Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - From May 12 - 16, 2025, the CSI 300 rose 1.12%, and the overall estimated stock position of active equity and partial - equity hybrid funds decreased by 0.10% to 87.66% [2][7]. - The median estimated duration of medium - and long - term pure bond funds increased by 0.23 to 3.02 years, and the median duration of short - term pure bond funds increased by 0.01 to 0.97 years [2][19]. 3. Summary by Relevant Catalogs 3.1 Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. Active equity funds' estimated stock position rose 0.17% to 90.16%, while partial - equity hybrid funds' position decreased 0.16% to 87.08% [7]. - The number of active equity and partial - equity hybrid funds with an overall increase or decrease in position ranging from 0% to 1% was 805, followed by 275 funds with a range from - 1% to 0% [11]. - Funds with a scale of 2 - 5 billion and 5 - 8 billion slightly increased their positions, while other scale funds slightly reduced their positions [11]. - In terms of fund holding styles, growth stocks accounted for a higher proportion in fund holdings. This week, value stocks were slightly added, and growth stocks were slightly reduced. The proportion of small - cap stocks in fund holdings was relatively high. This week, large - cap and mid - cap stocks were slightly added, and small - cap stocks were slightly reduced [13]. - The top 5 industries held by active equity and partial - equity hybrid funds this week were electronics (14.99%), power equipment (9.28%), pharmaceutical biology (6.49%), automobiles (6.49%), and machinery (6.29%). The top 3 industries with increased positions were national defense and military industry (+0.50%), non - bank finance (+0.35%), and computer (+0.07%); the top 3 industries with reduced positions were pharmaceutical biology (-0.20%), light industry manufacturing (-0.16%), and electronics (-0.11%) [16]. 3.2 Bond Fund Duration Estimation - The yield to maturity of the 10 - year China Development Bank bond increased by 5bps. The median estimated duration of medium - and long - term pure bond funds increased by 0.23 to 3.02 years, ranking at the 99.70% percentile in the past 5 years. The average median duration in the past 4 weeks was 2.70 years. The duration divergence increased, and the standard deviation of the estimated duration increased by 0.09 to 1.55 years. The median duration of short - term pure bond funds increased by 0.01 to 0.97 years [2][19]. - The median duration of credit bond funds increased by 0.24 to 2.70 years, with 6% of actively - operated funds and 25% of conservatively - operated funds. The median duration of interest - rate bond funds increased by 0.35 to 4.33 years, with 51% of actively - operated funds and 8% of conservatively - operated funds [2][19]. - The median estimated duration of credit bond funds increased by 0.24 to 2.70 years, ranking at the 99.70% percentile in the past 5 years. The average median duration in the past 4 weeks was 2.41 years, and the duration divergence increased. The median estimated duration of interest - rate bond funds increased by 0.35 to 4.33 years, ranking at the 100.00% percentile in the past 5 years [22]. - The estimated duration of credit bond funds this week was concentrated in the range of [2.5, 3) (171 funds), followed by [2, 2.5) (152 funds). The estimated duration of interest - rate bond funds was concentrated in the range of [5, +∞) (103 funds), followed by [4, 4.5) (52 funds) [26]. - Among credit bond funds, the proportion of funds with active duration operations (above the 80% percentile of their own duration in the past year) was 6.47%, and the proportion of funds with conservative duration operations (below the 20% percentile of their own duration in the past year) was 24.71%. Among interest - rate bond funds, the proportion of funds with active duration operations was 51.42%, and the proportion of funds with conservative duration operations was 7.95% [27]. - The yield to maturity of the 1 - year China Development Bank bond increased by 3bps. The median estimated duration of short - term pure bond funds increased by 0.01 to 0.97 years, ranking at the 93.30% percentile in the past 5 years. The average median duration in the past 4 weeks was 0.97 years. The duration divergence decreased, and the standard deviation of the estimated duration decreased by 0.00 to 0.46 years. The estimated duration of passive policy - bank bond funds increased by 0.01 to 3.26 years [31].
公募股基持仓&债基久期跟踪测算周报:股票加仓电子电力,债基久期小幅上升-20250518
SINOLINK SECURITIES·2025-05-18 14:28