公募股基持仓&债基久期跟踪测算周报：股票加仓国防军工，债基久期小幅下降-20250810

Group 1: Overall Market and Fund Position - The CSI 300 index rose 1.23% from August 4th to August 8th, 2025. The overall estimated stock position of active equity and partial - equity hybrid funds increased by 1.92% to 86.50%, but decreased by 1.72% compared to the quarterly report [3][7] - Active equity funds' estimated stock position increased by 0.78% to 89.47% this week, while partial - equity hybrid funds' position increased by 2.18% to 85.82% [7] Group 2: Active Equity and Partial - Equity Hybrid Fund Industry Allocation - The top 5 industries held by active equity and partial - equity hybrid funds this week are Electronics (13.20%), Power Equipment (8.27%), Medicine and Biology (7.19%), Automobile (6.25%), and Communication (6.21%) [4][17] - The top 3 industries with increased positions are National Defense and Military Industry (+0.45%), Media (+0.14%), and Machinery and Equipment (+0.11%); the top 3 industries with decreased positions are Electronics (-0.32%), Medicine and Biology (-0.18%), and Communication (-0.14%) [4][17] Group 3: Active Equity and Partial - Equity Hybrid Fund Characteristics - The number of active equity and partial - equity hybrid funds with a position change ranging from 0% to 1% this week is 634, followed by 182 funds with a change from - 1% to 0% [11] - Funds with scales below 20 billion, between 20 - 50 billion, 50 - 80 billion, and over 100 billion slightly increased their positions this week, while other scale funds slightly decreased their positions [11] - In terms of investment style, the proportion of growth stocks in fund holdings is relatively high. Both value and growth stocks had a slight increase in positions this week. The proportion of small - cap stocks in fund holdings is relatively high, with large - cap and small - cap stocks slightly increasing positions and mid - cap stocks slightly decreasing positions [14] Group 4: Bond Fund Duration - The yield to maturity of the 10 - year China Development Bank bond increased by 2bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.06 to 3.60 years, at the 99.20% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.57 years. The duration divergence decreased, with the estimated duration standard deviation decreasing by 0.15 to 1.74 years. The median duration of short - term pure bond funds increased by 0.18 to 1.21 years [4][20] - The median duration of credit bond funds increased by 0.08 to 3.23 years, with 7% of funds being actively managed and 24% being conservatively managed. The median duration of interest - rate bond funds increased by 0.15 to 5.00 years, with 48% of funds being actively managed and 7% being conservatively managed [4] - The median estimated duration of credit bond funds increased by 0.08 to 3.23 years, at the 100.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.10 years, and the duration divergence increased, with the estimated duration standard deviation increasing by 0.03 to 1.46 years. The median estimated duration of interest - rate bond funds increased by 0.15 to 5.00 years, at the 98.10% quantile in the past 5 years. The average median duration in the past 4 weeks was 4.93 years, and the duration divergence increased, with the estimated duration standard deviation increasing by 0.06 to 2.03 years [22] - The estimated duration of credit bond funds this week is concentrated in the range of [3, 3.5) (150 funds), followed by [3.5, 4) (124 funds). The estimated duration of interest - rate bond funds is concentrated in the range of [5, +∞) (184 funds), followed by [4, 4.5) (43 funds) [26] - Among credit bond funds, 7.06% of funds had an actively managed duration (above the 80% quantile of their own duration in the past year), and 24.04% had a conservatively managed duration (below the 20% quantile of their own duration in the past year). Among interest - rate bond funds, 47.83% of funds had an actively managed duration, and 7.34% had a conservatively managed duration [27] - The yield to maturity of the 1 - year China Development Bank bond remained unchanged this week. The median estimated duration of short - term pure bond funds increased by 0.18 to 1.21 years, at the 94.80% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence decreased, with the estimated duration standard deviation remaining unchanged at 0.48 years. The estimated duration of passive policy - bank bond funds decreased by 0.01 to 3.86 years [32]