基金季报2025Q1：港股仓位创历史新高

Group 1 - The report indicates that the public actively managed equity funds maintain a stable scale with a high position of 85.5% as of Q1 2025, reflecting a steady growth in the number of funds to 4,507, with a total scale of approximately 3.45 trillion yuan, an increase of 1.84% compared to the previous quarter [8][19]. - The industry allocation shows an increase in positions for media, electronics, automotive, non-ferrous metals, and pharmaceuticals, while reducing positions in new energy, communications, utilities, petrochemicals, and home appliances. The electronics sector remains the top heavy allocation industry for two consecutive quarters [22][8]. - The report highlights a growing preference for high volatility, high momentum, and high market attention stocks, with an increased tolerance for valuations of held stocks compared to the previous period [30][8]. Group 2 - The active bond funds continue to see a decline in scale, with a 4.04% decrease compared to the previous period, while the number of funds has increased. The average duration of medium to long-term pure bond funds is 3.41, indicating volatility in the bond market during Q1 [9][2]. - The FOF products have seen an increase in issuance, with 16 new products launched in Q1 2025, leading to an approximate 8.2% increase in total scale compared to Q4 2024. There is a continued preference for passive bond funds, while the proportion of actively managed equity funds has decreased [11][10]. Group 3 - The report notes a significant increase in preference for Hong Kong stocks, with the total market value of holdings reaching 314.6 billion yuan, a 35.14% increase, and the weighted total position in Hong Kong stocks reaching 13.51%, marking a historical high [35][36]. - The top holdings in Hong Kong stocks include Tencent Holdings, Alibaba-W, and SMIC, with notable increases in positions for Alibaba-W and Tencent Holdings, while reductions were seen in Meituan-W and China National Offshore Oil [38][37].