an increase of 11.587 billion yuan compared to the previous trading day [1] Industry Summary - The power equipment industry saw the largest increase in financing balance, rising by 3.820 billion yuan to a total of 2,088.90 billion yuan, with a growth rate of 1.86% [1] - The banking sector also experienced significant growth, with a financing balance of 771.12 billion yuan, increasing by 1.95% or 14.77 billion yuan [1] - Other industries with notable increases include telecommunications (up 1.09% to 1,143.09 billion yuan), and non-ferrous metals (up 0.76% to 1,203.95 billion yuan) [1] - Conversely, seven industries reported a decrease in financing balance, with non-bank financials, basic chemicals, and oil & petrochemicals experiencing the largest declines of 2.03 billion yuan, 1.20 billion yuan, and 1.12 billion yuan, respectively [1][2] - The banking industry had the highest percentage increase in financing balance, followed by power equipment, telecommunications, and steel industries [1]

Core Insights - The Shanghai Composite Index has surpassed the 4000-point mark, leading to a new high in margin trading balances, which have exceeded 2.5 trillion yuan [1] Group 1: Margin Trading Overview - As of October 29, the margin trading balance reached 2.5066 trillion yuan, accounting for 2.53% of the A-share circulating market value [1] - The financing balance was 2.4886 trillion yuan, while the margin balance stood at 180.70 billion yuan [1] Group 2: Industry Performance - On October 29, the net financing purchase was 11.587 billion yuan, with significant net purchases observed in the following sectors: power equipment, banking, telecommunications, non-ferrous metals, computers, and electronics [1] - Conversely, sectors such as non-bank financials, basic chemicals, oil and petrochemicals, and retail experienced net selling in financing [1] Group 3: Stock Performance - Notable stocks with significant net financing purchases included Yangguang Electric, New Yisheng, Industrial Fulian, Longi Green Energy, and Xian Dao Intelligent [1] - In contrast, stocks such as Zhongke Shuguang, Dongshan Precision, Changchuan Technology, SMIC, and CATL faced substantial net selling in financing [1]

Core Insights - The report indicates an overall increase in stock positions for active mixed equity funds, with a slight reduction in active positions, particularly in the dual innovation board [1][2] - The top 5% of heavily held stocks accounted for approximately 38.78% of the total stock investment value, reflecting a significant increase in "herding" behavior among funds [3] Group 1: Position Analysis - Overall stock positions have increased, but active positions have decreased slightly. The weighted average equity fund position is 87.38%, up 1.64 percentage points from the previous quarter [2] - The increase in stock positions is primarily driven by market gains, with an estimated active reduction of about 0.43% when adjusted for the performance of the CSI 800 index [2] Group 2: Sector Allocation - There is a notable increase in allocation to the dual innovation board, with the proportion of main board stocks decreasing by 6.53% to approximately 58.97%, while allocations to the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange increased by 4.53%, 1.92%, and 0.08% respectively [2] - The allocation to Hong Kong stocks in active Hong Kong-Shanghai-Shenzhen funds is approximately 33.43%, down 2.89 percentage points from the previous quarter [2] Group 3: Heavyweight Stock Characteristics - The top ten heavily held stocks include three from the electronics sector, two from internet Hong Kong stocks, and two from the AI computing sector, with significant increases in holdings for stocks like New Yisheng and Alibaba [2][3] - The overall trend shows a preference for large-cap growth stocks, with the "herding" degree among funds increasing [3] Group 4: Industry Trends - Active increases in holdings are observed in the electronics, communication, and retail sectors, while reductions are noted in banking and automotive sectors [3][4] - The top five industries for heavy holdings are electronics, pharmaceuticals, electric equipment, communication, and non-ferrous metals, with a notable increase in the electronics sector by approximately 5.25% [3]

Core Insights - The company, Huijia Times, reported a revenue of 1.868 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.18%, and a net profit of 804.12 million yuan, up 60.05% year-on-year [1] - In Q3 2025, the company achieved a revenue of 597 million yuan, remaining stable compared to the previous period, with a net profit of 13.36 million yuan, a year-on-year growth of 48.23% [1] - The company's performance is attributed to multi-dimensional upgrades in its business, including supermarket renovations, supply chain optimization, and digital transformation [1] Business Upgrades - Under the national consumption boost policy, Huijia Times is actively implementing supermarket upgrades modeled after the "Pang Donglai" approach, with significant sales growth reported in its newly renovated stores [2] - The first "Pang Donglai-style" store in Urumqi achieved a first-day sales figure of 2.44 million yuan, a 286% increase year-on-year, and a first-week sales total exceeding 17 million yuan, up 272% [2] - The company has completed upgrades for 8 supermarket stores across 7 cities, enhancing consumer activity in the Xinjiang region [2] Supply Chain Strategy - The company aims to solidify its leading retail position in Xinjiang by optimizing its supply chain and enhancing service levels [3] - Huijia Times has established six major supply chains, including direct supply from major brands and local agricultural products, to address regional supply gaps [3] - The company is focusing on a "supply chain integration + warehouse-store combination + product replacement" strategy to improve the sourcing of fresh and daily goods [3] Digital Transformation - Huijia Times is leveraging big data and AI for a comprehensive digital transformation across all business areas, enhancing operational efficiency [4] - The company has implemented a smart collaboration platform and a data center to facilitate cross-departmental processes [4] - The company is also expanding its e-commerce presence by integrating online and offline sales channels [4] Low-altitude Economy - The company is capitalizing on the advantages of low-altitude resources and policies to explore new opportunities in the low-altitude economy [4] - With the national policy opening up low-altitude airspace for logistics, Huijia Times aims to improve product distribution efficiency in remote areas [4] - The integration of ground services and aerial channels is expected to enhance the company's market reach and operational capabilities in Xinjiang [4]

Core Insights - The average stock price of A-shares is 14.06 yuan, with 28 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 12 are ST stocks, accounting for 42.86% of the total [1] - In terms of market performance, 11 of the low-priced stocks increased in price, with HNA Holding, ST Lingnan, and Jin Zheng Da showing the highest gains of 3.55%, 2.58%, and 1.68% respectively [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.86 yuan and *ST Su Wu at 0.96 yuan [1] - The daily performance of low-priced stocks shows that 11 stocks increased while 11 decreased, with *ST Yuan Cheng, ST Jing Lan, and ST Ming Cheng experiencing the largest declines of 4.44%, 2.25%, and 1.60% respectively [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, pharmaceuticals, real estate, and steel [1][2]

Market Overview - The Shanghai Composite Index increased by 0.36% with a trading volume of 1,078.52 million shares and a transaction value of 18,285.62 billion yuan, representing a 2.13% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - **Electric Power Equipment**: Increased by 4.00% with a transaction value of 2,463.73 billion yuan, up 33.06% from the previous day, led by Arctech with a rise of 19.97% [1] - **Non-ferrous Metals**: Rose by 3.07% with a transaction value of 1,125.00 billion yuan, down 4.62% from the previous day, with Chang Aluminum leading at 10.08% [1] - **Non-bank Financials**: Gained 1.20% with a transaction value of 808.22 billion yuan, up 54.88% from the previous day, led by State Grid Yingda at 9.95% [1] Declining Sectors - The sectors with the largest declines included: - **Banking**: Decreased by 1.56% with a transaction value of 297.44 billion yuan, up 7.80% from the previous day, with Chengdu Bank falling by 5.36% [2] - **Food and Beverage**: Fell by 0.78% with a transaction value of 206.60 billion yuan, up 7.50% from the previous day, led by Guyue Longshan at -4.04% [2] - **Light Industry Manufacturing**: Decreased by 0.53% with a transaction value of 153.13 billion yuan, down 7.44% from the previous day, with Longzhu Technology dropping by 13.16% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the overall stock position of active equity - hybrid funds increased, but there was an active slight reduction in positions. The allocation in the STAR Market and ChiNext increased significantly, and the active加仓 directions were the electronics, communication, power equipment, and commerce and retail industries [1][3]. 3. Summary According to the Table of Contents 3.1 Position Analysis - The overall stock position of public - offering funds increased. The overall position of equity funds calculated by the weighted - average method was 87.38%, up 1.64 percentage points from the previous quarter. However, the overall active reduction in positions was about 0.43% after adjusting for the CSI 800 index [3][5]. - Nearly 60% of funds actively reduced their positions. In Q3 2025, about 63.73% of active equity - hybrid funds' positions increased compared with the previous period, but about 59.02% of funds actively reduced their positions [11]. - There were significant differences in the overall positions of small and medium - sized public - offering fund managers. The list of the top 5 fund managers with heavy positions, light positions, position increases, and position decreases in Q3 2025 was provided [12][16]. 3.2 Heavy - Positioned Sector Analysis - The allocation in the ChiNext and STAR Market increased, while the proportion of the Main Board decreased significantly. As of September 30, 2025, the market - value proportion of active equity - hybrid funds holding Main - Board stocks was about 58.97%, a decrease of 6.53% from the end of Q2 2025. The allocation in the ChiNext increased by 4.53%, the STAR Market by 1.92%, and the Beijing Stock Exchange by 0.08% [17]. - The proportion of Hong Kong stocks in active Shanghai - Hong Kong - Shenzhen funds decreased. As of September 30, 2025, the proportion of Hong Kong stocks in active Shanghai - Hong Kong - Shenzhen funds was about 33.43%, a decrease of 2.89 percentage points from the end of Q2 2025 [3][22]. 3.3 Heavy - Positioned Stock Feature Analysis - The top 10 heavy - position stocks of active equity - hybrid funds included stocks from various sectors and industries. Three stocks were from the electronics industry, 2 were Internet Hong Kong stocks, and 2 were from the AI computing power track. Compared with the end of the previous quarter, the heavy - position market values of New Fiber Optic Network, Zhongji Innolight, Alibaba - W, and Foxconn Industrial Internet increased by more than 100% [24]. - The top 10 stocks with the highest active - adding positions in this quarter mainly came from the AI hardware, computing power, and application tracks [28]. 3.4 Heavy - Positioned Stock Style Analysis - The "herding" degree increased, and the style was more inclined to large - cap growth. At the end of Q3 2025, the total market value of the top 5% of stocks with the highest heavy - position market values in active equity - hybrid funds accounted for about 38.78% of the total stock investment market value of the funds, an increase of 5.58% compared with the end of Q2 2025. The overall style was more inclined to large - cap growth [31][32]. 3.5 Heavy - Positioned Industry Analysis - The top five heavy - position industries of active equity - hybrid funds at the end of Q3 2025 were electronics (23.15%), medicine and biology (11.01%), power equipment (10.16%), communication (8.00%), and non - ferrous metals (5.80%). Compared with the end of Q2 2025, the heavy - position proportion of the electronics industry increased by about 5.25%, and the proportions of the communication and power equipment industries increased by 2.72% and 2.02% respectively [38]. - Institutions actively increased their positions in the electronics, communication, and commerce and retail industries, while reducing their positions in the banking and automobile industries. The active - adding positions in the electronics, communication, commerce and retail, non - ferrous metals, and power equipment industries were 1.73%, 1.64%, 1.28%, 0.92%, and 0.61% respectively. The active - reducing positions in the banking, automobile, and household appliance industries were 1.34%, 1.10%, and 0.99% respectively [39]. 3.6 Large and Medium - Sized Public - Offering Management Companies - The top heavy - position industry of large and medium - sized public - offering management companies was still the electronics industry, which appeared 19 times in the top three heavy - position industries, an increase of 1 time compared with the end of the previous quarter. The medicine and biology industry appeared 12 times, and the power equipment industry appeared 10 times, an increase of 4 times compared with the end of the previous quarter [42]. - In Q3 2025, large and medium - sized fund companies actively increased their positions in the electronics, communication, and power equipment industries, with 7, 4, and 3 companies respectively taking them as the first industries to actively increase the allocation ratio. The most large and medium - sized equity fund companies that actively reduced their positions first chose the banking industry, with a total of 4 companies [43][45].