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《大行報告》中金:內地公募基金首季「加倉」港股 比重升至逾14% 對騰訊等主動持股市值較高
阿思達克 04-26 12:22
中金發表報告表示,內地今年首季度公募股票類資產配置比例略降,市場波動明顯的背景下公募基金資產結構略有變化:股票資產總額雖從去年四季度5.3萬億人民幣(下同)提升至5.45萬億,但A股總持倉市值從4.85萬億元略降至4.81萬億元。股票類資產佔全部資產比重由25%小幅下降至24%,其中海外中資股佔資產比重由2.04%提升至2.77%,債券、現金等資產佔比變化幅度較小。

該行指,內地首季主動偏股型(普通股票型加偏股混合型)基金的倉位今年一季度由88%下降至86%,仍處在歷史的中高分位水平。港股在公募配置中的佔比繼續大幅提升,第一季度全部公募基金在海外中資股的持倉市值為6,300億元左右,持倉市值較四季度增加約1,900億元人民幣,港股配置佔比繼續提升,主動偏股型基金的港股配置比例,從去年四季度的10.5%大幅提升至14.3%。

中金表示,公募基金首季對A股新經濟板塊重倉倉位從去年四季度77%下降至75%,電氣設備明顯減倉,計算機、家用電器和汽車等同樣降幅居前。龍頭公司持股集中度略降。港股中的騰訊(00700.HK)、美團(03690.HK)和港交所(00388.HK)等主動持股市值相對較高。

綜合來看,該行認為市場整體可能仍然處在「磨底期」,但已經出現了一些估值較為合理、產業發展中長期向好的投資機會值得逐步布局。展望下一季度,中金建議從如下思路自下而上選股,第一是自動駕駛主題;第二是行業保持高景氣(新能源汽車產業鏈中上游、新能源光伏、電子半導體硬件科技等);第三是估值相對合理且基本面仍在復蘇行業(泛消費行業,如輕工家居、家電、汽車、酒店旅遊,以及部分供需結構相對好的部分周期行業,如鋁等)。

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