不动产与空间服务2Q25持仓：仓位延续回落低配幅度走阔_行业动态

中金公司2025-07-31

行业动态行业近况公募基金2025 年二季报基本披露完毕，我们重点分析了主动偏股型基金对房地产板块的重仓持股情况及其变化趋势。评论二季度地产板块整体呈盘整态势，2Q25 末地产重仓仓位延续4Q24 以来的回落趋势。2Q25 内申万房地产指数微跌1.1%，期间跑输沪深300 指数2.4ppt。2Q25 末主动偏股型基金重仓持仓股中地产板块市值占比环比下降18bps至0.91%，延续自4Q24 以来跌势...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2555660071?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-31 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2555660071","market":"sh","top_or_hot":-1,"title":"不动产与空间服务2Q25持仓：仓位延续回落 低配幅度走阔_行业动态","media":"中金公司","content":"<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，我们重点分析了主动偏股型基金对房地产板块的重仓持股情况及其变化趋势。评论二季度地产板块整体呈盘整态势，2Q25 末地产重仓仓位延续4Q24 以来的回落趋势。2Q25 内申万房地产指数微跌1.1%，期间跑输沪深300 指数2.4ppt。2Q25 末主动偏股型基金重仓持仓股中地产板块市值占比环比下降18bps至0.91%，延续自4Q24 以来跌势...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731101619a6ca9c41&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>不动产与空间服务2Q25持仓：仓位延续回落 低配幅度走阔_行业动态</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n不动产与空间服务2Q25持仓：仓位延续回落 低配幅度走阔_行业动态\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-31 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731101619a6ca9c41&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，我们重点分析了主动偏股型基金对房地产板块的重仓持股情况及其变化趋势。评论二季度地产板块整体呈盘整态势，2Q25 末地产重仓仓位延续4Q24 以来的回落趋势。2Q25 内申万房地产指数微跌1.1%，期间跑输沪深300 指数2.4ppt。2Q25 末主动偏股型基金重仓持仓股中地产板块市值占比环比下降18bps至0.91%，延续自4Q24 以来跌势...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731101619a6ca9c41&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CRBJF","symbol_name":"China Resources Land Ltd.","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731101619a6ca9c41&s=b","article_id":"2555660071","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731101619a6ca9c41&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2555660071","pubTimestamp":1753891200,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"行业动态行业近况公募基金2025 年二季报基本披露完毕，我们重点分析了主动偏股型基金对房地产板块的重仓持股情况及其变化趋势。评论二季度地产板块整体呈盘整态势，2Q25 末地产重仓仓位延续4Q24 以来的回落趋势。同时，2Q25 末A股开发商重仓市值占A股重仓总市值的比重环比下降19bps至0.61%，相较A股地产流通市值占比低配0.60%，低配幅度边际走阔。风险行业政策加码时点及力度不及预期，基本面景气度下行超预期。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159982":"中证500","399300":"沪深300","600048":"保利发展","600325":"华发股份","601155":"新城控股","CRBJF":"China Resources Land Ltd.","00101":"恒隆地产","03900":"绿城中国","BK0196":"行业龙头","BK0010":"央企","00688":"中国海外发展","00119":"保利置业集团","02669":"中海物业","02869":"绿城服务","00123":"越秀地产","BK0189":"打板","LU1997245177.USD":"安联神洲A股基金","LU1720050803.USD":"安联全方位中国股票基金","01209":"华润万象生活","01109":"华润置地","BK0183":"MSCI概念","CAOVY":"中国海外发展ADR","BK0188":"融资融券","02423":"贝壳-W","BK0012":"证金概念","BK0082":"国资改革","BK0015":"沪股通50","BK0187":"一线龙头","01972":"太古地产","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","BK0028":"国家队","BK0273":"房地产"},"translate_title":"Real estate and space services 2Q25 positions: positions continue to fall and underweight widens _ Industry News","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159982":0.9,"399300":0.9,"600048":0.9,"600325":0.9,"601155":0.9,"01972":0.9,"01109":0.9,"03900":0.9,"02423":0.9,"00688":0.9,"00101":0.9,"00123":0.9,"CAOVY":0.9,"00119":0.9,"02869":0.9,"01209":0.9,"02669":0.9,"CRBJF":0.9},"content_text":"行业动态行业近况公募基金2025 年二季报基本披露完毕，我们重点分析了主动偏股型基金对房地产板块的重仓持股情况及其变化趋势。评论二季度地产板块整体呈盘整态势，2Q25 末地产重仓仓位延续4Q24 以来的回落趋势。2Q25 内申万房地产指数微跌1.1%，期间跑输沪深300 指数2.4ppt。2Q25 末主动偏股型基金重仓持仓股中地产板块市值占比环比下降18bps至0.91%，延续自4Q24 以来跌势；其中开发商市值占比环比下降15bps至0.73%（A股环比-16bps、内房股持仓市值占比保持韧性，环比+0.3bps）。同时，2Q25 末A股开发商重仓市值占A股重仓总市值的比重环比下降19bps至0.61%，相较A股地产流通市值占比低配0.60%（1Q25 为低配0.46%），低配幅度边际走阔。A股开发：2Q25 末A股前五大重仓公司为保利发展/招商蛇口/滨江集团/新城控股/华发股份，其中新城为近年首进Top5。对应仓位分别环比-3.2/-1.4/-1.0/+0.4bps/持平。H股开发：2Q25 末内房股前五大重仓公司为华润置地/中国海外发展/绿城中国/越秀地产/保利置业集团，其中保利置业为近年首进Top5。对应仓位分别环比持平/-0.1/+0.5/-0.5/+0.2bps。多元板块：2Q25 末多元板块前五大重仓公司为贝壳-W/招商积余/绿城服务/中海物业/华润万象生活，Top5 重仓股基本维持稳定，对应仓位分别-0.1/+0.2/-0.2/-0.6/-0.8bps。前五大重仓股持仓集中度边际微增。2Q25 末地产板块重仓基金数量前三公司为保利发展、招商蛇口、滨江集团，分别有66/48/38 支基金重仓；但受基本面持续走弱拖累，保利发展、招商蛇口单季基金重仓数环比-17/-15，位列前二。集中度来看，2Q25 末Top5/Top6-10 重仓股占全部地产仓位比重为61%/19%，环比分别+1.2ppt/+0.9ppt。估值与建议开发板块：推荐潜在困境反转标的和债务重组标的，如新城控股。相关标的还有新城发展（未覆盖）。同时关注相对低估的国央企，如越秀、中海宏洋，亦推荐业绩具备韧性的滨江集团和华润置地。多元板块：推荐业绩成长有韧性、股息收益率有吸引力的绝对收益型标的，如华润万象生活、太古地产和绿城服务，亦推荐股息回报可观、基本面已明确企稳的恒隆地产。风险行业政策加码时点及力度不及预期，基本面景气度下行超预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2555660071","isCrawlerRequest":true}

不动产与空间服务2Q25持仓：仓位延续回落 低配幅度走阔_行业动态

精彩评论

不动产与空间服务2Q25持仓：仓位延续回落低配幅度走阔_行业动态