主动权益基金季报分析2025Q1：港股配置比例创历史新高

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q1 2025, the position of active equity funds remained stable and was still at a historically high level. The total scale of active equity funds had a net inflow of 5 billion and 100 million yuan, with new funds issued at 1.53 billion shares. The performance of active funds improved, and the position structure of different types of funds showed certain changes [1][8][11]. - In terms of industry allocation, the proportion of cyclical and consumer sectors increased, while that of growth and financial sectors decreased. Funds significantly increased their holdings in industries such as automobiles, electronics, and non - ferrous metals after stripping the impact of industry fluctuations [2][3]. - Among the top ten heavy - holding stocks, the liquor industry accounted for 30%. The companies with the highest proportion of fund heavy - holding stocks in the free - floating market value of individual stocks were NuoChengJianHua - U, ZeJingPharmaceutical - U, and HongLuSteelStructure [50][53]. 3. Summary According to the Directory 3.1 First Quarter: Active Equity Fund Positions Remained Stable and Were at a Historically High Level - Net Inflow of Active Equity Fund Scale in Q1 2025: The total scale of active equity funds had a net inflow of 5 billion and 100 million yuan. The scale change caused by the net value change of existing funds was 12.33 billion yuan, the scale change caused by the net subscription and redemption behavior of existing funds was - 7.68 billion yuan, and the issuance scale of new funds was 1.53 billion yuan. Index and index - enhanced funds issued 92.4 billion yuan, far exceeding the new issuance scale of active equity funds [8][9]. - New Issuance of Active Equity Funds in Q1 2025: The issuance of active equity funds was almost at the lowest level in the past 10 years. 134 new active equity funds were established, with a total issuance of 153 million shares, a decrease of 54.3 million shares compared with the previous quarter. The average new issuance scale per quarter was only 114 million yuan [11]. - Q1 2025: Equity Market Fluctuated, and Active Funds' Performance Improved: In Q1 2025, after an initial correction, the equity market continued to rise. Among the major broad - based indexes, the CSI 1000 rose 4.51%, performing the best, while the ChiNext Index fell 1.77%, performing the worst. The partial - stock fund index rose 4.65%. The performance differentiation of active equity funds was not obvious, and the median yields of common stock - type, partial - stock hybrid - type, and flexible - allocation - type funds were 3.63%, 3.72%, and 1.26% respectively [13][18]. - Active Equity Fund Positions Remained Stable and Were at a Historically High Level: As of the end of Q1 2025, the positions of active equity funds remained stable compared with the previous quarter and were at an upper - middle level in history. Excluding newly established funds in Q1, the average position of common stock - type and partial - stock hybrid - type funds was 87.12%, with a median of 89.60%. The median position of flexible - allocation - type funds was 84.26%, at the 87.10% quantile level in the past 10 years [24]. 3.2 Active Equity Fund Industry Allocation Analysis - Cyclical and Consumer Sectors' Proportions Increased, while Growth and Financial Sectors' Proportions Decreased: In Q1 2025, in the heavy - holding stocks of funds, the main board and the ChiNext were reduced, the Science and Technology Innovation Board was slightly increased, and Hong Kong stocks were significantly increased. The proportion of Hong Kong stocks increased by 4.74 percentage points to 19.08%. From the perspective of style sectors, the proportions of growth and financial sectors in the heavy - holding stocks of active equity funds decreased, while those of cyclical and consumer sectors increased [2][39][40]. - At the End of Q1, Funds Over - Allocated to Industries such as Electronics, Food and Beverage, and Power Equipment: In terms of the industry distribution of heavy - holding stocks, in Q1, funds over - allocated most significantly to industries such as electronics, food and beverage, and power equipment, with over - allocation ratios of 7.47%, 3.52%, and 3.34% respectively. The over - allocation ratios of industries such as social services, petroleum and petrochemicals, public utilities, computers, and non - bank finance were at relatively low levels in the past 10 years [41]. - After Stripping the Impact of Industry Fluctuations, Active Funds Significantly Increased Their Holdings in Industries such as Automobiles, Electronics, and Non - Ferrous Metals in Q1: After stripping the impact of industry fluctuations, active equity funds increased their net holdings most significantly in industries such as automobiles, electronics, and non - ferrous metals, with increase ratios of 1.20%, 1.05%, and 0.68% respectively. At the same time, they reduced their holdings most in industries such as communications, power equipment, and banks, with reduction ratios of 1.23%, 1.06%, and 0.41% respectively [3][46]. 3.3 Heavy - Holding Stocks: Liquor Industry Accounted for 30% in the Top Ten Heavy - Holding Stocks - As of Q1 2025, the companies with the highest market value held by funds were CATL, Kweichow Moutai, and Midea Group, with 1077, 625, and 740 funds holding heavy positions respectively, and the market values of holdings were 54.5 billion yuan, 37.5 billion yuan, and 32.3 billion yuan respectively. Among the top ten heavy - holding stocks, there were 3 in the food and beverage industry and 2 in the electronics industry [50]. - As of the end of Q1, the companies with the highest proportion of fund heavy - holding stocks in the free - floating market value of individual stocks were NuoChengJianHua - U, ZeJingPharmaceutical - U, and HongLuSteelStructure, with proportions of 38.65%, 34.47%, and 33.67% respectively [53]. - Among the newly added heavy - holding stocks in Q1, Runjian Co., Ltd., Weichai Heavy Machinery Co., Ltd., and Maogeping Co., Ltd. had the largest number of holding funds, with the market values of holdings being 691 million yuan, 642 million yuan, and 484 million yuan respectively [56].