China Equity Strategy: Mutual funds‘ position in tech sector hit a record high in Q226

研报英文原文证据摘录

China Equity Strategy: Mutual funds‘ position in tech sector hit a record high in Q226

Global Research

23 July 2026ab

China Equity Strategy Equity Strategy

ChinaMutual funds' position in tech sector hit a record

high in Q226 Lei Meng

Strategist

lei.meng@ubs.com

+86-21-3866 8939

MFs added electronics/telecom/machinery; cut electrical equipment/non- Yu Sheng

ferrous metals/F&B Strategist

In Q226, mutual funds (MFs) added the most positions in electronics, telecom and S1460524080001

yu.sheng@ubs.commachinery, up 20.2/4.4/0.8ppt QoQ (Figure 1). Specifically, the global AI wave continues

+86-21-3866 4873

to drive robust capex growth at global tech players, underpinning the strong

fundamentals of tech hardware. Both MFs' position in and overweight ratio of James Wang

electronics and telecom rose sharply to all-time highs in Q226. Machinery posted a Strategist

james-zb.wang@ubs.com0.8ppt position increase in the quarter, with the humanoid robotics value chain growing

+852-3712 2557

fast and the construction machinery's overseas growth recovering.

Tommy Tang, CFA

MFs sharply lifted STAR Board/ChiNext positions; AUM % of tech-focused active Strategist

tommy.tang@ubs.com

MFs hit record high

+852-2971 8357

As the focus of global stock markets returned to the AI-related greater tech sector in

Robin XuQ226, A-share MFs also meaningfully increased their allocation to tech-related sectors

Analyst

and boards. MFs raised their position in the STAR Board/ChiNext Board substantially in

S1460511010012

the quarter (ie, up 9.9ppt/3.5ppt QoQ), both hitting record highs. MFs' position in and bin.xu@ubs.com

overweight ratio of the greater tech sector hit 57.3% and 18.5%, both new highs, with +86-21-3866 8872

the allocation ratio well above the previous peak of 43.7% posted by the greater