權(quán)益基金2022年四季報(bào)解析：權(quán)益?zhèn)}位提升顯著醫(yī)藥行業(yè)獲大幅加倉(cāng)

究報(bào)告評(píng)級(jí)說(shuō)明究報(bào)告金融工程大幅加倉(cāng)23-1-30分析師：嚴(yán)佳煒執(zhí)業(yè)證書(shū)號(hào)：S0010520070001箱：yanjw@執(zhí)業(yè)證書(shū)號(hào)：S0010522090002箱：qianjx@相關(guān)報(bào)告趨分散——權(quán)益基金2022年三季報(bào)解析》2022-10-262.《大幅加倉(cāng)食品飲料，風(fēng)格向大市值切換——權(quán)益基金2022年二季報(bào)解析》2022-07-213.《市場(chǎng)未出現(xiàn)大規(guī)模贖回，電新加倉(cāng)成首位重倉(cāng)行業(yè)——權(quán)益基金2022年一季報(bào)解析》2022-04-235.《多只重倉(cāng)股獲主動(dòng)減倉(cāng)，分散持股趨勢(shì)延續(xù)——權(quán)益基金2021年四季6.《醫(yī)藥基金深度解析：持倉(cāng)、業(yè)績(jī)、7.《持股集中度下降，風(fēng)格切換正當(dāng)源于新發(fā)基金。)延續(xù)下降態(tài)勢(shì)。業(yè)公募主動(dòng)加倉(cāng)行業(yè)為醫(yī)藥、非銀金融、計(jì)算機(jī)，主動(dòng)減倉(cāng)的行業(yè)為通信、電子、房地產(chǎn)、煤炭。主題投資熱點(diǎn)逐漸分散，創(chuàng)新藥主題配置2022Q4公募配置比例最高的個(gè)股有貴州茅臺(tái)(4.41%)，寧德時(shí)代(3.12%)、瀘州老窖(2.10%)、五糧液(2.03%)、騰訊控股(1.73%)等，且機(jī)構(gòu)重倉(cāng)個(gè)股多出現(xiàn)主動(dòng)減倉(cāng)；主動(dòng)加倉(cāng)最多的個(gè)股多只港股獲加倉(cāng)。不構(gòu)成任何投資建議。報(bào)告2報(bào)告2/18 金融工程正文目錄 2權(quán)益?zhèn)}位上升，持股持續(xù)分散 53加倉(cāng)港股，風(fēng)格向大市值切換 74加倉(cāng)醫(yī)藥、非銀、計(jì)算機(jī)，投資熱點(diǎn)漸趨分散 9 6頭部權(quán)益基金經(jīng)理調(diào)倉(cāng)方向 15 報(bào)告3報(bào)告3/18 金融工程 圖表3主動(dòng)股基收益與各大寬基對(duì)比 4圖表4主動(dòng)股基(930890.CSI)相對(duì)表現(xiàn) 5 圖表6權(quán)益基金新發(fā)份額與老份額變動(dòng) 5圖表7偏股混合、靈活配置型基金倉(cāng)位上升 6圖表8主動(dòng)權(quán)益基金持股集中度變化 6 圖表10主動(dòng)權(quán)益基金港股配置比例 7圖表11主動(dòng)權(quán)益基金在各個(gè)板塊上的配置比例 8圖表12主動(dòng)權(quán)益基金板塊配置相對(duì)于市場(chǎng)超配 8圖表132022Q4主動(dòng)權(quán)益基金風(fēng)格從小市值向大市值切換 9圖表14主動(dòng)權(quán)益基金行業(yè)板塊配置 9 圖表172022Q4行業(yè)主動(dòng)/被動(dòng)持倉(cāng)變動(dòng) 1222Q4熱門(mén)主題配置情況 13圖表192022Q4主動(dòng)權(quán)益基金個(gè)股配置比例TOP20 14圖表202022Q4主動(dòng)權(quán)益基金加倉(cāng)幅度TOP20 14圖表212022Q4主動(dòng)權(quán)益基金減倉(cāng)幅度TOP20 15圖表22頭部基金經(jīng)理代表基金主要調(diào)倉(cāng)方向(按基金經(jīng)理管理規(guī)模排序) 16報(bào)告4報(bào)告4/1848%39%3.30%1.3.49%24%43%57%.00%. 金融工程48%39%3.30%1.3.49%24%43%57%.00%.Q模略有上升金總規(guī)模都有略微提升。圖表1權(quán)益基金規(guī)模圖表2權(quán)益基金持股市值d額，全年權(quán)益市場(chǎng)走勢(shì)呈“W”型震蕩益基金表現(xiàn)弱于寬基指數(shù)。圖表3主動(dòng)股基收益與各大寬基對(duì)比主動(dòng)股基滬深300相對(duì)300超額中證500相對(duì)500超額創(chuàng)業(yè)板指相對(duì)創(chuàng)業(yè)板指超額跑贏(yíng)300跑贏(yíng)500跑贏(yíng)創(chuàng)業(yè)板2012年5.07%7.55%-2.0.28%.80%-2.14%7.7.√√2013年13.75%-7.65%21.16.89%82.73% -68.98%√2014年17.36%51.66%-34.39.01%-264%12.83%44.54%√2015年47.07%5.58%41.43.12%95%84.41%37.34%√√2016年-17.60%-11.28%-6.-17.78%0.-27.71%10.√√2017年11.57%21.78%-10.-0.20%77%-10.67%√√2018年-27.15%-25.31%-1.-33.32%6.-28.65%1.1.50%√√2019年48.50%36.07%12.26.38%22.%43.79%4.4.71%√√√2020年61.78%27.21%34.20.87%40.91%64.96%-3√√2021年7.80%-5.20%13.15.58%-7.78%12.02%-422%√2022年-22.71%-21.63%-1.-20.31%-2.39%-29.37%6.66%.√2023年6.59%8.00%-1.42%6.60%-0.01%10.19%3.61%報(bào)告5報(bào)告5/18 金融工程圖表4主動(dòng)股基(930890.CSI)相對(duì)表現(xiàn)圖表5權(quán)益基金分類(lèi)份額圖表6權(quán)益基金新發(fā)份額與老份額變動(dòng)d2權(quán)益?zhèn)}位上升，持股延續(xù)分散態(tài)勢(shì)統(tǒng)計(jì)了三大類(lèi)基金的規(guī)模加權(quán)平均倉(cāng)位變動(dòng)情況，2022Q4普通股票型報(bào)告6報(bào)告6/18 金融工程圖表7偏股混合、靈活配置型基金倉(cāng)位上升將單只基金的前10大重倉(cāng)股占持股市值的比例作為基金經(jīng)理的持股集中度指加權(quán)平均，持股集中度于2021Q1達(dá)到階段高點(diǎn)，下圖表8主動(dòng)權(quán)益基金持股集中度變化為了分析公募整體的抱團(tuán)現(xiàn)象，我們將市場(chǎng)“抱團(tuán)”現(xiàn)象拆分為行業(yè)間和行業(yè)報(bào)告7報(bào)告7/18 金融工程的比例龍頭擴(kuò)散的趨勢(shì)延續(xù)，行業(yè)間抱團(tuán)指標(biāo)略有回升，公募對(duì)于長(zhǎng)期持有的主力行業(yè)略有加倉(cāng)。圖表9抱團(tuán)指標(biāo)3加倉(cāng)港股，風(fēng)格向大市值切換比例來(lái)看，2022Q4有所上升，基金持有的港股比%，圖表10主動(dòng)權(quán)益基金港股配置比例報(bào)告8報(bào)告8/18 金融工程圖表11主動(dòng)權(quán)益基金在各個(gè)板塊上的配置比例倉(cāng)的確為主板，加倉(cāng)為創(chuàng)業(yè)板，科創(chuàng)板有小幅減倉(cāng)。圖表12主動(dòng)權(quán)益基金板塊配置相對(duì)于市場(chǎng)超配報(bào)告期主板創(chuàng)業(yè)板科創(chuàng)板報(bào)告期主板創(chuàng)業(yè)板科創(chuàng)板20120331-0.1%0.1%20170930-6.0%6.0%20120630-0.4%0.4%20171231-3.4%3.4%2012093020180331-6.2%6.2%2012123120180630-6.4%6.4%20130331-2.7%2.7%20180930-5.7%.7%20130630-5.4%.4%20181231-8.1%8.1%20130930-9.2%9.2%20190331-7.2%7.2%20131231-9.6%9.6%20190630-5.3%.3%2014033113.0%20190930-5.4%.4%0.0%2014063015.1%20191231-6.9%6.5%0.4%2014093013.7%20200331-9.5%8.8%0.6%20141231-9.8%9.8%2020063010.9%2015033117.2%20200930-9.0%7.9%2015063019.6%20201231-9.5%8.4%2015093017.4%20210331-8.7%7.7%2015123116.6%2021063012.1%2016033115.4%2021093011.4%2016063017.3%202112319.3%2.0%2016093015.4%202203319.4%2.7%2016123112.8%202206308.8%2.6%20170331-9.0%9.0%202209309.3%4.0%20170630-7.0%7.0%202212319.7%3.8%報(bào)告9報(bào)告9/18 金融工程盤(pán)定義為300,500以外的股票。2022Q4公募大盤(pán)配置比例上升，超大盤(pán)配置比例市值切換。圖表132022Q4主動(dòng)權(quán)益基金風(fēng)格從小市值向大市值切換4加倉(cāng)醫(yī)藥、非銀、計(jì)算機(jī)，減倉(cāng)通信等行業(yè)圖表14主動(dòng)權(quán)益基金行業(yè)板塊配置敬請(qǐng)參閱末頁(yè)重要聲明及評(píng)級(jí)說(shuō)明10/18證券研究報(bào)告 金融工程細(xì)看中信30個(gè)行業(yè)的持倉(cāng)占比，配置比例上升幅度最大的行業(yè)為醫(yī)藥，2022礎(chǔ)化工(5.94%)，共占公募持倉(cāng)圖表15中信30行業(yè)配置占比上游/周期中游/制造下游/消費(fèi)TMT/科技大金融有色金屬石油石化煤炭鋼鐵基礎(chǔ)化工建材建筑電力設(shè)備及新能源機(jī)械輕工制造國(guó)防軍工電力及公用事業(yè)醫(yī)藥食品飲料家電消費(fèi)者服務(wù)汽車(chē)交通運(yùn)輸商貿(mào)零售農(nóng)林牧漁紡織服裝電子計(jì)算機(jī)傳媒通信房地產(chǎn)銀行非銀行金融綜合金融201403311%2%0%0%5%1%1%6%4%1%1%3%21%9%5%1%4%1%1%1%1%7%9%5%2%4%2%2%0%201406301%1%0%0%5%1%2%5%5%1%2%3%19%8%5%1%6%1%1%2%1%8%9%6%3%3%2%2%0%201409301%1%0%0%5%1%3%5%4%1%3%4%17%6%3%1%6%1%1%2%1%7%11%5%3%3%2%3%0%201412311%0%1%1%4%1%2%3%3%1%3%3%10%4%3%1%4%1%1%1%1%3%9%3%3%10%9%14%0%201503312%0%0%1%4%1%3%3%3%1%2%3%11%2%3%1%5%2%2%1%1%5%17%6%4%6%5%7%0%201506301%0%0%0%5%1%2%4%5%2%3%3%14%4%2%2%3%4%1%2%2%5%15%6%3%4%4%3%0%201509301%1%0%0%5%1%1%3%4%2%3%5%15%4%2%2%3%3%1%3%1%6%10%5%4%3%7%3%0%201512312%0%0%0%6%1%1%3%5%2%3%3%12%3%3%2%3%2%1%2%2%6%13%6%5%4%5%3%0%201603313%1%0%0%6%1%2%3%4%2%3%4%12%5%3%2%4%2%1%3%2%7%9%6%5%4%4%2%0%201606303%1%1%0%7%1%2%3%4%2%3%3%12%6%4%1%4%2%1%3%2%9%8%5%5%3%4%2%0%201609303%1%1%0%7%2%3%3%4%3%3%3%13%5%5%1%4%1%1%3%1%9%6%4%5%3%4%2%0%201612312%1%0%0%7%2%3%3%5%3%3%3%13%5%5%1%4%1%1%3%1%8%5%3%4%3%5%2%0%201703313%1%0%0%6%2%4%3%6%3%3%4%12%7%5%1%4%2%2%1%1%10%4%3%3%3%6%2%0%201706303%1%0%0%4%2%3%3%5%3%2%4%11%9%7%1%4%2%1%1%1%11%3%3%3%2%6%6%0%201709305%1%0%1%3%2%2%3%5%2%1%3%9%11%6%1%3%1%2%1%0%12%2%3%3%3%7%6%0%201712313%1%0%1%3%2%1%4%4%2%1%2%10%14%7%1%3%2%2%1%0%10%2%3%3%4%7%7%0%201803314%1%0%0%2%2%1%4%4%2%1%2%12%11%7%1%2%2%2%1%0%10%4%4%2%4%6%5%0%201806303%1%0%1%3%1%1%2%4%2%1%1%15%14%8%1%2%2%2%1%1%9%5%4%1%4%4%4%0%201809302%2%0%1%3%2%1%2%4%2%2%1%14%14%6%1%3%2%2%1%1%7%6%3%2%5%6%7%0%201812311%1%0%0%2%1%1%4%4%2%2%2%13%11%5%1%3%2%3%3%1%8%6%3%2%7%5%7%0%201903311%1%0%0%2%1%1%3%4%1%1%1%13%15%5%1%3%2%2%4%1%8%6%3%2%6%5%7%0%201906301%0%0%0%2%1%0%4%3%1%1%1%13%18%7%1%3%2%3%3%0%7%5%2%2%5%6%8%0%201909301%0%0%0%2%1%0%3%3%1%1%2%14%16%6%2%2%2%2%3%0%12%5%2%2%4%5%7%0%201912312%0%0%0%3%2%0%4%3%1%1%1%13%15%6%2%2%2%1%2%0%12%5%4%2%6%5%5%0%202003311%0%0%0%2%2%0%4%4%1%1%1%17%14%4%1%2%2%2%3%0%10%8%4%3%5%4%3%0%202006301%0%0%0%3%1%0%7%3%1%1%1%20%14%4%3%1%2%2%1%0%12%8%4%2%3%2%2%0%202009302%0%0%0%3%1%0%9%4%1%2%1%15%17%4%3%2%2%1%1%0%12%5%3%1%3%3%2%0%202012313%1%0%0%4%1%0%10%4%1%3%0%14%19%4%3%2%2%0%1%0%11%4%2%1%2%3%3%0%202103312%1%0%0%4%2%0%8%4%1%2%1%15%19%4%4%2%2%0%1%0%12%3%2%0%2%5%2%0%202106303%1%0%0%5%1%0%12%4%1%2%0%16%17%2%3%2%1%0%1%0%14%4%2%1%1%4%1%0%202109304%2%1%1%7%1%0%13%3%1%3%1%15%14%1%2%3%1%0%1%0%13%4%1%1%2%3%1%0%202112314%1%0%1%6%1%1%14%4%1%4%1%12%14%2%2%3%2%0%1%0%15%4%1%1%2%3%1%0%202203314%1%1%1%7%1%1%15%3%1%3%1%13%13%1%1%2%2%0%2%0%12%3%1%2%3%4%1%0%202206305%1%1%1%7%1%1%17%3%1%3%1%11%16%1%2%4%2%0%2%0%10%4%1%1%2%3%1%0%202209304%1%1%1%6%1%1%16%4%1%4%1%10%16%1%2%4%3%0%2%0%10%4%1%1%3%3%1%0%202212314%1%1%0%6%1%1%16%4%1%4%1%12%15%1%2%3%3%0%2%0%9%4%1%1%2%3%1%0%中，紅色的“×”代表敬請(qǐng)參閱末頁(yè)重要聲明及評(píng)級(jí)說(shuō)明11/18證券研究報(bào)告 金融工程Q位。圖表16中信30行業(yè)配置歷史分位數(shù)QQ漲比例和主動(dòng)權(quán)益基金持倉(cāng)重變動(dòng)拆解為兩部分：?weig?tind,t+1=??passive_?weig?tind,t+1=??passive_weig?tind,t+1=?∑MVind,t+1∑MVind,t MVind,t+1MVind,t(1+Tt+1)∑MVind,t+1∑MVind,t(1+Tt+1)?active_weig?tind,t+1=?weig?tind,t+1??passive_weig?tind,t+1weigtindt動(dòng)，Tt+1為t至t+1期行業(yè)的漲跌幅，?passive_weig?tind,t+1為行業(yè)漲跌帶來(lái)的行業(yè)內(nèi)市值占比的被動(dòng)權(quán)重變動(dòng)，?active_weig?tind,t+1為估算的主動(dòng)加減倉(cāng)的比例。主動(dòng)加減倉(cāng)比例衡量了行業(yè)剔。敬請(qǐng)參閱末頁(yè)重要聲明及評(píng)級(jí)說(shuō)明12/18證券研究報(bào)告 金融工程動(dòng)減倉(cāng)的行業(yè)為通信、電子、房地產(chǎn)、煤炭。圖表172022Q4行業(yè)主動(dòng)/被動(dòng)持倉(cāng)變動(dòng)內(nèi)下跌但主動(dòng)加倉(cāng)的行業(yè)，綠色代表區(qū)間內(nèi)上漲但主動(dòng)減倉(cāng)的行業(yè)。敬請(qǐng)參閱末頁(yè)重要聲明及評(píng)級(jí)說(shuō)明13/18證券研究報(bào)告 金融工程圖表182022Q4熱門(mén)主題配置情況茅指數(shù)碳中和寧組合新能源汽車(chē)鋰電池光伏新基建半導(dǎo)體產(chǎn)業(yè)5G芯片創(chuàng)新藥醫(yī)療器械稀有金屬煤炭開(kāi)采2014033114.6%3.5%3.4%0.8%0.3%3.6%0.0%0.0%2014063013.0%3.4%3.9%0.9%0.3%3.4%0.1%0.0%2014093010.8%2.8%4.0%0.8%2.2%0.1%0.1%201412317.9%2.2%0.4%0.5%0.9%0.3%0.2%0.4%20150331.8%2.0%0.5%0.7%0.5%0.3%0.3%20150630.4%2.3%0.9%0.9%0.8%0.5%0.2%0.4%201509306.9%2.4%0.7%0.5%0.1%0.2%20151231.0%0.8%9.3%2.2%0.1%0.0%201603316.5%2.3%0.8%8.5%0.1%0.3%201606307.2%3.2%2.3%2.4%0.7%8.1%2.9%0.3%0.7%201609307.6%2.3%2.8%2.3%0.8%8.8%2.4%0.2%0.8%201612317.9%3.0%2.8%0.8%7.7%2.4%0.2%0.4%2017033110.6%4.2%3.1%2.7%7.5%2.1%0.5%2.4%0.2%0.6%2017063013.9%2.3%.6%3.9%3.2%0.9%8.5%2.0%0.8%2.2%0.4%0.7%2017093014.6%3.5%7.5%2.9%.7%8.3%2.4%2.4%2.2%0.7%0.7%2017123117.9%3.9%9.0%3.1%3.5%2.9%9.3%2.5%2.6%2.8%0.6%0.8%0.5%2018033118.1%4.8%7.2%3.3%4.1%2.8%10.1%3.1%2.0%2.0%3.9%0.4%2018063020.0%0.8%4.1%9.7%3.9%3.5%10.4%2.5%4.6%0.9%0.5%2018093021.2%0.8%4.7%9.0%3.0%2.6%10.0%2.4%3.7%0.8%0.5%2018123120.0%6.1%.9%2.7%2.5%2.6%11.3%2.2%2.9%2.0%0.2%0.4%2019033122.8%0.8%.8%9.8%2.9%2.3%2.6%11.0%2.3%2.1%2.4%2.8%0.1%0.3%2019063027.2%0.5%6.2%13.1%4.1%2.0%3.1%9.8%2.1%2.7%0.1%0.3%2019093028.8%0.6%6.3%12.8%3.6%2.2%2.6%11.8%2.8%3.2%2.9%.0%0.5%0.2%2019123126.9%0.4%6.9%10.8%4.5%4.3%11.2%3.6%2.7%3.7%4.3%0.9%0.3%2020033126.0%0.4%8.5%9.2%4.1%3.5%12.8%.0%3.3%4.9%.5%3.5%0.1%0.3%2020063028.1%0.2%11.5%10.2%4.6%.1%2.9%10.8%.9%2.6%4.2%6.6%3.6%0.2%0.2%2020093031.5%0.1%13.5%12.1%.9%4.9%4.8%9.7%.2%4.1%6.6%3.2%0.5%0.1%2020123135.0%0.1%14.8%14.4%9.3%7.9%3.8%10.1%4.5%0.9%3.9%6.5%2.8%0.2%2021033141.4%0.5%13.0%13.8%7.2%6.2%2.4%9.6%4.1%3.6%6.9%2.7%0.3%2021063039.4%12.4%20.3%12.2%11.9%11.0%3.9%8.0%6.1%.5%6.9%3.1%0.3%2021093034.9%19.7%20.1%10.3%13.5%13.7%.5%7.3%6.5%.5%7.4%2.3%2.7%0.5%2021123134.3%19.0%18.9%10.8%12.4%12.7%.8%7.4%7.7%6.9%.1%2.5%2.3%0.2%2022033132.2%19.0%18.7%9.9%11.9%12.9%6.6%9.1%7.8%7.4%6.9%.8%2.5%2.3%0.8%2022063032.6%21.1%18.1%12.4%13.7%14.2%7.8%7.0%6.4%6.3%.5%4.6%2.3%3.2%0.8%2022093029.0%17.7%15.3%12.5%10.9%10.6%8.1%7.3%6.6%6.1%.3%3.5%2.8%2.2%202212312828.2%15.5%15.5%14.8%14.8%11.8%11.8%9.5%9.5%9.2%9.2%7.3%7.3%6.86.8%.8%.4%44.9%44.3%2.62.6%00.6%5貴州茅臺(tái)減倉(cāng)，騰訊控股加倉(cāng)個(gè)股配置比例用機(jī)構(gòu)持有的某個(gè)股的市值除以基金權(quán)益市值，代表哪些股票機(jī)3.12%)、瀘州老窖(2.10%)、五糧液(2.03%)、騰訊控敬請(qǐng)參閱末頁(yè)重要聲明及評(píng)級(jí)說(shuō)明14/18證券研究報(bào)告 金融工程圖表192022Q4主動(dòng)權(quán)益基金個(gè)股配置比例TOP20排名股票代碼股票名稱(chēng)2022Q4區(qū)間收益率2022Q3配置占比2022Q4配置占比主動(dòng)調(diào)倉(cāng)幅度(剔除漲跌影響)所屬行業(yè)1600519.SH貴州茅臺(tái)-6.6%5.15%4.41%-0.42%食品飲料2300750.SZ寧德時(shí)代3.51%3.12%-0.34%電力設(shè)備及新能源3000568.SZ瀘州老窖-2.8%2.18%2.10%-0.03%食品飲料4000858.SZ五糧液6.8%1.84%2.03%0.05%食品飲料50700.HK騰訊控股25.4%0.78%1.73%0.74%港股6603259.SH藥明康德13.0%1.07%1.32%0.10%藥73690.HK美團(tuán)-W5.5%1.26%1.32%-0.02%港股8300014.SZ億緯鋰能3.9%1.20%1.24%-0.01%電力設(shè)備及新能源9600809.SH山西汾酒-5.9%1.44%1.21%-0.15%食品飲料300760.SZ邁瑞醫(yī)療5.7%1.23%1.20%-0.11%藥300274.SZ陽(yáng)光電源.1%1.06%1.09%0.01%電力設(shè)備及新能源300015.SZ愛(ài)爾眼科8.4%0.99%1.04%-0.04%藥601888.SH中國(guó)中免9.0%0.96%1.02%-0.03%消費(fèi)者服務(wù)002594.SZ比亞迪2.0%1.00%0.98%-0.04%汽車(chē)601012.SH隆基綠能1.51%0.97%-0.36%電力設(shè)備及新能源600048.SH保利發(fā)展1.10%0.84%-0.09%房地產(chǎn)002049.SZ紫光國(guó)微-8.5%1.08%0.83%-0.17%電子002459.SZ晶澳科技-6.2%0.88%0.83%0.00%電力設(shè)備及新能源002475.SZ立訊精密8.0%0.74%0.82%0.01%電子0002142.SZ寧波銀行2.9%0.66%0.77%0.09%銀行我們采取類(lèi)似于第四節(jié)的算法，計(jì)算個(gè)股剔除漲跌幅后，基金經(jīng)理主動(dòng)加倉(cāng)的圖表202022Q4主動(dòng)權(quán)益基金加倉(cāng)幅度TOP20排名股票代碼股票名稱(chēng)2022Q4區(qū)間收益率2022Q3配置占比2022Q4配置占比主動(dòng)調(diào)倉(cāng)幅度(剔除漲跌影響)所屬行業(yè)10700.HK騰訊控股25.4%0.78%1.73%0.74%港股22269.HK藥明生物26.3%0.27%0.52%0.18%港股3300124.SZ匯川技術(shù)20.8%0.12%0.32%0.18%電力設(shè)備及新能源4002352.SZ順豐控股22.3%0.29%0.52%0.17%交通運(yùn)輸5601899.SH紫金礦業(yè)27.6%0.22%0.44%0.16%有色金屬60388.HK香港交易所25.1%0.25%0.48%0.16%港股7603899.SH晨光股份21.9%0.04%0.18%0.13%輕工制造8688008.SH瀾起科技19.6%0.07%0.21%0.13%電子91024.HK快手-W39.5%0.21%0.42%0.12%港股600079.SH人福醫(yī)藥36.3%0.05%0.17%0.11%醫(yī)藥002850.SZ科達(dá)利23.5%0.02%0.13%0.11%電力設(shè)備及新能源603259.SH藥明康德13.0%1.07%1.32%0.10%醫(yī)藥600426.SH華魯恒升13.6%0.38%0.54%0.10%基礎(chǔ)化工600276.SH恒瑞醫(yī)藥9.8%0.29%0.42%0.10%醫(yī)藥688390.SH固德威14.2%0.11%0.23%0.10%電力設(shè)備及新能源300759.SZ康龍化成25.8%0.27%0.44%0.10%醫(yī)藥002142.SZ寧波銀行2.9%0.66%0.77%0.09%銀行600436.SH片仔癀8.1%0.14%0.24%0.09%醫(yī)藥603806.SH福斯特24.9%0.15%0.27%0.09%電力設(shè)備及新能源20002271.SZ東方雨虹27.3%0.15%0.28%0.08%建材敬請(qǐng)參閱末頁(yè)重要聲明及評(píng)級(jí)說(shuō)明15/18證券研究報(bào)告 金融工程圖表212022Q4主動(dòng)權(quán)益基金減倉(cāng)幅度TOP20排名股票代碼股票名稱(chēng)2022Q4區(qū)間收益率2022Q3配置占比2022Q4配置占比主動(dòng)調(diào)倉(cāng)幅度(剔除漲跌影響)所屬行業(yè)1600519.SH貴州茅臺(tái)-6.6%5.15%4.41%-0.42%食品飲料2601012.SH隆基綠能1.51%0.97%-0.36%電力設(shè)備及新能源3300750.SZ寧德時(shí)代3.51%3.12%-0.34%電力設(shè)備及新能源4002466.SZ天齊鋰業(yè)-21.3%0.77%0.37%-0.24%有色金屬5002371.SZ北方華創(chuàng)0.73%0.37%-0.23%電子6600522.SH中天科技-28.1%0.47%0.16%-0.18%通信7002049.SZ紫光國(guó)微-8.5%1.08%0.83%-0.17%電子8600809.SH山西汾酒-5.9%1.44%1.21%-0.15%食品飲料9603799.SH華友鈷業(yè)0.62%0.39%-0.15%有色金屬600887.SH伊利股份-6.0%0.58%0.42%-0.13%食品飲料688063.SH派能科技-21.1%0.38%0.