Huajin Securities·2025-04-30 14:32Group 1 - In Q1 2025, the overall equity position of actively managed equity funds increased to 85.47%, up by 0.40 percentage points from Q4 2024 [4][5][12] - The main sectors with increased holdings included financial real estate, consumer goods, pharmaceuticals, and cyclical industries, with financial real estate seeing the largest increase from 3.7% to 4.3% [9][12] - Actively managed equity funds increased their positions in the automotive and chemical sectors while reducing exposure to military, environmental protection, and transportation sectors [12][19] Group 2 - The top five sectors for actively managed equity funds in Q1 2025 were electronics (20.3%), pharmaceuticals (10.4%), basic chemicals (8.9%), public utilities (7.2%), and communications (6.9%) [12][19] - The top five sectors with the largest increases in holdings were automotive (+0.8%), basic chemicals (+0.6%), real estate (+0.3%), construction materials (+0.2%), and public utilities (+0.2%) [12][19] - The top five sectors with the largest decreases in holdings were military defense (-0.9%), environmental protection (-0.6%), transportation (-0.6%), computers (-0.3%), and steel (-0.2%) [12][19] Group 3 - In Q1 2025, large-scale actively managed equity funds increased their positions in non-ferrous metals and home appliances while reducing exposure to non-bank financials and food and beverage sectors [19][24] - The top five sectors for large-scale actively managed equity funds were electronics (19.0%), food and beverage (16.5%), power equipment (11.3%), non-bank financials (9.7%), and pharmaceuticals (9.5%) [19][24] - The top five sectors with the largest increases in holdings were non-ferrous metals (+3.0%), home appliances (+2.3%), power equipment (+1.6%), machinery (+0.9%), and automotive (+0.7%) [19][24] Group 4 - The concentration of holdings in the top 20 stocks increased significantly in Q1 2025, with the top 5 holdings rising to 18.5%, top 10 to 27.7%, and top 100 to 65.9% [23][29] - The top 20 stocks with the largest increases in holdings were primarily in the electronics, automotive, and communications sectors [25][31] - The top three stocks with the largest increases in holdings were BYD, Zijin Mining, and Chipone Technology [25][31] Group 5 - Expectations for Q2 2025 indicate that holdings in technology, consumer, and certain cyclical sectors may remain high due to government policies promoting AI and consumption [32][33] - The agricultural and food and beverage sectors are expected to see increased holdings due to low current positions and improving consumption potential [32][33] - The construction materials sector is anticipated to benefit from ongoing real estate policies and increased demand [32][33]