新华财经北京2月6日电 2026年1月，债券二级市场交投活跃度略有降温，全月总成交358,682.06亿元， 环比下降4.80%，但受春节错期影响同比大增27.95%。利率债成交保持韧性，信用债环比缩减成为债市 交投降温主因。信用利差方面，当月央行持续投放流动性，市场资金面合理充裕，信用利差震荡下行， 月末收于38.11bp，较上月收窄4.21bp。产业债多数行业利差收窄，城投债利差由升转降且波动收窄。展 望后市，债市大概率震荡运行，产业债行业轮动与城投债区域分化的结构性特征将持续凸显。 统计数据显示，债券二级市场1月总成交金额358,682.06亿元，环比下降4.80%；由于春节错期的影响， 本月成交金额同比实现27.95%的大幅增长。 按类型划分，利率债方面，1月成交金额227,087.36亿元，同比、环比分别增长30.40%、3.34%，展现出 较强的交易韧性。信用债（剔除同业存单）方面，1月成交金额83,606.03亿元，同比增幅达64.88%、但 环比减少6.02%，成为债市整体交投热度降温的主要因素。 从具体品种交易情况来看，产业债与城投债均出现环比成交缩减，且产业债环比降幅更为显著。信用级 别分 ...

Ownership Trends - As of March 2025, Foreign Institutional Investors (FIIs) owned 18.1% of BSE 500 stocks, down from a peak of 22% in 2014, while Domestic Institutional Investors (DIIs) owned 17.2%, the highest in 18 years[7][11] - In Q1 2025, DIIs increased their ownership in large-caps to 18.2% from 17.8%, mid-caps to 15.2% from 14.9%, and small-caps to 14.1% from 13.4%[8][16] Sector Exposure - FIIs increased exposure to Financials while reducing it in Consumer Staples, Consumer Discretionary, Healthcare, and Technology[3] - Retail investors increased their ownership in small-caps to 13.6% from 13.4% but reduced it in large-caps to 7.7% from 7.8%[10] Crowding and Alpha Opportunities - Stocks with significant increases in institutional ownership have underperformed the market by -3.5% to -3.8% per annum since 2006, indicating crowding behavior[4][35] - Under-owned stocks have historically generated alpha of 1.2% to 3.6% per annum since 2006, suggesting potential investment opportunities[4][42] Industry Rotation Strategy - A strategy of going long on the three least crowded and short on the three most crowded industries has yielded 5% annualized returns since 2009, with a notable increase to 29% post-COVID[52][56] - In Q1 2025, the crowded industry cohort was down -12.2%, while the market was down -4.6%, highlighting the risks associated with crowded sectors[4][52] Current Market Insights - The least crowded industries currently include Media, Steel, and Energy, while the most crowded are concentrated in Financials, particularly Banking and Asset Management[4][54] - The retail investor class remains the largest in small-caps, owning 13.6% compared to mutual funds at 11.2% and FIIs at 11.4%[10]