The Zhitong Finance App learned that China Merchants Securities released a research report saying that the size of active and passive partial equity funds has shrunk in 2026Q3. Active funds have declined even more, and the size of passive funds has once again surpassed active funds; various types of fund positions have generally declined, shareholding concentration has declined, and the Hong Kong stock ratio has rebounded somewhat. The position allocation was rebalanced, the main board ratio increased, and the double innovation ratio decreased; the reduction in technology positions increased the allocation for low positions (pharmaceuticals and consumption) and dividend defense sectors (banking, coal, petroleum and petrochemicals), but the technology sector's holdings are still high.
The size of active and passive partial equity funds declined somewhat in 2026Q3, and the size of passive funds once again surpassed active funds. A-shares fluctuated downward in the third quarter of 2026, and the overall market value of public funds contracted. In Q3, the size of active funds decreased by 939,177 billion yuan to 4.06 trillion yuan, while passive funds decreased by 120.3 billion yuan to 4.20 trillion yuan. The positions of various types of funds generally declined. The average position of active bias funds fell to 85.72%, down 1.54 percentage points from the previous quarter; the concentration of active bias fund holdings declined simultaneously.
Judging from the redemption situation of old funds, the net redemption scale of active funds has narrowed, and passive funds have changed from large net redemptions to large net purchases; combining old fund redemptions and new development funds, 2026Q3 partial equity funds have changed from net outflows to net inflows, contributing 404.1 billion yuan in incremental capital in the third quarter, mainly contributed by passive funds.
Fixed income+ funds bucked the trend and increased their positions in the third quarter. Looking at the total volume, the Q3 debt-based heavy holdings fell slightly to 210 billion, which is still the second-highest value in history, and the decline in shareholding size was mainly due to falling stock prices. We estimate that Q3 debt-based net purchases of stocks were 23.4 billion. Among them, telecommunications, pharmaceuticals, and banking were the directions where positions were increased more.
Overall, the 2026Q3 active bias fund position adjustment path shifted from centralized allocation in the early stages to rebalancing. On the side of the additional allocation, capital flows back to low-holding sectors and dividends. The share of pharmaceuticals and biology increased by 3.90 percentage points in a single quarter, of which medical services increased 2.52 percentage points; banks and coal increased 1.06 and 0.61 percentage points respectively. At the end of the distribution reduction, the reduction in technology hardware and new energy chains, which were crowded in the early stages, was the most obvious. Electronics and power equipment fell 6.88 and 1.38 percentage points, respectively. Among them, semiconductors and batteries fell 5.31 and 0.99 percentage points, respectively. At the same time, food and beverages, household appliances, and automobiles increased by 0.70, 0.50, and 0.88 percentage points, respectively, and liquor, white goods, and auto parts became the main recovery directions. TMT still accounts for more than 50%. Electronics and communications are all ranked 98% in the past ten years, and technology holdings are still high.
In terms of changes in passive fund holdings, the share of pharmaceuticals, biology, and banks increased slightly, while the share of electronics and telecommunications declined. In 2026Q3, the share of the main board in heavy passive fund positions rebounded, and the share of the double innovation sector declined. In terms of style preferences, the Shanghai Stock Exchange 50, China Securities A50, and China Securities Heavy Stock Exchange accounts for the highest month-on-month increase, while TMT, Science and Technology Innovation 50, and GEM have the highest declines. Compared to active funds, passive funds still exceed non-bank finance, food and beverage, and banks, while the low allocation of electronics, construction materials, and mechanical equipment has narrowed.
In 2026Q3, the ratio of active funds holding heavy holdings in Chinese and Hong Kong stocks rebounded. The total volume of Hong Kong stock holdings of active funds in 2026Q3 reached 213.7 billion yuan. The share of the total market value of heavy stocks rebounded from 8.73% in 2026Q2 to 10.74%, an increase of 2.01 percentage points over the previous month. The number of Hong Kong stocks held in heavy positions increased from 355 to 386. The number of Hong Kong stocks among the top 50, 100, 300, and 500 heavy-held stocks has all rebounded, and the allocation ratio of Hong Kong stocks in active fund portfolios has improved markedly.