“新旧消费”龙头股基金经理现操作分歧

券商中国01-24

2025年四季度，“科技牛”继续担纲行情主线，在此期间，“新旧消费”集体表现不振。以泡泡玛特为代表的新消费板块在上半年的异军突起后趋于沉寂，而以白酒为代表的传统消费的行情走软则贯穿了全年。　　基金经理对不同个股的重仓操作也走出了分化。一方面，对于已经积累一定涨幅的泡泡玛特，2025年四季度内基金整体呈减持态势，而对于毛戈平、蜜雪集团、布鲁可等个股选择增持；另一方面，在白酒股拥挤度逐渐下降的季度里，...

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href=http://finance.eastmoney.com/a/202601243629825467.html><strong>券商中国</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年四季度，“科技牛”继续担纲行情主线，在此期间，“新旧消费”集体表现不振。以泡泡玛特为代表的新消费板块在上半年的异军突起后趋于沉寂，而以白酒为代表的传统消费的行情走软则贯穿了全年。　　基金经理对不同个股的重仓操作也走出了分化。一方面，对于已经积累一定涨幅的泡泡玛特，2025年四季度内基金整体呈减持态势，而对于毛戈平、蜜雪集团、布鲁可等个股选择增持；另一方面，在白酒股拥挤度逐渐下降的季度里，...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202601243629825467.html\">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":"LU0164865239.USD","symbol_name":"HSBC GIF CHINESE EQUITY \"AC\" (USD) 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differences","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":1.9,"600809":1.84,"000858":1.87,"PMRTY":1.95,"09992":1.95,"000568":1.84},"content_text":"2025年四季度，“科技牛”继续担纲行情主线，在此期间，“新旧消费”集体表现不振。以泡泡玛特为代表的新消费板块在上半年的异军突起后趋于沉寂，而以白酒为代表的传统消费的行情走软则贯穿了全年。　　基金经理对不同个股的重仓操作也走出了分化。一方面，对于已经积累一定涨幅的泡泡玛特，2025年四季度内基金整体呈减持态势，而对于毛戈平、蜜雪集团、布鲁可等个股选择增持；另一方面，在白酒股拥挤度逐渐下降的季度里，基金对五粮液、山西汾酒、泸州老窖等个股选择减持，却在四季度内对贵州茅台增持了超20万股。　　“新消费”去年四季度走势不振　　去年四季度内，港股市场中多只新消费个股表现一般，未能延续上半年昂扬的势头。　　其中，泡泡玛特下跌29.65%，接近三成，毛戈平下跌21.22%，老铺黄金下跌11.79%，蜜雪集团震荡涨超5%，其余个股在一众科技股中也较为逊色。　　基金持仓方面，作为颇具代表性的个股，泡泡玛特在去年四季度内依旧被123只基金纳入重仓股名单，并名列包括东方红启恒三年持有、交银产业臻选在内的20余只基金的头号重仓股，公募基金对该股重仓持股数量约为3758.7万股，单季度被减持875.91万股。　　增减仓方向上，四季度内，睿远港股通核心价值基金增持超过245万股，景顺长城稳健增益、交银产业臻选和银华数字经济等基金也增持超10万股；但与此同时，该股也被富国沪港深业绩驱动、永赢睿信等基金大手笔减持，并淡出重仓股名单。　　某大幅加仓该股的基金在季报中分析认为，新消费行业标的有望从潮玩公司发展为IP生态运营者，通过IP多元开发、海外市场深化及产品线拓宽，构建更稳健的增长模式，2026年或进入规模化盈利与结构成长新阶段。　　除了泡泡玛特以外，其余多只新消费个股在震荡过程中却被基金“加购”。　　老铺黄金在四季度内则被基金加仓了21万股，上市不足一年的蜜雪集团被重仓该股的基金增持103.22万股；布鲁可截至去年三季度末“无人问津”，在四季度却被中银卓越成长、中银鑫新消费成长两只基金买至头号重仓股，毛戈平也被基金增持575.93万股。　　鹏华优选回报谢添元认为，对新消费而言，低渗透率或市占率是其在人口红利见顶+通缩大环境下，最好的成长保护。虽然部分公司因为商业模式太新，而导致波动较大，但在分歧中也面临巨大潜力，这是长期看好的战略方向。　　白酒多遭基金减持　　除了新消费，以白酒为代表的传统消费板块在近期交出一份并不算乐观的利润成绩单，白酒也是去年为数不多的下跌板块。　　以易方达基金基金经理张坤为例，他管理的易方达蓝筹精选、易方达优质精选、易方达优质企业三年持有一致减持了贵州茅台、五粮液、泸州老窖、山西汾酒。　　值得一提的是，虽然白酒板块持续不振，但贵州茅台“信仰依旧”，四季度内，公募对贵州茅台重仓持有股数甚至增加了20.27万股，五粮液则被减持约1590万股，泸州老窖、山西汾酒等则被不同程度减持。　　招商基金基金经理侯昊认为，酒企在价量平衡、渠道利润、营收稳定上寻找最优解的难度在加大。头部企业对腰部企业的挤压会在未来一段时间更加明显。白酒市值的底部取决于核心消费人群，批价预期和份额变化。“白酒作为经济后周期的投资属性在这一轮周期中依然可能成立，在更长时间维度对于批价和份额的变化，我们依然保持对头部白酒企业稳定的预期。”侯昊表示。　　银华富久食品饮料精选在季报中写道：“白酒目前处于磨底阶段，行业动销的底已经看到，但是批价的底、报表的底还没有看到，所以至少半年的时间都处于震荡状态。好在目前估值位置低，筹码干净，所以会逐步从低配回归标配。”　　对于“传统”内需消费板块，银华基金基金经理李晓星表示，内需消费板块胜率需要动态观察，好在很多优质消费股的股息率已经处于较为理想区间，相关标的处于向下有底、向上空间动态观察的状态。（文章来源：券商中国）","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":0,"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 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“新旧消费”龙头股 基金经理现操作分歧

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“新旧消费”龙头股基金经理现操作分歧