CMB Securities: In the second quarter, actively managed equity funds accelerate their focus on AI computing power infrastructure, causing a rise in competition.

CITIC Securities stated that the second-quarter repositioning path of actively biased stock funds exhibited extremely distinct K-shaped differentiation characteristics, with the upward branch focusing on accelerating AI computing power infrastructure, while the downward branch indiscriminately reduced positions in old cyclical tracks. Analysts such as Li Haoyang pointed out in the report that although K-shaped differentiation strengthens the market theme in the short term, it also leads to an increase in trading congestion and increased fragility. In the second quarter, the scale of actively managed funds increased to 5 trillion yuan, while passively managed funds decreased significantly to 4.3 trillion yuan, surpassing the scale of actively managed funds. China International Capital Corporation was the top holding stock of actively managed equity mutual funds in the second quarter, with stocks like Kweichow Moutai exiting the top twenty holdings. The highest holdings in Hong Kong-listed stocks were in companies like Semiconductor Manufacturing International Corporation, Huahong Group, and Tencent Holdings. In the second quarter, the holdings of Hong Kong-listed stocks by actively managed equity mutual funds amounted to 342.1 billion yuan, a decrease from the previous three quarters, reaching a new low since September 2024. As of the second quarter, the proportion of public funds in the Southbound fund flow has fallen below 12%, and the "pricing power" of public funds in Hong Kong-listed stocks is gradually weakening.