主动及被动基金持仓分析2025Q1：主动基金规模重回增长，增配科技、消费和资源品

Group 1 - The total scale of active funds returned to growth in Q1 2025, with an increase of 35.6 billion to 3.46 trillion, while passive funds saw a slight decline of 4 billion to 3.56 trillion [10][12] - Active equity funds showed a decrease in holding concentration, with the top 20, 50, and 100 stocks accounting for 28.46%, 42.75%, and 56.27% of the total market value, respectively [19][20] - The investment strategy of active equity funds focused on technology, consumption, and resource products, with a preference for small and mid-cap growth styles [41][42] Group 2 - Active equity funds increased their allocation to TMT sectors, particularly electronics, media, and computing, driven by advancements in AI technology [22][41] - There was a notable increase in allocations to domestic consumption, particularly in food and beverage, retail, and beauty care, as external demand became less stable [32][35] - Resource products saw increased allocations, especially in industrial and precious metals, due to tight supply conditions and geopolitical risks [31][42] Group 3 - Passive funds showed a preference for cyclical sectors, consumer discretionary, and the CSI A50 index, with significant increases in their holdings [47] - The proportion of holdings in the main board increased to 63.7%, while the allocations to the ChiNext board decreased [45][46] - The sectors with the highest increases in passive fund allocations included banks, public utilities, and computing [48]