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专题:市场缩量分化A股热点轮动或将延续

◎记者赵明超

随着公募基金2025年一季报的密集披露,中欧基金、长城基金、永赢基金、安信基金等公司旗下众多绩优基金的最新动向也随之浮出水面。一季报显示,多只绩优基金规模实现大幅增长,基金经理的投资布局则主要锚定科技成长主线。

多只基金规模增长超10亿元

从已经披露的基金季报看,业绩亮眼的主动权益类基金强势吸金。以中欧互联网先锋混合基金为例,2024年该基金收益为14.56%,今年一季度净值再度增长18.03%。截至一季度末,中欧互联网先锋混合基金的规模从去年底的31.14亿元增至44.87亿元。

今年一季度,永赢数字经济智选混合、平安先进制造主题股票、中欧智能制造混合、华富科技动能混合、长城久嘉创新成长混合、长城消费增值混合等基金的规模增长均超过5亿元。

其中,多只基金从迷你基金规模跃升为“10亿基”。例如,永赢数字经济智选混合的规模从去年底的7619万元增至12.65亿元,平安先进制造主题股票的规模也从去年底的4802万元增至13.21亿元。

随着资金的持续涌入,部分基金已开始限制大额申购。例如,中欧智能制造混合自3月3日起全渠道实施限购,申购上限为10万元。

“近两年来,主动权益类基金业绩表现不佳,跑不赢指数基金,使得主动权益类基金规模有所缩减。今年情况有所不同,多只主动权益类基金抓住结构性机会,取得了亮眼的业绩。从最新披露的规模来看,绩优基金规模也实现了大幅增长。”华南某基金公司人士表示,这表明,主动权益类基金依然有较为广阔的发展空间,绩优基金将持续吸引资金申购。

紧扣科技成长主线调仓

从已披露季报的绩优基金情况看,在今年一季度跌宕起伏的行情中,基金经理主要围绕科技成长主线进行布局。

金信稳健策略混合基金经理孔学兵表示,一季度基金显著增配了国产光刻机供应链,涉及光源、照明系统、投影物镜、双工件台等关键环节,同时保留了刻蚀、薄膜沉积、涂胶显影等高技术壁垒的基础配置。

从金信稳健策略混合基金的前十大重仓股来看,截至一季度末,汇成真空、华辰装备、福晶科技、波长光电、福光股份成为基金新进前十大重仓股。

中欧互联网先锋混合基金同样围绕科技主线布局。从行业配置来看,该基金一季度维持港股互联网的较高仓位、强化AI推理侧和应用的配置,同时加入一些估值处于低位的科技消费股。截至一季度末,腾讯控股的持仓市值占基金净值比例超过9%。此外,中芯国际、澜起科技、完美世界、吉比特成为该基金新进前十大重仓股。

“维持高比例的互联网仓位,是因为我们观察到,互联网行业在经过过去几年的调整后,不仅在业务优化、提质增效、股东回报等方面取得明显效果,在技术迭代、业务创新、战略拓展方面也有所突破,这对于行业重回成长通道、实现价值重估是有帮助的。同时,互联网平台对于AI的研发投入是积极的,并且已经观察到一些成果。”中欧互联网先锋混合基金经理王颖说。

值得注意的是,部分含权二级债基也大幅提升股票仓位,增配科技成长资产。以安信聚利增强债券基金为例,截至一季度末,基金的权益投资占基金资产净值比例从去年底的3.25%提升至16.85%。

安信聚利增强债券基金经理梁冰哲表示,一季度增加了偏成长方向的配置,降低了周期类资产的配置,对AI相关产业链对于经济可能带来的持续性改变持乐观积极的态度。

在一季报中,多位基金经理也分享了对后市的看法,以及后续将采取的投资策略。从整体来看,科技领域依然是后续重点投资方向,机器人、半导体等成为投资热词。

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