导语 2025年8月26日，A 股市场表现活跃，上证指数强势拉升，盘中最高触及 3888.60点，创下自2015 年9月以来近十年的新记录。深证成指、创业板指等也纷纷达到较高水平，沪深两市全天成交额达 2.68万亿元，市值总和达到103万亿元。这一市场动态吸引了投资者与股民们的目光，成为茶余饭 后热议的焦点之一。 2025 年以来，A 股市场整体延续了去年9月底以来震荡上行的态势。风格分化延续，成长风格表现 明显优于价值风格，中小盘股票表现优于大盘股。具体来看，截至2025年8月26日，以沪深300相 对成长指数为代表的成长股在2025年以来上涨了21.26%，而以沪深300相对价值指数为代表的价值 股仅上涨9.86%。以沪深300指数为代表的大盘蓝筹股上涨了15.63%，而以中证500指数和中证 1000指数为代表的中小盘股则分别上涨了23.28%和26.78%。 数据来源：晨星Direct； 图表1： A股市场主要股指今年以来万元增长图 数据截止日期：2025年8月26日 从行业方面来看，2025 年以来呈现出 "科技创新领涨、资源周期发力" 的双主线格局，行业分 化显著。 科技创新领域，在技术突破与产业 ...

Core Viewpoint - A new era of public funds characterized by rationality, sustainability, and trustworthiness is emerging in the market [1] Market Overview - As of August 18, 2025, the A-share market has seen a historic total market value exceeding 100 trillion yuan, with the Shanghai Composite Index reaching a 10-year high, driven by themes such as AI innovation, robotics industrialization, and innovative pharmaceuticals [2] - Over 96% of equity funds have achieved positive returns in 2025, with more than a thousand products yielding over 30% [2][4] - Leading institutions like E Fund, Huatai-PineBridge, and GF Fund have shown remarkable performance [2] Investment Strategy Shift - The industry is transitioning from a focus on "star" fund managers to a systematic research approach, emphasizing long-termism over short-term fluctuations [3][8] - Trust is becoming the most valuable asset in the industry, replacing mere scale [3] Performance Drivers - Technology growth has emerged as a key performance driver, with AI and innovative pharmaceuticals leading the charge [4] - The proportion of active equity funds allocated to technology growth sectors reached 42.68% in Q2 2025 [4] Institutional Movements - E Fund has significantly increased its holdings in the TMT sector from 11.4% in 2019 to 21.4% in 2024, and in the industrial sector from 8.6% to 17.3% [5] - The asset allocation to the Sci-Tech Innovation Board and the Growth Enterprise Market has surged by 230% from 113.5 billion yuan to 374.8 billion yuan [5] Platformization in Fund Management - The traditional reliance on star fund managers is being replaced by a platform-based approach that integrates research resources and enhances team collaboration [7][8] - The industry is moving towards creating sustainable, replicable, and inheritable research systems [8] Long-term Commitment - The public fund industry is exhibiting restraint amid market excitement, with many high-performing funds implementing purchase limits [10] - As of August 18, 2025, 31 funds with over 50% returns have suspended subscriptions, reflecting a commitment to sustainable returns for investors [10][11] - Self-purchase by public funds has reached over 5 billion yuan, indicating a strong alignment of interests between fund managers and investors [11] Conclusion - The current practices in the public fund industry reflect a strategic commitment to long-term value creation, focusing on investment capabilities, risk management, and the interests of investors [12]

Group 1 - The total share of actively managed equity funds decreased to 28,063 billion units in Q2 2025, a decrease of 1,080 billion units compared to Q1 2025 [2][7] - The median net redemption rate for existing actively managed equity funds decreased from 4.03% in Q1 2025 to 3.57% in Q2 2025, a change of 0.46 percentage points [2][11] - The number of high-position public funds increased in Q2 2025, with 48.04% of all sample equity funds holding over 90% in stocks, up 5.38 percentage points from Q1 2025 [2][21] Group 2 - Actively managed equity funds increased their positions in the financial and technology growth sectors, particularly in AI computing and banking [2][5] - The allocation to the communication sector saw the largest increase, moving into an overweight position and becoming one of the top five sectors [2][5] - The healthcare and military sectors also received significant increases in allocations, aligning with the performance of innovative drugs and military stocks in Q2 2025 [2][5] Group 3 - The allocation to mid-cap stocks (500 billion to 2 trillion) increased by 2.63 percentage points, while the allocation to stocks over 2 trillion decreased significantly [2][53] - The actively managed equity funds focused on increasing their holdings in the ChiNext board while reducing their positions in the main board and the Sci-Tech Innovation Board [2][35] - The concentration of holdings in industries and individual stocks decreased, with the top three industries' share rising to 38.12% in Q2 2025, while the top five and top ten industries' shares decreased [2][51]

Core Viewpoint - The article highlights a trend among active equity fund managers to reduce stock concentration in their portfolios, leading to a more diversified holding structure in response to market uncertainties [1][2]. Group 1: Market Environment and Fund Manager Behavior - External factors such as prolonged trade tensions, macroeconomic policies, and industry policy adjustments have increased the risk exposure of single industries or stocks, prompting fund managers to adopt a more balanced allocation strategy [2]. - Recent adjustments in sectors like new energy, gaming, and pharmaceuticals due to policy or performance issues have led funds to lower their concentration in heavy-weight stocks, thereby reducing reliance on single industries and enhancing risk resilience [2][3]. - Fund managers are recognizing the need to mitigate the impact of individual stock performance on overall fund performance, opting for diversified investments to ensure stable fund operations and avoid significant fluctuations in net asset value [2][3]. Group 2: Fund Management Strategies - In the face of external uncertainties, fund managers are likely to continue the trend of reducing stock concentration as a conventional risk-averse strategy [3]. - Many fund managers have indicated in their quarterly reports that high market uncertainty and increased volatility necessitate a reduction in stock concentration to better defend against risks and minimize fluctuations [3]. - This adjustment requires fund managers to enhance their research capabilities, as they now need to conduct in-depth studies across a broader range of industries and companies to optimize both industry allocation and holding structure [3][4]. Group 3: Investment Approach and Investor Considerations - The selection of industries and stocks is inherently a meticulous process, requiring thorough analysis of financial statements, business models, and competitive advantages to identify high-potential companies for stable returns [4]. - The shift towards reduced stock concentration reflects a proactive strategy adjustment by fund managers, demonstrating their commitment to managing increased workloads while navigating complex market conditions [4]. - Investors are becoming more aware of these strategic adjustments by fund managers and are making informed investment decisions based on their risk tolerance and investment goals, emphasizing the importance of adaptability in achieving sustainable returns [4].