CITIC Securities: Fund equity positions fell in Q3 to the lowest level since 2023.

CITIC Securities research report states that in the third quarter of 2026, fund equity positions fell to the lowest level since 2023, and fund holdings concentration declined somewhat. By board, allocations to the main board were increased, while allocations to ChiNext and the STAR Market were reduced. By industry, the top five industries by allocation ratio were electronics, telecommunications, pharmaceuticals, machinery, and power equipment and new energy; the bottom five industries by allocation ratio were diversified financials, conglomerates, consumer services, retail trade, and steel. The overall TMT allocation ratio fell from 62.3% in the second quarter to 53.8% in the third quarter. Allocations to electronics and telecommunications declined significantly, but allocation ratios remain at historical highs, and overweight ratios are also significantly higher than those of other industries; pharmaceuticals saw substantial increases in allocation, while dividend sectors such as banks, coal, and power also saw relatively large increases in allocation; allocation ratios to domestic-demand consumer sectors such as food and beverage, retail trade, and consumer services are at historical lows.