2025Q1基金持仓深度分析：内求同，外借力

Core Insights - The report indicates a slight recovery in stock positions for active equity funds in Q1 2025, with a continued increase in Hong Kong stock allocation, while A-share allocation decreased. The overall stock position rose from 84.84% in Q4 2024 to 85.22% in Q1 2025, with A-share allocation dropping from 74.08% to 71.82% and Hong Kong stock allocation increasing from 10.76% to 13.41% [10][12][21] - Active equity funds have shown a performance trend of "the strong remain strong" alongside some reversal characteristics, with approximately 72.08% of active funds outperforming their benchmarks in Q1 2025 [15][20][21] - The trend of passive funds replacing active funds has slowed down, with a notable inflow of funds into high-performing active funds, while underperforming funds continue to face redemption pressures [21][26] Active Equity Funds - In Q1 2025, the concentration of holdings in active equity funds continued to decline, with a greater emphasis on growth potential over traditional metrics like ROE and valuation [2][9] - The main sectors for increased allocation included non-ferrous metals, machinery, automotive, food and beverage, pharmaceuticals, electronics, and media, while sectors like telecommunications, new energy, banking, utilities, home appliances, and oil and petrochemicals saw reduced allocations [2][10] - The behavior of active equity funds in terms of asset allocation is a significant source of excess returns, with the actions of other market participants also influencing returns [2][12] "Fixed Income +" Funds - "Fixed Income +" funds experienced a rebound in size and stock allocation, although still at relatively low levels since Q3 2020. They primarily increased allocations in non-ferrous metals, real estate, steel, pharmaceuticals, and agriculture, while reducing exposure to chemicals, oil and petrochemicals, coal, utilities, and banking [3][16] - The new issuance scale of "Fixed Income +" funds continued to rise, indicating a recovery in net subscriptions [3][16] Market Dynamics - Since April 2025, there has been a noticeable shift in market participant structure, with individual investors withdrawing to varying degrees, while ETFs have re-emerged as a primary buying force, particularly among institutional ETFs [4][18] - The report suggests that the current market environment favors large-cap/value styles during periods of individual investor withdrawal, with active funds needing to adapt to short-term volatility through strategic positioning [4][18]