突发！大佬最新减仓了..._老虎社区_美港股上老虎

突发！大佬最新减仓了...

云掌财经01-21

当下公募基金四季报已逐渐开始，越来越多的大佬持仓浮出水面。今天的文章，我们先来看一看睿远傅鹏博、赵枫两位基金经理的最新持仓及观点。以下为主要内容：·先来看傅鹏博傅鹏博2025年在管主要基金A收益情况约为:64.70%。综合傅老师旗下基金报告，我们发现，2025年第四季度，傅老师持仓整体主要以减持为主，持仓中的头部公司均迎来不同幅度的减持动作。如减持新易盛、胜宏科技、宁德时代、腾讯控股、立讯精密、...

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The boss has recently reduced his position...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"300502":1.93,"300750":1.91,"03750":1.91,"00941":0.9,"MIUmain":0.6,"00300":0.9,"BABA":0.9,"HXXD.SI":0.6,"01810":0.9},"content_text":"当下公募基金四季报已逐渐开始，越来越多的大佬持仓浮出水面。今天的文章，我们先来看一看睿远傅鹏博、赵枫两位基金经理的最新持仓及观点。以下为主要内容：·先来看傅鹏博傅鹏博2025年在管主要基金A收益情况约为:64.70%。综合傅老师旗下基金报告，我们发现，2025年第四季度，傅老师持仓整体主要以减持为主，持仓中的头部公司均迎来不同幅度的减持动作。如减持新易盛、胜宏科技、宁德时代、腾讯控股、立讯精密、阿里巴巴等等。其中，傅老师对新易盛、阿里的减持幅度较大，两者分别为-22.73%、13.26%。但经过减持后的新易盛，由于阶段表现突出仍为头部重仓股。除此之外，傅老师Q4新进一家公司，为迈为股份，小幅增持寒武纪，而重仓多年的中国移动于该季度退出十大。此前我们在大佬解释卖出股息股原因一文中提及过大佬减持移动逻辑，感兴趣的朋友不妨回顾。前十大持仓变化如下：(傅鹏博Q4持仓名单，来源：价投圈大佬持仓)截至2025第四季度，傅老师整体持仓的前三大(按持仓市值排序)分别为：新易盛、胜宏科技、宁德时代。(其实我们对外说看不懂傅老师也不是一天两天的事情了，傅老师对于成长股还是更为偏爱一点，对于估值的容忍还是比较宽松的...)傅老师在四季报中分享了其对于持仓变化的观点：从前十大持仓来看，较为明显的变化是移动运营商个股配置不在前十行列，取而代之的是四季度表现突出的光伏和半导体高端设备制造商；其余重点公司的绝对持仓数量有增有减。傅老师表示，他们为2026年的组合搭建做了以下准备：一方面，减持了基本面趋势偏弱的公司，降低了其对组合净值可能带来的负面影响；另一方面，增加了数据中心液冷、存力和算力的相关公司，主要是基于对行业发展态势，以及个股跟踪研究后的选择。而对于上一年重点配置的光模块、PCB材料、芯片、数据中心液冷等板块和个股，持续看好其未来的发展，2026年将进一步加大研究力度。从市场角度来看，傅老师认为整体看，流动性过剩，市场认可的回报较好的板块不多，两者相互作用形成了过去一年以来的结构性行情。但这一态势是否会继续演绎，只能紧密跟踪...傅老师表示，2026年Q1他们将在突出板块和个股的配置基础上，尽量减少投资的不确定性。·再来看看赵枫赵枫2025年在管主要基金A收益情况约为:28.79%。相较于傅老师偏成长的持仓风格，我们认为赵枫的持仓从价投角度来看相对能理解一些。2025年第四季度，赵枫的持仓同样以减持为主，对于阶段性表现较好的立讯精密(-44.83%)，以及保险板块个股，如平安(-18.46%)、太平、太保等做了不同程度减持。此外，赵枫还小幅减持了宁德与腾讯。新进公司方面，赵枫还于Q4新进了美的(位列第三重仓股)、格力与华润万象生活(这两家实际为隐形持仓的增持)、与之对应的，分众、小米、阿里这三家公司则退出十大。前十大持仓变化如下：(赵枫Q4持仓名单，来源：价投圈大佬持仓)截至2025第四季度，赵枫整体持仓的前三大(按持仓市值排序)分别为：宁德时代、腾讯控股、美的集团。赵枫在四季报中提及他的持仓逻辑：·前期涨幅较大的板块需要业绩和订单增长验证，年末也存在一定的获利了结压力。在四季度减持了前期涨幅较大、估值较高一些个股，增持了估值较低，中期回报更加确定的优质龙头企业。·展望未来，权益资产的回报仍然较其他大类资产更有吸引力，现金流优良的企业股息加回购的年静态回报水平仍然可以达到5%左右，如果考虑到增长，部分优秀的龙头企业回报有望达到10%以上，而且确定性还比较高。·赵枫对后市仍持相对乐观的看法，但判断权益市场在未来一段时间的回报水平相对2025年可能会有所下降，大幅回撤的风险有限。·赵枫表示，他们关注处于快速海外扩张的国内龙头企业。理由是：1.中国企业出海从过去的代工、产品出口，正迈向海外本地制造、本地服务的阶段，产品类别也从相对简单、不需要太多售后服务的产品，向工程机械、汽车、暖通等重服务重售后的产品发展。2.这类产品的海外竞争格局更加稳定，盈利能力较高，但需要有完善的本地化网络支撑和品牌认知才能生根开花结果，投入期较长且前期成本较高，而且往往还需要在本地建立起完善的供应链体系，因此基本只有作为“链主”的行业龙头企业具备这个实力。3.他们看到了一批国内的行业龙头正在加速海外发展，这批公司在产品品质、创新和价格竞争力上已经完全不输海外龙头企业，目前正在快速补上服务和渠道的短板，品牌认知也在持续提升中。赵枫预计，未来五到十年，海外收入增长将成为驱动这批公司业绩增长的主要动力，将给股东带来优良的回报。PS:本文内容仅为观点分享，不做投资建议。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}