2025Q4基金持仓分析：Q4基金动向：增配AI基建与价值股

国泰海通证券股...01-25

本报告导读：2025Q4 主动基金大幅减仓A 股和港股，增配方向在周期与金融等价值股，有色/非银是加仓共识，科技内部分化，AI硬件基建被增配，TMT/医药/军工被减仓。投资要点：主动基金风格轮动，增配大盘周期金融股。2025Q4主动偏股基金重仓市值环比-1956.5 亿元至3.38 万亿元，股票仓位环比降至84.2%，持仓集中度CR20 环比+0.2%。板块上，主动基金继续增配创业板，减配主板和...

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/2606256235?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-25 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2606256235","market":"hk","top_or_hot":-1,"title":"2025Q4基金持仓分析：Q4基金动向：增配AI基建与价值股","media":"国泰海通证券股...","content":"<div>\n<p>本报告导读：2025Q4 主动基金大幅减仓A 股和港股，增配方向在周期与金融等价值股，有色/非银是加仓共识，科技内部分化，AI硬件基建被增配，TMT/医药/军工被减仓。投资要点：主动基金风格 轮动，增配大盘周期金融股。2025Q4主动偏股基金重仓市值环比-1956.5 亿元至3.38 万亿元，股票仓位环比降至84.2%，持仓集中度CR20 环比+0.2%。板块上，主动基金继续增配创业板，减配主板和...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125134057a6a9bbf3&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>2025Q4基金持仓分析：Q4基金动向：增配AI基建与价值股</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\">\n2025Q4基金持仓分析：Q4基金动向：增配AI基建与价值股\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-25 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125134057a6a9bbf3&s=b><strong>国泰海通证券股...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报告导读：2025Q4 主动基金大幅减仓A 股和港股，增配方向在周期与金融等价值股，有色/非银是加仓共识，科技内部分化，AI硬件基建被增配，TMT/医药/军工被减仓。投资要点：主动基金风格 轮动，增配大盘周期金融股。2025Q4主动偏股基金重仓市值环比-1956.5 亿元至3.38 万亿元，股票仓位环比降至84.2%，持仓集中度CR20 环比+0.2%。板块上，主动基金继续增配创业板，减配主板和...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125134057a6a9bbf3&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":"LU0348825331.USD","symbol_name":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125134057a6a9bbf3&s=b","article_id":"2606256235","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260125134057a6a9bbf3&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=2606256235","pubTimestamp":1769270400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"本报告导读：2025Q4 主动基金大幅减仓A 股和港股，增配方向在周期与金融等价值股，有色/非银是加仓共识，科技内部分化，AI硬件基建被增配，TMT/医药/军工被减仓。板块上，主动基金继续增配创业板，减配主板和科创板，港股实配比例明显下滑。2025Q4 主动基金大幅减配港股，重仓市值环比-866 亿元至2952 亿元，配置比例环比显著下滑3.2%至15.6%。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","00763":"中兴通讯","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","03750":"宁德时代","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","00753":"中国国航","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","BK1592":"有色金属","00981":"中芯国际","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","BK1544":"黄金股","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0173614495.USD":"富达中国焦点A","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0329678337.USD":"FIDELITY EMERGING ASIA \"A\" (USD)","BK1198":"黄金","BK1505":"一带一路","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1720050803.USD":"安联全方位中国股票基金","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","02899":"紫金矿业","00762":"中国联通","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC"},"translate_title":"2025Q4 fund position analysis: Q4 fund trends: increase allocation of AI infrastructure and value stocks","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00763":0.9,"00762":0.9,"00753":0.9,"02899":0.9,"03750":0.9,"00981":0.9},"content_text":"本报告导读：2025Q4 主动基金大幅减仓A 股和港股，增配方向在周期与金融等价值股，有色/非银是加仓共识，科技内部分化，AI硬件基建被增配，TMT/医药/军工被减仓。投资要点：主动基金风格 轮动，增配大盘周期金融股。2025Q4主动偏股基金重仓市值环比-1956.5 亿元至3.38 万亿元，股票仓位环比降至84.2%，持仓集中度CR20 环比+0.2%。板块上，主动基金继续增配创业板，减配主板和科创板，港股实配比例明显下滑。风格上，主动基金增配上证50 和沪深300 为代表的大盘蓝筹，中证500 也小幅增配，中证1000 被大幅减配；大幅增配周期和金融，减配成长和消费。Q4主动基金配置呈现出明显的高低切换特征，估值相对偏低且景气改善的周期和金融板块被大幅增配，而许多前期涨幅较大的科技赛道有所减持，此外消费和红利板块仓位变化不大。往后看，业绩增长确定性强的科技硬件/材料/非银方向胜率仍然较大，也需要重视行情向估值较低、持仓拥挤度中低分位的价值板块扩散机会。行业配置：全面增配周期金融，科技聚焦AI 硬件基建。四季度基金主要增配有色/通信/非银/机械/基化，减配传媒/电子/电新/医药/军工。从超配环比来看：1）中上游周期整体获明显增配，有色/化工加仓幅度居前，二级行业中主要是工业金属/能源金属/化学制品/农化制品增配较多，国际地缘冲突和国内反内卷造成资源供给受限以及供需格局的持续改善带来四季度普遍涨价。下游周期仓位变化不大。2）科技配置出现显著分化，通信设备被继续大幅加仓，主要受益于AI 基建投资带动行业景气提升，通信设备龙头公司居于重仓榜首，通用设备/汽零加仓幅度也较大，主要集中在液冷/柴发/机器人等环节，而多数科技赛道被明显减配，其中二级行业中消费电子/电池/化学制药/游戏/军工电子/半导体等减配幅度居前。3）消费板块中必选消费被继续减配，白酒/饲料减配居前，但休闲食品获得明显加仓；可选消费被小幅加仓。4）非银被大幅增配，其中保险/证券加仓幅度较大，主要得益于增量资金入市与新业务价值高增。港股配置：配置占比下滑，增配周期与金融。2025Q4 主动基金大幅减配港股，重仓市值环比-866 亿元至2952 亿元，配置比例环比显著下滑3.2%至15.6%。行业上，四季度主动基金大幅增配周期与金融等低位方向，如港股保险、石油、航司、有色等行业，而减配港股互联网与半导体龙头。基金发行或迎来拐点，行情有望扩散。截止2026 年1 月23 日，主动股基收盘价升至2220 点，接近前高，上证指数站上4000 点；且最近半年、最近一年、最近两年和最近三年实现正收益的普通股票基金占比分别为86.0%、98.1%、96.8%和72.1%，基金赚钱效应延续较高区间。我们认为基金发行有望跨越向上拐点，为行情进一步上涨形成支撑。景气投资策略的有效性在2026 年有望明显增强，主动投资有望重新获得定价权。往后看，一季度往往处于业绩空窗和春季躁动阶段，在“慢牛”诉求的指引下，我们认为业绩增长确定性强的科技硬件、有色和非银方向胜率仍然较大，估值分位并不极端、仓位适中或偏低的医药/电新/服务消费以及低估值的传统消费和红利板块有望受益于行情扩散。","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 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":"4.42.0","shortVersion":"4.42.0","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/2606256235","isCrawlerRequest":true}