China mutual funds keep AI hardware exposure elevated in Q3
TMTPost reports that publicly offered funds completed their Q3 disclosures, with the article’s data covering the top 10 A-share holdings across equity and some bond funds but excluding Hong Kong. Electronic companies remained the largest allocation at 33.6%, followed by communications at 13.0%; versus Q2, electronics slipped one percentage point while communications gained two. The analysis also says AI hardware has become a major focus for institutional portfolios, while cautioning that its concentration differs from measures based only on actively managed equity funds.
The reported allocations show that AI-related hardware remained a dominant public-fund theme in China despite substantial sector drawdowns, providing a concrete snapshot of institutional positioning.
（本文作者为 锦缎，钛媒体经授权发布）
文 | 锦缎
公募的三季报已经出完，又到了翻机构底牌的时候了。
很多人不知道的是，公募基金的定期报告很频繁，比如既有二季报又有中报，其中季报只公布前10，而中报年报则会公布期末的全部持仓。
这是公布口径的差别，此外，还有一些机构在统计的时候只会看主动偏股型基金的调仓情况。
从具体口径上说，我们这里的数据是三季报全部公募基金的A股持仓统计，只有公募基金的前10，范围上既有偏股型基金，也包括一些债券类基金，但不包括港股持仓。此外，我们二季度的数据是中报数据，包含前10及以外的全部持仓。
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