但斌二季度美股持仓出炉：英伟达继续居首首度配置数字货币概念股

智通财经2025-07-29

2025年第二季度，但斌执掌的东方港湾再度上调了美股持仓规模。根据向SEC提交的13F报告显示，截至二季度末，东方港湾海外基金“Oriental Harbor Investment Fund”共持有13只美股标的，市值总计11.26亿美元，折合人民币超80亿元。较一季度末的8.68亿美元显著上升。从核心重仓逻辑未变，到新兴标的首度现身，但斌二季度在美股的调仓操作既显稳健又不乏突破，在全球科技脉络中...

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Fund”共持有13只美股标的，市值总计11.26亿美元，折合人民币超80亿元。较一季度末的8.68亿美元显著上升。从核心重仓逻辑未变，到新兴标的首度现身，但斌二季度在美股的调仓操作既显稳健又不乏突破，在全球科技脉络中持续寻找确定性资产的同时，也对未来趋势做出了极具试探性的响应。科技主线稳定推进，英伟达依旧居首首先从结构端来看，2025年二季度的美股持仓继续以科技龙头为主轴，英伟达(NVDA.US)无悬念地仍位居第一重仓股。这已非首次出现英伟达领衔的组合架构，自2023年以来，其在东方港湾的美股投资布局中始终占据压舱石角色。即便经历短期股价调整，但其在AI时代背景下的核心资源属性依旧凸显。而在排名上变动幅度最大的标的当属谷歌。在二季度，谷歌(GOOG.US)从此前的边缘地位跃升为第二大重仓股。这一调仓动作的时间点与谷歌持续加大在AI大模型方向的投入密切相关。与英伟达不同，谷歌在AI生态中的角色更多体现在应用端与平台搭建层，是人工智能向消费场景和开发者生态延伸的关键环节。与谷歌同步上榜的，还有亚马逊、微软和Meta等老牌科技巨头。整体上看，这一轮加仓依旧围绕“AI技术与算力基础设施”进行系统性布局。一位私募分析师指出：“但斌的美股仓位策略不是简单的行业博弈，而是围绕技术演进节奏的主轴——谁掌握了下一代商业基础设施，谁就值得长期重仓。”东方港湾海外基金2025年二季度末的美股持仓(数据来源：基金管理人，私募排排网整理)二季度还可以看到一个值得注意的策略微调，即持仓标的数量从10只增加至13只。这种边际扩张在保持主线资产集中度的同时，为新兴方向提供配置空间。这种做法在复杂宏观背景下尤显审慎，也确保了其投资组合具备一定的分散风险能力。与此同时，东方港湾的国内基金组合也体现出一致性布局倾向。根据私募排排网数据，国内产品共重仓了7只与美股关联密切的ETF基金，持仓总市值约为9.31亿元。相关ETF的前十大成分股高度集中于微软、苹果、谷歌、英伟达、亚马逊等美股科技巨头，进一步印证其跨平台的一体化配置逻辑。东方港湾2024年末持有的ETF(数据来源：Choice，ETF基金2024年年报)首度配置Coinbase，信号之外的结构试探如果说英伟达与谷歌是东方港湾美股组合的“常青树”，那么Coinbase的加入则更像是一次具有实验性质的策略“试探”。数据显示，该公司在二季度被新纳入东方港湾持仓组合，持仓市值约为5470万美元。Coinbase作为美国最大的数字货币交易平台，其业务范围覆盖法币加密资产兑换、托管服务、链上基础设施及开发者工具平台，近年来在Web3生态中地位逐步上升。股价波动虽大，但在加密行业基础建设维度具有相对稳健的商业模型。结合东方港湾一贯强调的“投资改变世界的公司”逻辑，Coinbase的入选也可视作这一逻辑向新技术领域的延伸。正如但斌在2025年中私享会上所指出，“人工智能时代并非短期浪潮，其演进周期更类似于电子硬件、互联网及移动互联网等重大技术革命，拥有10年以上的周期。”从这个意义上看，Coinbase的加入，是一次有前瞻预判基础的战略延伸，而非孤立的投机动作。一位熟悉其策略思路的业内人士指出，在东方港湾的框架中，“投资改变世界的公司”是重要标准。Coinbase虽不属于传统意义上的科技硬件或算法公司，但作为连接加密资产与主流金融之间的重要接口，其未来演化空间足以进入这一范畴。尤其是在全球多个国家放开加密ETF、推动数字资产入表的大趋势下，Coinbase具备“模式外延”的想象力。业绩反弹领跑私募，高波动策略迎来兑现期从产品业绩表现来看，东方港湾在2025年上半年交出了显著优于同行的成绩单。私募排排网数据显示，截至7月18日，东方港湾有77只产品在网展示，其中近三个月收益超过40%的产品多达72只，占比超过九成，反映出组合对科技主线行情的强β响应能力。与此同时，核心产品策略的长期回报能力亦保持稳健。据私募排排网统计，截至2025年6月底，东方港湾旗下产品近三年平均收益为47.25%，在百亿主观私募中排名第4位，处于头部阵营。在这77只有数据披露的产品中，有57只产品在近三年内实现了超过50%的累计收益，占比约74%。另有33只产品自成立以来年化收益超过15%。百亿主观私募近三年收益排名(按旗下产品近三年收益均值排名)本文转自“财联社”;智通财经编辑：李佛。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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但斌二季度美股持仓出炉：英伟达继续居首 首度配置数字货币概念股

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但斌二季度美股持仓出炉：英伟达继续居首首度配置数字货币概念股