Investment Rating - The report assigns a "Buy" rating to the company [4][7]. Core Insights - The company, Bluku, is the leading player in China's building block character toy market, achieving explosive growth through product transformation and channel expansion, with a GMV of approximately 1.8 billion CNY in 2023, capturing 30.3% of the building block character toy market share [1][2][13]. - The building block character toy market in China is expected to grow at a CAGR of 41.3% from 2023 to 2028, with the market size projected to exceed 32.5 billion CNY by 2028 [2]. - The company's success is driven by a robust IP matrix, including over 50 popular licensed IPs and proprietary IPs, alongside a strong focus on cost-effective product development and deep channel penetration [3][4]. Summary by Sections Company Overview - Bluku is recognized as China's largest building block character toy manufacturer, with a revenue structure heavily reliant on building block character toys, which accounted for 98.2% of revenue in 2024 [1][17]. - The company has seen rapid revenue growth, with a CAGR of 89% from 2021 to 2024, driven by the expansion of its distribution channels and the popularity of its IPs [30]. Market Analysis - The building block character toy market is highly concentrated, with the top five companies holding a combined market share of 77% in 2023, and Bluku leading with a 30.3% share [2]. - The global building block toy market is dominated by companies like Bandai and LEGO, indicating a competitive landscape that local companies must navigate [2]. Growth Strategy - Bluku's growth strategy includes leveraging its IP portfolio, which features successful franchises like Ultraman and Transformers, and enhancing its product offerings through technological innovation and user engagement [3][4]. - The company has established a comprehensive distribution network, with 511 distributors covering major cities and over 80% of lower-tier cities, resulting in a significant increase in offline sales [3][23]. Financial Projections - Revenue forecasts for Bluku indicate substantial growth, with expected revenues of 3.91 billion CNY in 2025, 5.61 billion CNY in 2026, and 7.40 billion CNY in 2027, reflecting year-on-year growth rates of 74%, 43%, and 32% respectively [4][9]. - The company's net profit is projected to turn positive by 2024, driven by its focus on high-margin building block character toys and effective cost management strategies [51].

Group 1 - The report highlights that on June 5, both the stock and bond markets exhibited independent trends, with the stock market supported by easing US-China tariff expectations, leading to a broad-based rally across sectors [2][5] - The performance of the stock market was characterized by the Shanghai Composite Index and CSI 300 both rising by 0.23%, while the ChiNext Index saw a decline of 0.57% [2] - The technology sector emerged as a trading hotspot, with the STAR 50 and Hang Seng Tech indices increasing by 1.04% and 1.93% respectively, indicating a rotation of market interest towards technology stocks [2][7] Group 2 - In the bond market, there were positive signals as short-term bonds continued to perform strongly, with yields on government bonds of 5 years and under generally declining by 2-3 basis points [4] - The People's Bank of China (PBOC) announced a significant operation of 1 trillion yuan in reverse repos, aimed at stabilizing market expectations and alleviating concerns over cross-quarter liquidity pressures [4] - The report notes that the recent US-China leadership call has introduced new uncertainties for the bond market, potentially impacting market risk appetite in the short term [5][6] Group 3 - The technology sector has shown signs of recovery, with the STAR 50 and STAR 100 indices rising by 2.65% and 4.90% since the end of May, indicating a potential rebound in technology stocks [7][10] - The report emphasizes that the current market conditions present opportunities for investors to engage in technology sector trades, particularly focusing on stocks that are at lower price levels [10] - Historical data suggests that the technology sector tends to perform well in June, with higher win rates and average returns compared to dividend and consumer sectors [9][10]

Domestic Market Performance - The stock market continued its upward momentum with the Shanghai Composite Index, CSI 300, and CSI 500 rising by 0.42%, 0.43%, and 0.28% respectively, while the technology sector's gains were in line with the overall market [2] - The bond market saw a decline in yields for 10-year and 30-year government bonds, which fell by 0.5 basis points and 0.6 basis points to 1.67% and 1.89% respectively [2] - The commodity market showed positive performance, particularly in coal, which rebounded by 7.19% due to production cuts and expectations of supply constraints [3] Monetary Policy and Liquidity - The central bank's reverse repurchase operations slightly exceeded expectations, indicating a continued supportive stance on liquidity, with a net withdrawal of only 6 billion yuan [3] - The current market consensus suggests that the bond market risks are low, but a significant change would require the central bank to restart bond purchases [4] - The probability of the central bank restarting bond purchases in June is estimated at 50%, influenced by the need to alleviate banks' liability pressures [4] Equity Market Trends - The equity market is experiencing a rebound, with the total trading volume reaching 1.18 trillion yuan, indicating increased market activity [5] - The market is currently in a range-bound trading pattern, with the Wande All A Index fluctuating within a 2% range since May 7 [5] - The implied volatility of the CSI 300 ETF has decreased from 18.21 at the end of April to 14.92, reflecting a lower expectation of future market volatility [5][7] Sector Performance - The small-cap stocks continue to perform well, with the CSI 2000 and Wande Micro Cap indices rising by 1.06% and 1.20% respectively, indicating strong interest in these segments [6] - The technology and consumer sectors are the main focus for capital allocation, with notable performances in areas such as AI and new consumption trends [6] - In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index rose by 0.60% and 0.57%, with new consumption and biotechnology being the primary drivers [6]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - In May, the interest rate was in a volatile market, and the decline of the capital center opened up the carry trade space. Institutions chased credit products with relatively high coupon yields, and funds became the main buyers, driving the credit spreads to narrow across the board. The 3 - 5 - year medium - and low - grade bonds performed better. In June, the supply - demand pattern of credit bonds is unfavorable, and the cost - performance of credit bonds has declined, which may lead to the widening of credit spreads. It is not recommended to chase low - grade medium - and long - term bonds, but there is no need to rush to take profits on medium - and long - term credit bonds. Instead, consider taking profits in mid - to late July. In June, when the coupon and credit spreads are both at low levels, it is appropriate to explore the riding opportunities of medium - and high - grade varieties, especially the 4 - year medium - and high - grade bonds. [1][2][24] - For bank capital bonds, the cost - performance of long - term large - bank capital bonds for insurance institutions is still low, and the allocation demand is difficult to recover in the short term. It may depend more on the start of the trading market. In the process of waiting, coupon assets can still be pursued, and there is still cost - performance in sinking the credit of medium - and short - term bonds. [3] Group 3: Summary According to the Directory 1. June Credit: Sinking within 3 Years and Riding Medium - and High - Grade Bonds 1.1. It is not advisable to chase high for low - grade medium - and long - term bonds. Explore the riding opportunities of medium - and high - grade 4 - year bonds - In May, the bond market was defensive, and the long - end interest rate fluctuated. The decline of the capital center opened up the carry trade space, and funds became the main buyers of credit bonds, driving the credit spreads to narrow across the board. The 3 - 5 - year medium - and low - grade bonds in urban investment bonds performed better, with yields down 12 - 16bp and credit spreads narrowing 12 - 18bp. [8][9] - In June, the demand for credit bonds is facing a decline in the scale of wealth management products at the end of the quarter, while the supply side will see an increase in issuance and net financing month - on - month. The unfavorable supply - demand pattern and the decline in the cost - performance of credit bonds may lead to the widening of credit spreads. [13][16] - In May, the market for low - grade 3 - 5 - year bonds was extreme. There is no need to rush to take profits on medium - and long - term credit bonds in June, but it is not recommended to chase low - grade medium - and long - term bonds. [22][24] - In June, when the coupon and credit spreads are at low levels, it is appropriate to explore the riding opportunities of medium - and high - grade varieties. The current convex point is at the 4 - year term, and the 4 - year medium - and high - grade urban investment bonds are worth deploying. It is also possible to consider replacing 5 - year bonds with similar 4 - year bonds to improve the risk - return ratio of the portfolio. In addition, 3 - year AA(2) and AA urban investment bonds have both coupon income and liquidity and can be used as defensive investment products. [29][30][33] 1.2. Bank capital bonds are waiting for the start of the trading market - In May, institutions valued the coupon cost - performance when allocating bank capital bonds. Medium - and small - bank capital bonds and AA - perpetual bonds with coupon advantages performed better, while the performance of 1 - year large - bank capital bonds and 4 - 5 - year AAA - bank capital bonds was poor. [36] - The cost - performance of long - term large - bank capital bonds for insurance institutions is still low, and the allocation demand is difficult to recover in the short term. The performance of long - term large - bank capital bonds may depend more on the start of the interest - rate bond trading market. In the process of waiting, coupon assets can still be pursued, and there is cost - performance in sinking the credit of medium - and short - term bonds. [38][45] 2. Urban Investment Bonds: The Issuance Interest Rates Have Declined across the Board, and the Buying Interest Remains High - In May, the issuance scale of urban investment bonds continued to decline year - on - year, and the net financing was negative, but the overall issuance sentiment was good. The proportion of 3 - 5 - year issuance continued to rise slightly, and the issuance interest rates of all terms declined, with relatively large declines in the medium - and short - term. [48][49] - The secondary - market buying interest in urban investment bonds was high in May, but the trading sentiment declined in the last week. The trading volume was gradually extended in terms of duration, and the low - grade varieties had a high proportion of trading volume. [58] - The yields of public urban investment bonds in each province declined in May, with the 2 - 3 - year medium - and low - grade bonds performing better. [60] 3. Industrial Bonds: Both Issuance and Net Financing Increased Year - on - Year, and the Yields Declined across the Board - In May, the issuance and net financing of industrial bonds increased year - on - year. The industries with large net financing scales include comprehensive, building decoration, chemical, and transportation industries. The proportion of issuance within 1 year increased significantly, and the issuance interest rates within 3 years declined significantly, while the 3 - 5 - year issuance interest rates increased slightly. [62][64] - The yields of industrial bonds declined across the board in May. Low - grade bonds with coupon advantages and 7 - year medium - and high - grade bonds performed better. The yields of public bonds in each industry declined by 7 - 21bp, with 1 - year AA, 1 - 3 - year AA + and AA performing better. [65][69] 4. Bank Capital Bonds: Low - Grade Bonds Performed Better, and the Trading Sentiment Was Weak - In May 2025, the issuance scale of bank capital bonds increased year - on - year, but due to the large amount of maturity redemptions, the net financing scale decreased year - on - year. [72] - The yields of bank capital bonds generally declined in May, and most of the credit spreads narrowed. Low - grade perpetual bonds performed better, while large - bank capital bonds performed weakly. [76]

Market Overview - The market sentiment is relatively optimistic, with a broad increase in stock prices and a slight decline in the bond market as of June 3 [1] - The Shanghai Composite Index, CSI 300, and CSI Dividend Index rose by 0.43%, 0.31%, and 0.37% respectively, indicating a strong market performance [1] - The technology sector showed recovery, with the STAR 50 and Hang Seng Technology indices increasing by 0.48% and 1.08% respectively [1] International Trade and Tariffs - The uncertainty surrounding U.S. tariffs has been extended, with the U.S. International Trade Court and the Trump administration required to respond by June 5 and June 9 [2] - Trump's recent comments have escalated tensions, raising steel import tariffs from 25% to 50%, which has negatively impacted global risk appetite [2] - However, there is a shift in trading logic from escalating conflict to potential easing, supported by recent statements from U.S. officials regarding possible direct talks between U.S. and Chinese leaders [3] Monetary Policy and Liquidity - The central bank's routine short-term liquidity withdrawal has led to a decrease in funding rates, with a net withdrawal of 375.5 billion yuan [4] - The overnight rates opened at 1.55% and closed between 1.50% and 1.53%, indicating stable liquidity conditions [4] - Attention is drawn to the upcoming maturity of significant amounts of bank liabilities, which may influence banks' strategies in the short term [4] Equity Market Trends - The equity market is experiencing a rebound, with the total trading volume at 1.16 trillion yuan, showing a slight decrease from previous levels [5] - The "big-cap core + small-cap" strategy remains favored, with significant gains in bank stocks, particularly in joint-stock and rural commercial banks [6] - Consumer sectors, particularly beauty care and textiles, have shown strong performance, with respective increases of 3.86% and 2.53% [6] Hong Kong Market Insights - The Hang Seng Index and Hang Seng Technology Index rose by 1.53% and 1.08%, respectively, with new consumption sectors leading the gains [7] - The AH share premium index has decreased, indicating lower relative value for Hong Kong stocks compared to A-shares [7] - There was a notable net inflow of 3.905 billion yuan from southbound funds, highlighting the importance of this capital in the Hong Kong market [7] Overall Market Sentiment - The market is pricing in a potential easing of U.S.-China trade tensions, although caution is advised regarding the unpredictability of Trump's tariff policies [8] - The current low volatility and high crowding in the CSI 2000 suggest that maintaining positions and seeking opportunities in lower-priced sectors may be a prudent strategy [8]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The planting industry chain is progressing well, with 1.29 million acres of summer grain wheat harvested as of May 30, 2025, which is over 30% of the total expected harvest. Regions such as Hubei, Sichuan, and South China have completed their wheat harvests, while Anhui has surpassed 80% and Henan over 60% [1][9] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of tracking weather changes and preparing for emergency harvesting to ensure timely collection of mature wheat. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency in key varieties [1][9] - In the pig farming sector, the average price of external three-way cross pigs is 14.39 CNY/kg, with a week-on-week increase of 0.36%. The number of breeding sows is 40.38 million, showing a slight decrease [2][10] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose. However, due to slow recovery in production capacity in 2024, pig prices are expected to exceed expectations in the second half of 2025 [2][10] Summary by Sections Planting Industry - As of May 30, 2025, 1.29 million acres of summer grain wheat have been harvested, with significant progress in various provinces. The upcoming rainfall is beneficial for soil conditions and will facilitate mechanized sowing [1][9] - The Ministry of Agriculture will focus on ensuring the timely harvesting of wheat and improving mechanization to enhance yield [1][9] - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Longping High-Tech and Dabeinong [1][9] Pig Farming - The average price of pigs is 14.39 CNY/kg, with a slight increase from the previous week. The number of breeding sows has decreased slightly, while slaughtering volume has increased significantly year-on-year [2][10] - The report highlights the need to monitor cost improvements and suggests stocks such as Dekang Animal Husbandry, Jinke Intelligent Agriculture, and Muyuan Foods for potential investment [2][10] Market Performance - The agricultural sector index increased by 1.79% during the week of May 26 to May 30, 2025, outperforming major indices like the Shanghai Composite and Shenzhen Component [11][12] - The top-performing sub-sectors include aquaculture and livestock farming, indicating a positive trend in the agricultural market [11][12]

证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 03 日 [Table_Title] "乱纪元"之轮动思维 [Table_Title2] 类权益月报 [Table_Summary] ►行情回顾：关税新版本，政策新叙事 5 月，外部压力边际减缓，政策带来新叙事。5 月初，市场积 极交易中美贸易关系缓和预期。5 月 12 日，中美宣布互降关 税，市场则转而交易利好落地。政策方面，5 月 7 日，《推动公 募基金高质量发展行动方案》发布，"基金调仓"叙事受到关 注。5 月底，小微盘拥挤度推升至历史高位，行情震荡回调。 ► 海外预期：长期有底，但短期不确定性高悬 当前，市场对于海外的预期是长期有底，但短期不确定性仍 存。从第一轮谈判来看，中美在贸易方面共识多于分歧，但 短期特朗普关税政策存在较大的不确定性，法院最终是否会 判定特朗普依据IEEPA征收的关税无效，以及特朗普是否会采 取其他法律依据来征收关税仍未可知，后续可以重点关注后 续美国与欧洲和日本的谈判中，对于贸易顺差的处理。 ►权益板块轮动仍将延续，等待指数低波状态变化 海外预期的复杂组合下，市场或逐步进入脱敏状态，交易或 将更偏 ...

Investment Rating - Industry Rating: Recommended [3] Core Views - The planting industry is seeing significant progress with summer grain wheat harvest, reaching over 30% completion as of May 30, with favorable weather conditions expected to enhance soil moisture and facilitate mechanized sowing [10][11] - The commercialization of genetically modified crops is anticipated to accelerate, aiming to improve yield and self-sufficiency in key varieties, supported by government initiatives to protect new plant varieties [10] - In the pig farming sector, the average price of live pigs is showing a slight increase, with a current price of 14.39 CNY/kg, reflecting a week-on-week rise of 0.36% [11][60] - The supply of breeding sows has slightly decreased, with a total of 40.38 million heads reported, while slaughtering volumes have increased significantly year-on-year [11][60] Summary by Sections Planting Industry - As of May 30, 1.29 million acres of summer wheat have been harvested, with regions like Hubei and Sichuan completing their harvests [10] - The Ministry of Agriculture emphasizes the importance of mechanization to enhance yield and efficiency in sowing [10] - Recommended stocks include Beidahuang and Suqian Agricultural Development for planting, and leading seed companies like Longping High-Tech and Dabeinong for seed production [10] Pig Farming - The average price of external three-way cross pigs is 14.39 CNY/kg, with a slight increase from the previous week [11] - The number of breeding sows has decreased slightly, while slaughtering volumes have increased by 20% year-on-year [11] - Recommended stocks in the breeding sector include Dekang Agriculture, Jinke Smart Agriculture, and Muyuan Foods, with feed companies like Haida Group also highlighted [11] Key Agricultural Products Data Tracking - Corn: Current average price is 2378.15 CNY/ton, with a week-on-week increase of 0.15% [23] - Wheat: Current average price is 2457.51 CNY/ton, with a week-on-week decrease of 0.35% [26] - Soybeans: Current average price is 3927.89 CNY/ton, remaining stable [38] - Cotton: Current average price is 14480.00 CNY/ton, with a slight decrease of 0.14% [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 CNY/kg, showing a week-on-week decrease of 0.73% [48] - Vitamin E is priced at 101.60 CNY/kg, with a decrease of 4.87% [48]

Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a total of 6.87 billion people expected to travel, marking a 3.0% year-on-year increase. The demand for family-oriented travel has significantly surged, particularly for short-distance self-driving trips and parent-child tours [1][16] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment. The emotional value and aesthetic appeal of these products are anticipated to meet consumer needs effectively [2][3] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with respective increases of 1.11% and 2.77% [10] - The jewelry and watch sector saw a notable increase of 6.05% [10] 2. Industry & Company Dynamics 2.1 Industry News - The Dragon Boat Festival saw a significant increase in short-distance travel, with major cities experiencing a surge in tourist numbers [16] - Various regions hosted cultural activities, contributing to increased visitor engagement [17][19] 2.2 Industry Investment and Financing - Key investment events included several companies in the retail and e-commerce sectors securing funding, indicating a vibrant investment landscape [23][25] 2.3 Key Company Announcements - Notable announcements included changes in board members at various companies, reflecting ongoing corporate governance adjustments [26][27] 3. Macro & Industry Data 3.1 Retail Data - In April, the total retail sales of consumer goods increased by 5.1% year-on-year, with significant growth in categories such as gold and jewelry, which saw a 25.3% increase [32][44] 3.2 Gold and Jewelry - National gold consumption in 2024 was reported at 985.31 tons, with a notable decline in jewelry consumption but an increase in gold bars and coins [46][48] 4. Investment Recommendations - The report suggests focusing on five investment themes, including the revival of traditional retail, advancements in AI technology, and the growing consumer willingness to pay for emotional value [52][54]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In 2025Q1, the overall performance of fixed - income + funds was mediocre, with a median yield of 0.29%. The scale of fixed - income + funds increased significantly, and their proportion in broad - based bond funds rose by 2 percentage points. The growth was mainly contributed by moderately convertible bond - enhanced and stock - enhanced products. High - performing products over - allocated technology stocks and manufacturing - related convertible bonds, and some leading products showed strong scale expansion capabilities [1][2]. 3. Summary by Relevant Catalogs 3.1 2025Q1 Fixed - income + Scale Proportion Significantly Rebounded - The performance of fixed - income + funds grew steadily in 2025Q1. The total scale increased to 138.0734 billion yuan, a quarter - on - quarter increase of 15.6029 billion yuan. The proportion in broad - based bond funds rose by 2 percentage points, the first significant rebound since 2022Q1, indicating market favor [2]. - The growth in scale was mainly contributed by moderately convertible bond - enhanced and stock - enhanced products. In 2025Q1, the scale of moderately convertible bond - enhanced, stock - enhanced, and convertible bond funds increased. The moderately convertible bond - enhanced scale increased by 9.4608 billion yuan, the stock - enhanced scale by 6.6139 billion yuan, and the convertible bond fund scale by 0.3438 billion yuan compared to 2024Q4 [2]. 3.2 High - performing Products Over - allocated Technology Stocks & Manufacturing - related Convertible Bonds 3.2.1 High - performing Funds' Convertible Bond Positions Were Highly Differentiated - Among stock - enhanced funds, high - performing products had an average yield of 1.54% in 2025Q1. Guotai Shuangli Bond had the highest yield of 5.49%, and Nongyin Ruikang 6 - month Holding had a yield of 2.52%. The average scale of high - performing stock - enhanced funds was 4.688 billion yuan, with 3 products exceeding 10 billion yuan [26]. - In terms of stock and convertible bond positions, the stock positions of high - performing stock - enhanced funds were mostly between 10% - 20%, with an average of 15.65%. The convertible bond positions varied greatly, with 3 products having over 10% and 7 products having less than 1% [27]. - Among convertible bond - enhanced funds, high - performing products had an average yield of 3.13% in 2025Q1, outperforming stock - enhanced products. Jinying Yuanfeng ranked first with 7.81%, followed by Nanfang Guangli Return with 6.29%. Some high - performing products also had relatively large scales [31]. - High - performing convertible bond - enhanced funds showed significant differentiation in stock and convertible bond allocation strategies. The average stock position was 10.70%, and the average convertible bond position was 52.16% [32]. 3.2.2 Asset Allocation of High - performing Funds: Over - allocation of Technology Stocks and Balanced Convertible Bonds - High - performing funds had a pure - bond position of 46.2%, a stock position of 14.5%, and a convertible bond position of 23.1%. Their high returns came from over - allocating technology stocks, reducing financial stock positions, and over - allocating manufacturing - related and balanced convertible bonds [37]. - In terms of equity asset industry distribution, high - performing funds over - allocated technology stocks by 7.2 percentage points, cycle and pharmaceutical stocks by 3.3 and 0.5 percentage points respectively, and under - allocated financial stocks by 8.3 percentage points compared to the overall market [37]. - In terms of convertible bond industry distribution, high - performing funds over - allocated manufacturing - related convertible bonds. In terms of convertible bond types, they over - allocated balanced convertible bonds by 5.3 percentage points compared to the overall market [41]. 3.3 Leading Products Showed Strong Scale Expansion Capabilities - On average, 31.0% of stock - enhanced and 54.2% of convertible bond - enhanced funds achieved net scale growth. Some products had significant scale increases, such as Huaxia Wenxiang Zengli 6 - month Rolling in stock - enhanced funds and Zhongyin State - owned Enterprise Bond in convertible bond - enhanced funds [44]. - Many leading products had large scales. For example, E Fund Yuxiang Return in stock - enhanced funds and Invesco Great Wall Jingyi Shuangli in convertible bond - enhanced funds had large sizes [45]. - By fund company, China Europe Fund had the fastest - growing fixed - income + fund scale, with an increase of 15.461 billion yuan. After the scale changes, E Fund, Invesco Great Wall Fund, and Fullgoal Fund ranked in the top three in terms of the stock scale of fixed - income + products [48][50]. 3.4 Appendix 3.4.1 Fixed - income + Funds Increased Holdings of Financial Stocks, and the Duration of Pure Bonds Narrowed - In 2025Q1, the pure - bond position of fixed - income + funds rebounded, while the convertible bond position decreased. The proportion of pure bonds increased by 1.4 percentage points, stocks by 0.4 percentage points, and convertible bonds decreased by 1.6 percentage points quarter - on - quarter [53]. - In terms of equity holdings, the proportion of financial stocks increased by 2.2 percentage points, while cycle and manufacturing stocks decreased by 2.1 and 1.8 percentage points respectively compared to 2024Q4 [56]. - In terms of convertible bond holdings, fixed - income + funds increased holdings of manufacturing and cycle convertible bonds and decreased holdings of financial convertible bonds. The proportion of balanced convertible bonds increased by 5.4 percentage points [59][60]. - In terms of pure - bond holdings, the position of financial bonds increased, while the positions of interest - rate and credit bonds decreased. The weighted average duration of pure bonds narrowed by 0.88 years quarter - on - quarter [65]. 3.4.2 Introduction to Fund Classification Method - The classification is mainly based on the average stock investment ratio, average convertible bond investment ratio, and other data. For funds that can invest in stocks, those with an average stock investment ratio greater than 20% are excluded, and different types of fixed - income + and pure - bond funds are classified according to specific rules [70]. - For funds that cannot buy stocks, they are classified into pure - bond and convertible bond - enhanced funds based on the average convertible bond investment ratio [71]. - Funds with "convertible bond" in their names are classified as convertible bond funds [72].