主动权益基金二季度重仓股大洗牌：寒武纪、源杰科技新晋前十，茅台、腾讯“隐身”

澎湃新闻07-22 15:02

主动权益基金二季报重仓股大洗牌，六只半导体相关个股携手挺进前十，六只传统核心重仓股则集体退场。　　截至7月22日，公募基金2026年二季度报告已全部披露完毕。据Wind数据统计，中际旭创（300308.SZ）、新易盛（300502.SZ）、东山精密（002384.SZ）为主动权益基金（包括普通股票型基金、偏股混合型基金、平衡混合型基金、灵活配置型基金）的前三大重仓股。　　宁德时代遭大幅减持　　在这...

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　　极其鲜明的“K型分化”　　招商证券在最新研报中将二季度主动偏股基金的调仓概括为极其鲜明的“K型分化”：上行分支是主动基金围绕AI算力基建的加速抱团，下行分支则是对旧景气赛道的无差别减仓。　　“这种极致K型分化的背后，一方面是基本面K型分化的映射；另一方面也是在增量资金有限环境下，资金积极拥抱AI主线并对其他板块形成了明显的分流。这种结构虽然在短期内强化了市场主线，但也导致了交易拥挤度的攀升、增大了脆弱性。”　　招商证券进一步称，从总规模来看，主动公募基金对于港股持有规模延续下降，相对基准转为欠配。截至2026年二季度，主动偏股公募基金对于港股持仓规模为3421亿元，环比三个季度有所下滑，持仓规模创2024年9月以来新低。从业绩基准来看，公募基金当前港股持仓相对基准已经欠配。预计公募基金超配港股的叙事，不会再次成为被动卖出的理由。　　诺安基金权益投资事业部副总经理、研究部总经理邓心怡表示，2026年，全球人工智能产业以创新产品为引领，有望逐渐从“基础设施投资期”向“商业化变现期”过渡。二季度以来，人工智能产业头部大模型进一步聚焦生产力工具，产业评估体系逐渐由单纯的模型能力打榜竞赛、转向加强对模型能力商业价值的权重。　　展望三季度，兴证全球基金副总经理谢治宇则认为市场将再平衡，二季度极端分化的行情不可持续。“首先，我们高度认可和看好AI的产业发展趋势，海外巨头动态调整投入节奏，是正常的商业决策，并不意味着AI发展趋势已经见顶，也不意味着海外资本开支增长会戛然而止。其次，对于二季度市场热情追捧的AI通胀链条，我们认为对于当前紧缺环节，给予一个很高的远期价格预期和远期估值，是十分危险的，参考上一轮新能源扩产周期，股价的拐点往往会领先于基本面价格拐点。参考过去众多行业的发展历程，基础设施成本的下降，才能促进新技术新应用的普及和产业规模扩张，上游过度涨价将对下游应用推广造成反噬。”（文章来源：澎湃新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","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 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