量化金工|专题报告 2025 年一季度公募基金股指期货持仓分析报告 | 国联期货研究所 | 摘 要 | | --- | --- | | 号 证监许可[2011]1773 | 截至 2025 年一季度末，公募基金共持有股指期货 18390 手，环比上季 | | | 度末大幅下降 27.9%，总持仓在连续五个季度增长后大幅回落，其中持仓减 | | | 少主要来自于多头减仓。 | | | 具体而言，多头和空头分别持仓 14579 手和 3811 手，环比减少 31.4% | | 分析师： | 和 14.6%；持仓净多头 10768 手，环比减少 4015 手。多头减仓主要集中在 | | 黎伟 | IF 和 IH 合约，且主要为被动指数型基金减仓所致；IM 空头增仓则主要在 | | 从业资格证号：F0300172 | 偏股混合型和灵活配置型产品，主动管理型产品对 IM 空头的增仓表明公募 | | 投资咨询证书号：Z0011568 | 基金对中小盘指数更显谨慎。 | | | 持仓月份上，空头持仓在当月合约占比有明显提升，而在当季合约占 | | | 比则有明显下降；多头持仓则有从下季合约向当月合约转移迹象。当月多 | | ...

Core Insights - As of March 31, 2025, the total net asset value managed by domestic public fund management institutions reached 32.22 trillion yuan, with 163 institutions including 148 fund management companies and 15 asset management firms holding public qualifications [2] - The total public fund shares increased to 29.39 trillion shares in March, reflecting a 0.15% growth compared to February, indicating a stable overall change [2] Fund Type Analysis - Various fund types experienced net subscriptions in March, with QDII funds and equity funds showing significant enthusiasm, with shares increasing by 3.57% and 1.29% respectively; closed-end funds also saw a 1.41% increase [3] - The share of equity funds rose to 3.4 trillion shares by the end of March, marking a 1.29% increase, although the overall scale slightly decreased to 4.47 trillion yuan, down 0.41% due to corrections in growth sectors like the ChiNext and STAR Market [3] - Mixed funds showed a recovery in subscription strength, with shares growing by 0.75% to 3.05 trillion shares and scale increasing by 1.42% to 3.58 trillion yuan, marking the first consecutive month of growth since May of the previous year [3] - QDII funds were particularly favored in March, with shares increasing by 3.57% to 562.868 billion shares, driven by significant net subscriptions in products like the Hong Kong Stock Connect Internet ETF and Hang Seng Technology ETF [3] - Bond funds also performed well, with shares and scale growing by 1.1% and 1% respectively, reaching 5.56 trillion shares and 6.42 trillion yuan [3]

NO.1猛增392%！国泰海通首份季报出炉 4月29日晚间，国泰海通披露一季报。数据显示，2025年第一季度实现营业收入117.73亿元，同比增长 47.48%；归属于母公司所有者的净利润为122.42亿元，同比增长391.78%。扣除非经常性损益后的净利 润为32.93亿元，同比增加60.65%。根据季报，营业收入增长主要是金融工具投资收益净额、经纪业务 手续费净收入同比增加。归属于母公司所有者的净利润增长主要是吸收合并海通证券产生的负商誉带来 营业外收入增加。 点评：国泰海通一季度业绩大幅提升，金融工具投资收益和经纪业务手续费净收入显著增加，吸收合并 海通证券产生负商誉带来营业外收入增加，对公司股价形成积极支撑。券商板块或受益于市场活跃度提 升，整体市场情绪可能受到提振。 NO.2公募总规模稳住32万亿，QDII及股票型基金申购热情高涨 4月29日，中国基金业协会发布最新一期公募基金市场数据。截至今年3月底，公募基金总规模达到 32.22万亿元，连续两个月规模站稳32万亿元大关。从环比情况看，上个月公募基金规模变化较为平 稳，相比2月末，规模减少近百亿元，环比下跌0.03%，这也是自2020年10月以来， ...

丨证券研究报告丨 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 SFC：BUV596 吴一凡 谢宇尘 程泽宇 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 2025Q1 公募基金持仓点评：非银板块配置仍显 低配，券商和保险持仓环比下滑 报告要点 [Table_Summary] 基金非银板块配置环比持续回落，被动基金持仓占比高于主动型基金。1）被动基金持保险市值 占比高于主动型基金，主被动基金持仓均集中于中国平安；2）被动基金持券商市值占比高于主 动型基金，个股仍集中于头部机构；3）主动基金持多元金融市值占比高于被动型基金，仅有部 分个股存在持仓。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 2025Q1 公募基金持仓点评：非银板块配置仍显 2] 低配，券商和保险持仓环比下滑 [Table_Summary2] 事件描述 公募基金披露 2025 年一季度重仓持 ...

Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1] Core Insights - The total market capitalization of pharmaceutical stocks in public offering funds increased from RMB 233.40 billion to RMB 238.30 billion, reflecting a growth of 2% [30][31] - The proportion of pharmaceutical stocks in all fund holdings slightly increased to 7.87%, up by 0.36 percentage points from the previous quarter [31] - The report expresses optimism about the growth potential of the pharmaceutical industry, driven by continuous technological innovation and demand [30] Summary by Sections 1. Fund Holdings Ratio - The proportion of pharmaceutical stocks in public funds saw a slight recovery, with a total market cap increase from RMB 233.40 billion to RMB 238.30 billion [6][30] - As of Q1 2025, pharmaceutical stocks accounted for 7.87% of all public offering fund long positions, an increase of 0.36 percentage points from Q4 2024 [31] 2. Sector Analysis - The leading sectors in public fund holdings of pharmaceutical stocks in Q1 2025 were: 1) Chemical preparations: RMB 85.20 billion, 36% 2) Medical devices: RMB 44.70 billion, 19% 3) Medical R&D outsourcing: RMB 44.50 billion, 19% [32][10] 3. Top Holdings - The top five public offering fund long positions by market capitalization in Q1 2025 were: 1) Jiangsu Heng Rui Medicine: RMB 32.30 billion 2) WuXi AppTec: RMB 27.60 billion 3) Mindray Medical: RMB 25.60 billion 4) United Imaging: RMB 9.80 billion 5) BeiGene: RMB 9.00 billion [33][20] - The top five growth in public offering fund long positions by market capitalization were: 1) WuXi AppTec: +RMB 6.20 billion 2) BeiGene: +RMB 4.40 billion 3) Sichuan Kelun Pharmaceutical: +RMB 2.60 billion 4) Jiangsu Heng Rui Medicine: +RMB 2.40 billion 5) Pharmaron: +RMB 0.90 billion [25][33]

Core Insights - The public fund industry reported a net asset value of 32.07 trillion yuan, with a quarter-on-quarter decrease of 1.74% [2] - Ningde Times remains the top heavy stock for public funds, with a total market value of 146.8 billion yuan held by 1,863 funds [3] - Public funds achieved a profit of over 250 billion yuan in the first quarter, driven by the recovery of equity fund performance [5] Fund Market Overview - As of the end of Q1 2025, the public fund market consists of 12,532 funds, with a total net asset value of 32.07 trillion yuan, reflecting a decrease of 1.74% from the previous quarter [2] - A total of 297 new funds were launched in Q1, raising 250 billion yuan, with bond and equity funds accounting for over 90% of the total [2] - The ETF market reached a record size, approaching 500 billion yuan, with a market share of 13% [2] Asset Allocation - The largest asset type held by funds is bonds, with a market value of 19.66 trillion yuan, accounting for 58.1% of total fund assets, an increase of 3.99% [2] - Stocks are the second-largest asset type, with a market value of 6.92 trillion yuan, representing 20.45% of total assets, an increase of 1% [2] - The top three industries in stock holdings are manufacturing (54.79%), finance (10.16%), and information transmission, software, and IT services (6.7%) [2] Top Holdings - Ningde Times is the largest stock held by public funds, with a total market value of 146.8 billion yuan [3] - Guizhou Moutai and Tencent Holdings follow, with market values of 142.8 billion yuan and 111.5 billion yuan, respectively [3] - Alibaba, Xiaomi, Meituan, and Kuaishou are also significant holdings, with respective market values of 74.5 billion yuan, 43.1 billion yuan, 33.9 billion yuan, and 14.6 billion yuan [3] Changes in Holdings - Alibaba saw the largest increase in the number of funds holding its stock, rising by 496 funds to a total of 830, with a market value of 74.5 billion yuan [3] - Zijin Mining and BYD also experienced significant increases in fund holdings, with over 200 additional funds [3] - In terms of share increases, Zijin Mining led with an increase of 1.053 billion shares held by funds [4] Profit Performance - Public funds reported a total profit of 251.7 billion yuan in Q1, benefiting from the recovery in equity fund performance [5] - The top three profit-generating companies were E Fund, Huaxia Fund, and Fortune Fund, with profits of 30.8 billion yuan, 27.1 billion yuan, and 16.4 billion yuan, respectively [5] - Mixed and equity funds were the most profitable types, generating profits of 103.2 billion yuan and 49.7 billion yuan, respectively [5] Fund Management Scale - E Fund and Huaxia Fund had non-monetary management scales of 1.42 trillion yuan and 1.2 trillion yuan, respectively, with slight decreases from the previous year [6] - Fortune Fund's non-monetary management scale increased by nearly 30 billion yuan, reaching over 710 billion yuan [6] - Mid-sized public fund companies also showed strong performance, with several increasing their management scales by over 8 billion yuan [6]

Group 1 - The core viewpoint of the articles highlights the strong performance of Dongfang Caifu in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating a recovery in the public fund issuance market [1][2] - In Q1 2025, the company achieved total operating revenue and net profit attributable to shareholders of 3.486 billion and 2.715 billion yuan, respectively, representing year-on-year increases of 41.9% and 39.0% [1] - The company's operating income growth turned positive, with public fund issuance rebounding significantly, leading to a strong performance in sales [1] Group 2 - The A-share market maintained high trading volumes, with an average daily trading volume (ADT) of 1.5246 trillion yuan in Q1 2025, a year-on-year increase of 70.3%, which positively impacted the company's commission income [2] - The company’s financing interest income increased due to a slight growth in the scale of funds lent out, while self-operated investment income decreased by 13.6% year-on-year to 702 million yuan, attributed to fluctuations in the bond market [2] - The company is expected to see net profits attributable to shareholders of 11.554 billion, 12.329 billion, and 13.220 billion yuan for 2025-2027, reflecting year-on-year growth rates of 20.2%, 6.7%, and 7.2% respectively [2]

2025年4月29日，五洲新春(603667.SH)发布2024年年度报告。截至2025年4月28日，共有77个机构投资 者披露持有五洲新春A股股份，合计持股量达5969.61万股，占五洲新春总股本的16.30%。其中，前十 大机构投资者包括浙江五洲新春集团控股有限公司、香港中央结算有限公司、中国农业银行-富国天瑞 强势地区精选混合型开放式证券投资基金、上海阿杏投资管理有限公司-阿杏格致13号私募证券投资基 金、招商银行股份有限公司-鹏华碳中和主题混合型证券投资基金、中国银行股份有限公司-富国新材料 新能源混合型证券投资基金、鹏华新能源汽车混合A、永赢先进制造智选混合发起A、鹏华沪深港新兴 成长混合A、鹏华创新未来混合(LOF)，前十大机构投资者合计持股比例达14.77%。相较于上一季度， 前十大机构持股比例合计下跌了1.45个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括鹏华碳中和主题混合A、永赢先进制 造智选混合发起A、中银双利债券A、浦银安盛高端装备混合A，持股增加占比达0.92%。本期较上一季 度持股减少的公募基金共计5个，包括鹏华新能源汽车混合A、富国新材料新能源混合A、富国天 ...

每经记者 李蕾 每经编辑 彭水萍 《每日经济新闻》记者从业内获悉，多家公募基金公司都收到了中证指数有限公司（以下简称中证指 数）和深圳证券信息公司（以下简称深证信息）这两大指数公司下调被动投资组合标的指数授权费的通 知。 从通知的具体内容来看，虽然不完全相同，但主要信息都包括以下几个方面：1、下调年化基点费率； 2、下调季度收取下限；3、扩大不设季度收取下限的指数产品范围；4、取消许可使用固定费等。此 外，方案都从4月1日起生效。 从具体内容来看，中证指数的调整方案主要包括以下几个方面： 1、取消许可使用固定费 自2025年4月1日起，所有新增授权的指数产品不再收取许可使用固定费；已获取授权的指数产品许可使 用固定费执行原协议收费方案至2025年3月31日。 2、调整许可使用基点费率 告知函发出之日前签署的指数许可使用协议，所有指数产品自2025年4月1日起基点费率下调20%；告知 函发出之日后签署的指数许可使用协议，所有指数产品适用下调后的基点费率标准。 也有公司表示，之前和指数公司有过预沟通，但目前还没收到正式通知函，"说后面会陆续通知"。 今年3月，多家基金公司发布公告称，旗下全部指数基金的指数使用费均 ...

证券研究报告 | 固定收益点评 gszqdatemark 2025 04 28 年 月 日 固定收益点评 基金增持了哪些转债——25Q1 基金转债持仓分析 2025Q1 公募基金持有转债规模占转债总市值的比重环比下降 0.87pcts，仓位小幅上升了 0.01pcts。截止 2025Q1，转债市场存量余 额 6920.52 亿元，环比 24Q4 增加 0.24%；公募基金持有转债市值 2822.74 亿元，占转债总市值的 40.79%，较 24Q4 减少 0.87pcts；公募基金持有 转债仓位为 0.819%，较 24Q4 上升 0.01pcts。 2025Q1，可转债基金平均收益略跑赢中证转债指数。受权益市场行情影 响，25Q1 转债市场主要指数上涨。可转债基金 25Q1 的区间平均收益率 为 16.73%，收益率为正的可转债基金有 39 只，其中华宝可转债债券 25Q1 收益率表现最好为 46.51%；东方可转债债券的收益率同样表现优异为 37.26%。另外仅有工银可转债债券的收益率为-0.24%。可转债基金中跑 赢中证转债指数的有 21 只，胜率 52.50%；跑赢转债债基指数的为 18 只， 胜率为 ...