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专题:2025基金一季报:最新持仓曝光!

  2025年一季度收官,A股市场结构性行情凸显,百亿规模以上的权益类基金业绩呈现显著分化。从碳中和主题的强势领涨,到消费、能源板块的持续承压,基金经理的调仓能力与行业配置策略经受考验。

  据Wind数据统计,截至2025年4月21日,权益类基金(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)中,共有28只基金规模达到百亿以上。

  数据来源:Wind截止至20250421

  从一季度业绩表现来看,鹏华碳中和主题A以60.26%的回报率领先,永赢先进制造智选A(52.32%)紧随其后,两者均聚焦新能源、高端制造等政策利好赛道。相比之下,消费、医疗及部分传统能源主题基金表现低迷,如兴全趋势投资(-6.31%)、华夏能源革新A(-0.89%)等,或凸显市场对成长性与估值修复逻辑的分歧。

  从基金规模来看,Wind数据显示,截至2025年4月21日,易方达蓝筹精选以374.98亿元的规模位居榜首,其一季度回报率为8.6%,年内回报率为3.43%。紧随其后的是中欧医疗健康A,规模为320.87亿元,一季度回报率为2.37%,年内回报率下跌0.54%。

  目前,知名基金经理张坤旗下共有4只基金,截至2025年一季度末,总规模为608.22亿元,较2024年末的589.41亿元增长了18.81亿元。这4只基金分别为易方达亚洲精选、易方达蓝筹精选、易方达优质企业三年持有、易方达优质精选。

  易方达蓝筹精选作为张坤的代表作基金,一季度主要对消费和科技等行业的持仓结构进行了调整,股票仓位基本保持稳定。该基金的前十大重仓股分别为腾讯控股、阿里巴巴-W、贵州茅台、五粮液、山西汾酒、泸州老窖、中国海洋石油、百胜中国、洋河股份、美团-W。

  在持仓调整方面,张坤对长期持有的白酒企业进行了再平衡操作。他减持了在一季度亏损8%的洋河股份,同时增持了山西汾酒。另一方面,张坤大幅减持了在2024年四季度几乎顶格配置的港股互联网股,分别减持了腾讯216.5万股和阿里巴巴2376.5万股。

  数据来源:Wind截止至20250331

  “地产下行对经济的影响正在逐步进入尾声,一系列提振消费的政策也有托底作用,在这种情况下,投资者与其纠结于经济,不如把着眼点放在企业上。”张坤强调。

  他指出,股票的收益率是由企业的收益率决定的,从长期来看,应该大致相当于企业的ROE水平。过去几年出现的股票收益率连续低于企业ROE水平的现象,他认为不会长期持续下去。

  此外,易方达亚洲精选的调仓策略也值得关注。从地区配置来看,该基金的港股占基金资产净值比为46.48%,韩国占比12.43%,均较2024年底略有减少;美股占比则小幅上升至34.07%。

  数据来源:Wind截止至20250331

  从持仓来看,张坤大幅减持了腾讯、阿里、中海油、SK海力士、华住集团、三星电子。此外,张坤所管理的易方达亚洲精选在一季报中的一大关注点是对台积电的操作:减持了其美股仓位,同时增加了少许在中国台湾本土上市的台积电股票。

  数据来源:天天基金截止至20250331

  在2024年年报中,张坤在谈及“最优秀的企业和企业家也都会遇到困难和问题”时,特别举了台积电创始人张忠谋的例子。他提到,台积电的发展经历了诸多坎坷,但如今已成长为全球市值前十的企业。

  “在科技领域,尤其是人工智能方面,我们很高兴地看到,国内人工智能创业公司和头部互联网企业最近推出的大模型都得到了好评,与世界领先企业的差距正在缩小。有意思的是,这些企业并不是人工智能浪潮之初市场最看好的企业,我们也无法预料它们一定能笑到最后。”张坤表示。

  张坤指出,市场先生从来不会因为报价不被接受而感到被冷落,相反,每天都会充满热情地提供新的报价。理性投资者不应受报价的影响,不管这家企业是上市公司还是非上市公司,选择企业和看待价格的标准应该是统一的,自由现金流是投资者回报的唯一可靠来源。

  张坤认为,不论是企业的信心、老百姓的信心,还是全球其他国家对中国上市公司的信心,这些信心的恢复很可能是共振的。中国优秀上市公司扎实的基本面和很有吸引力的估值,早晚会被市场察觉。

  A股今日走势现明显分化,金融、地产强势,助力沪指盘中重返3300点上方,创业板指弱势下探;港股午后发力上扬,恒生指数小幅走高,南向资金净买入超210亿港元。

  具体来看,沪指盘中震荡上扬,重返3300点上方;创业板指弱势下探,一度跌超1%。截至收盘,沪指涨0.25%报3299.76点,深证成指跌0.36%报9870.05点,创业板指跌0.82%报1928.43点,上证50指数涨0.14%,沪深北三市合计成交11214亿元,较昨日增加476亿元。

  市场整体分化,跨境支付概念持续强势,新晨科技、拉卡拉20%涨停,信雅达、海联金汇、青岛金王等连续两日涨停;农药概念拉升,美邦股份、中农联合等涨停;零售概念再度活跃,国芳集团近13日斩获12板,百大集团连续3日涨停;地产板块上扬,天保基建斩获4连板;银行板块再度走强,农业银行涨超2%续创历史新高;食品饮料板块亮眼,安记食品连续6日涨停,有友食品收获2连板;值得注意的是,红宝丽、乐山电力等热门股持续获得资金追捧。

  跨境、物流板块爆发

  物流板块盘中大幅拉升,截至收盘,华鹏飞(维权)20%涨停,华光源海涨约13%,中储股份、长江投资、嘉诚国际等涨停。

  跨境支付概念亦走强,新晨科技、拉卡拉20%涨停,高伟达涨超10%,信雅达、海联金汇、青岛金王等连续两日涨停。

  消息面上,近日,中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》(以下简称《意见》),对自由贸易试验区建设工作作出系统部署。《意见》提出,要增强对外贸易综合竞争力,推动货物贸易优化升级,增强服务贸易发展活力,支持数字贸易创新发展。推动电子提单、电子仓单等电子票据应用,推动电子签名在国际联运无纸化运输领域的应用。推动电子签名在数字身份认证中的应用,开展数字身份互认试点。

  此外,中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发《上海国际金融中心进一步提升跨境金融服务便利化行动方案》,着眼于更好发挥上海国际金融中心在服务构建新发展格局中的特殊作用,从提高跨境结算效率、优化汇率避险服务、强化融资服务、加强保险保障、完善综合金融服务等五方面提出重点举措,支持各类主体更加安全、便捷、高效参与国际竞争与合作。

  长江证券近日指出,中美关税博弈或加速人民币全球化进程,跨境支付产业链或将迎来高速增长。美对世界多国加征关税,或将冲击现有跨境支付结算体系,并推动建设新一代以人民币为核心的结算体系。中国跨境支付企业或将受益于人民币在国际贸易结算中不断提升的市场份额,以及新的跨境支付体系的建立,迎来更大的发展空间。建议关注中国跨境支付产业链相关标的,重点关注跨境支付平台标的。

  农药板块拉升

  农药概念盘中发力走高,截至收盘,美邦股份、中农联合、中欣氟材等涨停,江山股份涨约8%。

  行业方面,近期在春季农药需求旺盛的情况下,部分农药原药品种的价格已经有明显回升。截至4月15日,除草剂烯草酮价格为8.6万元/吨,相较于年初增长14.7%。杀虫剂高效氯氟氰菊酯、阿维菌素、甲维盐、毒死蜱价格相较于年初分别增长6.5%、10.8%、11.7%、12.2%。杀菌剂百菌清价格为2.8万元/吨,相较于年初增长1.8%。

  机构表示,在中美贸易摩擦加剧的背景下,农产品保供的重要性持续凸显。农药在提高农产品单位面积产量方面起着重要作用,农业利好政策有助于促进农药行业高质量发展。

  多只热门股受追捧

  近日强势的国芳集团午后再度涨停,续创历史新高。至此,该股近13个交易日已斩获12个涨停板。

  公司昨日晚间提示,近期公司股票交易价格涨幅居高,交易频繁,存在非理性炒作风险,请广大投资者理性投资,注意投资风险。公司从事以百货业为主、超市为辅的连锁零售业务。公司日前披露的2024年年度报告显示,报告期公司实现营业收入7.57亿元,同比下降21.92%;归属于上市公司股东的净利润5800.83万元,同比下降63.23%。经自查,公司目前生产经营情况及内部经营秩序一切正常。此外,公司目前尚未发现对公司股票交易价格产生影响的媒体报道或市场传闻,亦未涉及市场热点概念等事项。

  安记食品午后快速拉升,尾盘封涨停,收获6连板。

  公司昨日晚间提示,鉴于公司股票价格短期涨幅较大,可能存在市场情绪过热、非理性炒作的情形。公司主营业务、生产经营情况以及经营环境与前期披露的信息相比未发生重大变化,不存在应披露未披露的信息。

  红宝丽尾盘亦涨停,创出新高,近6个交易日收获5个涨停板;拉长周期来看,3月20日以来,该股已累计大涨超180%。

  公司日前提示,公司环氧丙烷项目正在进行技术改造,还未生产,目前环氧丙烷未形成销售收入,对公司业绩没有影响。公司环氧丙烷综合技术改造项目进展情况:该技改项目已完成职业病危害预评价,已取得环评批复、能评批复、安评批复以及完成总平面图审查等手续办理工作。同时,项目已完成了工艺包设计、初步设计,土建结构、设备布置、工艺管道及仪表等详细设计工作基本完成;老装置加固工程取得施工许可证,并完成相应加固工程施工;设备与材料采购完成,设备已陆续交货进场,等等,项目建设在抓紧推进中。项目预计于2025年底进入试生产阶段。

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