主动型公募基金2025年四季报分析：资金流向混债二级基金，周期和大金融占比提升

• The report analyzes the changes in public fund configurations and scales in Q4 2025, focusing on active equity funds, mixed bond funds, hybrid bond funds, and pure bond funds[1][2][3] - Active equity funds saw a significant reduction in scale, with a decrease of 182.3 billion yuan, while hybrid bond funds experienced a notable increase in scale, growing by 239.8 billion yuan[1][2][3] - The report highlights the shift in investor preference towards hybrid bond funds due to their moderate risk profile, as opposed to the higher volatility of active equity funds and the lower risk of pure bond funds[1][2][3] - The report provides detailed data on the performance and configuration changes of different types of funds, including the top holdings and sector allocations[1][2][3] - The report also includes information on the issuance of new funds, noting that the issuance of hybrid bond funds reached a new high since 2020[1][2][3]