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《大行报告》中金:内地公募基金首季「加仓」港股 比重升至逾14% 对腾讯等主动持股市值较高
阿思达克 04-26 12:22
中金发表报告表示,内地今年首季度公募股票类资产配置比例略降,市场波动明显的背景下公募基金资产结构略有变化:股票资产总额虽从去年四季度5.3万亿人民币(下同)提升至5.45万亿,但A股总持仓市值从4.85万亿元略降至4.81万亿元。股票类资产占全部资产比重由25%小幅下降至24%,其中海外中资股占资产比重由2.04%提升至2.77%,债券、现金等资产占比变化幅度较小。

该行指,内地首季主动偏股型(普通股票型加偏股混合型)基金的仓位今年一季度由88%下降至86%,仍处在历史的中高分位水平。港股在公募配置中的占比继续大幅提升,第一季度全部公募基金在海外中资股的持仓市值为6,300亿元左右,持仓市值较四季度增加约1,900亿元人民币,港股配置占比继续提升,主动偏股型基金的港股配置比例,从去年四季度的10.5%大幅提升至14.3%。

中金表示,公募基金首季对A股新经济板块重仓仓位从去年四季度77%下降至75%,电气设备明显减仓,计算机、家用电器和汽车等同样降幅居前。龙头公司持股集中度略降。港股中的腾讯(00700.HK)、美团(03690.HK)和港交所(00388.HK)等主动持股市值相对较高。

综合来看,该行认为市场整体可能仍然处在「磨底期」,但已经出现了一些估值较为合理、产业发展中长期向好的投资机会值得逐步布局。展望下一季度,中金建议从如下思路自下而上选股,第一是自动驾驶主题;第二是行业保持高景气(新能源汽车产业链中上游、新能源光伏、电子半导体硬件科技等);第三是估值相对合理且基本面仍在复苏行业(泛消费行业,如轻工家居、家电、汽车、酒店旅游,以及部分供需结构相对好的部分周期行业,如铝等)。

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