Statistics show that the weighted average stock position of the 25 A-share equity funds under the first batch of 5 fund management companies was 75.88% at the end of the first quarter, while the average position of these funds at the end of last year was over 83.3%. Within the first quarter, the average reduction in position of the above-mentioned funds was more than 7 percentage points. If this change in position reflects the status of all funds, then the first quarter of this year will be the quarter with the largest drop in fund positions in nearly 5 years.