20250726-华源证券-北交所周观察第三十六期_2025Q2公募基金持仓北交所市值占比创新高_非北交所主题基金数量提升快_28页_1mb

Summary of the Investment Report

(English Translation Below)

Key Findings from the Investment Report:

1. BSE Fund Holdings in Q2 2025

   • Public fund holdings of BSE-listed companies reached ¥99 billion, an increase of 47% quarter-on-quarter.
   • The proportion of BSE holdings accounted for 0.32% of all public fund equities, hitting a historical high.
   • 115 funds included BSE companies in their top ten holdings, with non-thematic funds accounting for 69% of these funds, reflecting growing mainstream participation.

2. Active Equity Funds

   • Leading companies like Jinbo Bio (35.1% allocation) and Tong力 Stocks saw significant increases in fund holdings.
   • CR15 accounted for over 80% of total holdings, highlighting concentration in high-growth sectors.
   • Sectors like cosmetics (35.1%), machinery (16.4%), and electrical equipment (15.0%) attracted the most allocation.

3. BSE Thematic Funds

   • The BSE 50 Index Fund scaled up to ¥112 billion, a 21% increase in assets.
   • Thirteen new funds are expected to launch soon, injecting fresh capital into the market.

4. Market Performance

   • The BSE 50 Index rose 2.8%, while daily trading volume surged to ¥311 billion.
   • Stock valuations increased, with the average PE reaching 52x.

5. IPO and Listing Activity

   • Twenty-nine new listings and upgrades were observed in 2025.
   • 45 companies are in the process of under review or awaiting listing approval so far.

6. Sectors to Watch

   • Long-term high-growth new-generation productive forces (e.g., Minshida, 林泰新材).
   • High-end manufacturing + tech industries (Hyenergy Tech,纳科诺尔, 利通科技).
   • Export-related companies (开发科技, 建邦科技, Tong力 Stocks).
   • High-end consumer industries (Jinbo Bio, 康农种业, Kangbit).
   • Trading opportunities in hot-label themes (AI+, PCB, robotics).

7. Risk Factors

   • Consideration of economic fluctuations, market competition, and data accuracy risks.

English Translation:

Investment Report Summary:

1. Q2 2025 Public Fund Holdings: Public fund investments in BSE-listed companies reached CNY 99 billion, a 47% increase from the previous quarter and the highest market share ever recorded at 0.32% year-on-year. A total of 115 funds saw BSE companies featured in their top ten holdings, with non-thematic funds comprising 69% of these, reflecting a growing trend of mainstream fund involvement.

2. Active Equity Fund Trends: Concentrated investment in key players, with Jinbo Bio holding 35.1% of allocations and a CNY 18.7 billion investment. High-growth sectors like cosmetics (35.1%), machinery (16.4%), and electrical equipment (15.0%) dominated fund investment strategies.

3. BSE Thematic Fund Developments: The BSE 50 Index Fund’s assets grew by ¥19 billion, reaching ¥112 billion, a 21% increase in scale, expected to drive further market participation.

4. Market Dynamics: The BSE 50 Index climbed 2.8%, while daily trading volume rebounded to ¥311 billion. Valuations saw an average PE of 52x, rising across BSE stocks.

5. IPO Activity: 29 BSE companies have completed listings in 2025, with another 45 companies in active review, showing healthy year-on-year IPO momentum.

6. Sector Outlook: Recommendations include investments in high-growth new-gen productive forces (Minshida, 林泰新材), high-end manufacturing & tech firms (Hyenergy Tech,纳科诺尔), export-focused companies (开发科技, 建邦科技), high-end consumer enterprises (Jinbo Bio, 康农种业), and trading opportunities in AI, PCB, and robotics sectors.

7. Risk Assessment: Fluctuating economic conditions, competitive pressure, and data accuracy risk noted as key concerns.

End of Summary