Huatai Securities: Fund allocation in the second quarter presented a clear "dumbbell-shaped" structure.

Huatai Securities' research report stated that in the second quarter of 2025, the fund allocation will present a clear "dumbbell-shaped" structure. Specifically: 1. Due to policy and "stablecoin" themes, funds are increasing their positions in the financial sector, with the allocation coefficient for city commercial banks and rural commercial banks rising to the highest level since 2016, while the allocation coefficient for joint-stock banks is at a median level since 2016, and the allocation coefficient for securities remains low; 2. In terms of technology assets, the allocation coefficient for computing power chains is at its highest level since 2016, but the current allocation coefficient for AI software is still relatively low; 3. The current allocation coefficient for the pharmaceutical sector has returned to the median level, with the allocation coefficient for innovative drugs relatively high and the allocation coefficient for CXO still low; 4. In addition, from a global perspective, the allocation coefficients for sectors such as decoration materials, decoration, chemicals, silicon materials, breeding, etc., are still at historically low levels, with recent positive changes in supply and demand on both ends.