一季度债基持仓大调整：信用债配置比例下降，政金债、国债受青睐

Group 1 - The core viewpoint of the articles indicates that institutional investors are reducing their allocation to credit bonds while increasing their holdings in policy financial bonds and government bonds in the first quarter of 2025 [2][3]. - The total management scale of actively managed bond funds reached 89,902.19 billion, a decrease of 3.95% compared to the previous quarter [2]. - The issuance of new actively managed bond funds in the first quarter totaled 797.09 billion, down approximately 175.69 billion from the previous quarter [2]. Group 2 - The proportion of credit bonds decreased from 54.63% to 53.12% compared to the previous quarter, indicating a shift in investment strategy [3]. - The median duration of pure bond funds slightly decreased from 2.30 years to 2.22 years, while the leverage ratio for "fixed income+" funds showed a downward trend [3]. - The market is expected to maintain a volatile pattern leading up to the May Day holiday, with cautious trading attitudes prevailing [4]. Group 3 - The analysis suggests that long-term interest rates are likely to continue fluctuating widely throughout the year, influenced by factors such as fiscal stimulus [5]. - The performance of certain medium to long-term pure bond funds has been strong, with some funds achieving notable weekly returns [4].