Xin Hua Wang·2025-08-12 06:27Group 1 - At the end of Q1, Ningde Times regained its position as the largest heavy stock among public funds, while Zhifei Biology was highly favored by public funds [1][2] - Public funds saw a net subscription of 7414.68 billion units in Q1, with significant net subscriptions in money market, bond, index, and stock funds, while mixed funds experienced a net redemption of approximately 1114.55 billion units [2] - The overall stock position of public funds showed a slight decrease, with an average stock position of 71.42% at the end of Q1, down 1.85 percentage points from the end of 2021 [2] Group 2 - Top fund managers adjusted their stock positions in response to the complex market in Q1, with a focus on increasing allocations in sectors like pharmaceuticals and technology while reducing exposure in finance [3][4] - The concentration of holdings among public funds increased, with a concentration ratio of 57.29% at the end of Q1, compared to 55.88% at the end of 2021 [2] - Fund managers expressed the need for patience and confidence in the market, suggesting that the "policy bottom" and "market bottom" may have synchronized, but a V-shaped recovery is unlikely [5] Group 3 - Investment opportunities are being sought in two categories: industries with sustained positive outlooks such as new energy, photovoltaics, and military industry, and industries in a recovery phase like breeding, catering, tourism, media, and real estate [6] - Fund managers are maintaining a focus on "consumption growth + technology growth" in their portfolio configurations for the upcoming market [5]