In the third quarter of 2025, publicly offered funds saw a marked increase in their stock positions. According to data from TX Investment Consulting, by the end of the third quarter, the average stock positions of various types of publicly offered funds had risen on a quarter-on-quarter basis. Specifically, stock-type open-end funds witnessed a significant uptick, with their average stock positions surpassing 90%. Several well-known fund managers boosted the stock positions of their managed products to the 90% level, and some flexibly timed mixed funds also substantially increased their holdings. The average stock positions in Hong Kong equities for ordinary stock-type and partial equity mixed funds climbed to 13% and 17.11%, respectively. The proportion of heavily weighted stocks within equity allocations rose to 54.96%. This was accompanied by a higher concentration of holdings and a reduction in the number of stocks held, suggesting a narrowing of differences among fund managers' portfolios. In terms of sector allocation, there was a decline in the weighting of the main board, while the weightings of the Growth Enterprise Market and the Science and Technology Innovation Board increased. The weighting of Hong Kong equities experienced a slight decrease. The technology sector saw a substantial 12.97% increase in allocation, reaching a new allocation weighting of 50.51%, the highest since 2010. In contrast, the consumer and financial sectors experienced significant reductions in allocations, both hitting historic lows. The top three sectors with the highest allocation weights were electronics, power equipment and new energy, and pharmaceuticals. The sectors that saw the most active increases in allocations were telecommunications, computers, and electronics. Meanwhile, the sectors with the highest allocations in top-performing funds were electronics, telecommunications, and computers.