2025Q1公募主動(dòng)權(quán)益基金季報(bào)分析

證券研究報(bào)告—公募基金季報(bào)規(guī)模來看位于首位，被FOF持有4.04億元。黃鼎管理的交銀啟嘉A被52只FOF持有為前十大重倉基金，深受FOF基金的偏愛。權(quán)益?zhèn)}位有所增加，從87.72%增加到了88.01%。分不同類別來看，三種類型主動(dòng)權(quán)益基金的權(quán)益?zhèn)}位都出現(xiàn)了增長，其中普通股票型基金的權(quán)益?zhèn)}業(yè)倉位占比增加較多，持倉市值增加了355.05億元，持倉占比增加了同樣增加較多。在基金前十大重倉股中，電力設(shè)備及新能源行業(yè)倉位占比風(fēng)險(xiǎn)提示：本報(bào)告對于基金產(chǎn)品、指數(shù)的研究分析均基于歷史公開信不涉及對基金產(chǎn)品的推薦，亦不涉及對任何指數(shù)樣本股的推薦。聯(lián)系郵箱：zhanghaoyang@mgz《2024Q4公募FOF基金季報(bào)分析》《2024Q4公募主動(dòng)權(quán)益基金季報(bào)》《2024Q3公募FOF基金季報(bào)分析》《2024Q3公募主動(dòng)權(quán)益基金季報(bào)》請務(wù)必閱讀報(bào)告正文后的重要聲明部分請務(wù)必閱讀報(bào)告正文后的重要聲明部分2正文目錄 請務(wù)必閱讀報(bào)告正文后的重要聲明部分3 請務(wù)必閱讀報(bào)告正文后的重要聲明部分4計(jì)口徑為：普通股票型基金、偏股混合型基金和靈活配置型基1主動(dòng)權(quán)益基金市場概況00基金公司本期總規(guī)模（億上期總規(guī)模（億元）基金規(guī)模變化（億元）主動(dòng)權(quán)益基金數(shù)量本期規(guī)模排名上期規(guī)模排易方達(dá)基金2286.332286.53-0.2011中歐基金1729.731661.2968.449722富國基金1682.181612.0070.1833廣發(fā)基金1538.511535.243.2744匯添富基金1451.371414.0737.309855景順長城基金1414.551400.6313.9266華夏基金1266.411308.07-41.6777嘉實(shí)基金1265.531238.3627.1788興證全球基金1189.061167.9821.082799南方基金1013.201035.56-22.3698工銀瑞信基金935.30931.034.2884交銀施羅德基金821.83864.37-42.5452華安基金788.56814.67-26.1186鵬華基金745.70635.71109.9995銀華基金704.52706.62-2.0987大成基金693.22611.2282.00東證資管677.31720.43-43.1242博時(shí)基金636.20632.024.18招商基金603.35580.0023.35萬家基金489.23500.28-11.05622020請務(wù)必閱讀報(bào)告正文后的重要聲明部分52公募FOF基金持有概況持有4.04億元。黃鼎管理的交銀啟嘉A（01成高鑫（000628.OF）被52只FOF持有為前十大重倉基金，深受FOF基金的偏愛?；鸫a基金簡稱基金經(jīng)理基金二級分類FOF持倉占比（%）基金規(guī)模（億元）FOF持倉規(guī)模（億元）FOF持有人數(shù)量002980.OF華夏創(chuàng)新前沿屠環(huán)宇普通股票型基金13.0131.094.0421000628.OF大成高鑫A劉旭普通股票型基金2.16179.013.8752010013.OF易方達(dá)信息行業(yè)精選A鄭希普通股票型基金13.1927.013.569006533.OF易方達(dá)科融劉健維偏股混合型基金12.8426.993.477000688.OF景順長城研究精選A張雪薇普通股票型基金4.5374.493.3820010624.OF富國穩(wěn)健增長A偏股混合型基金4.0274.613.00001564.OF東方紅京東大數(shù)據(jù)A周云靈活配置型基金10.0228.452.85001811.OF中歐明睿新常態(tài)A劉偉偉偏股混合型基金5.3245.482.427002910.OF易方達(dá)供給改革楊宗昌靈活配置型基金5.2944.292.347002943.OF廣發(fā)多因子唐曉斌,楊冬靈活配置型基金1.96118.522.33基金代碼基金簡稱基金經(jīng)理基金二級分類FOF持倉占比（%）基金規(guī)模（億元）FOF持倉規(guī)模（億元）FOF持有人數(shù)量018554.OF交銀啟嘉A黃鼎偏股混合型基金20.422.680.551487016.OF工銀靈活配置A李昱靈活配置型基金15.454.170.645007592.OF華夏價(jià)值精選朱熠偏股混合型基金14.815.330.793001541.OF匯添富民營新動(dòng)力卞正普通股票型基金14.714.150.613010013.OF易方達(dá)信息行業(yè)精選A鄭希普通股票型基金13.1927.013.569002980.OF華夏創(chuàng)新前沿屠環(huán)宇普通股票型基金13.0131.094.0421006533.OF易方達(dá)科融劉健維偏股混合型基金12.8426.993.477006160.OF博道啟航A劉瑋明偏股混合型基金12.582.580.322001075.OF寶盈轉(zhuǎn)型動(dòng)力A容志能靈活配置型基金12.487.880.983019354.OF易方達(dá)平衡視野A1楊嘉文偏股混合型基金11.221.580.182請務(wù)必閱讀報(bào)告正文后的重要聲明部分6基金代碼基金簡稱基金經(jīng)理基金二級分類FOF持倉占比（%）基金規(guī)模（億元）FOF持倉規(guī)模（億元）FOF持有人數(shù)量000628.OF大成高鑫A劉旭普通股票型基金2.16179.013.8752010624.OF富國穩(wěn)健增長A范妍偏股混合型基金4.0274.613.0035010350.OF景順長城品質(zhì)長青A農(nóng)冰立偏股混合型基金2.8256.951.6021002980.OF華夏創(chuàng)新前沿屠環(huán)宇普通股票型基金13.0131.094.0421000688.OF景順長城研究精選A張雪薇普通股票型基金4.5374.493.3820001917.OF招商量化精選A王平普通股票型基金2.8950.711.46006567.OF中泰星元價(jià)值優(yōu)選A姜誠靈活配置型基金3.5163.202.22217021.OF招商優(yōu)勢企業(yè)A翟相棟偏股混合型基金1.08101.461.10001564.OF東方紅京東大數(shù)據(jù)A周云靈活配置型基金10.0228.452.85003598.OF華商潤豐A胡中原靈活配置型基金5.3342.862.29增持的規(guī)模最大，增持了2.07億元，同時(shí)該基金也是新增FOF持有人最多的基金?；鸫a基金簡稱基金經(jīng)理基金二級分類FOF持倉占比（%）基金規(guī)模（億元）FOF持倉規(guī)模變化（億元）010624.OF富國穩(wěn)健增長A偏股混合型基金4.0274.612.07010387.OF易方達(dá)醫(yī)藥生物A楊楨霄,許征普通股票型基金4.2238.091.61010391.OF易方達(dá)戰(zhàn)略新興產(chǎn)業(yè)A歐陽良琦普通股票型基金4.1540.521.60001302.OF前海開源金銀珠寶A吳國清靈活配置型基金9.0517.781.33010350.OF景順長城品質(zhì)長青A農(nóng)冰立偏股混合型基金2.8256.951.28010013.OF易方達(dá)信息行業(yè)精選A鄭希普通股票型基金13.1927.011.13003598.OF華商潤豐A胡中原靈活配置型基金5.3342.861.07003032.OF平安醫(yī)療健康A(chǔ)周思聰偏股混合型基金8.1120.771.00003956.OF南方產(chǎn)業(yè)智選A惲雷普通股票型基金3.3726.320.82002808.OF泓德優(yōu)勢領(lǐng)航王克玉靈活配置型基金3.3022.550.74基金代碼基金簡稱基金經(jīng)理基金二級分類FOF持倉占比（%）基金規(guī)模（億元）FOF持有人數(shù)量變化010624.OF富國穩(wěn)健增長A偏股混合型基金4.0274.6121010350.OF景順長城品質(zhì)長青A農(nóng)冰立偏股混合型基金2.8256.95013465.OF博時(shí)智選量化多因子A劉釗普通股票型基金4.9610.15010391.OF易方達(dá)戰(zhàn)略新興產(chǎn)業(yè)A歐陽良琦普通股票型基金4.1540.528010409.OF富國消費(fèi)精選30A周文波普通股票型基金1.0640.368000688.OF景順長城研究精選A張雪薇普通股票型基金4.5374.497003598.OF華商潤豐A胡中原靈活配置型基金5.3342.866001302.OF前海開源金銀珠寶A吳國清靈活配置型基金9.0517.786014329.OF國聯(lián)優(yōu)勢產(chǎn)業(yè)A鄭玲偏股混合型基金4.6319.586008515.OF國富基本面優(yōu)選A趙曉東偏股混合型基金1.6939.955請務(wù)必閱讀報(bào)告正文后的重要聲明部分73主動(dòng)權(quán)益基金持倉分析3.1資產(chǎn)配置分析偏股混合型基金普通股票型基金靈活配置型基金加權(quán)平均值3.2行業(yè)板塊分析請務(wù)必閱讀報(bào)告正文后的重要聲明部分8周期、消費(fèi)和金融地產(chǎn)板塊的倉位分別減少了0.65%、0.06%和0.60%。板塊行業(yè)本期持倉市值（億元）上期持倉市值（億元）持倉市值變動(dòng)（億元）本期持倉占比上期持倉占比持倉占比變動(dòng)周期石油石化170.0265.02683.3574.95617.0763.72246.17251.53123.15522.6472.05653.6264.26316.70-81.51-58.13160.712.90-36.54-0.55-70.531.05%0.40%4.20%0.46%3.79%0.39%1.51%1.56%0.77%3.25%0.45%4.06%0.40%1.97%-0.52%-0.37%0.95%0.01%-0.27%-0.01%-0.46%煤炭有色金屬鋼鐵基礎(chǔ)化工建材交通運(yùn)輸中游制造電力及公用事業(yè)216.63216.6381.87882.831311.31363.751123.861.00307.27307.2799.93781.761609.02419.99935.500.13-90.64-18.06101.07-297.71-56.24188.360.871.33%1.33%0.50%5.43%8.06%2.24%6.91%0.01%1.91%1.91%0.62%4.86%10.01%2.61%5.82%0.00%-0.58%-0.12%0.57%-1.94%-0.37%1.09%0.01%建筑機(jī)械電力設(shè)備及新能源國防軍工汽車綜合1642.561529.06113.4910.10%9.51%0.59%消費(fèi)輕工制造145.20145.20413.70202.36654.2376.571211.27175.73175.73161.53161.53174.88269.87733.92101.371214.56200.20200.20-16.34238.82-67.51-79.69-24.81-3.30-24.470.89%2.54%1.24%4.02%0.47%7.45%1.08%1.00%1.09%1.68%4.56%0.63%7.55%1.24%-0.11%1.46%-0.43%-0.54%-0.16%-0.10%-0.16%商貿(mào)零售消費(fèi)者服務(wù)紡織服裝食品飲料農(nóng)林牧漁金融地產(chǎn)銀行559.56182.88163.521.39599.20214.90176.602.86-39.64-32.01-13.09-1.473.44%1.12%1.01%0.01%3.73%1.34%1.10%0.02%-0.29%-0.21%-0.09%-0.01%非銀行金融房地產(chǎn)綜合金融TMT2960.16501.81455.171013.862751.52733.20401.23658.81208.64-231.3953.94355.0518.20%3.09%2.80%6.23%17.11%4.56%2.50%4.10%1.09%-1.47%0.30%2.14%通信計(jì)算機(jī)傳媒3.3持倉風(fēng)格分析請務(wù)必閱讀報(bào)告正文后的重要聲明部分930%到70%的股票為均衡成長，分位數(shù)大于70%的股票為高成長。估值：將股票的市盈率，市凈率，市銷率在截面標(biāo)準(zhǔn)化后取平均得到估值因子。估值因子截面分位數(shù)小于30%的股票為低市值：將股票的總市值作為市值因子。市值因子截面盤股，分位數(shù)在60%到80%的股票為中盤股，分位數(shù)大于80%的股票為大盤股。9.96%。從股票數(shù)量角度來看高成長股票占比從49.96%上升到51.16%；均衡成長股票100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u低成長u均衡成長u高成長100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u低成長u均衡成長u高成長比從7.39%增長到了9.09%。請務(wù)必閱讀報(bào)告正文后的重要聲明部分10100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u低盈利質(zhì)量u均衡盈利質(zhì)量u高盈利質(zhì)量100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u低盈利質(zhì)量u均衡盈利質(zhì)量u高盈利質(zhì)量100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u高估值u均衡估值u低估值100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u高估值u均衡估值u低估值市值風(fēng)格向中小盤改變，從市值占比角度來看大盤股占比從90.65%降低到89.08%；中盤股占比從5.78%上升到7.22%；小盤股占比從3.57%上升到3.70%。從股票數(shù)量角度請務(wù)必閱讀報(bào)告正文后的重要聲明部分11100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u小盤股u中盤股a大盤股100%80%60%40%20%0%2010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/122010/62010/122011/62011/122012/62012/122013/62013/122014/62014/122015/62015/122016/62016/122017/62017/122018/62018/122019/62019/122020/62020/122021/62021/122022/62022/122023/62023/122024/62024/12u小盤股u中盤股u大盤股3.4重倉個(gè)股分析控股、寧德時(shí)代、貴州茅臺(tái)、阿里巴巴和美的集團(tuán)，持倉市值分別為676.50億股票代碼股票簡稱所屬中信一級行業(yè)本期持倉（億元）市值環(huán)比變化排名變化0700.HK騰訊控股傳媒676.5047.92%1300750.SZ寧德時(shí)代電力設(shè)備及新能源541.91-22.59%-1600519.SH貴州茅臺(tái)食品飲料372.822.69%09988.HK阿里巴巴-W商貿(mào)零售333.94200.70%20000333.SZ美的集團(tuán)315.53-12.91%-1002475.SZ立訊精密307.81-9.24%-1002594.SZ比亞迪汽車229.2477.48%7601899.SH紫金礦業(yè)有色金屬204.1027.03%00981.HK中芯國際203.86275.98%36000858.SZ五糧液食品飲料199.84-10.34%-41810.HK小米集團(tuán)-W184.5462.70%002371.SZ北方華創(chuàng)176.4913.98%-2600809.SH山西汾酒食品飲料159.0642.81%600276.SH恒瑞醫(yī)藥154.86-0.31%-5000568.SZ瀘州老窖食品飲料133.8219.58%7600036.SH招商銀行銀行133.1416.39%4603259.SH藥明康德128.7827.61%000651.SZ格力電器120.11-20.32%-6688981.SH中芯國際99.02-3.21%80941.HK中國移動(dòng)通信98.50-0.039請務(wù)必閱讀報(bào)告正文后的重要聲明部分12股票代碼股票簡稱所屬中信一級行業(yè)本期持倉（億元）市值變化（億元）市值環(huán)比變化排名變化9988.HK阿里巴巴-W商貿(mào)零售333.94222.89200.70%200700.HK騰訊控股傳媒676.50219.1747.92%10981.HK中芯國際203.86149.64275.98%36002594.SZ比亞迪229.24100.0877.48%71810.HK小米集團(tuán)-W184.5471.1262.70%600809.SH山西汾酒食品飲料159.0647.6842.81%9992.HK泡泡瑪特傳媒86.4043.57101.73%45601899.SH紫金礦業(yè)有色金屬204.1043.4227.03%0689009.SH九號公司-WD機(jī)械93.5942.2982.43%26688266.SH澤璟制藥-U68.1737.09119.35%79300476.SZ勝宏科技68.5436.69115.19%76688521.SH芯原股份37.2034.311187.31%625688235.SH百濟(jì)神州-U67.9631.8087.97%50601100.SH恒立液壓機(jī)械38.5028.97303.99%2521024.HK快手-W傳媒34.8728.57453.63%363603259.SH藥明康德128.7827.8627.61%000733.SZ振華科技國防軍工42.7227.07172.92%600031.SH三一重工機(jī)械60.9527.0579.81%596990.HK科倫博泰生物-B43.4524.75132.36%002422.SZ科倫藥業(yè)67.0424.6958.32%33股票代碼股票簡稱所屬中信一級行業(yè)本期持倉（億元）市值環(huán)比變化排名變化0700.HK騰訊控股傳媒676.5047.92%09988.HK阿里巴巴-W商貿(mào)零售333.94200.70%30981.HK中芯國際203.86275.98%41810.HK小米集團(tuán)-W184.5462.70%00941.HK中國移動(dòng)通信98.50-2.61%10883.HK中國海洋石油石油石化96.29-25.42%-33690.HK美團(tuán)-W消費(fèi)者服務(wù)95.02-37.26%-59992.HK泡泡瑪特傳媒86.40101.73%02015.HK理想汽車-W51.2640.28%09868.HK小鵬汽車-W46.7373.01%26990.HK科倫博泰生物-B43.45132.36%90762.HK中國聯(lián)通通信43.35110.87%60175.HK吉利汽車39.2610.85%-31801.HK信達(dá)生物38.4153.27%-11024.HK快手-W傳媒34.87453.63%549926.HK康方生物26.6470.57%2333.HK長城汽車26.2612.53%-22367.HK巨子生物25.9927.83%19987.HK百勝中國消費(fèi)者服務(wù)24.670.80%-52269.HK藥明生物24.5167.66%請務(wù)必閱讀報(bào)告正文后的重要聲明部分13股票代碼股票簡稱所屬中信一級行業(yè)本期持倉（億元）市值變化（億元）市值環(huán)比變化排名變化9988.HK阿里巴巴-W商貿(mào)零售333.94222.89200.70%30700.HK騰訊控股傳媒676.50219.1747.92%00981.HK中芯國際電子203.86149.64275.98%41810.HK小米集團(tuán)-W電子184.5471.1262.70%09992.HK泡泡瑪特傳媒86.4043.57101.73%01024.HK快手-W傳媒34.8728.57453.63%546990.HK科倫博泰生物-B43.4524.75132.36%90762.HK中國聯(lián)通通信43.3522.79110.87%69868.HK小鵬汽車-W汽車46.7319.7273.01%22015.HK理想汽車-W汽車51.2614.7240.28%02899.HK紫金礦業(yè)有色金屬24.1414.36147.02%281801.HK信達(dá)生物38.4113.3553.27%-11818.HK招金礦業(yè)有色金屬19.2611.47147.39%301787.HK山東黃金有色金屬13.7211.26456.72%849926.HK康方生物26.6411.0270.57%1530.HK三生制藥11.1610.893990.55%1756181.HK老鋪黃金16.2410.17167.48%442269.HK藥明生物24.519.8967.66%2018.HK瑞聲科技電子15.698.80127.86%332268.HK藥明合聯(lián)輕工制造22.098.4261.62%3.5持倉集中度主動(dòng)權(quán)益基金的持倉集中度出現(xiàn)了小幅的降低，前十大重倉股的平均倉位從52.58%減少到了52.22%，加權(quán)平均倉位從56.42%減少到了55.86%。請務(wù)必閱讀報(bào)告正文后的重要聲明部分14本報(bào)告對于基金產(chǎn)品、指