主动权益类公募基金一季报持仓透视：加配中小盘，减配成长

Core Insights - The report highlights a shift in the allocation of actively managed equity public funds, with a decrease in A-share holdings and an increase in Hong Kong stock holdings as of Q1 2025 [3][11] - There is a preference for increasing allocations in small and mid-cap stocks while reducing exposure to large-cap and dividend stocks [3][5] - The report indicates a focus on the automotive, non-bank financials, and non-ferrous metals sectors, while reducing allocations in power equipment, telecommunications, and household appliances [3][5][26] Fund Position Changes - As of Q1 2025, the stock position of actively managed equity public funds stands at 85.47%, reflecting a quarter-on-quarter increase of 0.36 percentage points [4][12] - The proportion of A-share holdings decreased by 2.29 percentage points, while the proportion of Hong Kong stocks increased by 2.66 percentage points [4][12] Sector Allocation - In terms of broad indices, there is an increased allocation to the CSI 500 and CSI 1000, with the CSI 500 holdings rising by 0.63 percentage points and the CSI 1000 by 1.00 percentage points [5][14] - The report notes a significant increase in Hong Kong stock holdings, with a rise of 4.67 percentage points, and a preference for the Sci-Tech Innovation Board, which saw a 1.09 percentage point increase in holdings [5][19] - The report indicates a slight increase in the allocation to cyclical stocks, while growth stocks saw a reduction of 3.44 percentage points [5][20] Industry Distribution - The report identifies a preference for increasing allocations in the automotive, non-ferrous metals, and non-bank financial sectors, while reducing exposure to power equipment, telecommunications, and household appliances [3][25][26] - The top five industries with increased allocation include automotive (+0.58 percentage points), non-ferrous metals (+0.39 percentage points), and non-bank financials (+0.36 percentage points) [26] - Conversely, the bottom five industries with reduced allocation include power equipment (-2.10 percentage points), telecommunications (-1.40 percentage points), and household appliances (-0.51 percentage points) [26] Stock Configuration - The concentration of the top 10 holdings (CR10) in actively managed equity public funds has increased by 0.81 percentage points, indicating a trend towards more concentrated fund flows [6][41] - The top 20 stocks with increased market value are primarily in the pharmaceutical and electronics sectors, while stocks like Ningde Times and Huadian shares have seen significant declines in market value [6][41]