交通运输物流2Q25基金持仓：配置比例回升快递、航空获得青睐

中金公司2025-07-30

行业动态行业近况公募基金2025 年二季报基本披露完毕，我们分析了公募基金及陆港通对交运物流板块持股情况以及变化趋势。评论从整体上看，2Q25 交运物流行业基金重仓配置比例环比回升。2Q25 基金重仓持股中交运物流板块市值占比为1.28%，环比上升0.09 个百分点，低于历史平均0.40 个百分点。分子行业看，快递、航空重仓配置比例增幅较大。2Q25 从重仓配置比例看，航空、快递相对较高，分别为...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250730074126a6c87f89&s=b><strong>中金公司</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>行业动态行业近况公募基金2025 年二季报基本披露完毕，我们分析了公募基金及陆港通对交运物流板块持股情况以及变化趋势。评论从整体上看，2Q25 交运物流行业基金重仓配置比例环比回升。2Q25 基金重仓持股中交运物流板块市值占比为1.28%，环比上升0.09 个百分点，低于历史平均0.40 个百分点。分子行业看，快递、航空重仓配置比例增幅较大。2Q25 从重仓配置比例看，航空、快递相对较高，分别为...</p>\n\n<a 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家和116家。环比来看，顺丰控股、四川成渝持有基金数量环比分别增加88 家、12 家，唐山港、粤高速A重仓基金数量环比分别减少33 家、22 家。陆港通持股比例（占相关流通股比例）来看，北上偏好机场、铁路，南下偏好航运、物流。从陆股通2Q25 持股环比变动看，北上资金整体对机场、铁路偏好有所增加，占流通A股比例环比提升0.54、0.42 个百分点至2.3%、2.7%。南下资金方面，2Q25 航运、物流板块占流通H股比例环比分别上涨3.6、3.4 个百分点至26.9%、13.0%。估值与建议3Q25 配置建议：快递件量高增长，反内卷改善或推动价格回归理性，推荐中通、圆通、韵达，相关标的申通；看好顺丰现金流改善、极兔海外扩张。航空票价稳定，供需趋于平衡，油价同比大降，盈利迎拐点，推荐港股三大航、华夏、吉祥、春秋。航运重视集运高股息，推荐海丰国际、中谷物流；看好油运弹性，推荐中远海能H、招商轮船；干散货关注太平洋航运。非快递物流推荐边际改善的嘉友国际，股价回调但基本面稳健的满帮，低估值的京东物流、安能物流和厦门象屿。高股息关注预期差和潜在分红提升，推荐中国外运H、中原高速、深圳国际。机场经营杠杆持续体现，关注上海机场。风险宏观经济增长不及预期，燃油、人工成本大幅波动，地缘冲突风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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交通运输物流2Q25基金持仓：配置比例回升 快递、航空获得青睐

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交通运输物流2Q25基金持仓：配置比例回升快递、航空获得青睐