大消费行业2025Q1基金持仓分析：大消费重仓比例持续回落，其中社服、商贸零售、美护板块重仓比例环比提升

Investment Rating - The report maintains an "Outperform" rating for the consumer sector [3] Core Insights - The heavy holding ratio in the consumer sector continues to decline, with a decrease of 0.43 percentage points to 7.01% in Q1 2025, significantly below the historical average of 11.56% [6][12] - The heavy holding market value ratio has also decreased, now at 18.81% (down 0.33 percentage points), while the overweight ratio has fallen to 5.83% (down 0.13 percentage points) [6][13] - There is a notable internal differentiation in heavy holding ratios among sub-sectors, with social services, retail, and beauty care seeing slight increases, while other sectors experienced declines [6][16] Summary by Sections Heavy Holding Ratios - The consumer sector's heavy holding ratio has been on a downward trend for four consecutive quarters, reaching a historical low [12] - The top three sectors by heavy holding ratio are food and beverage (4.24%), home appliances (1.70%), and agriculture, forestry, animal husbandry, and fishery (0.40%) [16] Individual Stocks - In the top 20 stocks by heavy holding ratio, the consumer sector occupies four positions, with an increase of one position compared to Q4 2024 [28] - The heavy holding ratios for key consumer stocks are as follows: Kweichow Moutai (2.04%), Midea Group (0.92%), Wuliangye (0.53%), and Shanxi Fenjiu (0.40%) [28][31] Investment Recommendations - The report suggests that domestic consumption demand remains weak, with expanding domestic demand being a key focus for 2025 [6] - Specific recommendations include: 1. Social Services: Expected growth in multiple sectors due to improved holiday policies and inbound consumption [7] 2. Retail: Focus on gold and jewelry as a safe-haven asset, and on domestic beauty brands gaining market share [7][8] 3. Light Industry Manufacturing: Anticipated demand recovery in home appliances due to real estate market stabilization [8] 4. Food and Beverage: The liquor industry is expected to recover due to economic stimulus policies and pent-up demand [8]