中国股票策略：关于 2025 年第二季度基金持仓的常见问题-China Equity Strategy FAQs on 2Q25 fund positions

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the China Equity Strategy and the positioning of institutional investors in various sectors, particularly focusing on the AI value chain, financials, and Hong Kong market dynamics [1][10]. Institutional Investor Positioning - In 2Q25, domestic and northbound funds increased their allocations to AI infrastructure by 2.4 percentage points and 0.7 percentage points, respectively, while reducing exposure to AI enablers and AI adopters [2][11]. - Domestic mutual funds showed a preference for leading insurance companies and deep value banks, while northbound funds favored non-ferrous metals and electrical equipment [3][26]. - Both groups of investors added to communication services, banks, and non-bank financials, but reduced allocations to food & beverage (F&B), autos, and home appliances, indicating concerns about consumption recovery [4][34]. Hong Kong Market Dynamics - Domestic active stock-focused mutual funds increased their positions in HK-listed stocks from RMB466.1 billion to RMB496.3 billion, raising their market position from 13.4% to 14.5% [5][41]. - Notable inflows through the Southbound channel amounted to HKD146.5 billion since June, with significant investments in financials and healthcare [43][49]. Stock Index Funds Development - China's stock index funds have seen substantial growth, with AUM reaching over RMB3.3 trillion and new issuance up 210% year-on-year [6][51]. - The CSI300 remains the most widely used index, but there is a growing trend towards growth style indexes like Star Composite [52][53]. Underweighted Industries and Stocks - The most underweighted industries by domestic active mutual funds compared to the CSI300 include: - Banks: -10.6 percentage points - Non-bank financials: -9.3 percentage points - Utilities: -2.5 percentage points - F&B: -1.7 percentage points [7][62]. - Key underweighted stocks include Ping An Insurance, Industrial Bank, Eastmoney, and CITIC Securities [62][67]. Consensus and Market Sentiment - Both domestic and northbound funds have shown a more positive outlook, with domestic mutual funds increasing stock positions to 86.0% and northbound funds contributing RMB26.5 billion in net inflows during 2Q25 [33][34]. - Investors are particularly optimistic about upstream computing hardware and banks with high asset quality and attractive valuations [35][40]. Notable Stock Transactions - Domestic mutual funds significantly increased their holdings in Innolight (+RMB13.1 billion) and Ping An Insurance (+RMB2.7 billion), while northbound funds favored CATL (+RMB10.3 billion) and Zijin Mining (+RMB4.0 billion) [30][31][26]. Conclusion - The conference call highlights a cautious yet optimistic sentiment among institutional investors in China, with a clear focus on AI infrastructure, financials, and a strategic shift in stock allocations reflecting broader market trends and consumption concerns.