基金2025年四季报进入密集披露期科技成长股受青睐

经参证券01-22

2025年公募基金四季报已进入密集披露期。Wind数据显示，截至1月21日记者发稿时，全市场已有超3300只基金披露2025年四季报。在全年表现较为突出的权益市场行情中，多只权益类基金规模翻倍，不少产品股票仓位持续抬升。潘悦制图多只权益类基金规模翻倍1月21日，平安基金、建信基金、安信基金、农银汇理基金等多家公募机构旗下的超千只产品同日披露了2025年四季报。尽管四季度出现小幅震荡，但在2025年...

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favored","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"603986":1.82,"688525":1.85,"03750":0.9,"MIUmain":0.6,"03986":0.9,"HXXD.SI":0.6},"content_text":"2025年公募基金四季报已进入密集披露期。Wind数据显示，截至1月21日记者发稿时，全市场已有超3300只基金披露2025年四季报。在全年表现较为突出的权益市场行情中，多只权益类基金规模翻倍，不少产品股票仓位持续抬升。潘悦制图多只权益类基金规模翻倍1月21日，平安基金、建信基金、安信基金、农银汇理基金等多家公募机构旗下的超千只产品同日披露了2025年四季报。尽管四季度出现小幅震荡，但在2025年整体表现亮眼的权益市场行情中，主动权益类基金规模增速显著，不少基金规模实现翻倍，还有产品规模环比增逾10倍。季报数据显示，安信睿见优选A截至2025年12月31日的最新份额约为50.38亿份，相比2025年9月30日的25.01亿份环比增长超100%；规模方面，该基金的最新规模约为65.73亿元，相比2025年三季度末的34.31亿元也呈现大幅增长态势。公开资料显示，安信睿见优选A是一只偏股混合型基金，成立于2023年4月25日。截至2026年1月21日，该基金最近一年的回报率为40.60%，远高出业绩基准的23.02%。从持仓情况来看，该基金持仓行业特征较为分散，前十大重仓股中包括了腾讯控股、小米集团-W等多只港股标的，此外还有迈瑞医疗、世纪华通、宁德时代等A股标的。中欧周期优选A则是另一只规模扩张突出的偏股混合型产品。Wind数据显示，截至2025年12月31日，该基金的最新份额约为7.79亿份，相比同年三季度末的0.22亿份大幅增长超30倍；产品规模也从三季度末的0.36亿元上升至同年四季度末的15.75亿元，增幅达4217.93%。2025年，该基金业绩表现突出，据Wind统计，该基金2025年回报率达98.41%，远高于同期业绩基准的45.71%。从资产配置情况来看，中欧周期优选混合的权益投资占基金总资产的比例由2025年三季度末的88.86%降至四季度末的84.16%。该基金的前十大重仓股环比也大幅调整，四季度末新增盛屯矿业、云铝股份、焦作万方、神火股份、山金国际、天山铝业。其中，云铝股份在2025年四季度的涨幅超50%，同期，盛屯矿业、天山铝业的涨幅也超40%。规模迅速增长的还有成立不久的新基金。例如，成立于2025年9月12日的东方阿尔法科技智选混合，截至同年四季度末的规模已达3.94亿元，较1100.69万元的成立规模增幅也达3478.29%。截至2025年四季度末，东方阿尔法科技智选混合的权益投资比例达87.93%，前十大重仓股普遍聚焦半导体存储产业，包含佰维存储、兆易创新、德明利、香农芯创、江波龙、普冉股份、聚辰股份、北京君正、东芯股份、晶合集成。成立于2025年9月12日的永赢先锋半导体智选A，其成立之初的份额合计为3.37亿份，而截至当年四季度末，最新份额已经达到了5.17亿份，环比增幅约为53%。截至2026年四季度末，该基金的股票仓位约为90.97%，前十大重仓股包括德明利、佰维存储、香农芯创、江波龙等个股。此外，截至2025年四季度末，还有华富科技动能A、前海开源沪港深乐享生活、融通产业趋势臻选A等多只基金的最新规模环比增长超10亿元。高仓位运作成为普遍现象2025年四季度，A股市场整体呈震荡态势。Wind数据显示，截至2025年12月31日，四季度上证指数、深证成指、创业板指的变动幅度分别为2.75%、0.34%、-1.08%。不过，从基金四季报呈现出的数据来看，权益类基金整体依然维持了较高的权益仓位，且部分基金在四季度继续加仓。《经济参考报》记者根据Wind数据统计，在目前已披露四季报的1200余只主动权益类基金（含普通股票型、偏股混合型、灵活配置型、平衡混合型）中，最新股票仓位维持90%以上高仓位运作的共有600余只。其中，部分绩优基金，如长城久祥混合A、华富新能源股票型发起式A、诺安精选回报混合仓位均超92%，较2025年三季度末有所提升。在业内人士看来，市场规模扩张的同时，基金经理们保持高仓位运作，反映出公募基金对2026年A股市场的乐观预期。科技主线仍是关注重点四季报中，除基金最新规模以及资产配置情况外，部分基金经理的最新配置思路以及后续看好的方向也随之出炉。总体来看，科技主线仍是各基金经理关注的重点。东方阿尔法科技智选混合基金经理梁少文表示，展望2026年一季度，存储行业将有良好的投资机会，一方面存储芯片价格上涨趋势仍在延续，相关公司的业绩也将释放出来；另一方面，全球AI推理侧需求快速增长，短期供给释放较少，供需差仍在扩大，涨价幅度仍有超预期的空间。将持续关注半导体存储产业链，重点聚焦景气度持续提升、价格具备上涨弹性的环节，以及国产存储供应链实现突破的关键环节，致力于把握存储相关的投资机会，伴随国家存储产业链共同成长。长城久祥混合A基金经理陈良栋表示，四季度进一步提高AI算力配置比重，重点聚焦光通信板块。在他看来，算力作为AI产业发展的基石，其投入具备前置性，国际国内科技龙头持续提升相关资本开支；同时随着大模型能力提升和应用数量增长，算力需求保持快速上升态势。同泰数字经济股票基金经理陈宗超在报告中表示，以AI算力为首的科技股已成为市场共识，业绩主线贯穿2025全年。展望2026年，宏观利好、资金环境优化与AI产业变革共振，有望推动A股走出科技长牛行情。他认为，AI硬件、国产算力芯片等将是未来3年至5年的投资主线，而可控核聚变作为终极能源解决方案，长期具备巨大成长空间。华富科技动能混合基金的基金经理沈成表示，该基金持仓已基本覆盖人形机器人产业链的各个环节，包括感知系统、运动控制、核心零部件及整机集成等。但由于人形机器人产业正处于发展的初级阶段，投资需警惕技术路径的不确定性、技术创新的节奏变化、规模化量产可能延迟等因素。此外，还有部分基金经理提出关注商业航天、顺周期板块以及贵金属等避险资产领域。中欧周期优选混合基金经理任飞认为，未来主要关注三大类机会：第一类是注重价格弹性的新能源金属、小金属，当前周期位置低，且受到缺电逻辑对于储能需求的增强，未来具备较大弹性；第二类是具备现金流且未来盈利能够向上的顺周期红利板块，尤其强调因缺电导致供给受限的电解铝的投资机会，也会在适当时机关注钢铁、煤炭、石化、建材等低位方向；第三类是在“资源安全”政策下，未来能够不断增储上产的行业，主要看重“量增”带来的公司中长期价值提升，包括铜、黄金等。永赢中证沪深港黄金产业股票ETF发起联接基金经理刘庭宇表示，展望后市，无论从美国中期降息周期、滞胀环境对应的交易型资金，还是逆全球化、去美元化趋势下的长期配置资金来看，黄金和黄金股2026年上行空间可期，且黄金股的投资机会更加值得关注。目前来看，黄金股三季报业绩整体符合预期，2026年戴维斯双击或将继续：中证沪深港黄金股指数前十大成份股2025年前三季度业绩继续保持62%的高增速，整体符合市场预期。这一高增态势得益于金价中枢上行，叠加金矿公司积极扩产带来的量价齐升，且这一逻辑后续有望持续兑现。东财景气驱动混合发起式基金经理方一航表示，中期来看，商业航天正从“探索验证”向“成长爆发”跨越。2026年，低轨星座组网加速，发射频次有望破百，商业化闭环持续完善。后续将重点聚焦可回收火箭、卫星载荷等关键领域，跟踪订单落地与技术突破进度，坚守龙头标的，把握产业规模化发展带来的中长期投资机会。记者：罗逸姝来源：经济参考报","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":0,"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 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基金2025年四季报进入密集披露期 科技成长股受青睐

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基金2025年四季报进入密集披露期科技成长股受青睐