UBS: A-Share Tech Stock Concentration Still Far From Historical Peak, Room for Further Overweighting

Deep News18:27

China's A-share technology sector has seen a powerful rebound, with trading activity repeatedly hitting new highs, stoking market concerns about overcrowding. However, a recent UBS Securities research report offers a more reassuring assessment: although the trading volume and market cap share of the large technology sector have surpassed historical highs, a core indicator measuring institutional positioning concentration shows that the current level of crowding remains significantly below historical peaks. The duration of this technology-led growth style has also not yet reached two years.

According to the latest UBS Securities report, as of the first quarter of 2026, active mutual funds' overweight position in the large technology sector (including electronics, communications, computers, and defense) stood at 9.9%. This is lower than the 11.6% recorded in the third quarter of 2025 and notably below the historical peak of 14.1% seen in the fourth quarter of 2015. It also remains far below the historical peak overweight ratio of 18.7% for the consumer sector. UBS points out that the cycle for mutual funds' overweight ratios to move from a cyclical low to a peak typically lasts about three years. Since the policy pivot in September 2024, the current period of technology growth outperformance has lasted less than two years so far.

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