公募基金规模略有回落，被动指数基金规模再创新高

Group 1: Fund Market Overview - The public fund market experienced a slight decline in scale at the end of Q1 2025 compared to the end of 2024, primarily due to a reduction in fixed-income fund sizes, which have seen net redemptions for three consecutive quarters [2][9] - The total number of funds reached 12,600, an increase of 240 funds, while the total fund share decreased by 7,603.52 million shares, a decline of 2.52% [10] - The total net asset value of funds was 316,208.04 billion, down by 6,424.19 million, a decrease of 1.99% [10] Group 2: Active Equity Funds - Active equity funds saw a scale increase to 34,603.43 billion, up by 615.55 million, a rise of 1.81% [19] - The share of active equity funds reached 29,570.73 billion, with a net redemption of 676.11 million shares, significantly reduced compared to previous quarters [19] - The average stock position of active equity funds increased to 83.01%, nearing historical highs, with specific categories showing varied changes in stock positions [33] Group 3: Passive Index Funds - The scale of passive index funds reached a new high of 34,439.07 billion, increasing by 1,507.29 million, a growth of 4.58% [24] - The share of passive index funds was 29,720.32 billion, with a net subscription of 717.53 million shares, although the growth trend has shown signs of slowing down [24] Group 4: Fixed-Income Funds - Fixed-income funds experienced a decline in scale to 90,467.87 billion, down by 3,706.54 million, a decrease of 3.94% [26] - The share of fixed-income funds was 82,821.33 billion, with net redemptions continuing for three consecutive quarters [26] Group 5: Fund Holdings by Industry - The top five industries with increased holdings in fund portfolios were non-ferrous metals, automobiles, machinery, computers, and media, with respective increases of 0.51%, 0.47%, 0.22%, 0.13%, and 0.07% [4][37] - The industries with the largest decreases in holdings included electric power equipment and new energy, communication, non-bank financials, food and beverage, and electronics, with declines of -0.61%, -0.51%, -0.45%, -0.33%, and -0.25% respectively [4][37] Group 6: Comparison of Fund Holdings - A comparative analysis of fund holdings across different management capabilities revealed varying trends in industry allocations among all market funds, active equity funds, and top-tier funds, indicating potential market consensus and divergence [41]