中信建投:二季度主動權益基金配置方向聚焦內部,加倉中小成長和金融風格
中信建投研報稱,2025年二季度,主動權益基金股票倉位達到84.5%,環比提升0.2個百分點。在關稅風波和地緣衝突的擾動下,主動權益基金配置方向聚焦內部,加倉中小成長和金融風格。行業配置方面,增配較多行業主要有:通信、銀行、非銀金融、國防軍工。在市場缺乏顯著增量資金、主動權益基金仍面臨淨贖回的局面下,配置擁擠度指示的有效性提升。當前配置擁擠度較高行業主要有:有色、軍工、汽車、家電、電子、通信;通信的擁擠度提升較快,汽車、家電、食品飲料的擁擠度有所改善。
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