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. The position allocation was rebalanced, the main board ratio increased, and the double innovation ratio decreased; position reduction technology increased the allocation for low positions and dividend defense sectors, but the technology sector's holdings are still at a high level.

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