CITIC Securities Capital: In the second quarter, the active equity fund focused on internal allocation, increasing positions in small and medium growth and financial styles.

According to the research report of CITIC Securities, in the second quarter of 2025, the stock allocation of active equity funds reached 84.5%, an increase of 0.2 percentage points from the previous quarter. Amid the disturbances of tariff disputes and geopolitical conflicts, the allocation direction of active equity funds focuses internally, increasing positions in small and mid-cap growth stocks and financial styles. In terms of industry allocation, the industries that have been increased in allocation include: communications, banks, non-bank financial institutions, and national defense and military industry. In a situation where the market lacks significant incremental funds and active equity funds still face net redemptions, the effectiveness of the crowding indicator has improved. Currently, the industries with high crowding include: non-ferrous metals, military industry, automobiles, home appliances, electronics, and communications; the crowding level of communications is increasing rapidly, while the crowding levels of automobiles, home appliances, and food and beverage have improved slightly.