Active equity funds posted a notable overall net value increase during the second quarter of this year, driven by the ongoing structural market trends in A-shares, which in turn fueled a rise in the total scale of these funds. The fully disclosed fund reports for the second quarter provide a clear picture of the evolution in active equity fund sizes, shifts in sector allocations, and individual stock additions, offering key insights into the investment behavior of public fund institutions during this period. This data serves as a vital reference for tracking market capital flows and forecasting future market directions.

According to data from Tianxiang Investment Consulting, the total scale of active equity funds reached 4.93 trillion yuan by the end of the second quarter, representing a sequential increase of 993.772 billion yuan, marking a three-year high. Breaking it down by category, balanced hybrid funds saw the largest growth in scale, adding 619.743 billion yuan, followed by flexible allocation hybrid funds with an increase of 238.965 billion yuan, and actively managed stock funds with a growth of 135.064 billion yuan.

Regarding fund managers, the top 10 public fund institutions in terms of active equity fund management scale saw minimal changes by the end of the second quarter, with only one shift: HuaShang Fund replaced Xingzheng Quanqiu Fund to claim the tenth spot. Specifically, five public fund institutions managed over 200 billion yuan in active equity funds: E Fund Management, Zhong Ou Asset Management, GF Fund Management, Fullgoal Fund Management, and China Universal Asset Management. Compared to the end of the first quarter, two new institutions—Fullgoal Fund and China Universal—joined this tier. Among them, E Fund led with 425.902 billion yuan in active equity fund management, while the other four institutions managed 239.162 billion yuan, 233.964 billion yuan, 227.076 billion yuan, and 210.073 billion yuan, respectively.

By Shenwan first-level industry classification, the top 10 sectors for active equity fund holdings in the second quarter were, in order: Electronics, Communications, Power Equipment, Machinery, Medical & Biology, Nonferrous Metals, Basic Chemicals, Automobiles, Construction Materials, and National Defense & Military. Construction Materials replaced Food & Beverage to enter the top 10 heavy-weight sectors. Meanwhile, the allocation ratio to Electronics and Communications sectors rose further, reaching 43.31% and 16.91%, respectively.

In terms of heavy-weight stocks, AI computing stocks dominated the top three A-share holdings of active equity funds, specifically Zhongji Innolight, Eoptolink Technology, and Dongshan Precision Manufacturing. Compared to the end of the first quarter, Zhongji Innolight retained its position as the top heavy-weight stock, while Eoptolink and Dongshan Precision rose from third and fifth to second and third, respectively.

During the second quarter, active equity funds increased their holdings in stocks such as Zhongji Innolight, Eoptolink Technology, Cambricon Technologies, and Dongshan Precision Manufacturing, while reducing positions in Contemporary Amperex Technology (CATL), Kweichow Moutai, and Zijin Mining Group. Based on individual stock performance in the second quarter, the 10 stocks with the largest increase in market value from active equity fund additions all rose, while the 10 stocks with the largest reduction in market value saw varying degrees of decline. Tianxiang Investment Consulting data shows that in the second quarter, active equity funds demonstrated strong excess return capabilities, with indices for actively managed stock funds, balanced hybrid funds, and flexible allocation hybrid funds all outperforming the CSI 300 Index. The balanced hybrid fund index recorded the highest quarterly return at 28.52%.

Overall, investor confidence in active equity funds has significantly improved this year, though recent market volatility has caused some fluctuations in sentiment. In response, multiple industry insiders interviewed expressed optimism about the future trajectory of A-shares and the medium- to long-term investment value of active equity funds.

The equity investment team at Morgan Stanley Huaxin Fund Management noted, "The recent adjustment in the AI sector is essentially a healthy correction after rapid earlier gains, as the market concentratedly cashed in profits. This is a normal part of the upward trend. Over the long term, the growth trend of the AI industry continues, with high capital expenditure and large model iteration progress maintaining strong momentum. Industry demand remains robust, so there is no need for excessive pessimism."

A representative from Bank of China Investment Management stated, "At this juncture, we should firmly adopt an opportunity-driven mindset and actively focus on the third-quarter market. In terms of sector allocation, market style is expected to become more balanced, with the potential for profit-making opportunities to broaden in the subsequent recovery. For the AI supply chain, first, overseas AI computing stocks may enter a phase of digesting earnings, favoring core companies with high earnings visibility and reasonable valuations; second, we are positive about the growth potential of the domestic AI computing supply chain; third, we should look for investment opportunities in the domestic semiconductor industry at lower levels. For non-AI sectors, we can monitor resource products like industrial metals and energy metals, driven by demand from emerging industries and constrained supply, as well as investment opportunities in power and grid infrastructure upgrades. For allocation-type assets, we can consider innovative drugs, precious metals, and coal."