互联网传媒行业25Q1基金持仓：A股传媒重仓配置比例提升，游戏持仓占比环比提升

Investment Rating - The industry rating is "Buy" [4] Core Insights - The proportion of A-share media industry holdings by public funds has increased, with a total market value of 183.82 billion yuan, reflecting a quarter-on-quarter growth of 40.66% [4][19] - The gaming, internet, cinema, and animation sectors have seen an increase in fund allocation, while advertising, publishing, and education sectors have been reduced [4][28] - The concentration of A-share media holdings has increased, with the top five stocks accounting for 69.79% of the total media industry holdings [4][43] - Major internet companies in the Hong Kong market have received increased allocations, while some other leading internet platforms have seen reductions [4] Summary by Sections A-share Media Industry Fund Holdings - The proportion of public fund holdings in the A-share media sector rose to 1.44% in Q1 2025, up from 0.92% in Q4 2024, an increase of 0.52 percentage points [4][13] - The total market value of A-share media holdings by public funds reached 183.82 billion yuan, accounting for 1.11% of the total fund holdings, with a slight decrease in underweight ratio from 0.97% to 0.73% compared to Q4 2024 [4][19][17] Sector Allocation Changes - The gaming sector saw a significant increase in fund allocation, rising by 6.47 percentage points to 38.57% [4][28] - The advertising sector's allocation decreased by 0.23 percentage points to 31.23%, while the publishing sector's allocation fell by 3.14 percentage points to 11.02% [4][28] Concentration of Holdings - The top five stocks in the A-share media sector are Focus Media, Kaixin Network, Mango Super Media, Giant Network, and Perfect World, with a combined market value of 128.28 billion yuan, representing a 3.78 percentage point increase in concentration [4][43] Hong Kong Internet Sector Holdings - Major internet companies such as Tencent Holdings and Pop Mart have received increased allocations, while others like Reading Group and Meituan have seen reductions [4]