多只明星基金减仓茅台

21世纪经济报道04-27

专题：2026基金一季报：电力、AI应用成共识，资金大进大出“网红基”遇冷！张坤、葛兰等最新布局出炉　　作者丨肖夏编辑丨高梦阳骆一帆　　4月24日晚，贵州茅台披露，一季度收入同比增长6.54%，归母净利润同比增长1.47%，保持营收、盈利正增长。　　在此之前，河北区域龙头老白干酒、徽酒老二迎驾贡酒也双双交出了正增长一季报，次日两家股价双双冲击涨停。　　然而奇怪的是，投资者们却在撤退。...

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China Equity Fund AS SGD"},"translate_title":"Many star funds lighten their positions in Maotai","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":1.5},"content_text":"专题：2026基金一季报：电力、AI应用成共识，资金大进大出“网红基”遇冷！张坤、葛兰等最新布局出炉\n\n　　作者丨肖夏 编辑丨高梦阳 骆一帆\n　　4月24日晚，贵州茅台披露，一季度收入同比增长6.54%，归母净利润同比增长1.47%，保持营收、盈利正增长。\n　　在此之前，河北区域龙头老白干酒、徽酒老二迎驾贡酒也双双交出了正增长一季报，次日两家股价双双冲击涨停。\n　　然而奇怪的是，投资者们却在撤退。\n　　今年一季度末，贵州茅台、老白干酒、迎驾贡酒股东户数环比分别减少5%、3.5%、4%。其中老白干酒的股东比去年同期少了1.75万户。\n　　重仓茅台的百亿级基金也在减仓。\n　　刘彦春管理的景顺长城新兴成长混合，一季度减持贵州茅台超过20万股。朱少醒管理的富国天惠成长混合，一季度大幅减持贵州茅台52万股，这部分股权当前市值接近7.6亿元。\n　　张坤管理的易方达蓝筹精选混合、易方达优质精选混合，一季度更是对重仓的贵州茅台、五粮液、泸州老窖、山西汾酒全部进行了减持，尤其对贵州茅台减持约20%。\n　　这些明星基金并非不看好白酒，而是因为基金投资者持续赎回，导致了管理人不得不被动卖出。\n　　景顺长城新兴成长混合一季度投资者赎回11.17亿元，同期申购只有2.26亿元。富国天惠成长混合一季度投资者赎回8.92亿元，同期申购只有1.26亿元。\n　　张坤管理的易方达蓝筹精选混合、易方达优质精选混合，一季度投资者更是分别赎回19.16亿份、2.63亿份，同期投资者的申购只有4.31亿份、0.62亿份。\n　　按照主动型基金的持仓要求，对单只股票的持仓不能超过基金资产净值10%。这就导致明明业绩相对更好的茅台，由于股价相对更稳、基金对其持仓市值更高，反而被卖出更多。\n　　基金经理们纷纷感叹，当前白酒等消费股的问题不在于业绩本身，而是投资者对消费板块前景过于悲观。\n　　张坤在一季报中就指出，当前市场对内需的判断仍然延续了过去的线性外推，总体较为悲观，“目前优质股权的价格与其内在价值出现了显著偏离，‘市场先生’陷入了阶段性的间歇性忧郁，用短视的尺子去衡量常青树的深度。”\n　　刘彦春在一季报中也指出，2025年中期以来我国消费者信心指数已经触底回升，当前资本市场显著低估了我国的经济发展潜力，特别是对内需部门信心不足。\n　　对于这种悲观预期导致的赎回卖出，张坤认为，市场当前过于担忧人口长期下行的影响，而没有充分认识到“有效消费人口”比“人口总量”更关键，而前者决定单位购买力水平。\n　　“3.5 亿人口的美国消费品市场，比14.5亿人口的我国消费品市场规模更大，而同样是14.5 亿人口的印度的消费品市场规模只有我国规模的约1/6。”他在一季报中举例。\n　　而这反过来意味着，中国的内需消费，未来其实还有极大的提升空间。\n　　“我们是否依旧相信，每一代中国人会比上一代人生活得更好？如果答案是肯定的，那么目前的困难就是周期性的，而非结构性的。下一代中国人在整个生命周期内，会比这一代中国人购买更高品质和更多数量的商品和服务。”张坤认为。\n　　而未来大众购买力提升的结果，会更多被各个赛道的头部品牌吃下。\n　　“通常在单一品类中，消费者很难记得超过3个品牌。某头部手机生产商以全球20%的手机销量却获得了手机行业85%的利润，某头部白酒厂商以全国2%的白酒销量却获得了白酒行业50%的利润，Claude、GPT、Gemini 三家顶级模型的收入占了全球模型收入的90%以上。”张坤举例。\n　　这位持仓风格坚定的基金经理，再次强调对经济形势和消费板块的长期看好。\n　　他在一季报中提到，今年一季度核心城市二手房价格逐步企稳，酒店行业RevPAR（每间可售房收入）开始转正，餐饮行业龙头企业同店增长开始转正，这说明老百姓的消费信心开始逐步恢复，“虽然上升斜率较为平缓，但方向是确定的，我们已经看到了经济内生企稳的曙光”。\n　　越声投研：热门题材公司线索延伸阅读\n　　（声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。）\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：江钰涵","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":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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":"4.42.1","shortVersion":"4.42.1","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/2630843350","isCrawlerRequest":true}