Decode the Q4 report of public funds in 2025: Actively managed equity funds are heavily invested in industries such as electronics and pharmaceuticals.

As a fund category that pursues excess returns as its main goal, the movements of active equity funds are closely watched by the market. With the disclosure of the quarterly reports of public funds for the fourth quarter of 2025, the latest situation of active equity funds in terms of size, returns, major industry holdings, etc. are revealed one by one. Overall, in the fourth quarter of 2025, active equity funds maintained high stock positions, with value style active equity funds performing better. In terms of A-share holdings, the top three major industries held by active equity funds are electronics, pharmaceuticals and biotechnology, and electric equipment, with Zhongjing Xuchuang, Xin Yi Sheng, and Ningde Times as their top three major stock holdings.