Fund Position Monitoring - The median position of ordinary equity funds is 91.98%, and for mixed equity funds, it is 91.33%, showing an increase compared to the previous quarter. The current positions are at historical percentiles of 98.41% and 100% respectively [1][6][11] - The average Hong Kong stock allocation for ordinary equity funds is 13%, and for mixed equity funds, it is 17.11%, both slightly increased from the previous quarter. The number of funds allocating to Hong Kong stocks is 241 for ordinary equity funds and 1,671 for mixed equity funds, accounting for 59.55% of the total [1][11][9] Fund Holding Concentration Monitoring - The proportion of heavy-weight stocks in equity allocation is 54.96%, up from 52.46% in the previous period, indicating a significant increase in concentration. The total number of stocks held by fund managers decreased to 2,377 from 2,507, suggesting reduced diversity in holdings [10][1][6] Sector Allocation Monitoring - The main board allocation weight is 47.54%, the ChiNext board is 19.29%, the Sci-Tech Innovation board is 13.91%, and Hong Kong stocks are 19.26%. The main board weight has decreased significantly, while the ChiNext and Sci-Tech boards have increased [21][24] - The technology sector saw a substantial increase in allocation, rising by 12.97% to a historical high of 50.51%. In contrast, the consumer and financial sectors saw significant reductions of 6.08% and 3.48%, respectively, reaching historical lows [24][27] Industry Allocation Monitoring - The top three industries by allocation weight are electronics (23.93%), electric power equipment and new energy (10.27%), and pharmaceuticals (9.81%). The industries with the most active increases in allocation are communication, computer, and electronics, with increases of 2.93%, 1.97%, and 1.85% respectively [26][27][28] Individual Stock Allocation Monitoring - The three stocks with the highest absolute market value allocation are Ningde Times (740 billion), Tencent Holdings (682 billion), and Xinyi Technology (559 billion) [31][32] Performance Fund and Billion Fund Industry Allocation Monitoring - The top three industries allocated by performance funds are electronics (41.18%), communication (38.25%), and computer (8.57%). For billion-scale funds, the top three industries are electronics (26.6%), pharmaceuticals (13.97%), and food and beverage (11.41%) [35][36]

Core Insights - The recent trend among public funds shows a significant reduction in stock concentration, indicating a shift in investment strategy due to increased market complexity and external uncertainties [1][2][4]. Group 1: Fund Behavior - Many funds, such as Penghua Carbon Neutral Theme A, have reduced their heavy stock holdings from 63% at the end of last year to 44% by the end of the first quarter [1]. - The reduction in stock concentration suggests that fund managers are finding it challenging to identify clear investment themes, especially after substantial gains in sectors like technology and robotics [2][4]. Group 2: Market Conditions - The market has become more difficult to navigate, with fewer emerging themes compared to the previous quarter, leading to a cautious approach from fund managers [2][4]. - Increased external uncertainties have made high stock concentration riskier, prompting funds to diversify their holdings to mitigate potential negative impacts on net asset values [2][4]. Group 3: Investment Strategy Implications - Investors should adjust their return expectations in light of the funds' reduced concentration, as this reflects a defensive strategy aimed at maintaining net value stability [4][5]. - The current market environment suggests a preference for index funds and defensive mixed funds, which typically offer better risk management compared to concentrated funds [6].

报 告 摘 要 一、基金仓位监控 普通股票型基金 仓位中位数为90.62%， 偏股混合型基金 仓位中位数为89.21%，与上一季 度相比基本持平，自2020年以来持续围绕在90%仓位震荡。普通股票型基金仓位处在历史 72.13%分位点，偏股混合型基金仓位处在历史78.69%分位点。 普通股票型和偏股混合型基金 港股仓位 均值分别为12.07%和15.3%，均较上一季度明显提 升。普通股票型配置港股基金数量为233只，偏股混合型配置港股基金数量为1572只，普通 股票型以及偏股混合型基金中配置港股的基金数量占比为57.85%。 二、基金持股集中度监控 基金重仓股占权益配置比重为53.21%，上一期为52.61%，有所提升；另一方面，基金持股 数量在2025年一季度相较于上一季度略有增加，基金经理总体持股数量为2331只，这意味 着，基金经理持仓的股票差异化有所提升。 三、板块配置监控 2025年一季报中披露的主板配置权重为55.08%、创业板配置权重为13.52%、科创板配置权 重为12.27%，港股配置权重为19.12%。 在2025年一季度内， 科技板块配置减仓较多 ，减少了1.73%，而 消费和医药板块配 ...