Group 1: Fund Scale and Performance - The total net asset value of public funds reached 35.41 trillion yuan by the end of Q3 2025, an increase of 1.69 trillion yuan from the end of Q2 2025, with a quarterly growth of 2.65% in the A-share market [3][16]. - Non-monetary market fund scale reached 21.06 trillion yuan, up 1.56 trillion yuan from the previous quarter, representing a quarter-on-quarter increase of 8.02% and a year-on-year increase of 13.48% [3][16]. - Passive index bond funds led the growth with a scale of 1.82 trillion yuan, showing a quarter-on-quarter increase of 19.13% and a year-on-year increase of 80.38% [3][24]. Group 2: Active Equity Funds - As of the end of Q3 2025, there were 4,268 active equity funds with a total scale of 3.94 trillion yuan, reflecting a quarter-on-quarter increase of 1.06% and a year-on-year increase of 4.80% [4][25]. - The average holding ratio of active equity funds was 88.91%, with the top 10 holdings accounting for an average of 39.90% of the fund's net value, indicating a slight increase in concentration [4][27]. - The top ten fund companies accounted for 44.7% of the total active equity fund market, highlighting a significant concentration effect among leading firms [4][28]. Group 3: Fixed Income Plus Funds - By the end of Q3 2025, there were 1,631 fixed income plus funds with a total scale of 2.11 trillion yuan, with a notable increase in the number of funds in the medium and low elasticity categories [5][40]. - The market saw a significant increase in the allocation to electronic, power equipment and new energy, and non-ferrous metals sectors, with respective increases of 4.6%, 3.2%, and 3.0% in heavy positions [5][69]. - The top three fund companies managing fixed income plus funds were E Fund, Invesco Great Wall, and Fortune Fund, with E Fund managing over 237.2 billion yuan [5][46]. Group 4: FOF, ETF, QDII, and Quantitative Funds - As of Q3 2025, there were 518 FOF funds with a total scale of 1934.89 billion yuan, reflecting a quarter-on-quarter increase of 16.8% [6]. - The ETF market reached a total scale of 54,770.41 billion yuan, up 32.08% from Q2 2025 [6]. - The QDII market had 266 funds with a total scale of 740.3 billion yuan, indicating a quarter-on-quarter increase of 22.25% [6][24].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - In Q3 2025, the overall heavy holdings of public funds in the pharmaceutical sector decreased slightly, with a focus on innovative drugs and CXO holdings becoming more concentrated [2][6] - The total scale of pharmaceutical funds reached 434.6 billion yuan, with a quarter-on-quarter increase of 28.4%, indicating a growing interest in the sector [19] - The proportion of passive funds in the pharmaceutical sector has increased significantly from 18% in Q1 2018 to 52% in Q3 2025, reflecting a shift in investment strategies [19] Summary by Sections Overall Holdings - The heavy holdings ratio of all public funds in the pharmaceutical sector was 9.7%, down 0.1 percentage points quarter-on-quarter, with an overweight ratio of 3.3% [2][9] - The heavy holdings ratio of all active public funds in the pharmaceutical sector was 10.8%, down 0.3 percentage points quarter-on-quarter, with an overweight ratio of 4.36% [2][9] - The heavy holdings ratio of all non-pharmaceutical funds in the pharmaceutical sector was 4.4%, down 0.2 percentage points quarter-on-quarter, with an underweight ratio of -2.03% [2][9] Fund Structure - The proportion of active funds in the pharmaceutical sector decreased slightly, with active pharmaceutical funds accounting for 31% of the total heavy holdings market value, down 0.5 percentage points [3][13] - The total market value of pharmaceutical funds was 434.6 billion yuan, with active funds at 206.7 billion yuan and passive funds at 228 billion yuan [19] Heavy Holdings by Fund Type - The overall structure of holdings showed an overweight in innovative drugs and CXO, while traditional Chinese medicine and high-value consumables were underweighted [6] - The top three sectors with increased holdings among all public funds were CXO, Bio-Pharma, and online pharmacies, while medical devices, traditional Chinese medicine, and specialty chains saw declines [6] Heavy Holdings of Individual Stocks - The top five stocks by total market value held by all public funds included WuXi AppTec (45 billion yuan), Hengrui Medicine (42.4 billion yuan), and Innovent Biologics (21.7 billion yuan [6] - The top three stocks with increased holdings among active funds were BeiGene H (+4.8 billion yuan), CanSino Biologics (+4.2 billion yuan), and China National Pharmaceutical Group (+3.9 billion yuan) [6]

Report Title - "Technology in the Big Era - 3Q25 Fund Position Analysis" [2] Report Core Viewpoints - Market performance rebounded in Q3, leading to a turning point in fund issuance. The net value of active funds generally recovered, driving the recovery of fund issuance. Historically, when the proportion of active funds with a net value >1 rises above 80%, fund issuance is expected to accelerate, boosting the performance of heavily - held stocks by funds [3]. - The equity position of active funds reached a historical high. In 3Q25, the stock - holding ratio of active equity - biased funds increased by 1.4 pct to 85.6%, and the equity and convertible bond positions of "fixed - income +" funds changed by +2.5 pct and - 1.0 pct to 10% and 7% respectively [3]. - Funds increased their allocation to technology and cyclical sectors while reducing their allocation to consumption, manufacturing, and high - dividend sectors. In terms of overweight ratios, active funds significantly increased their positions in communication and electronics in the TMT sector, as well as non - ferrous metals and petroleum and petrochemicals in the cyclical sector. They reduced their positions in home appliances and food and beverage in the consumption sector, as well as military and automotive in the manufacturing sector, and banks and transportation in the high - dividend sector [3]. - The TMT position ratio reached a historical high, facing downward pressure. In Q3, the concentration of the top 20 heavily - held A - share stocks by funds increased to 33%, the highest since Q3 2022. Historically, the position ratio of around 30% has been a critical point for active fund clustering. In this technological wave, the TMT position ratio has reached 40%. After the breakdown of previous clustering, the position ratio generally declined to below 20% [4]. - Active funds have strong pricing power in the TMT sector. In terms of the position as a proportion of the industry's free - float market capitalization, active funds currently have relatively higher pricing power in the TMT sector than passive funds and foreign capital, and also have a slight advantage in the manufacturing (machinery and military) sector [4]. - Regarding the adjustment of five types of industry funds: TMT funds increased their positions in CPO and PCB while reducing semiconductor and computer software; consumer funds increased their positions in e - commerce and hotels while reducing chemicals and white goods; new energy funds increased their positions in small metals while reducing vehicle manufacturing and electrical equipment; pharmaceutical funds increased their positions in biopharmaceuticals while reducing chemical drugs; cyclical funds increased their positions in small metals and precious metals while reducing industrial metals and rubber [4]. - Funds continued to increase their positions in Hong Kong - listed internet, semiconductor, and non - banking sectors. Internet platforms such as Alibaba and Tencent, which benefit from the AI wave, semiconductor companies like SMIC and Huahong, and insurance companies in the non - banking sector, which benefit from the improvement of asset quality in a bull market, all received increased allocations from funds [4]. - A selected portfolio of heavily - held stocks by funds was screened for stocks with a CAGR of profit expectations >30% and a profit forecast upward revision of more than 5% since October, which are expected to benefit from the incremental liquidity brought by the recovery of fund issuance [5]. Report Industry Investment Rating - Not provided in the report Summary by Directory Public Offering - Market performance in Q3 was strong, and the net value of active funds generally recovered, driving the recovery of fund issuance. Historically, when the proportion of active funds with a net value >1 rises above 80%, fund issuance is expected to accelerate, boosting the performance of heavily - held stocks by funds [6]. Equity Allocation - In 3Q25, due to the technology and manufacturing market, the equity position of active funds reached a historical high, and "fixed - income +" funds also increased their equity allocation. The stock - holding ratio of active equity - biased funds increased by 1.4 pct to 85.6%, and the equity and convertible bond positions of "fixed - income +" funds changed by +2.5 pct and - 1.0 pct to 10% and 7% respectively [11]. Industry Allocation - In terms of overweight ratios, in Q3, active funds significantly increased their positions in communication (+3.5 pct), electronics (+2.4 pct) in the TMT sector, and non - ferrous metals (+0.6 pct) and petroleum and petrochemicals (+0.5 pct) in the cyclical sector. They reduced their positions in home appliances (-1.6 pct), food and beverage (-1.2 pct) in the consumption sector, as well as automotive (-1.1 pct), military (-1.0 pct) in the manufacturing sector, and banks (-0.5 pct), utilities (-0.4 pct), and transportation (-0.4 pct) in the high - dividend sector [13]. - In terms of sub - sectors, hardware such as CPO and PCB were the main sectors for increased positions. The sectors for reduced positions were mainly the weak - performing consumption, innovative drugs, and urban and rural commercial banks [16]. - In Q3, there was a consensus between north - bound funds and active funds in increasing allocations to technology and cyclical sectors such as electronics, media, non - ferrous metals, and petrochemicals. North - bound funds also significantly increased their positions in new energy. In terms of reduced positions, both significantly reduced their allocations to consumption sectors such as food and beverage and home appliances, as well as high - dividend - related banks, utilities, and transportation [18]. Concentration of Heavily - Held Stocks - In Q3, the concentration of the top 20 heavily - held A - share stocks by funds increased to 33%, the highest since Q3 2022, corresponding to the style where small - cap stocks outperformed large - cap stocks [21]. Sector Concentration - Since 2009, the position ratio of around 30% has been a critical point for previous rounds of active fund clustering. In this technological wave, the TMT position ratio has reached 40%. After the breakdown of previous clustering, except for the relatively slow decline in the position ratio of pharmaceuticals + food and beverage from 2020 in the following three years, the position ratio generally declined to below 20% [25]. Relative Pricing Power - In terms of the position as a proportion of the industry's free - float market capitalization, active funds currently have relatively higher pricing power in the TMT sector than passive funds and foreign capital, and also have a slight advantage in the manufacturing (machinery and military) sector [27]. Industry Funds - TMT funds increased their positions in CPO and PCB while reducing semiconductor and computer software; consumer funds increased their positions in e - commerce and hotels while reducing chemicals and white goods; new energy funds increased their positions in small metals while reducing vehicle manufacturing and electrical equipment; pharmaceutical funds increased their positions in biopharmaceuticals while reducing chemical drugs; cyclical funds increased their positions in small metals and precious metals while reducing industrial metals and rubber [30]. Heavily - Held Stocks - AI hardware - related companies such as Industrial and Commercial Bank of China, Cambricon, Dongshan Precision, and Tianfu Communication entered the top 20 heavily - held stocks by funds, while financial and consumer stocks such as China Merchants Bank, Wuliangye, Haid Group, and Gree Electric Appliance exited the top 20 [33]. A - Share Individual Stock Allocation - Funds increased their positions in stocks such as Tonglian Precision and Xiangyou Pump. The median excess return of the top 20 stocks with increased fund pricing power in Q3 2025 relative to the CSI 300 was 61%, but most of them underperformed in Q4. The median excess return of the top 20 stocks with reduced positions by funds in Q3 was relatively low, only 7% [36][40]. Hong Kong Stock Allocation - In 3Q25, funds continued to increase their positions in Hong Kong - listed internet, semiconductor, and non - banking sectors. Internet platforms such as Alibaba and Tencent, semiconductor companies like SMIC and Huahong, and insurance companies in the non - banking sector all received increased allocations [41]. Selected Portfolio of Heavily - Held Stocks by Funds - Stocks were screened from heavily - held stocks by funds with a CAGR of profit expectations >30% and a profit forecast upward revision of more than 5% since October, which are expected to benefit from the incremental liquidity brought by the recovery of fund issuance [5].

Core Conclusions - Public funds in Q3 2025 have reached historical highs in their allocations to the electronics and communication sectors, with the electronics allocation increasing from 18.67% in Q2 to 25.53% in Q3, and the relative overweight ratio rising from +9.1% to +12.75%, making it the only primary industry with an overweight ratio exceeding 10% relative to the entire A-share market [10][11] - Other industries that saw further overweighting in Q3 include communication, power equipment, non-ferrous metals, and media, with electronics, communication, power equipment, and non-ferrous metals performing well in Q3 2025, indicating a concentrated preference among public funds [10][11] Market Overview - The allocation of active equity funds in Q3 2025 shows a significant increase in stock positions, with the stock allocation rising to 85.62% from 84.24% in Q2, amounting to approximately 3.58 trillion yuan, reflecting a 21.48% increase [11][12] - The allocation across different market segments indicates a decline in the main board and North Exchange, while other segments have rebounded [13] Industry Allocation - The allocation for major industry categories in Q3 2025 is as follows: upstream raw materials at 9.98% (up 0.69 percentage points), midstream manufacturing at 54.16% (up 12.3 percentage points), downstream consumption at 26.95% (down 7.05 percentage points), financial real estate at 4.3% (down 3.63 percentage points), and support services at 4.52% (down 2.28 percentage points) [18][19] - The upstream raw materials sector has shown an overall recovery, with specific allocations for coal at 0.29% (down 0.08 percentage points), oil and petrochemicals at 0.35% (down 0.03 percentage points), basic chemicals at 2.41% (down 0.54 percentage points), steel at 0.32% (down 0.02 percentage points), non-ferrous metals at 6% (up 1.35 percentage points), and building materials at 0.61% (up 0.01 percentage points) [21][22] Midstream Manufacturing - In midstream manufacturing, the allocations for Q3 2025 are as follows: power equipment at 12.32% (up 2.43 percentage points), machinery at 4.06% (up 0.27 percentage points), electronics at 25.53% (up 6.86 percentage points), national defense and military industry at 2.99% (down 1.18 percentage points), and communication at 9.26% (up 3.93 percentage points) [27][28] - The communication sector has seen significant increases in allocation, particularly in communication equipment, which rose by 4.44 percentage points [27][31] Downstream Consumption - In downstream consumption, the allocations for Q3 2025 are as follows: agriculture, forestry, animal husbandry, and fishery at 1.15% (down 0.5 percentage points), food and beverage at 4.93% (down 1.81 percentage points), pharmaceutical and biological products at 9.66% (down 1.25 percentage points), textiles and apparel at 0.21% (down 0.2 percentage points), social services at 0.18% (down 0.22 percentage points), light industry manufacturing at 0.46% (down 0.36 percentage points), media at 2.48% (up 0.55 percentage points), home appliances at 2.75% (down 1.66 percentage points), automotive at 4.88% (down 1.45 percentage points), and beauty and personal care at 0.24% (down 0.17 percentage points) [32][33]

- The report does not contain any quantitative models or factors for analysis

Investment Rating - The report maintains an investment rating of "stronger than the market" for the industry, indicating an expected performance that exceeds the benchmark index by more than 10% [2][42]. Core Viewpoints - The report highlights that the darkest period for the liquor sector has passed, and the sector is entering a configuration phase. Supply-side rationality is improving, and market expectations are low, with institutional holdings being relatively low, suggesting a gradual recovery [9][38]. - The food and beverage sector is experiencing a decline in institutional holdings, particularly in the liquor segment, where the overweight position has narrowed. The overall allocation for the food and beverage sector in Q2 2025 is 9.35%, down 1.96 percentage points from Q1 2025 [6][14]. - The report suggests focusing on specific companies within the liquor sector, including Moutai, Wuliangye, and others, as well as opportunities in the beer and soft drink segments due to recovering demand and seasonal consumption peaks [9][38]. Summary by Sections 1. Institutional Holdings in Food and Beverage - The allocation for the food and beverage sector has decreased, with a notable decline in liquor holdings, which fell by 1.90 percentage points in Q2 2025. The market capitalization of liquor stocks accounts for 3.74% of the A-share market, with an overweight position of 4.27% [6][14][15]. - The report indicates a mixed performance in the consumer goods sector, with slight increases in snack and soft drink allocations [14][19]. 2. Heavyweight Liquor Stocks - Only two liquor stocks are among the top 20 holdings by funds, namely Moutai and Wuliangye, with Wuliangye dropping to the 20th position. Moutai's holding ratio in Q2 2025 is 1.85%, down 0.47 percentage points [25][26]. - The report notes a significant decrease in the number of funds holding major liquor stocks, indicating a trend of reduced interest among institutional investors [30][31]. 3. Individual Stock Analysis - The report identifies a decline in the number of funds holding high-end liquor stocks, with Moutai and Wuliangye seeing substantial reductions in both the number of funds and the quantity held [30][31]. - In the beer segment, Yanjing Beer has seen a significant increase in fund holdings, while Qingdao Beer has experienced a decrease [31][32]. 4. Investment Recommendations - The report recommends focusing on liquor stocks that are entering a configuration phase, such as Moutai, Wuliangye, and others. It also suggests monitoring the beer sector for companies with strong fundamentals [9][38]. - For consumer goods, the report emphasizes the growth potential in the snack segment and suggests companies that are expanding their product lines and channels [39].

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]

Investment Rating - The report maintains an "Increase" rating for the industry [1] Core Insights - The overall holdings in the new energy sector have decreased, with specific declines noted in electric vehicles, photovoltaics, energy storage, wind power, and the power grid sectors, while the industrial control sector has seen an increase [1] - The proportion of holdings in the new energy vehicle sector decreased to 5.20%, down 0.09 percentage points from the previous quarter [21] - The photovoltaic sector's holdings fell to 3.33%, a decrease of 0.80 percentage points [32] - The wind power sector's holdings decreased to 2.84%, down 0.27 percentage points [36] - The power equipment sector's holdings dropped to 1.95%, a decline of 0.18 percentage points [4] - The energy storage sector's holdings decreased to 7.80%, down 0.61 percentage points [5] Summary by Sections New Energy Vehicles - Overall holdings decreased, with upstream lithium mining and charging piles declining, while core components and new technologies saw an increase [24] - Upstream lithium mining holdings fell to 1.64%, down 0.56 percentage points [25] - Midstream holdings decreased to 8.86%, down 0.98 percentage points, with increases in structural components and additives [27] - Core components and complete vehicles saw an increase, while charging piles decreased [28] - New technology holdings rose to 1.68%, up 0.89 percentage points, with sodium batteries and composite current collectors increasing [29] New Energy - The photovoltaic sector's holdings decreased to 3.33%, down 0.80 percentage points, with silicon wafer and battery holdings increasing while silicon material and inverter holdings decreased [32] - The wind power sector's holdings decreased to 2.84%, down 0.27 percentage points, with increases in tower and sea pile holdings [36] - The nuclear power sector's holdings fell to 0.64%, down 0.07 percentage points [38] Industrial Control & Power Equipment - The industrial control and power electronics sector's holdings increased to 5.69%, up 0.01 percentage points [4] - The power equipment sector's holdings decreased to 1.95%, down 0.18 percentage points [4] Energy Storage - Overall holdings in the energy storage sector decreased to 7.80%, down 0.61 percentage points, with a decline in storage batteries and PCS, while temperature control and fire protection saw an increase [5]

Investment Rating - The report maintains a "Buy" recommendation for key companies in the electric new energy sector, including 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) among others [3][24]. Core Insights - The overall fund holding ratio in the electric new energy sector has decreased, with a fund holding ratio of 9.20% as of Q1 2025, down by 1.35 percentage points quarter-on-quarter [1][7]. - The electric new energy sector's market capitalization accounted for 5.29% of the total market capitalization, reflecting a slight increase of 0.18 percentage points quarter-on-quarter [1][7]. - The report highlights a shift in fund holdings towards the electric vehicle and power equipment sectors, while the renewable energy generation sector has seen a deeper adjustment [2][14]. Summary by Sections Overall Sector Analysis - As of Q1 2025, the fund holding ratio for the electric new energy sector is 11.87%, down by 0.56 percentage points quarter-on-quarter [1][7]. - The market capitalization of electric new energy stocks in the A-share market is 7.78%, up by 0.61 percentage points quarter-on-quarter [1][7]. Subsector Analysis - The fund holding ratio for the electric vehicle sector is 8.65%, up by 0.11 percentage points quarter-on-quarter, while the renewable energy generation sector's holding ratio is 1.82%, down by 0.67 percentage points [2][14]. - The power equipment and industrial control sector has a fund holding ratio of 1.50%, up by 0.06 percentage points quarter-on-quarter [2][14]. Investment Recommendations - Recommended stocks in the electric vehicle sector include 宁德时代 (CATL), 科达利 (Kodali), and 中科电气 (Zhongke Electric) [2][24]. - For the power equipment and industrial control sector, recommended stocks include 许继电气 (XJ Electric), 平高电气 (Pinggao Electric), and 思源电气 (Siyuan Electric) [2][24]. - In the renewable energy sector, recommended stocks include 东方电缆 (Oriental Cable), 海力风电 (Haili Wind Power), and 阳光电源 (Sungrow Power) [2][24]. Key Company Forecasts - 宁德时代 (CATL) is projected to have an EPS of 11.58 yuan in 2024, with a PE ratio of 20, and is rated as a "Buy" [3][24]. - 科达利 (Kodali) is expected to have an EPS of 5.44 yuan in 2024, with a PE ratio of 24, and is also rated as a "Buy" [3][24]. - 中科电气 (Zhongke Electric) is forecasted to have an EPS of 0.44 yuan in 2024, with a PE ratio of 34, and is rated as a "Buy" [3][24].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of the end of Q1 2025, the number and scale of active bond - type funds increased slightly, but the number and total issuance scale of newly - issued funds decreased, with the issuance scale of hybrid secondary bond funds rising [4][7][9]. - In Q1 2025, with the upward movement of Treasury bond yields, short - term pure bond funds performed relatively well, while first - tier bond funds rose steadily and second - tier bond funds fluctuated upwards driven by equity assets [4][17][19]. - Different types of active bond funds showed different trends in terms of leverage, duration, and position allocation. For example, closed - end medium - and long - term pure bond funds reduced leverage and increased duration, while open - end ones increased leverage and reduced duration; hybrid secondary bond funds increased their stock positions and holdings in the non - ferrous metals sector [4][23][70]. 3. Summary According to the Directory 3.1 Active Bond - Type Fund Scale and Issuance - **Scale Change**: As of the end of Q1 2025, there were 3263 active bond - type funds (excluding amortized cost method funds), a 0.8% increase from the previous quarter. The fund scale was 7.90 trillion yuan, a 1.0% increase. Among them, medium - and long - term pure bond funds, short - term pure bond funds, hybrid first - tier bond funds, and hybrid second - tier bond funds increased by 0.7%, 1.5%, 0.6%, and 3.8% respectively [7][9]. - **Fund Issuance**: In Q1 2025, 43 active bond - type funds were issued, a 10.4% decrease from the previous quarter. The total issuance scale was 783.7 billion yuan, a 16.7% decrease. The issuance scale of medium - and long - term pure bond funds decreased by 31.5%, while that of hybrid second - tier bond funds increased by 65.1% [13][14]. 3.2 Active Bond - Type Fund Performance - **Treasury Bond Yields Upward, Short - Term Pure Bond Funds Performed Relatively Well**: In Q1 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds increased by 47bp, 44bp, 25bp, 21bp, 21bp, and 18bp respectively. The short - term pure bond fund index had a return of 0.13%, while the medium - and long - term pure bond fund index had a return of - 0.29% [17]. - **First - Tier Bond Funds Rose Steadily, Second - Tier Bond Funds Fluctuated Upwards**: Driven by equity assets, the hybrid first - tier bond fund index had a return of 0.28% with a maximum drawdown of - 0.44%, and the hybrid second - tier bond fund index had a return of 0.56% with a maximum drawdown of - 0.53% [19]. 3.3 Active Bond Fund Position Analysis - **Medium - and Long - Term Pure Bond Funds**: Closed - end bond funds reduced leverage and increased duration, while open - end bond funds increased leverage and reduced duration. In terms of bond type allocation, closed - end funds increased positions in credit bonds and interest - rate bonds, while open - end funds increased interest - rate bonds and reduced credit bonds [23][30]. - **Short - Term Bond Funds**: They reduced leverage and duration, and the position of financial bonds decreased. The median of the portfolio leverage ratio decreased by 3.3%, the median of the bond position decreased, and the weighted duration of the top five heavy - position bonds decreased by 0.07 years [39][46][48]. - **Hybrid First - Tier Bond Funds**: They reduced leverage and duration, and the convertible bond position continued to rise. The median of the leverage ratio and bond position decreased, and the median of the convertible bond position increased by 1.65% [50][54]. - **Hybrid Second - Tier Bond Funds**: The stock position recovered, and they increased holdings in non - ferrous metals. The median of the portfolio leverage ratio decreased, the bond position decreased, and the stock position increased. They increased holdings in sectors such as non - ferrous metals, pharmaceutical biology, and steel, and reduced holdings in sectors such as petroleum and petrochemicals, coal, and banks [59][61][70].