Core Insights - Public funds collectively increased their stock positions in Q3 2023, with significant rises in average stock holdings across various fund types [1][2] Fund Positioning - As of the end of Q3, the average stock position of all public funds was 83.28%, an increase of 2.13 percentage points from Q2 [2] - The average stock position for mixed open-end funds was 82.15%, up by 1.24 percentage points, while stock open-end funds saw an average position of 90.14%, increasing by 2.26 percentage points [2] - The concentration of holdings in public funds also rose, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively, reaching 56.81% and 57.72% [2] Fund Manager Activity - Several prominent fund managers significantly increased their stock positions in Q3, with some funds reaching over 90% stock allocation [3] - For instance, the stock position of the Guangfa Stable Growth Mixed Fund managed by Fu Youxing exceeded 60%, marking a rise of over 10 percentage points, the highest since the end of 2017 [3] - Other funds managed by notable managers, such as the E Fund Competitive Advantage Enterprises Mixed Fund and the E Fund Quality Momentum Three-Year Holding Mixed Fund, also saw substantial increases in stock positions [3] Mixed Fund Strategies - Many mixed funds approached full investment capacity, with notable increases in equity assets [4] - Funds like the Zhongjia Core Intelligent Manufacturing Mixed Fund and the Huaxia Panyi One-Year Open Mixed Fund were close to full capacity, with the Zhongjia fund's stock position increasing by over 10 percentage points [4] - Flexible allocation funds also showed similar trends, with the Penghua Preferred Return Flexible Allocation Mixed Fund maintaining over 90% stock allocation since Q1 2024 [4] Divergent Performance - Despite the overall increase in public fund positions, some products significantly reduced their allocations, indicating market risks [5][6] - For example, the stock position of the Bosera Huixing Return One-Year Holding Mixed Fund dropped from 90% to 60%, while the China Europe Dividend Preferred Mixed Fund saw a reduction to 84.25%, a decrease of approximately 7 percentage points [6] - The divergence in fund performance highlighted the importance of evaluating not just growth potential but also pricing rationality and the overall market environment [6]

● 本报记者 张舒琳 公募基金集体加仓了。 今年三季度，公募基金股票仓位明显提升。天相投顾数据显示，截至三季度末，不同类型的公募基金平 均股票仓位环比均有所提升，股票型开放式基金仓位提升尤为明显，平均仓位超过90%。 截至三季度末，多位知名基金经理管理的产品大幅加仓至九成，一些择时较为灵活的混合型基金也大幅 提升仓位。 分基金公司来看，大多数基金公司的股票仓位均有所提升，仅有37家基金公司股票仓位小幅下降。2025 年三季度末，有27家基金公司旗下产品平均股票仓位超90%，114家基金公司旗下产品平均股票仓位在 70%至90%之间。其中，平均仓位最高的十家基金公司分别是：安联基金、朱雀基金、富达基金、圆信 永丰基金、东方阿尔法基金、东方基金、中航基金、信达澳亚基金、汇丰晋信基金、银河基金。 部分产品接近满仓 多位基金经理三季度大幅加仓。例如，付友兴管理的广发稳健增长混合三季度末股票仓位超过六成，环 比提升了超10个百分点，这也是该基金自2017年底以来首次将仓位提升至六成以上。劳杰男管理的汇添 富价值精选混合三季度末股票仓位超过九成，环比提升6个百分点。郭杰、何崇恺管理的易方达竞争优 势企业混合、陈皓管理的易 ...