盈利五年来最优！主动权益公募一季度持仓揭秘，这些行业配置与外资不谋而合

Core Viewpoint - The active equity mutual funds have shown exceptional performance in the first quarter of 2025, achieving the best returns in nearly five years, with a notable consensus in industry allocation between domestic and foreign investors [2][6]. Group 1: Fund Performance and Trends - Active equity funds' management scale increased to 34,455.19 billion yuan in Q1 2025, marking a recovery after a prolonged decline since Q2 2022 [3][4]. - The number of newly launched active equity funds rose to 53, with a total scale of 16.499 billion yuan, indicating a slight improvement in the new fund market [4][5]. - The overall stock position of active equity funds increased by 0.37 percentage points to 85.47% in Q1 2025, reflecting a high level of investment activity [7]. Group 2: Industry Allocation Insights - Active equity funds significantly increased their positions in the automotive, non-ferrous metals, and electronics sectors, while reducing exposure to power equipment, telecommunications, public utilities, transportation, and coal [7][8]. - The consensus between domestic and foreign investors on increasing allocations to automotive, non-ferrous metals, and electronics indicates a shared recognition of these sectors' growth potential and investment value [8][9]. Group 3: Market Drivers and Future Outlook - The recovery in the automotive sector is supported by domestic consumption stimulus policies, while the non-ferrous metals sector benefits from global supply constraints and the growth of the new energy industry [8][9]. - The electronics sector is experiencing a resurgence due to the global semiconductor recovery and the rapid development of AI and other emerging technologies, enhancing industry expectations [9][10]. - The long-term importance of equity assets in investment portfolios is increasingly recognized, contributing to the warming of the new fund market [5][9].