济安金信 | 2025Q4基金季报点评3：宁德时代、兴业转债总市值持仓第一

济安基金评价中心01-23

核心摘要：四季度，公募基金宁德时代持股总市值最高，兴业转债持仓总市值最高。基金持股市值1.宁德时代持股总市值最高从四季报基金持股总市值前十的重仓股来看，与三季报基金持股总市值前十的名单多数保持一致，上期前十榜单中的东方财富本期退出榜单，东方财富四季度下跌15.95%。而招商银行为本期新晋个股，招商银行四季度上涨3.49%。从证监会行业分布来看，制造业个股持股总市值增加明显。图表1：基金持股总市值...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260123200741a6a51398&s=b><strong>济安基金评价中心</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>核心摘要：四季度，公募基金宁德时代持股总市值最高，兴业转债持仓总市值最高。基金持股市值1.宁德时代持股总市值最高从四季报基金持股总市值前十的重仓股来看，与三季报基金持股总市值前十的名单多数保持一致，上期前十榜单中的东方财富本期退出榜单，东方财富四季度下跌15.95%。而招商银行为本期新晋个股，招商银行四季度上涨3.49%。从证监会行业分布来看，制造业个股持股总市值增加明显。图表1：基金持股总市值...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260123200741a6a51398&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":"LU1720050803.USD","symbol_name":"安联全方位中国股票基金","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260123200741a6a51398&s=b","article_id":"2605408314","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260123200741a6a51398&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, 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中际旭创持股总市值增加最多2025年四季度，公募基金持股总市值增加最多的个股是中际旭创、中国平安和兴业银行等，从证监会门类来看，持仓总市值增加前十的主要为制造业；公募基金持股总市值减少最多的个股是阿里巴巴-W、宁德时代和东方财富等，从证监会门类来看，持仓总市值减少前十的主要为制造业个股。图表5：公募基金持仓总市值增加个股TOP10资料来源：济安金信基金评价中心图表6：公募基金持仓总市值减少个股TOP10资料来源：济安金信基金评价中心图表7：公募基金A股持仓总市值增加个股TOP10资料来源：济安金信基金评价中心图表8：公募基金A股持仓总市值减少个股TOP10资料来源：济安金信基金评价中心图表9：公募基金港股持仓总市值增加个股TOP10资料来源：济安金信基金评价中心图表10：公募基金港股持仓总市值减少个股TOP10资料来源：济安金信基金评价中心4.亿纬转债持仓总市值增加最多2025年四季度，公募基金可转债持仓总市值增加最多的是兴业转债、上银转债和重银转债等；公募基金可转债持仓总市值减少最多的是天23转债、神马转债和闻泰转债等。图表11：公募基金可转债持仓总市值增加TOP10资料来源：济安金信基金评价中心图表12：公募基金可转债持仓总市值减少TOP10资料来源：济安金信基金评价中心5.兴业银行主动增持市值最多下面以增持股数和四季度各公司平均前复权股价这个维度来进行分析，估算出公募基金主动买入和卖出导致持有的个股市值的变动。通过下表可以看出，2025年四季度公募基金增持市值最多的个股有兴业银行、中国平安和美团-W等；四季度公募基金减持市值最多的个股有工业富联、东方财富和阿里巴巴-W等。增持方面来看，公募基金四季度显著增持金融行业，在增持市值TOP10中，兴业银行、中国平安和中信证券等金融行业个股增持市值较多；减持方面来看，公募基金四季度减持较多的为通信行业，在减持市值TOP10中，工业富联和新易盛等通信行业个股减持市值较多。公募基金主动增持市值TOP10个股在四季度的平均收益率为2.99%；公募基金主动减持市值TOP10个股在四季度的平均收益率为-8.99%。公募基金主动增持A股市值TOP10个股在四季度的平均收益率为12.21%；公募基金主动减持A股市值TOP10个股在四季度的平均收益率为-3.16%。公募基金主动增持港股市值TOP10个股在四季度的平均收益率为-4.81%；公募基金主动减持港股市值TOP10个股在四季度的平均收益率为-15.24%。图表13：公募基金增持市值TOP10资料来源：济安金信基金评价中心图表14：公募基金减持市值TOP10资料来源：济安金信基金评价中心图表15：公募基金A股增持市值TOP10资料来源：济安金信基金评价中心图表16：公募基金A股减持市值TOP10资料来源：济安金信基金评价中心图表17：公募基金港股增持市值TOP10资料来源：济安金信基金评价中心图表18：公募基金港股减持市值TOP10资料来源：济安金信基金评价中心6.可转债增持市值最多的为兴业转债2025年四季度公募基金增持可转债市值最多的有兴业转债、重银转债和常银转债等；四季度公募基金减持可转债市值最多的有天23转债、南航转债和晶澳转债等。公募基金主动增持可转债市值TOP10在四季度的平均收益率为20.42%；公募基金主动减持可转债市值TOP10在四季度的平均收益率为2.71%。图表19：公募基金可转债增持市值TOP10资料来源：济安金信基金评价中心图表20：公募基金可转债减持市值TOP10资料来源：济安金信基金评价中心小结四季度A股市场在政策与基本面双重驱动下延续了上涨势头。公募基金股票配置上，股票型和混合型基金权益仓位均下降，一级债、二级债和可转债基金可转债仓位均下降；从行业配置来看，公募基金在制造业持仓占比减少，在金融业持仓占比增加；从股票配置来看，四季度公募基金持仓市值最大的前十个股中，制造行业股票占比提高；从公募基金主动调仓增减持的操作来看，公募基金四季度显著增持金融行业，而减持较多的为通信行业。","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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