電子行業(yè)2023Q4基金持倉(cāng)分析：電子持倉(cāng)占比進(jìn)一步提升超配比例達(dá)3.6%

目錄電子行業(yè)持倉(cāng)市值占比達(dá)歷史高位，位列市場(chǎng)第二 4半導(dǎo)體板塊：景氣度觸底回升，AI算力/制造類公司獲機(jī)構(gòu)加倉(cāng) 6消費(fèi)電子板塊：需求逐步復(fù)蘇，MR/AI創(chuàng)新關(guān)注度提升 8元件板塊：AI需求勢(shì)頭持續(xù)，看好整體景氣上行 9光學(xué)光電子板塊：面板企業(yè)防御屬性獲機(jī)構(gòu)增持 10電子化學(xué)品板塊：自主可控重要性凸顯，前道制程材料加速替代 10風(fēng)險(xiǎn)因素 表目錄表1：半導(dǎo)體板塊重倉(cāng)機(jī)構(gòu)數(shù)TOP15 6表2：數(shù)字IC設(shè)計(jì)公司重倉(cāng)構(gòu)數(shù)TOP10 6表3：模擬IC設(shè)計(jì)公司重倉(cāng)構(gòu)數(shù)TOP15 7表4：IC制造公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5 7表5：IC封測(cè)公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5 7表6：半導(dǎo)體設(shè)備公司重倉(cāng)構(gòu)數(shù)TOP5 7表7：半導(dǎo)體材料公司重倉(cāng)構(gòu)數(shù)TOP5 8表8：分立器件公司重倉(cāng)機(jī)數(shù)TOP5 8表9：消費(fèi)電子板塊重倉(cāng)機(jī)數(shù)TOP15 8表10：品牌消費(fèi)電子公司重機(jī)構(gòu)數(shù)TOP5 9表11：零部件及組裝公司重機(jī)構(gòu)數(shù)TOP5 9表12：元件板塊重倉(cāng)機(jī)構(gòu)數(shù)TOP10 9表13：光學(xué)光電子板塊重倉(cāng)構(gòu)數(shù)TOP10 10表14：電子化學(xué)品板塊重倉(cāng)構(gòu)數(shù)TOP10 11圖目錄圖1：申萬一級(jí)行業(yè)持倉(cāng)市占比及超配比例 4圖2：2023年全年申萬一級(jí)業(yè)指數(shù)各板塊漲跌幅 4圖3：電子行業(yè)子板塊持倉(cāng)值占比變動(dòng)（） 5圖4：2023Q4電子行業(yè)子板持倉(cāng)市值占比（） 5圖5：2023年全年電子（申）細(xì)分板塊指數(shù)漲跌幅 5電子行業(yè)持倉(cāng)市值占比達(dá)歷史高位，位列市場(chǎng)第二型基金及靈活配置型基金作為樣本分析2023年第四季度末電子板塊的重倉(cāng)持股情況。2023Q4，A股電子行業(yè)配置比例為13.3%，處于2018p，超配比例達(dá)。圖1：申萬一級(jí)行業(yè)持倉(cāng)市值占比及超配比例16%

23Q3 23Q4 超配比例14%12%10%8%6%4%2%生物子料生物子料資料來源：iFind，信達(dá)證券研發(fā)中心2023年全年電子行業(yè)漲幅7%2023ChatGPTAI1231申萬）7.3%圖2：2023年全年申萬一級(jí)行業(yè)指數(shù)各板塊漲跌幅7.3%30%7.3%20%10%0%-10%-20%-30%電子石油石化有色金屬資料來源：iFind，信達(dá)證券研發(fā)中心20222023AIMR截至p；消費(fèi)電子占比2.9%，環(huán)比+0.6pct；電子化學(xué)品占比0.5%，環(huán)比+0.04pct；光學(xué)光電子占比0.7%，環(huán)比+0.3pct；元件占比1.3%，環(huán)比+0.2pct。圖3：電子行業(yè)子板塊持倉(cāng)市值占比變動(dòng)（%） 圖4：2023Q4電子行業(yè)子板塊持倉(cāng)市值占比（%）半導(dǎo)體電子化學(xué)品Ⅱ光學(xué)光電子其他電子Ⅱ消費(fèi)電子元件15%10%5%18Q118Q218Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q4資料來：iFind，信達(dá)券研心 資料來：iFind，信達(dá)券研心2023年全2023123119.1%、17.5%2.7%81231-7.1%入2024年，終端需求有望逐步恢復(fù)，產(chǎn)業(yè)鏈上下游有望相繼受益，電子板塊估值或提升。圖5：2023年全年電子（申萬）細(xì)分板塊指數(shù)漲跌幅電子（SW一級(jí)） 半導(dǎo)體（SW二級(jí)） 消費(fèi)電子（SW二級(jí)電子化學(xué)品Ⅱ（SW二級(jí)） 光學(xué)光電子（SW二級(jí)） 元件（SW二級(jí)）30% 其他電子Ⅱ（SW二級(jí)）25%20%15%10%5%0%-5%-10%-15%-20%資料來源：iFind，信達(dá)證券研發(fā)中心半導(dǎo)體板塊：景氣度觸底回升，AI算力/制造類公司獲機(jī)構(gòu)加倉(cāng)1.53pctICICICIC表1：半導(dǎo)體板塊重倉(cāng)機(jī)構(gòu)數(shù)TOP152023Q42023Q32023Q42023Q3名稱金數(shù)持股總量(萬股)持股總市值(萬元)基金持倉(cāng)占流通股（）持股總量(萬股)持股總市值(萬元)基金持倉(cāng)占流通股（）動(dòng)（萬股）中微公司2286,890.81,058,419.611.16,924.41,042,461.311.2-33.6北方華創(chuàng)1824,594.11,128,811.18.73,880.8936,427.97.3713.3卓勝微1805,062.8713,856.211.44,234.5494,161.89.5828.3瀾起科技14613,406.1786,257.711.87,172.1353,769.86.36,234.0通富微電13423,376.5540,465.615.49,125.0174,926.46.014,251.5韋爾股份1204,193.1447,449.73.52,745.6255,508.82.31,447.5拓荊科技1121,807.0417,694.917.81,931.1457,327.428.1-124.0中芯國(guó)際10710,208.0541,226.41.35,441.0278,305.00.74,767.0海光信息1005,021.6356,435.35.74,514.5243,694.25.1507.1兆易創(chuàng)新995,203.0480,706.47.86,658.7656,545.210.0-1,455.7芯源微732,233.8298,458.516.32,506.3332,031.618.2-272.5長(zhǎng)電科技7010,878.9324,844.46.111,393.6347,505.56.4-514.7華海清科701,638.1307,179.314.41,726.5329,613.015.2-88.4寒武紀(jì)692,195.9296,362.78.71,614.1200,063.76.4581.9中芯國(guó)際-HK6213,318.3239,696.81.79,844.3181,053.21.23,474.1資料來源：iFind，信達(dá)證券研發(fā)中心表2：數(shù)字IC設(shè)計(jì)公司重倉(cāng)機(jī)構(gòu)數(shù)TOP10名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)股（）(萬元)（）瀾起科技14613,406.09786,257.7011.787,172.06353,769.846.316,234.03韋爾股份1204,193.14447,449.683.452,745.64255,508.832.321,447.50海光信息1005,021.63356,435.335.704,514.53243,694.195.13507.10兆易創(chuàng)新995,203.01480,706.377.836,658.67656,545.1810.03-1,455.66寒武紀(jì)692,195.93296,362.718.691,614.07200,063.676.39581.86峰岹科技521,195.36150,759.4021.68813.9589,533.9714.77381.42紫光國(guó)微445,833.23393,451.226.876,769.31590,284.157.97-936.09晶晨股份434,756.88297,923.4211.433,317.28208,735.817.971,439.61東芯股份383,241.93111,619.7311.933,243.78103,995.7411.94-1.85江波龍371,124.25103,487.079.961,473.30129,061.2013.05-349.05資料來源：iFind，信達(dá)證券研發(fā)中心表3：模擬IC設(shè)計(jì)公司重倉(cāng)機(jī)構(gòu)數(shù)TOP15名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)股（）(萬元)（）卓勝微1805,062.81713,856.2411.384,234.46494,161.769.52828.35圣邦股份619,892.64880,543.4522.099,443.32734,407.1121.08449.31臻鐳科技382,166.03148,113.1721.31727.5535,213.487.161,438.48翱捷科技332,283.14160,824.1910.20893.9556,345.843.991,389.18納芯微28684.67114,236.567.48234.2927,840.472.56450.38匯頂科技26911.4062,977.391.99598.8036,646.661.31312.59美芯晟13264.9220,388.5814.68102.528,816.365.68162.41唯捷創(chuàng)芯10852.1755,817.029.471,060.1660,524.5911.78-207.99南芯科技10525.1520,927.289.59400.9916,392.547.32124.16力芯微9198.2610,386.892.79128.115,739.431.8070.15資料來源：iFind，信達(dá)證券研發(fā)中心表4：IC制造公司重倉(cāng)機(jī)構(gòu)數(shù)TOP52023Q42023Q32023Q42023Q3名稱金數(shù)持股總量(萬股)持股總市值(萬元)基金持倉(cāng)占流通股（）持股總量(萬股)持股總市值(萬元)基金持倉(cāng)占流通股（）動(dòng)（萬股）中芯國(guó)際10710,207.97541,226.421.285,440.96278,305.040.684,767.01中芯國(guó)際-HK6213,318.32239,696.841.689,844.27181,053.171.243,474.05賽微電子5413.089,930.440.7189.001,882.350.15324.08晶合集成5239.254,127.090.691,470.0824,902.434.22-1,230.83華虹半導(dǎo)體-HK3211.503,618.660.15129.402,355.910.0982.10資料來源：iFind，信達(dá)證券研發(fā)中心表5：IC封測(cè)公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通股持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)（）(萬元)（）通富微電13423,376.54540,465.6115.429,125.01174,926.406.0214,251.53長(zhǎng)電科技7010,878.91324,844.366.0811,393.62347,505.476.37-514.71華天科技143,832.2732,650.941.205,303.5247,625.621.66-1,471.25頎中科技111,138.4917,544.117.52493.786,147.543.26644.71偉測(cè)科技11275.6221,608.7211.31431.5945,416.1317.71-155.97資料來源：iFind，信達(dá)證券研發(fā)中心名稱持有基金數(shù)持股總量(萬股名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通股持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)（）(萬元)（）中微公司2286,890.751,058,419.5511.156,924.351,042,461.2811.20-33.60北方華創(chuàng)1824,594.081,128,811.138.693,880.76936,427.877.35713.32拓荊科技1121,807.05417,694.9317.771,931.09457,327.3728.11-124.04芯源微732,233.80298,458.4916.252,506.28332,031.5818.23-272.47華海清科701,638.09307,179.2714.391,726.48329,613.0215.16-88.39資料來源：iFind，信達(dá)證券研發(fā)中心表7：半導(dǎo)體材料公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通股持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)（）(萬元)（）雅克科技24462.4725,773.451.453,063.40197,895.539.62-2,600.93天岳先進(jìn)241,130.9774,723.155.07239.6513,156.881.07891.32江豐電子171,885.83110,471.739.071,501.0393,198.727.22384.80凱德石英9473.1610,901.597.76612.2711,639.3210.04-139.11路維光電7319.369,810.672.82203.006,254.431.79116.36資料來源：iFind，信達(dá)證券研發(fā)中心表8：分立器件公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通股持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)（）(萬元)（）聞泰科技181,287.1154,457.611.04912.1939,817.230.73374.92源杰科技16176.5226,297.419.53227.6950,147.8012.29-51.17揚(yáng)杰科技14901.4533,083.351.67753.7126,349.741.39147.74炬光科技957.216,521.540.84188.9116,845.482.78-131.71斯達(dá)半導(dǎo)7152.5427,609.900.8931.535,664.160.18121.01資料來源：iFind，信達(dá)證券研發(fā)中心消費(fèi)電子板塊：需求逐步復(fù)蘇，MR/AI創(chuàng)新關(guān)注度提升2023Q42.94%0.59pct20232023VisionPro名稱持有基金數(shù)持股總量(萬股名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)股（）(萬元)（）立訊精密66578,965.12,720,346.211.064,919.31,935,893.69.114,045.8傳音控股1172,658.8367,975.63.33,453.7503,340.04.3-794.9工業(yè)富聯(lián)10224,760.4374,376.71.255,079.61,079,624.02.8-30,319.2歌爾股份8012,076.7253,731.84.1663.710,472.90.211,413.0電連技術(shù)585,742.1238,298.416.13,274.9116,389.99.22,467.2信維通信462,468.058,245.63.0108.92,151.00.12,359.2小米集團(tuán)-W324,118.458,234.6--2,351.426,583.7--1,767.0恒銘達(dá)271,609.751,799.210.012.2238.80.11,597.4長(zhǎng)盈精密276,616.487,667.75.51,953.520,199.31.64,662.9協(xié)創(chuàng)數(shù)據(jù)27626.333,187.62.620.8541.20.1605.5比亞迪電子221,153.338,253.10.5422.113,827.90.2731.2高偉電子191,785.137,287.82.1666.99,558.40.81,118.2興瑞科技181,480.938,592.85.11,004.421,394.23.5476.5安克創(chuàng)新18705.262,478.44.71,045.698,033.26.9-340.4和而泰173,989.257,005.15.03,265.746,568.74.1723.5資料來源：iFind，信達(dá)證券研發(fā)中心表10：品牌消費(fèi)電子公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通股持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)（）(萬元)（）傳音控股1172,658.78367,975.623.303,453.68503,339.994.28-794.90小米集團(tuán)-W324,118.4258,234.63--2,351.4426,583.72--1,766.98安克創(chuàng)新18705.1762,478.424.671,045.5898,033.186.92-340.40漫步者151,900.7033,585.443.801,108.4817,957.442.22792.22視源股份122,269.33103,844.734.701,143.3457,955.692.371,126.00資料來源：iFind，信達(dá)證券研發(fā)中心表11：零部件及組裝公司重倉(cāng)機(jī)構(gòu)數(shù)TOP5名稱持有基金數(shù)持股總量(萬股)2023Q4持股總市值基金持倉(cāng)占流通股持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）(萬元)（）(萬元)（）立訊精密66578,965.062,720,346.1911.0564,919.301,935,893.559.1014,045.76工業(yè)富聯(lián)10224,760.36374,376.661.2555,079.611,079,624.002.78-30,319.25歌爾股份8012,076.71253,731.764.09663.6810,472.870.2211,413.03電連技術(shù)585,742.13238,298.4316.133,274.90116,389.909.202,467.23信維通信462,468.0358,245.562.99108.852,150.970.132,359.18資料來源：iFind，信達(dá)證券研發(fā)中心元件板塊：AI需求勢(shì)頭持續(xù)，看好整體景氣上行0.15pctAI表12：元件板塊重倉(cāng)機(jī)構(gòu)數(shù)TOP10持有基2023Q42023Q3持股量環(huán)比變名稱金數(shù)持股總量(萬股)持股總市值(萬元)基金持倉(cāng)占流通股（）持股總量(萬股)持股總市值(萬元)基金持倉(cāng)占流通股（）動(dòng)（萬股）滬電股份 203 34,483.3762,770.318.130,018.5675,716.515.84,464.8三環(huán)集團(tuán) 101 10,612.3312,532.05.812,234.2379,259.56.6-1,621.9興森科技 45 18,729.3275,882.912.519,207.0234,517.112.8-477.7東山精密396,779.0123,241.64.95,540.696,074.24.01,238.4順絡(luò)電子357,778.1210,085.710.59,595.5275,966.012.9-1,817.4生益科技316,039.2110,577.62.63,773.757,964.41.62,265.5勝宏科技234,961.491,537.75.86,280.9140,441.87.3-1,319.5法拉電子171,478.4136,896.16.61,497.4145,144.46.7-19.1鵬鼎控股13839.718,741.00.4375.67,647.30.2464.0景旺電子122,080.546,935.52.51,693.136,316.12.0387.4資料來源：iFind，信達(dá)證券研發(fā)中心光學(xué)光電子板塊：面板企業(yè)防御屬性獲機(jī)構(gòu)增持0.27pctTVTCL表13：光學(xué)光電子板塊重倉(cāng)機(jī)構(gòu)數(shù)TOP10名稱持有基金數(shù)持股總量(萬2023Q4持股總市值基金持倉(cāng)占流通持股總量(萬股)2023Q3持股總市值基金持倉(cāng)占流通股持股量環(huán)比變動(dòng)（萬股）股)(萬元)股（）(萬元)（）TCL科技9053,607.6230,512.53.023,332.995,198.31.330,274.6京東方A7140,679.7158,651.01.125,036.296,639.60.715,643.6水晶光電264,619.762,550.93.42,876.332,099.02.11,743.5沃格光電201,460.649,472.19.3683.921,372.14.47