1.1 主动基金全部持股TOP20 2025年，主动基金全部持股中前三大重仓股的所属行业为信息技术和工业。其中，中际旭创的持股总市 值位列第一，达883.90亿元，被1959只主动基金共同持有。 公募基金2025年年报于3月31日公布完毕。2025年年报数据显示，主动基金布局方向与市场热点高度吻 合，基金大幅增持的股票涨幅明显。近一年公募基金持有人结构总体趋于平稳，机构投资者偏好大盘风 格基金，持仓沪深300ETF已接近1.1万亿。 费率改革初显成效，2025全年公募基金各项费用合计2534.26亿元，折算后2025年的总费率为0.67%，相 比去年同期明显回落。 资产配置篇 | 2025年主动基金全部持股 | | | TOP 20 | | --- | --- | --- | --- | | 排名 股票名称 | | 持股总市值 (亿元) | 持有基金数量 所属行业 | | 1 | 中际旭创 | 883.90 | 1,959 信息技术 | | 2 | 宁德时代 | 775.32 | 11 5677 | | 3 | 新易盛 | 740.09 | 1.763 信息技术 | | 4 | 腾讯控股 | 658.89 | ...

Market Overview - Market trading activity has increased, with the average daily trading volume rising to 2.4 trillion yuan, and the proportion of stocks rising by 75.5%[5] - The median weekly return for all A-shares has increased to 2.3%[5] Fund Flows - Foreign capital inflow reached 5.6 billion USD as of February 25, with northbound trading accounting for 37.4% of total trading volume[5] - Public equity fund issuance has decreased to 880 million yuan, indicating a decline in overall stock positions[5] - ETF funds experienced a significant outflow of 32.34 billion yuan, with passive trading volume decreasing to 6.0%[5] Investor Behavior - The private equity confidence index increased by 0.5% compared to January, although positions have marginally decreased[5] - Retail investor activity has shown a slight increase, indicating growing market participation[5] Sector Performance - The electronics sector saw a net inflow of 15.8 billion yuan, while the non-ferrous metals sector attracted 8.8 billion yuan[5] - The basic chemical sector experienced a net outflow of 2.94 billion yuan, indicating a shift in investor sentiment[5] Global Market Trends - Southbound capital inflow has slowed, with net purchases dropping to 26.92 billion yuan, representing the 75th percentile since 2022[5] - Global foreign capital has marginally flowed into the US and South Korean markets, with inflows of 5.18 billion USD and 4.22 billion USD respectively[5]

Market Overview - The overall trading heat in the market has slightly decreased, with a decline in market sentiment and a drop in the average daily trading volume from 12.7 trillion to 11.7 trillion CNY [1] - The average daily number of stocks hitting the daily limit has decreased to 69, with the maximum consecutive limit hits being 5 [1] - The proportion of stocks that rose has dropped to 30%, and the median weekly return for all A-shares has fallen to -1.44% [1] Fund Flows - Financing funds continue to flow in, while ETF funds are experiencing outflows [2] - The new issuance scale of equity funds has increased to 9.5 billion CNY, with existing public fund positions rising by 0.2% [2] - Foreign capital has seen a net outflow of 700 million USD, with the inflow scale of A-shares dropping to a historical percentile of 7.6% [2] - The net inflow of financing has been 2 billion CNY, with the transaction volume proportion rising to 8.2% [2] Industry Allocation - There is a significant divergence in funding between foreign capital and margin financing in the automotive and electric new energy sectors, with financing funds increasing while foreign capital is decreasing [3] - The net inflow in the automotive sector is 2.79 billion CNY, while the computer sector has seen a net outflow of 1.41 billion CNY [3] - In the ETF market, the defense and military industry has seen a net inflow of 1.74 billion CNY, while the medical and electric new energy sectors have experienced outflows of 3.71 billion CNY and 1.75 billion CNY, respectively [3] Hong Kong and Global Fund Flows - Southbound capital inflow has accelerated, with a net inflow of 19 billion CNY, ranking in the 73rd percentile since 2022 [4] - Foreign capital has seen a net outflow of 721 million USD from Hong Kong stocks [4] - Developed markets have generally attracted foreign capital inflows, with the US and France leading in net inflows of 2 billion USD and 760 million USD, respectively [4]