2025Q4基金持仓分析-Q4基金动向：增配AI基建与价值股

目录2025Q4主基仓降，大蓝股置升 325Q4动股金票位环下降 3板块置增大蓝，行风加周与融 4央国配变民业继获国小幅众企业被仓 5行业置增周金，科聚通信 6板块基加上材料中游期减必选/TMT 6央国行配：色属/非金央增比较大 8港股置配占显下滑增周与融 9港股置配比显下滑科龙减幅居前 9港股业配增周与金，配技消费 10主动金切，情望向位向散 风险示 132025Q4主动基金仓位降低，大盘蓝筹股配置提升25Q4主动偏股基金股票仓位环比下降2025Q4-1956.53.38普+++）84.2%，环比-1.4%。图1：2025Q4主动基金股票仓为84.2% 图主动偏股型基金股仓环比大幅下降（%）股票 债券 基金 权证 现金 其他资产0

（%）2.52.01.51.00.50.0-0.5-1.0-1.5-2.0

股票 债券 现金， ，2025Q423.2%环比+0.2%AI图3：重仓股持仓集中度环比小幅上升CR10 CR2050%45%40%35%30%25%20%15%10%5%0%，序号代码25Q4前二十大重仓个股25Q3前二十大重仓个股1300308.SZ中际旭创宁德时代2300502.SZ新易盛序号代码25Q4前二十大重仓个股25Q3前二十大重仓个股1300308.SZ中际旭创宁德时代2300502.SZ新易盛腾讯控股3300750.SZ宁德时代新易盛40700.HK腾讯控股中际旭创5601899.SH紫金矿业阿里巴巴-W69988.HK阿里巴巴-W立讯精密7688256.SH寒武纪-U工业富联8002475.SZ立讯精密紫金矿业9600519.SH贵州茅台中芯国际10002384.SZ东山精密贵州茅台11000333.SZ美的集团寒武纪-U12300274.SZ阳光电源沪电股份13002463.SZ沪电股份恒瑞医药140981.HK中芯国际兆易创新15601138.SH工业富联美的集团16002371.SZ北方华创药明康德17601318.SH中国平安亿纬锂能0恒瑞医药0兆易创新20600183.SH生益科技东山精密， 注：标红为当季新晋重仓个股，黄底为掉出前二十大持仓个股板块配置：增配大盘蓝筹，行业风格加仓周期与金融2025Q4科创板，创业板持仓比例24.8%，环比+1.1%，环比小幅上升；科创板持仓占比16.4%，环比-0.9%；主板持仓比例环比-0.5%至58.6%。图主动偏股型基金板配情况 图主动偏股型基金增创板，减配主板、科板主板 创业板 科创板

主板 创业板 科创板 北证4.0%2.0%-2.0%-4.0%-6.0%-8.0%， ，3002025Q45030050016.4%、59.9%和21.1%+0.6%+1.0%和+0.2%1000-0.7%，小盘股被减配。图主动偏股型基金大风配置情况 图主动偏股型基金各格仓股持股比例变化况70%60%50%40%70%60%50%40%30%20%10%0%中证500中证10003.0%2.0%1.0%0.0%-1.0%-2.0%-3.0%-4.0%-5.0%-6.0%-7.0%， ，2025Q419.8%+3.0%58.9%14.9%-2.1%、-1.5%。图主动偏股型基金行风配置情况 图9：25Q2主动偏股型基金大幅增持成长70%60%50%40%30%20%70%60%50%40%30%20%10%0%

15.0%

成长 金融 稳定 周期 消费10.0%5.0%0.0%-5.0%-10.0%， ，公众企业被减仓2025Q47.3%+0.2%+0.1%；-1.25%+1.71%。图10：主动偏股型基金不所制企业持仓占比 图11：25Q4主动偏股型基金继续增持民营企业中央国有企业 地方国有企业 公众企业 集体企业20042002004200200200200200201201201220120120120120120120120220212022202320242025

中央国有企业地方国有企业公众企业集体企业民营企业其他企业外资企业

-1.0%-2.0%

民营企业 其他企业 外资企业， ，行业配置：增配周期金融，科技聚焦通信板块：基金加仓上游材料/中游周期，减仓必选/TMT基金加仓上游材料通信电力设备有色金25Q4+0.85%+0.21%；板块中+0.86%。图12：基金各行业板块实配占比情况 图13：基金各行业板块实持环比变化情况上游材料TMT中游周期必选消费交运公用可选消费中游制造大金融上 公 费可选消费上游材料TMT中游周期必选消费交运公用可选消费中游制造大金融2003200420032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025

14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%-6.0%， ，实配比例：有色/通信/非银/基础化工/机械设备增配，电子/医药生物/传媒/计算机/电力设备减配。配置比例上升较大的一级行业为：有色金属+2.09%、通信+1.79%、非银金融+0.86%、基础化工+0.85%、机械设备+0.76%。配置比例下降较大的一级行业为：电子-1.58%、医药生物-1.57%、传媒-1.16%、计算机-0.94%、电力设备-0.71%。通信非银机械设备电子电力设备医药生物+1.42%、+1.30%+0.83%+0.59%+0.49%-0.98%、电子-0.95%、电力设备-0.90%、医药生物-0.73%、国防军工-0.63%。2）减配方向：板块行业近9期配置曲线最新实配环比23Q424Q1板块行业近9期配置曲线最新实配环比23Q424Q124Q224Q324Q425Q125Q225Q325Q4上游材料煤炭 0.04%1.2%1.4%1.5%1.2%0.8%0.5%0.4%0.3%0.3%有色金属2.09%4.1%6.0%6.1%5.4%3.4%4.5%4.7%6.0%8.1%中游周期钢铁 12%0.5%0.4%0.5%0.4%0.5%0.6%0.3%0.3%0.4%基础化工0.85%3.2%3.0%3.1%3.0%2.8%2.9%2.9%2.4%3.2%建筑材料 11%0.5%0.5%0.5%0.5%0.5%0.6%0.6%0.6%0.7%建筑装饰0.00%0.6%0.5%0.6%0.5%0.6%0.5%0.5%0.4%0.4%石油石化 21%0.8%1.2%1.2%0.8%0.7%0.4%0.4%0.4%0.6%TMT传媒-116%0.8%1.0%0.7%0.9%0.9%1.4%1.9%2.5%1.3%电子-158%13.3%12.0%15.7%15.0%17.8%18.7%18.6%25.5%23.9%计算机 94%5.7%4.0%2.5%2.4%2.9%3.1%2.6%2.6%1.6%通信1.79%2.7%3.9%5.0%5.1%4.5%2.9%5.3%9.3%11.1%中游制造10.1%10.8%10.0%12.3%12.9%10.9%9.9%12.2%11.5%3.5%2.8%3.4%3.6%3.5%3.2%4.1%2.9%2.7%机械设备 76%4.2%3.9%3.9%3.4%3.8%4.5%3.8%4.0%4.8%可选消费家用电器 17%3.3%4.2%4.9%5.5%5.4%5.2%4.4%2.8%2.6%美容护理-003%0.3%0.3%0.3%0.2%0.2%0.3%0.4%0.2%0.1%汽车 21%4.8%5.1%5.2%5.8%6.3%7.8%6.3%4.9%5.1%轻工制造0.12%0.8%1.2%0.9%0.9%1.0%0.9%0.9%0.5%0.6%社会服务 11%0.7%0.5%0.4%0.4%0.4%0.5%0.4%0.1%0.3%纺织服饰-001%0.6%0.7%0.5%0.5%0.5%0.4%0.4%0.2%0.2%农林牧渔 23%2.2%2.0%2.0%1.5%1.4%1.3%1.8%1.2%1.0%必选消费商贸零售 00%0.5%0.6%0.4%0.4%0.6%0.7%0.8%0.5%0.5%食品饮料-030%13.1%13.2%9.5%9.0%8.3%8.8%6.6%4.8%4.6%医药生物-157%14.5%11.6%11.1%11.1%10.0%10.5%10.9%9.7%8.1%交运公用公用事业-007%1.5%2.3%3.0%1.7%1.3%1.0%1.1%0.4%0.3%环保 00%0.3%0.4%0.4%0.4%0.4%0.4%0.5%0.3%0.3%交通运输0.06%1.9%2.4%2.4%2.1%2.0%1.7%2.0%1.1%1.2%综合 02%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%大金融房地产-032%1.2%1.0%0.9%1.5%1.0%0.9%0.7%0.6%0.3%非银金融 86%1.1%0.7%0.7%1.7%1.2%1.1%1.8%1.5%2.4%.9%2.5%2.8%2.8%4.0%3.8%4.9%1.9%1.9%...........，板块行业近9期配置曲线最新超配环比23Q4板块行业近9期配置曲线最新超配环比23Q424Q124Q224Q324Q425Q125Q225Q325Q4上游材料煤炭003%-0.1%-0.1%-0.1%-0.2%-0.4%-0.6%-0.7%-0.6%-0.6%有色金属142%0.3%1.7%1.8%1.3%-0.3%0.6%0.6%1.0%2.4%中游周期钢铁011%-0.5%-0.5%-0.4%-0.5%-0.3%-0.2%-0.4%-0.4%-0.3%基础化工049%-1.3%-1.4%-1.3%-1.3%-1.3%-1.2%-1.3%-1.7%-1.2%建筑材料010%-0.5%-0.5%-0.4%-0.4%-0.3%-0.2%-0.2%-0.2%-0.1%建筑装饰007%-1.5%-1.6%-1.5%-1.5%-1.4%-1.3%-1.3%-1.2%-1.2%石油石化005%-0.6%-0.4%-0.4%-0.6%-0.6%-0.8%-0.8%-0.6%-0.6%TMT传媒-0.98%-1.4%-1.3%-1.2%-1.1%-1.1%-0.7%-0.2%0.3%-0.7%电子-0.95%3.5%2.9%5.7%5.0%6.6%7.3%7.3%11.3%10.4%计算机 .37%-0.3%-1.5%-2.4%-2.9%-3.0%-3.0%-3.5%-3.5%-3.8%通信130%0.2%1.2%2.0%2.2%1.4%-0.1%2.1%5.3%6.6%中游制造电力设备-0.90%2.3%3.1%2.6%4.4%5.1%3.4%2.5%3.2%2.3%0.5%-0.1%0.5%0.84-0.6%机械设备059%-1.0%-1.3%-1.1%-1.5%-1.4%-1.0%-1.6%-1.7%-1.1%家用电器 .19%0.9%1.6%2.2%2.8%2.8%2.5%2.0%0.6%0.4%美容护理001%-0.1%-0.1%-0.1%-0.1%-0.1%0.0%0.1%-0.1%-0.1%可选消费汽车034%0.7%0.8%0.9%1.5%1.9%3.0%1.7%0.3%0.7%轻工制造007%-0.2%0.1%0.0%0.0%0.0%-0.1%-0.1%-0.4%-0.3%社会服务007%0.0%-0.1%-0.2%-0.2%-0.2%-0.2%-0.2%-0.4%-0.3%纺织服饰-0.02%-0.2%0.0%-0.1%-0.1%-0.1%-0.2%-0.2%-0.3%-0.4%农林牧渔 .23%0.4%0.3%0.3%-0.1%-0.1%-0.2%0.2%-0.2%-0.4%必选消费商贸零售 -0.03%-0.7%-0.5%-0.6%-0.6%-0.6%-0.3%-0.4%-0.5%-0.6%食品饮料-0.05%6.5%6.4%3.4%2.8%2.8%3.4%1.8%0.7%0.7%医药生物 .73%4.9%3.0%2.8%2.8%2.4%3.0%3.2%2.3%1.5%交运公用公用事业-0.06%-1.3%-1.0%-0.7%-1.5%-1.7%-2.2%-1.7%-2.1%-2.1%环保 -0.02%-0.6%-0.4%-0.4%-0.5%-0.5%-0.5%-0.4%-0.6%-0.6%交通运输003%-0.8%-0.5%-0.8%-0.8%-0.9%-1.1%-0.7%-1.2%-1.2%综合003%-0.1%-0.1%0.0%0.0%-0.1%0.0%0.0%-0.1%0.0%大金融房地产-0.16%-0.3%-0.4%-0.4%0.0%-0.4%-0.4%-0.5%-0.7%-0.8%非银金融083%-4.8%-5.2%-5.2%-5.4%-5.8%-5.6%-5.1%-4.5%-3.7%银行-0.19%-3.9%-4.1%-4.6%-4.0%-3.1%-3.7%-2.9%-4.0%-4.2%................，图14：25Q4申万二级行业实配比情况 图15：25Q4申万二级行业超配比情况3%2%2%1%1%0%-1%-1%-2%-2%-3%

25Q4二级行业实配环比

2%1%1%0%-1%-1%-2%-2%

25Q4二级行业超配环比元件元件化学制品能源金属专用设备光伏设备电网设备农化制品白色家电休闲食品…饲料医疗器械广告营销软件开发计算机设备半导体化学制药元件通用设备光伏设备化学制品专用设备白色家电农化制品休闲食品…风电设备家电零部件Ⅱ航空装备Ⅱ计算机设备军工电子Ⅱ化学制药央国企行业配置：有色金属/非银金融央企增持比例较大25Q4石油石化（+2.13%）/交通运输（+2.02%）/商贸零售（环比+1.71%）。20.0%-企-实配环比15.0%10.0%5.0%0.0%-5.0%-10.0%图16：25Q4有色金属行业央企置环比+6.02% 图1720.0%-企-实配环比15.0%10.0%5.0%0.0%-5.0%-10.0%非银金融央企-实配环比30.0%非银金融央企-实配环比20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%2004Q22005Q12005Q42006Q32004Q22005Q12005Q42006Q32007Q22008Q12008Q42009Q32010Q22011Q12011Q42012Q32013Q22014Q12014Q42015Q32016Q22017Q12017Q42018Q32019Q22020Q12020Q42021Q32022Q22023Q12023Q42024Q32025Q22004Q22005Q12005Q42006Q32007Q22008Q12008Q42009Q32010Q22011Q12011Q42012Q32013Q22014Q12014Q42015Q32016Q22017Q12017Q42018Q32019Q22020Q12020Q42021Q32022Q22023Q12023Q42024Q32025Q2， ，央企一级行业：国防军工/计算机行业央企减配比例较大。25Q4主动偏股型基金减配央企公司前五的一级行业分别是国防军工（环比-6.94%）/计算机（环比-4.39%）/房地产（环比-2.28%）/电子（环比-1.84%）/建筑装饰（环比-0.59%）。国防军工央企-实配比例国防军工央企-实配环比图18：25Q4国防军工行业央企置环比-6.94% 图19：25Q4计算机行业央企配环比国防军工央企-实配比例国防军工央企-实配环比30.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%

35.0%计算机央企-实配比例计算机央企-实配环比计算机央企-实配比例计算机央企-实配环比25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%2004Q22005Q12004Q22005Q12005Q42006Q32007Q22008Q12008Q42009Q32010Q22011Q12011Q42012Q32013Q22014Q12014Q42015Q32016Q22017Q12017Q42018Q32019Q22020Q12020Q42021Q32022Q22023Q12023Q42024Q32025Q22004Q22005Q12004Q22005Q12005Q42006Q32007Q22008Q12008Q42009Q32010Q22011Q12011Q42012Q32013Q22014Q12014Q42015Q32016Q22017Q12017Q42018Q32019Q22020Q12020Q42021Q32022Q22023Q12023Q42024Q32025Q2港股配置：配置占比显著下滑，增配周期与金融港股配置：配置比例显著下滑，科技龙头减配幅度居前港股配置：主动基金港股配置比例继续下滑，港股科技龙头被大幅减配。25Q42952图20：25Q4港股实配持仓占比继续下滑至15.6%-09-12-09-12-03-06-09-12-03-06-09-12-03-06-09-12-03

港股持总市（亿） 港股持占比右

25%20%15%10%5%2021-092021-122021-092021-122022-032022-062022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-1222222222222222021-062025Q4公募基金增持、减持前三十大个股序号代码股票名称申万一级2025Q4公募基金增持、减持前三十大个股序号代码股票名称申万一级2025Q42025Q3持仓比例变动序号代码股票名称申万一级2025Q42025Q3持仓比例变动1300308.SZ中际旭创通信4.02%2.70%1.31%1601138.SH工业富联电子0.94%1.76%-0.82%2300502.SZ新易盛通信3.36%2.72%0.64%29988.HK阿里巴巴-W商贸零售1.61%2.39%-0.78%3002384.SZ东山精密电子1.28%0.73%0.55%3300014.SZ亿纬锂能电力设备0.38%0.88%-0.50%4601318.SH中国平安非银金融0.93%0.39%0.55%40981.HK中芯国际电子0.97%1.40%-0.43%5601899.SH紫金矿业有色金属1.97%1.60%0.37%51810.HK小米集团-W电子0.16%0.50%-0.34%6600183.SH生益科技电子0.78%0.44%0.34%60700.HK腾讯控股传媒2.99%3.31%-0.32%7688256.SH寒武纪-U电子1.51%1.26%0.25%7300750.SZ宁德时代电力设备3.28%3.60%-0.32%8002028.SZ思源电气电力设备0.38%0.15%0.23%8002475.SZ立讯精密电子1.46%1.76%-0.31%9000807.SZ云铝股份有色金属0.28%0.06%0.23%9002027.SZ分众传媒传媒0.23%0.48%-0.25%10300751.SZ迈为股份电力设备0.20%0.01%0.20%101801.HK信达生物医药生物0.45%0.68%-0.23%11300390.SZ天华新能电力设备0.20%0.00%0.19%119992.HK泡泡玛特轻工制造0.30%0.52%-0.22%12600115.SH中国东航交通运输0.23%0.04%0.19%12002241.SZ歌尔股份电子0.07%0.28%-0.21%130.13%0.19%13002602.SZ世纪华通传媒0.26%0.45%-0.19%140.36%0.19%14688008.SH澜起科技电子0.27%0.46%-0.19%15300274.SZ阳光电源电力设备0.98%0.80%0.18%15600276.SH恒瑞医药医药生物0.83%1.01%-0.19%16688498.SH源杰科技电子0.42%0.24%0.18%16002558.SZ巨人网络传媒0.20%0.38%-0.18%17688525.SH佰维存储电子0.27%0.10%0.17%17603019.SH中科曙光计算机0.02%0.19%-0.17%18002709.SZ天赐材料电力设备0.33%0.16%0.16%18002850.SZ科达利电力设备0.18%0.34%-0.17%19601601.SH中国太保非银金融0.30%0.14%0.16%191347.HK华虹半导体电子0.20%0.36%-0.16%20000333.SZ美的集团家用电器1.06%0.91%0.16%20603893.SH瑞芯微电子0.06%0.22%-0.16%21002837.SZ英维克机械设备0.41%0.26%0.16%21000063.SZ中兴通讯通信0.06%0.22%-0.16%22301550.SZ斯菱智驱汽车0.24%0.11%0.14%22688521.SH芯原股份电子0.06%0.21%-0.15%23000408.SZ藏格矿业有色金属0.15%0.02%0.13%23002050.SZ三花智控家用电器0.20%0.34%-0.14%24601600.SH中国铝业有色金属0.14%0.02%0.12%24603259.SH药明康德医药生物0.74%0.88%-0.14%25300395.SZ菲利华国防军工0.23%0.11%0.12%25600522.SH中天科技通信0.03%0.17%-0.14%26000792.SZ盐湖股份基础化工0.13%0.01%0.12%26688608.SH恒玄科技电子0.04%0.18%-0.14%27600309.SH万华化学基础化工0.28%0.16%0.12%27002517.SZ恺英网络传媒0.17%0.31%-0.14%28603083.SH剑桥科技通信0.16%0.04%0.12%281024.HK快手-W传媒0.09%0.22%-0.13%29600029.SH南方航空交通运输0.16%0.04%0.11%29603986.SH兆易创新电子0.81%0.94%-0.13%300.12%0.11%30000858.SZ五粮液食品饮料0.36%0.49%-0.13%，港股行业实配：增配周期与金融，减配科技和消费港股增配有色非银石油石化商贸25Q4例上升较大的一级行业为：有色金属+2.02%、非银金融+1.5%、石油石化+1.4%。配置比例下降较大的一级行业为：电子-4.3%、商贸零售-2.5%、医药生物-2.4%。四季度主动基金南下主要增配相对低位的周期金融方向，电子、互联网和医药等被明显减配。表5：主动型基金港股整体行业配置结构有色金属2.02%2.6%4.9%4.7%4.0%2.3%3.1%2.9%4.5%6.6%钢铁0.01%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%基础化工0.00%0.0%0.0%0.3%0.3%0.5%0.3%0.4%0.2%0.2%中游周期建筑材料0.13%0.0%0.0%0.0%0.1%0.1%0.1%0.0%0.2%0.3%建筑装饰0.06%0.5%0.6%0.7%0.6%0.8%0.4%0.5%0.3%0.4%石油石化1.43%9.2%13.0%12.7%6.3%5.9%3.3%2.8%2.1%3.6%传媒1.28%22.1%20.9%22.8%23.3%20.8%23.4%20.6%20.0%21.3%计算机-0.01%3.5%2.5%1.5%1.5%1.9%2.0%2.1%0.8%0.8%通信-0.03%7.1%7.3%8.5%6.8%6.8%5.6%5.2%3.1%3.0%电力设备0.04%0.5%0.9%0.3%0.4%1.2%0.4%0.5%0.9%1.0%中游制造国防军工-0.01%0.1%0.1%0.1%0.0%0.1%0.0%0.0%0.0%0.0%机械设备0.08%0.4%0.4%0.4%0.3%0.3%0.2%0.3%0.2%0.3%家用电器-0.01%0.6%0.9%0.9%0.9%0.9%0.6%0.9%0.4%0.4%美容护理-0.35%0.0%0.2%1.1%1.0%0.9%0.9%0.7%0.4%0.1%可选消费汽车-0.44%6.6%5.0%3.8%5.0%7.2%7.4%5.3%4.3%3.9%轻工制造-0.75%0.5%0.9%2.2%1.1%2.0%2.8%4.8%2.8%2.1%社会服务0.89%5.1%7.5%7.8%