2025Q1公募主动权益基金季报分析

证券研究报告—公募基金季报规模来看位于首位，被FOF持有4.04亿元。黄鼎管理的交银启嘉A被52只FOF持有为前十大重仓基金，深受FOF基金的偏爱。权益仓位有所增加，从87.72%增加到了88.01%。分不同类别来看，三种类型主动权益基金的权益仓位都出现了增长，其中普通股票型基金的权益仓业仓位占比增加较多，持仓市值增加了355.05亿元，持仓占比增加了同样增加较多。在基金前十大重仓股中，电力设备及新能源行业仓位占比风险提示：本报告对于基金产品、指数的研究分析均基于历史公开信不涉及对基金产品的推荐，亦不涉及对任何指数样本股的推荐。联系邮箱：zhanghaoyang@mgz《2024Q4公募FOF基金季报分析》《2024Q4公募主动权益基金季报》《2024Q3公募FOF基金季报分析》《2024Q3公募主动权益基金季报》请务必阅读报告正文后的重要声明部分请务必阅读报告正文后的重要声明部分2正文目录 请务必阅读报告正文后的重要声明部分3 请务必阅读报告正文后的重要声明部分4计口径为：普通股票型基金、偏股混合型基金和灵活配置型基1主动权益基金市场概况00基金公司本期总规模（亿上期总规模（亿元）基金规模变化（亿元）主动权益基金数量本期规模排名上期规模排易方达基金2286.332286.53-0.2011中欧基金1729.731661.2968.449722富国基金1682.181612.0070.1833广发基金1538.511535.243.2744汇添富基金1451.371414.0737.309855景顺长城基金1414.551400.6313.9266华夏基金1266.411308.07-41.6777嘉实基金1265.531238.3627.1788兴证全球基金1189.061167.9821.082799南方基金1013.201035.56-22.3698工银瑞信基金935.30931.034.2884交银施罗德基金821.83864.37-42.5452华安基金788.56814.67-26.1186鹏华基金745.70635.71109.9995银华基金704.52706.62-2.0987大成基金693.22611.2282.00东证资管677.31720.43-43.1242博时基金636.20632.024.18招商基金603.35580.0023.35万家基金489.23500.28-11.05622020请务必阅读报告正文后的重要声明部分52公募FOF基金持有概况持有4.04亿元。黄鼎管理的交银启嘉A（01成高鑫（000628.OF）被52只FOF持有为前十大重仓基金，深受FOF基金的偏爱。基金代码基金简称基金经理基金二级分类FOF持仓占比（%）基金规模（亿元）FOF持仓规模（亿元）FOF持有人数量002980.OF华夏创新前沿屠环宇普通股票型基金13.0131.094.0421000628.OF大成高鑫A刘旭普通股票型基金2.16179.013.8752010013.OF易方达信息行业精选A郑希普通股票型基金13.1927.013.569006533.OF易方达科融刘健维偏股混合型基金12.8426.993.477000688.OF景顺长城研究精选A张雪薇普通股票型基金4.5374.493.3820010624.OF富国稳健增长A偏股混合型基金4.0274.613.00001564.OF东方红京东大数据A周云灵活配置型基金10.0228.452.85001811.OF中欧明睿新常态A刘伟伟偏股混合型基金5.3245.482.427002910.OF易方达供给改革杨宗昌灵活配置型基金5.2944.292.347002943.OF广发多因子唐晓斌,杨冬灵活配置型基金1.96118.522.33基金代码基金简称基金经理基金二级分类FOF持仓占比（%）基金规模（亿元）FOF持仓规模（亿元）FOF持有人数量018554.OF交银启嘉A黄鼎偏股混合型基金20.422.680.551487016.OF工银灵活配置A李昱灵活配置型基金15.454.170.645007592.OF华夏价值精选朱熠偏股混合型基金14.815.330.793001541.OF汇添富民营新动力卞正普通股票型基金14.714.150.613010013.OF易方达信息行业精选A郑希普通股票型基金13.1927.013.569002980.OF华夏创新前沿屠环宇普通股票型基金13.0131.094.0421006533.OF易方达科融刘健维偏股混合型基金12.8426.993.477006160.OF博道启航A刘玮明偏股混合型基金12.582.580.322001075.OF宝盈转型动力A容志能灵活配置型基金12.487.880.983019354.OF易方达平衡视野A1杨嘉文偏股混合型基金11.221.580.182请务必阅读报告正文后的重要声明部分6基金代码基金简称基金经理基金二级分类FOF持仓占比（%）基金规模（亿元）FOF持仓规模（亿元）FOF持有人数量000628.OF大成高鑫A刘旭普通股票型基金2.16179.013.8752010624.OF富国稳健增长A范妍偏股混合型基金4.0274.613.0035010350.OF景顺长城品质长青A农冰立偏股混合型基金2.8256.951.6021002980.OF华夏创新前沿屠环宇普通股票型基金13.0131.094.0421000688.OF景顺长城研究精选A张雪薇普通股票型基金4.5374.493.3820001917.OF招商量化精选A王平普通股票型基金2.8950.711.46006567.OF中泰星元价值优选A姜诚灵活配置型基金3.5163.202.22217021.OF招商优势企业A翟相栋偏股混合型基金1.08101.461.10001564.OF东方红京东大数据A周云灵活配置型基金10.0228.452.85003598.OF华商润丰A胡中原灵活配置型基金5.3342.862.29增持的规模最大，增持了2.07亿元，同时该基金也是新增FOF持有人最多的基金。基金代码基金简称基金经理基金二级分类FOF持仓占比（%）基金规模（亿元）FOF持仓规模变化（亿元）010624.OF富国稳健增长A偏股混合型基金4.0274.612.07010387.OF易方达医药生物A杨桢霄,许征普通股票型基金4.2238.091.61010391.OF易方达战略新兴产业A欧阳良琦普通股票型基金4.1540.521.60001302.OF前海开源金银珠宝A吴国清灵活配置型基金9.0517.781.33010350.OF景顺长城品质长青A农冰立偏股混合型基金2.8256.951.28010013.OF易方达信息行业精选A郑希普通股票型基金13.1927.011.13003598.OF华商润丰A胡中原灵活配置型基金5.3342.861.07003032.OF平安医疗健康A周思聪偏股混合型基金8.1120.771.00003956.OF南方产业智选A恽雷普通股票型基金3.3726.320.82002808.OF泓德优势领航王克玉灵活配置型基金3.3022.550.74基金代码基金简称基金经理基金二级分类FOF持仓占比（%）基金规模（亿元）FOF持有人数量变化010624.OF富国稳健增长A偏股混合型基金4.0274.6121010350.OF景顺长城品质长青A农冰立偏股混合型基金2.8256.95013465.OF博时智选量化多因子A刘钊普通股票型基金4.9610.15010391.OF易方达战略新兴产业A欧阳良琦普通股票型基金4.1540.528010409.OF富国消费精选30A周文波普通股票型基金1.0640.368000688.OF景顺长城研究精选A张雪薇普通股票型基金4.5374.497003598.OF华商润丰A胡中原灵活配置型基金5.3342.866001302.OF前海开源金银珠宝A吴国清灵活配置型基金9.0517.786014329.OF国联优势产业A郑玲偏股混合型基金4.6319.586008515.OF国富基本面优选A赵晓东偏股混合型基金1.6939.955请务必阅读报告正文后的重要声明部分73主动权益基金持仓分析3.1资产配置分析偏股混合型基金普通股票型基金灵活配置型基金加权平均值3.2行业板块分析请务必阅读报告正文后的重要声明部分8周期、消费和金融地产板块的仓位分别减少了0.65%、0.06%和0.60%。板块行业本期持仓市值（亿元）上期持仓市值（亿元）持仓市值变动（亿元）本期持仓占比上期持仓占比持仓占比变动周期石油石化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%煤炭有色金属钢铁基础化工建材交通运输中游制造电力及公用事业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%建筑机械电力设备及新能源国防军工汽车综合1642.561529.06113.4910.10%9.51%0.59%消费轻工制造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%商贸零售消费者服务纺织服装食品饮料农林牧渔金融地产银行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%非银行金融房地产综合金融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%通信计算机传媒3.3持仓风格分析请务必阅读报告正文后的重要声明部分930%到70%的股票为均衡成长，分位数大于70%的股票为高成长。估值：将股票的市盈率，市净率，市销率在截面标准化后取平均得到估值因子。估值因子截面分位数小于30%的股票为低市值：将股票的总市值作为市值因子。市值因子截面盘股，分位数在60%到80%的股票为中盘股，分位数大于80%的股票为大盘股。9.96%。从股票数量角度来看高成长股票占比从49.96%上升到51.16%；均衡成长股票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低成长u均衡成长u高成长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低成长u均衡成长u高成长比从7.39%增长到了9.09%。请务必阅读报告正文后的重要声明部分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低盈利质量u均衡盈利质量u高盈利质量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低盈利质量u均衡盈利质量u高盈利质量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低估值市值风格向中小盘改变，从市值占比角度来看大盘股占比从90.65%降低到89.08%；中盘股占比从5.78%上升到7.22%；小盘股占比从3.57%上升到3.70%。从股票数量角度请务必阅读报告正文后的重要声明部分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小盘股u中盘股a大盘股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小盘股u中盘股u大盘股3.4重仓个股分析控股、宁德时代、贵州茅台、阿里巴巴和美的集团，持仓市值分别为676.50亿股票代码股票简称所属中信一级行业本期持仓（亿元）市值环比变化排名变化0700.HK腾讯控股传媒676.5047.92%1300750.SZ宁德时代电力设备及新能源541.91-22.59%-1600519.SH贵州茅台食品饮料372.822.69%09988.HK阿里巴巴-W商贸零售333.94200.70%20000333.SZ美的集团315.53-12.91%-1002475.SZ立讯精密307.81-9.24%-1002594.SZ比亚迪汽车229.2477.48%7601899.SH紫金矿业有色金属204.1027.03%00981.HK中芯国际203.86275.98%36000858.SZ五粮液食品饮料199.84-10.34%-41810.HK小米集团-W184.5462.70%002371.SZ北方华创176.4913.98%-2600809.SH山西汾酒食品饮料159.0642.81%600276.SH恒瑞医药154.86-0.31%-5000568.SZ泸州老窖食品饮料133.8219.58%7600036.SH招商银行银行133.1416.39%4603259.SH药明康德128.7827.61%000651.SZ格力电器120.11-20.32%-6688981.SH中芯国际99.02-3.21%80941.HK中国移动通信98.50-0.039请务必阅读报告正文后的重要声明部分12股票代码股票简称所属中信一级行业本期持仓（亿元）市值变化（亿元）市值环比变化排名变化9988.HK阿里巴巴-W商贸零售333.94222.89200.70%200700.HK腾讯控股传媒676.50219.1747.92%10981.HK中芯国际203.86149.64275.98%36002594.SZ比亚迪229.24100.0877.48%71810.HK小米集团-W184.5471.1262.70%600809.SH山西汾酒食品饮料159.0647.6842.81%9992.HK泡泡玛特传媒86.4043.57101.73%45601899.SH紫金矿业有色金属204.1043.4227.03%0689009.SH九号公司-WD机械93.5942.2982.43%26688266.SH泽璟制药-U68.1737.09119.35%79300476.SZ胜宏科技68.5436.69115.19%76688521.SH芯原股份37.2034.311187.31%625688235.SH百济神州-U67.9631.8087.97%50601100.SH恒立液压机械38.5028.97303.99%2521024.HK快手-W传媒34.8728.57453.63%363603259.SH药明康德128.7827.8627.61%000733.SZ振华科技国防军工42.7227.07172.92%600031.SH三一重工机械60.9527.0579.81%596990.HK科伦博泰生物-B43.4524.75132.36%002422.SZ科伦药业67.0424.6958.32%33股票代码股票简称所属中信一级行业本期持仓（亿元）市值环比变化排名变化0700.HK腾讯控股传媒676.5047.92%09988.HK阿里巴巴-W商贸零售333.94200.70%30981.HK中芯国际203.86275.98%41810.HK小米集团-W184.5462.70%00941.HK中国移动通信98.50-2.61%10883.HK中国海洋石油石油石化96.29-25.42%-33690.HK美团-W消费者服务95.02-37.26%-59992.HK泡泡玛特传媒86.40101.73%02015.HK理想汽车-W51.2640.28%09868.HK小鹏汽车-W46.7373.01%26990.HK科伦博泰生物-B43.45132.36%90762.HK中国联通通信43.35110.87%60175.HK吉利汽车39.2610.85%-31801.HK信达生物38.4153.27%-11024.HK快手-W传媒34.87453.63%549926.HK康方生物26.6470.57%2333.HK长城汽车26.2612.53%-22367.HK巨子生物25.9927.83%19987.HK百胜中国消费者服务24.670.80%-52269.HK药明生物24.5167.66%请务必阅读报告正文后的重要声明部分13股票代码股票简称所属中信一级行业本期持仓（亿元）市值变化（亿元）市值环比变化排名变化9988.HK阿里巴巴-W商贸零售333.94222.89200.70%30700.HK腾讯控股传媒676.50219.1747.92%00981.HK中芯国际电子203.86149.64275.98%41810.HK小米集团-W电子184.5471.1262.70%09992.HK泡泡玛特传媒86.4043.57101.73%01024.HK快手-W传媒34.8728.57453.63%546990.HK科伦博泰生物-B43.4524.75132.36%90762.HK中国联通通信43.3522.79110.87%69868.HK小鹏汽车-W汽车46.7319.7273.01%22015.HK理想汽车-W汽车51.2614.7240.28%02899.HK紫金矿业有色金属24.1414.36147.02%281801.HK信达生物38.4113.3553.27%-11818.HK招金矿业有色金属19.2611.47147.39%301787.HK山东黄金有色金属13.7211.26456.72%849926.HK康方生物26.6411.0270.57%1530.HK三生制药11.1610.893990.55%1756181.HK老铺黄金16.2410.17167.48%442269.HK药明生物24.519.8967.66%2018.HK瑞声科技电子15.698.80127.86%332268.HK药明合联轻工制造22.098.4261.62%3.5持仓集中度主动权益基金的持仓集中度出现了小幅的降低，前十大重仓股的平均仓位从52.58%减少到了52.22%，加权平均仓位从56.42%减少到了55.86%。请务必阅读报告正文后的重要声明部分14本报告对于基金产品、指