主动权益基金2025Q2季报全方位分析：股票仓位继续提升，连续6期加仓港股

请仔细阅读本报告末页声明作者分析师张国安执业证书编号：S0680524060003邮箱：zhangguoan@gszq.com分析师林志朋执业证书编号：S0680518100004邮箱：linzhipeng@gszq.com分析师刘富兵执业证书编号：S0680518030007邮箱：liufubing@gszq.com相关研究1、《量化周报：市场的日线级别调整大概率已进入后半程》2025-01-192、《量化分析报告：择时雷达六面图：技术面有所恢复》2025-01-183、《量化专题报告：基于深度学习的短周期量价风控体系》2025-01-16 P.2内容目录一、业绩与规模..................................................................................................................................................41.1主动权益基金的整体业绩........................................................................................................................41.2规模：主动VS被动................................................................................................................................5二、仓位与配置..................................................................................................................................................72.1整体股票仓位........................................................................................................................................72.2指数暴露仓位........................................................................................................................................82.3概念暴露仓位........................................................................................................................................82.4主动权益基金的A股配置.......................................................................................................................92.5主动权益基金的港股配置......................................................................................................................102.6行业配置.............................................................................................................................................112.7板块配置.............................................................................................................................................132.8风格配置.............................................................................................................................................14三、基金管理人................................................................................................................................................153.1词云分析.............................................................................................................................................153.2基金经理观点......................................................................................................................................163.3基金公司维度分析................................................................................................................................19风险提示..........................................................................................................................................................21图表目录图表1：主动权益基金整体的季度业绩（截至2025/6/30）..................................................................................4图表2：主动权益基金2025Q2季度收益率数量分布（截至2025/6/30）...............................................................4图表3：2025Q2季度业绩靠前的主动权益基金产品（截至2025/6/30）...............................................................5图表4：主动权益与被动指数基金历史各期规模（截至2025/6/30）.....................................................................5图表5：规模top10基金名单（截至2025/6/30）................................................................................................6图表6：2025Q2相比2025Q1规模增长top10基金名单（截至2025/6/30）.........................................................6图表7：主动权益基金的股票仓位（截至2025/6/30）.........................................................................................7图表8：主动权益基金的港股持仓占比（截至2025/6/30）..................................................................................7图表9：主动权益基金的指数暴露（截至2025/6/30）.........................................................................................8图表10：主动权益基金的热门概念板块暴露增减持top（截至2025/6/30）..........................................................8图表11：主动权益基金2025Q2持有比例最高的A股..........................................................................................9图表12：主动权益基金2025Q2增减持市值最多的A股......................................................................................9图表13：主动权益基金2025Q2持有比例最高的港股........................................................................................10图表14：主动权益基金2025Q2增减持市值最多的港股.....................................................................................10图表15：主动权益基金各行业近12季度仓位走势.............................................................................................11图表16：主动权益基金各行业最新仓位（截至2025/6/30）..............................................................................11图表17：主动权益基金(剔除行业主题型)各行业近12季度仓位走势...................................................................12图表18：主动权益基金(剔除行业主题型)各行业最新仓位（截至2025/6/30）.....................................................12图表19：主动权益基金各板块历史仓位............................................................................................................13图表20：主动权益基金各板块最新仓位.................................................................................................