主动权益基金2025年一季报全解析：中小市值受青睐，港股仓位显著抬升

• The total scale of active equity funds reached 3.29 trillion yuan in Q1 2025, accounting for 10.42% of the total public fund market, an increase of 567 billion yuan from the previous quarter[6][9] - The median stock positions of ordinary stock funds, partial stock hybrid funds, and flexible allocation funds increased to 89.55%, 88.03%, and 86.27% respectively in Q1 2025[22] - Active equity funds significantly reduced their allocation to CSI 300 constituent stocks while increasing their allocation to small and mid-cap stocks, with the allocation to CSI 500 reaching its highest point since 2018[25] - The exposure of active equity funds to liquidity, trend, and Beta factors increased significantly, while exposure to information certainty factors decreased in Q1 2025[27] - The manufacturing sector had the highest allocation at 28.17%, followed by technology (26.11%), consumption (16.57%), and cyclical industries (13.03%) in Q1 2025[34] - The top 50 stock concentration decreased by 0.90 percentage points to 42.75%, while the top 100 stock concentration decreased by 1.36 percentage points to 56.36% in Q1 2025[44] - The total market value of Hong Kong stocks allocated by active equity funds (including QDII) reached 487.6 billion yuan in Q1 2025, an increase of 101.6 billion yuan from the previous quarter[45] - The information technology industry had the highest allocation among Hong Kong stocks at 36.87%, followed by non-essential consumption (29.85%) and healthcare (8.30%) in Q1 2025[47] - Tencent Holdings remained the largest heavy stock in Hong Kong, held by 1,002 funds, accounting for 21.73%, an increase of 2.10 percentage points from the previous quarter[49]