2025年一季度公募基金的国债期货持仓情况

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - In the first quarter of 2025, the unilateral upward trend of treasury bond futures did not continue. After February, the stock - bond seesaw effect was obvious, and treasury bond futures continued to decline. However, the demand for treasury bond futures from public funds increased, and the position - holding intensity increased significantly [3][4]. - By the end of the first quarter, the number of public fund companies participating in treasury bond futures increased to 56, and the number of public products allocating treasury bond futures increased to 154, reaching a record high. The long and short positions increased by a similar amount. The long - position market value of public products doubled to 9.7 billion, and the short - position market value returned to over 10 billion, with the total long - and short - position market value also hitting a record high [3][4]. - By the end of March 2025, the overall market scale increased significantly, with the total position volume reaching 591,482 lots (unilateral calculation), and the quarterly growth rate was as high as 19%. The long - position volume of public funds was 8,819 lots, accounting for 1.5% of the market, a record high, and the short - position volume increased to 8,258 lots, accounting for 1.4% of the market [3][9]. - In terms of varieties, the long positions of TL, T, and TF increased in the first quarter, with T and TF having the largest increases. The long - position demand was relatively dispersed. In the short positions, the market values of TL and T increased, while those of TF and TS decreased. The short - hedging demand was more reflected in the long - term varieties. In terms of position - holding terms, both long and short positions still mainly focused on the current - quarter (June) contracts [3][9]. - By fund type, the number of products using treasury bond futures in each category increased significantly. However, the growth in position - holding scale mainly came from medium - and long - term pure - bond funds and hybrid bond - type secondary funds. The position increase was mainly concentrated in the long - position demand for treasury bond futures. The combined long - position scale of the two types of funds increased by more than 5 billion, while the combined short - position increase was only about 1 billion. The other category funds changed little compared with the end of the previous quarter [3][15]. - In the first quarter, the net - value growth of bond funds slowed down slightly. On average, the net - value increase of bond - type funds in the first quarter was about 0.02%. Most of the public products allocating treasury bond futures recorded positive returns. The average quarterly net - value growth of public funds with large long and short positions in treasury bond futures was 0.35% and 0.39% respectively [3]. 3) Summary by Relevant Catalogs Overall Market Situation - The overall market scale increased significantly in the first quarter of 2025. The total position volume was 591,482 lots (unilateral calculation), with a quarterly growth rate of 19% [3][9]. Public Fund Participation - The number of public fund companies participating in treasury bond futures increased to 56, and the number of public products allocating treasury bond futures increased to 154, a record high [3][4]. - The long - position market value of public products doubled to 9.7 billion, and the short - position market value returned to over 10 billion, with the total long - and short - position market value also hitting a record high [3][4]. Position - Holding Volume and Market Share - The long - position volume of public funds was 8,819 lots, accounting for 1.5% of the market, a record high. The short - position volume increased to 8,258 lots, accounting for 1.4% of the market [3][9]. Variety Analysis - Long - position growth was concentrated in T and TF, and short - position growth was concentrated in TL and T. The long - position demand was relatively dispersed, and the short - hedging demand was more reflected in long - term varieties [3][9]. Fund Type Analysis - Each category of funds saw a significant increase in the number of products using treasury bond futures. The growth in position - holding scale mainly came from medium - and long - term pure - bond funds and hybrid bond - type secondary funds. The long - position scale of these two types of funds increased by more than 5 billion, while the short - position increase was only about 1 billion [3][15]. Performance Analysis - The net - value growth of bond funds slowed down slightly in the first quarter, with an average increase of about 0.02%. Most public products allocating treasury bond futures recorded positive returns, and the average quarterly net - value growth of public funds with large long and short positions in treasury bond futures was 0.35% and 0.39% respectively [3].