Multiple Incremental Funds Increase A-Share Holdings, Active Equity Funds Increase Positions in Technology Growth
Despite increased market volatility, multiple incremental funds are actively increasing their A-share holdings. Data shows that active equity public fund positions have risen for four consecutive weeks, the average position of stock-picking long-only private funds has increased to nearly 80%, margin trading activity has recovered, and overseas funds are also adding to A-shares. Industry insiders believe that A-shares have a foundation for recovery and are expected to further attract various types of capital allocation. The market may remain active for some time, with obvious structural opportunities.
A-share market "living water" continues
Since May, the positions of active equity public funds have increased week by week. Data calculated by 东方证券 shows that last week (May 25 to May 29), the estimated stock position of active equity funds was 89.88%, up 0.37 percentage points from the previous week. The positions of ordinary stock funds, partial stock hybrid funds, and allocation funds increased by 0.3, 0.35, and 0.45 percentage points respectively.
Private funds were also a force actively increasing positions in May. Data from 私募排排网 shows that as of the end of May, the average position of stock-picking long-only private funds was close to 80%, up 1.56 percentage points from the end of the previous month. Specifically, 94.29% of private funds had positions of 50% or more. Among them, 24.90% were fully invested or leveraged, and more than 40% had positions above 80% but not fully invested.
Leveraged funds in the market also warmed up, with margin trading activity recovering. According to 国金证券, last week, margin funds continued to net buy 127.8 billion yuan, still at a relatively high level this year.
Moreover, with the rapid development of "fixed income+" bank wealth management products, many residents' funds have also flowed into capital markets including A-shares. A study by 光大证券 found that from January to April 2026, the scale of "fixed income+" products of 14 wealth management companies increased by 1.12 trillion yuan from the beginning of the year, while pure fixed-income bonds increased by less than 100 billion yuan, and the scale of cash management products even declined. The incremental contribution of "fixed income+" products has begun to dominate fixed-income wealth management.
Overseas funds' attention to A-shares increases
In recent years, Chinese assets, especially technology companies, have gained further attention from overseas investors. Many investors even travel across mountains and seas to conduct research in the East before making investments.
At the end of the first quarter, according to 格上基金 statistics, a total of 1,549 A-share listed companies had foreign capital appear among their top ten circulating shareholders, with a total market value of foreign holdings reaching 237.08 billion yuan.
"We have found through communication with overseas investment clients that many clients are deeply impressed by the 'China speed' and generally feel that China's technological development has exceeded their expectations. This is not accidental or lucky, but due to continuous investment in R&D, policy support, and continuous technological iteration," said a relevant person from 汇丰晋信基金 to Shanghai Securities News.
Regarding specific target selection, the person said: "The clients we serve are mainly long-term funds. In terms of allocation, clients will place more emphasis on large-cap stocks and industry leaders, focusing on companies that are leading in their industries, have promising prospects, relatively cheap valuations, stable cash flow, and good corporate governance."
Zhang Changping, fund manager of 西部利得基金, said to the reporter: "The short-term market may be volatile, and we should be wary of the release of local crowding risks; from a medium-term perspective, A-share valuations are still not high, even relatively low, and there is a foundation for repair, and it is expected to attract reallocation of foreign capital, institutions, and household assets; domestic economic growth, frequent policies, and the continuous implementation of AI and other technology industry progress boost market confidence."
Technology growth remains the core investment theme
From the recent increase paths of multiple funds, the technology track still has a certain market consensus.
Data shows that last week, technology ranked among the top sectors in which active equity funds increased their stock holdings; margin funds also mainly net bought sectors such as electronics and communications. In addition, according to 开源证券, fund advisors, as "professional buyers" of funds, also increased allocations to electronics, communications, and power equipment industries in May this year.
On June 3, 富时罗素 announced the latest index adjustment results, which will take effect after the market close on June 18. Among them, the FTSE China A50 Index included multiple technology stocks such as 兆易创新 and 澜起科技. Industry insiders believe that the FTSE Global Equity Index Series, as one of the important global stock indexes, has a bellwether significance for list adjustments and may attract more overseas funds to flow into China's technology industry.
Looking ahead, Pan Ming, Executive Director of the Equity Investment Department of 国联安基金, told reporters: "Technology growth remains the core investment theme throughout the year. The AI industry trend has not changed. Hard technology tracks such as computing power, interconnectivity, and semiconductors have clear long-term growth logic. Only by sticking to high-prosperity segments can we grasp the long-term dividends of technology trends. However, the current market is oscillating at a high level and is in the mid-report vacuum period, so configuration must also consider short-term volatility and long-term value."
Source: 上海证券报 (Original title: 多路增量资金加码A股 主动权益类基金加仓科技成长)
