公募股基持仓&债基久期跟踪周报：股票加仓通信，债基久期下降-20250803

Group 1: Overall Market and Fund Position Overview - The CSI 300 index declined by 1.75% from July 28 to August 1, 2025. The overall estimated equity position of active equity and partial - equity hybrid funds increased by 0.00% to 84.58%, down 3.64% compared to the quarterly report [3][7] - The estimated equity position of active equity funds increased by 0.39% to 88.69% this week, while that of partial - equity hybrid funds decreased by 0.08% to 83.64% [7] Group 2: Industry Allocation of Active Equity and Partial - Equity Hybrid Funds - The top 5 industries held by active equity and partial - equity hybrid funds this week are electronics (13.52%), power equipment (8.33%), pharmaceutical biology (7.37%), communication (6.35%), and automobiles (6.19%) [4][16] - The top 3 industries with increased positions are communication (+0.66%), national defense and military industry (+0.58%), and comprehensive (+0.53%); the top 3 industries with decreased positions are computer (-0.39%), banking (-0.35%), and automobiles (-0.30%) [4][16] Group 3: Fund Position Characteristics - The overall estimated equity position adjustment range of active equity and partial - equity hybrid funds is mostly concentrated in [0%, 1%), with 496 funds, followed by [-1%, 0%), with 180 funds [10] - Funds with sizes of 2 - 5 billion, 8 - 10 billion, and over 10 billion slightly increased their positions this week, while funds of other sizes slightly reduced their positions [10] - In terms of fund holding styles, the proportion of growth stocks in fund holdings is higher. Both value stocks and growth stocks were slightly reduced this week. The proportion of small - cap stocks in fund holdings is relatively high. Large - cap stocks were slightly increased, while mid - cap and small - cap stocks were slightly reduced [13] Group 4: Bond Fund Duration Estimation - The yield to maturity of China Bond's 10 - year CDB bonds decreased by 5bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.46 years. The duration divergence decreased, and the estimated duration standard deviation decreased by 0.03 to 1.89 years. The median duration of short - term pure bond funds decreased by 0.08 to 1.02 years [4][19] - The median duration of credit bond funds increased by 0.00 to 3.15 years, with 8% of actively operated funds and 24% of conservatively operated funds; the median duration of interest - rate bond funds decreased by 0.28 to 4.85 years, with 45% of actively operated funds and 7% of conservatively operated funds [4] - The estimated duration of credit bond funds this week is concentrated in [3, 3.5), with 122 funds, followed by [3.5, 4), with 118 funds; the estimated duration of interest - rate bond funds this week is concentrated in [5, +∞), with 181 funds, followed by [4, 4.5), with 50 funds [27] - Among credit bond funds, the proportion of funds with active duration operations (above the 80% quantile of their own duration in the past year) is 8.02%, and the proportion of funds with conservative duration operations (below the 20% quantile of their own duration in the past year) is 24.43%; among interest - rate bond funds, the proportion of funds with active duration operations is 45.01%, and the proportion of funds with conservative duration operations is 7.28% [28] - The yield to maturity of China Bond's 1 - year CDB bonds decreased by 3bps this week. The median estimated duration of short - term pure bond funds decreased by 0.08 to 1.02 years, at the 95.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence increased, and the estimated duration standard deviation increased by 0.00 to 0.48 years. The estimated duration of passive policy - bank bond funds increased by 0.10 to 3.87 years [32]