Huachuang Securities·2025-04-25 10:19Group 1 - The report indicates that in Q1 2025, the issuance of actively managed equity funds reached 15.3 billion, marking the second-lowest level in nearly a decade, with a significant reduction in redemptions to 72.3 billion units, down 67% from the previous quarter [1][10][8] - The allocation of actively managed equity funds in Q1 2025 shows an increase in TMT (Technology, Media, and Telecommunications) and consumer sectors, while reducing exposure to financial real estate and cyclical sectors [2][23][8] - The report highlights that the top five industries with increased allocations include automotive (up 1.4 percentage points), electronics (up 1.3 percentage points), non-ferrous metals (up 1.1 percentage points), machinery (up 0.9 percentage points), and pharmaceuticals (up 0.5 percentage points) [3][32][8] Group 2 - The report notes that the concentration of holdings in the top three industries rose to 40.3%, while the top five industries accounted for 57.0% of the total holdings, indicating a trend towards increased concentration in actively managed equity funds [4][38][8] - The report identifies the top 20 holdings in Q1 2025, with notable entries including WuXi AppTec, SMIC, Ninebot, Zhaoyi Innovation, and Zhongwei Company, while exiting stocks included Sungrow Power Supply, NewEase, Mindray, and Huadian Technology [4][41][8] - The report emphasizes that the actively managed equity funds have a significant overweight in the electronics sector, with an 8.0 percentage point excess compared to the CSI 800 index, and a 3.5 percentage point excess in pharmaceuticals [3][33][8]