25Q4基金季报专题研究：四类基金画像：加仓、减仓、调仓、极致风格

华创证券有限责...01-30

公募整体持仓变化：增配有色、通信，减配电子、医药从持仓市值占比的环比变动看，25Q4 公募加仓前五行业：有色（持仓市值占比提升2.1pct）、通信（1.8pct）、非银（0.9pct）、化工（0.8pct）、机械（0.7pct）；减仓前五行业：电子（-1.6pct）、医药（-1.6pct）、传媒（-1.2pct）、电新（-0.9pct）、计算机（-0.8pct）。四类画像：Q4 加仓偏成长风格的...

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行业操作来看，主要体现为更偏向成长风格的平衡与调整：加仓工业金属、军工电子、光伏设备、通信设备等行业的同时，减仓电池、数字媒体、社交等。此外，对于价值风格内部同样存在一定的调整：加仓保险、证券、化工，减仓机场、港口、玻璃等，整体来看着重于成长/价值行业内部分别寻找高景气度以及业绩的确定性。减仓选手：成长选手的价值转向，Q4 加元件、白酒、煤炭开采，减通信设备、半导体、乘用车。25Q4 减仓选手重仓电子、通信、有色、医药等行业，同样具有明显的成长风格特征。从季度行业操作上来看主要体现在价值风格的明显加强与成长风格的减弱：加仓行业主要集中在白酒、煤炭、国有行、保险、贵金属、白电等传统红利价值行业，减仓主要集中在通信设备、半导体、消费电子、乘用车、计算机设备、电池等高成长属性行业。减仓选手在科技成长为主线的行情中持有更加审慎的态度，更加关注估值性价比与安全边际以推动持仓向哑铃型靠近，大幅减持科技成长板块也体现出对当前较高估值以及未来业绩兑现的担忧。调仓选手：均衡配置选手的风格内调整，Q4 加半导体、工业金属、保险，减消费电子、电池、国有行。调仓选手均衡配置风格较为明显，各行业超低配均处于6pct 以内，配置与主动权益型公募整体较为接近。从行业操作上来看，Q4 主要表现为成长与价值风格内部的调整。成长风格内加仓半导体、工业金属、通用设备等，减持消费电子、电池、汽车零部件等；价值风格内加仓保险、证券、公路铁路等，减持银行、白酒、地产等。整体来看成长风格更加聚焦产业趋势明确，景气度不断提升的行业，而降低“内卷”程度相对严重、增长预期不确定性较高的行业配置；价值风格则进一步布局经济复苏下的业绩确定性与弹性，从红利低波转向红利质量。最极致的成长/价值选手仅在风格内调仓，成长加通信设备、减消费电子，价值加装修建材、减生物制品。最极致的成长选手重仓电子、电新、通信，其余行业均为底仓；最极致的价值选手重仓银行、非银、地产等，两者Q4 调仓均坚守能力圈，仅在各自的原有风格内作出调整：1）极致成长主要对TMT 板块内的细分二级子行业做调整：加通信设备、半导体、元件，减消费电子、计算机设备、广告营销。此外部分价值板块同样得到小幅加仓，如饮料乳品、白酒、房地产服务等。2）极致价值Q4 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