1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In Q1 2025, the public - offering funds allocating stock index futures increased in terms of the number of companies and products, but the holding market value decreased significantly. The market trading volume recovered slowly under the catalysis of the narrative of domestic technology rise, and the market's risk - aversion demand increased after the overseas tariff impact emerged. The performance of different types of funds and the changes in holding positions of different varieties and terms also show different characteristics [3][4]. 3. Summary by Related Catalog Market Overview - In Q1 2025, the market started with a sharp decline, and the broad - based indexes had a stable upward trend. The trading volume recovered slowly under the influence of the domestic technology rise narrative. After the "Two Sessions" in March, the overseas tariff impact emerged, increasing the market's risk - aversion demand [3][4]. Changes in the Number of Public - Offering Funds and Product Allocations - The number of public - offering fund companies allocating stock index futures increased to 68, the number of long - position products increased to 327, and the number of short - position products increased to 68 [4]. - By the end of Q1, 148 passive index funds and 108 enhanced index funds allocated stock index futures, an increase of 16 and 15 respectively compared to the end of the previous quarter [3]. Changes in Holding Market Value and Position Quantity - The long - position market value decreased to 16.1 billion yuan, and the short - position market value decreased to 4.45 billion yuan, with quarter - on - quarter decreases of 23.7% and 12.6% respectively [4]. - As of the end of March 2025, the total market position of stock index futures was 998,523 lots (single - side calculation), basically unchanged from the previous quarter. The long - position of public - offering funds decreased by 24% to 14,579 lots, accounting for 1.46% of the total market; the short - position decreased by 13% to 3,811 lots, accounting for 0.4% of the total market [3][10]. Changes in Variety and Term Positions - The holding position of IM increased, while the long and short positions of other varieties decreased, and the proportion of IM in the public - offering fund allocation further increased. The long - position was still mainly in the current - quarter contract (June), accounting for 66%, and the short - position continued to move to the near - end, with the proportion of the current - month contract increasing to 42% [3][10]. Performance of Different Types of Funds - The public - offering stock long - short strategy had a high return in Q1, with an average quarterly net value increase of 2.4%, but the share further declined, with 15 out of 23 products experiencing a share decline [3]. Overseas Stock Index Futures Holdings - The change in the public - offering funds' holdings of overseas stock index futures was not significant. The NASDAQ 100 Mini Futures and the Hang Seng Technology Index Futures were still the two varieties with the largest holding positions [3].