As of 11:20 on January 22, 2026, the disclosure rate for the fourth-quarter reports of active partial-equity funds reached 100%, according to a research report released by the strategy team of Industrial Securities Co.,Ltd., led by Zhang Qiyao. The overall position of active partial-equity funds in Q4 2025 decreased by 0.83 percentage points quarter-on-quarter to 86.6%, yet it remains at the second-highest historical level, just below Q3 2025. Specifically, ordinary stock funds, partial-equity hybrid funds, and flexible allocation funds saw decreases of 0.5 pct, 0.8 pct, and 0.9 pct, respectively.
At the primary industry level, the sectors with the most significant increases in allocation were non-ferrous metals (+2.3 pct), communications (+1.9 pct), and non-bank financials (+0.9 pct). Notably, non-ferrous metals have seen increased allocations for four consecutive quarters, while communications have seen increases for three consecutive quarters. Conversely, the sectors with the largest reductions were electronics (-1.7 pct), pharmaceuticals and biologics (-1.5 pct), and media (-1.2 pct).
Regarding Hong Kong stocks, under the top holdings caliber, the allocation to Hong Kong equities by active equity funds decreased by 3.1 percentage points to 16.0%. By sector, funds increased their positions in the financial industry, raw materials industry, and energy industry, while reducing positions in non-essential consumption, information technology, and healthcare.
On an individual stock basis, Ping An Insurance (Group) Company Of China, Ltd. (02318), CNOOC (00883), and China Life Insurance (02628) were the most increased holdings. In contrast, Alibaba (09988), Tencent Holdings (00700), and SMIC (00981) were the most heavily reduced.
The main views of Industrial Securities Co.,Ltd. are as follows: As of 11:20 on January 22, 2026, the disclosure rate for the fourth-quarter reports of active partial-equity funds reached 100%. The Industrial Securities strategy team has conducted a comprehensive analysis of the holdings characteristics and position adjustment trends of these funds.
Key takeaways from the Q4 fund reports are: 1. The overall position of active partial-equity funds in Q4 2025 decreased by 0.83 pct quarter-on-quarter to 86.6%, still the second-highest level historically, with ordinary stock, partial-equity hybrid, and flexible allocation funds down 0.5 pct, 0.8 pct, and 0.9 pct respectively.
2. In terms of board allocation, the ChiNext board allocation increased by 1.2 pct to 25.0%, the STAR Market allocation decreased by 0.9 pct to 16.6%, and the main board allocation decreased by 0.3 pct to 58.2%.
3. At the primary industry level, the most increased allocations were in non-ferrous metals (+2.3 pct), communications (+1.9 pct), and non-bank financials (+0.9 pct), with non-ferrous metals seeing increases for four consecutive quarters and communications for three. The most reduced allocations were in electronics (-1.7 pct), pharmaceuticals and biologics (-1.5 pct), and media (-1.2 pct).
4. At the secondary industry level, the top increases were in communication equipment (+1.9 pct), industrial metals (+1.2 pct), and insurance (+0.9 pct). The top decreases were in consumer electronics (-1.9 pct), batteries (-1.3 pct), and chemical pharmaceuticals (-1.0 pct).
5. Regarding individual stocks, those with the largest quarter-on-quarter increases in allocation were Zhongji Innolight, Eoptolink, Dongshan Precision Manufacturing, Ping An Insurance (Group) Company Of China, Ltd., and Zijin Mining Group. Conversely, the stocks with the largest decreases were Industrial Fulian, Eve Energy, Contemporary Amperex Technology (CATL), Luxshare Precision Industry, and Focus Media.
6. For Hong Kong stocks, under the top holdings caliber, the allocation to Hong Kong equities by active equity funds decreased by 3.1 pct to 16.0%. Sector-wise, funds increased positions in financials, raw materials, and energy, while reducing positions in non-essential consumption, information technology, and healthcare. On individual stocks, Ping An Insurance (H-shares), CNOOC (H-shares), and China Life Insurance (H-shares) were the most increased, while Alibaba, Tencent Holdings, and SMIC were the most reduced.
