金融工程丨深度报告 [Table_Title] 主动权益基金新发规模持续上升 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 与 2025 年一季报相比，今年二季度主动权益基金增持最多的四个行业为电信业务（2.65pct）、 银行（1.13 pct）、国防军工（0.87 pct）和传媒互联网（0.59 pct）。从主动调仓角度来看，主动 加仓最多的四个行业分别是电信业务（2.08 pct）、银行（0.71 pct）、国防军工（0.61 pct）和电 子（0.45 pct）。剔除行业主题基金影响后，主动加仓最多的四个行业分别是电信业务（2.09pct）、 银行（0.92pct）、保险（0.58pct）和国防军工（0.46pct）。 分析师及联系人 [Table_Author] 覃川桃 杨凯杰 SAC：S0490513030001 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research.95579.com 2 [Table_Summary2] 市场延续强势，主动权益基金新发规模持续上升 ...

Group 1 - The overall fund positions increased marginally in Q2 2025, with a notable increase in the ChiNext index and a decrease in the main board [6][10][14] - In terms of industry allocation, public funds increased their holdings in technology and cyclical sectors while reducing exposure to manufacturing and consumer sectors [25][31] - The allocation to high-dividend sectors rose, with significant increases in insurance holdings [50][52] Group 2 - The public funds significantly increased their positions in the ChiNext index by 1.74 percentage points to 15.18% and reduced the main board by 1.87 percentage points to 72.46% [14][24] - The technology sector saw increased allocations, particularly in electronics, healthcare, and home appliance manufacturing, while the food and beverage sector saw a decline [31][34] - The telecommunications and financial sectors experienced notable increases in allocation, while discretionary and staple consumer sectors were reduced [28][31] Group 3 - The report highlighted a marginal increase in the stock positions of four types of funds, with the balanced mixed funds showing a more significant increase [11][19] - The concentration of the top ten holdings decreased, with the top ten holdings accounting for 16.70%, down 3.4 percentage points from the previous quarter [24] - The report indicated a continued rise in the allocation to Hong Kong stocks, while the allocation to the Hang Seng Technology index saw a decline [15][17]

| 申万期货品种策略日报——股指 | 2025/7/23 | 星期三 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4074.60 | 4064.80 | 4033.60 | 4008.40 | 前日收盘价 | 4118.80 | 4109.80 | 4076.20 | 4047.60 | | | 涨跌 | 43.60 | 45.40 | 44.60 | 45.40 | 沪深300 | 涨跌幅 | 1.07 ...

Group 1 - The core viewpoint of the articles highlights a surge in technology company listings in the Hong Kong stock market since Q2 2025, reinforcing Hong Kong's position as a global technology capital hub [1] - Multiple technology sectors, including internet, new energy vehicles, and biomedicine, are seeing increased listings, indicating a robust interest from global investors [1] - The Hong Kong Stock Exchange is actively reforming its listing system to provide a "fast-track approval" process for eligible companies, further attracting international attention [1] Group 2 - Short-term pressure on the Hong Kong stock market is anticipated due to tariff expectations, particularly with potential actions from the Trump administration to bypass federal court rulings [1] - Despite short-term challenges, there is a relatively optimistic long-term outlook for the Hong Kong technology sector, supported by strong performance in AI upstream computing power and servers [1] - The Hang Seng Technology Index experienced a single-day increase of 2.46% due to a U.S. International Trade Court ruling, but later retraced gains due to tariff policy concerns, indicating market sensitivity to U.S.-China policies [1] Group 3 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which includes 30 large-cap technology companies with significant R&D investment and good revenue growth [1] - The index aims to reflect the overall performance of listed technology companies within the Hong Kong Stock Connect framework, focusing on high-tech industries such as information technology and telecommunications [1]

Investment Rating - The report maintains a neutral investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market is experiencing a steady recovery, led by the technology sector, with the S&P 500 rising by 5.3% and the Nasdaq increasing by 7.2% [3] - Significant capital inflows have been observed, particularly in the semiconductor and automotive sectors, indicating strong investor interest [4] - Earnings expectations for the S&P 500 constituents have been slightly adjusted upwards, with traditional industries showing the most significant upward revisions [5] Summary by Sections Price Trends - The S&P 500 increased by 5.3% and the Nasdaq by 7.2% this week, with the automotive and semiconductor sectors leading the gains at +16.2% and +13.3% respectively [3] Capital Flows - Estimated capital inflows for the S&P 500 constituents reached +$25.71 billion this week, a significant increase from the previous week's +$2.99 billion [4] - The semiconductor sector saw the highest inflow at +$9.17 billion, followed by automotive at +$6.59 billion [18] Earnings Forecasts - The dynamic F12M EPS expectations for the S&P 500 were adjusted up by 0.1%, with 19 sectors seeing upward revisions, particularly real estate (+0.7%) and materials (+0.5%) [5]

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - The A-share market shows increasing resilience. Future focus should be on China's policies to boost the domestic economy. It is recommended to take a cautious long - position approach in operations. The impact of tariffs on the market has decreased, but the outcome of the Sino - US tariff dispute remains uncertain [2]. Group 3: Summary by Directory 1. Stock Index Futures Market - **IF Futures**: The closing prices of IF contracts for different periods increased, with the increase ranging from 1.60 to 6.00. The trading volume of IF next month was 48,747.00, the highest among IF contracts. The open interest of most contracts decreased, except for the IF far - season contract which increased by 149.00 [1]. - **IH Futures**: The closing prices of IH contracts for different periods all increased, with an increase of about 8.00 - 8.80. The trading volume of IH next month was 24,156.00. The open interest of some contracts decreased, while the current - month and far - season contracts increased [1]. - **IC Futures**: The closing prices of IC contracts for different periods decreased, with a decrease of about 15.80 - 18.80. The trading volume of IC next month was 39,686.00. The open interest of most contracts decreased, except for the far - season contract which increased by 385.00 [1]. - **IM Futures**: The closing prices of IM contracts for different periods decreased significantly, with a decrease of about 52.20 - 55.60. The trading volume of IM next month was 135,094.00. The open interest of some contracts decreased, while the far - season and next - season contracts increased [1]. - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM decreased compared to the previous values [1]. 2. Stock Index Spot Market - **Major Indexes**: The CSI 300 index decreased by 0.07%, the SSE 50 index increased by 0.25%, the CSI 500 index decreased by 0.52%, and the CSI 1000 index decreased by 1.07%. Different industries in the CSI 300 index showed different trends, with industries such as energy rising and industries such as telecommunications business falling [1]. 3. Futures - Spot Basis - The basis of different futures contracts relative to the corresponding spot indexes changed compared to the previous two - day values [1]. 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.03%, the Shenzhen Component Index decreased by 0.58%, the Small and Medium - sized Board Index decreased by 0.42%, and the ChiNext Index decreased by 0.68% [1]. - **Overseas Indexes**: The Hang Seng Index decreased by 0.74%, the Nikkei 225 increased by 0.49%, the S&P 500 increased by 2.03%, and the DAX index increased by 0.47% [1]. 5. Macroeconomic Information - The 2025 version of the Market Access Negative List reduced the number of items from 117 in the 2022 version to 106, further relaxing market access restrictions. New business forms such as unmanned aerial vehicle operations and new - type tobacco products were included in the negative list [2]. - The Chinese Ministry of Commerce and the Ministry of Foreign Affairs clarified that there were no ongoing Sino - US economic and trade negotiations [2]. - Chinese Vice - Premier He Lifeng emphasized promoting cross - border trade facilitation [2]. - The central bank governor stated China's stance on opening - up, free trade, and maintaining global economic and financial stability [2]. - The Ministry of Commerce said China will continue to expand high - level opening - up and support foreign - invested enterprises [2]. 6. Industry Information - Seven ministries including the Ministry of Industry and Information Technology issued an implementation plan for the digital and intelligent transformation of the pharmaceutical industry from 2025 - 2030 [2]. - In the first quarter, the cumulative telecom business revenue was 446.9 billion yuan, a year - on - year increase of 0.7%, and the telecom business volume increased by 7.7% at constant prices of the previous year [2]. - China is willing to resolve Sino - EU electric vehicle trade frictions through dialogue [2]. - In the first quarter, China's freight volume increased by 4.9% year - on - year, and transportation fixed - asset investment reached 675.2 billion yuan [2]. - Shanghai issued measures to cultivate the commercial space advanced manufacturing cluster, aiming for an industrial scale of 100 billion yuan by 2027 [2]. 7. Stock Index Views - The three major US indexes rose. In the previous trading session, the stock indexes were divided, with the beauty care sector leading the gain and the computer sector leading the decline. The total trading volume was 1.14 trillion yuan. The financing balance on April 23 increased by 2.026 billion yuan to 1.799789 trillion yuan [2].