According to China Merchants Securities, the second-quarter position adjustment path of active partial equity funds showed extremely clear K-type differentiation characteristics. The upward branch formed an accelerated group around AI computing power infrastructure, and the downward branch made no difference in reducing positions on the old boom track. Analyst Li Haoyang and others pointed out in the report that although K-type differentiation strengthened the main line of the market in the short term, it also led to an increase in transaction congestion and increased fragility. The size of active funds increased to 5 trillion yuan in the second quarter, and passive funds were drastically reduced to 4.3 trillion yuan. The size of active funds overtook the size of passive funds. Zhongji Xuchuang was the largest stock in active partial equity public funds in the second quarter, and Kweichow Moutai and others withdrew from the top 20 stocks. Hong Kong stocks with the highest shareholding scale include SMIC, Huahong Hongli, and Tencent Holdings. Active partial equity public funds held positions on Hong Kong stocks in the second quarter were 342.1 billion yuan, down from the third quarter, and the size of their holdings hit a new low since September 2024. As of the second quarter, the share of public funds in southbound capital was less than 12%, and the “pricing power” of public funds in Hong Kong stocks may gradually weaken.

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