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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
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  部分QDII基金一季度末持仓资产配置情况  张大伟制图

  ◎记者聂林浩

  今年以来,全球各大市场资产表现差异显著。在此背景下,不同投资方向的QDII基金业绩分化加剧。基金一季报显示,主动管理的QDII产品中,不少基金经理在一季度调整了区域配置,业绩领先的产品普遍重仓A股或港股等中国资产,而美股含量较高的产品则普遍承压,部分产品更是位列业绩榜末端。

  QDII基金首尾业绩差距大

  数据显示,截至4月22日,纳斯达克、标普500指数今年以来分别下跌15.59%和10.1%。与之形成鲜明对比的是,港股市场恒生指数和恒生科技指数同期分别上涨9.95%和13.02%。

  QDII产品的业绩因配置区域市场的不同表现而此消彼长。以主动管理型产品为例,Choice数据显示,截至4月22日,汇添富香港优势精选混合A今年以来净值上涨46.41%,在全市场QDII产品中位列第一。另外,南方香港成长灵活配置混合、工银新经济混合人民币、富国全球健康生活主题混合人民币A等7只产品今年以来净值涨幅超20%。

  在业绩榜的另一端,华夏全球科技先锋混合、华宝纳斯达克精选股票A、建信新兴市场混合等多只QDII产品今年以来净值跌幅均超20%。

  记者发现,在业绩排名居前的QDII产品中,截至一季度末,大多数重仓了A股及港股等中国资产。例如,工银新经济混合人民币持有A股和港股的资产比例分别为73.37%和25.4%,美股仅占1.23%;富国全球健康生活主题混合人民币投资A股及港股资产比例合计为96.51%,美股为3.49%。

  而华夏全球科技先锋混合和建信新兴市场混合等业绩垫底的产品均重仓了美股市场,该两只QDII基金一季度末持有美股资产比例分别为100%和74.72%。区域资产配置差异导致QDII业绩悬殊,首尾收益相差超过70个百分点。

  基金调仓瞄向A股和港股

  基金一季报显示,一季度不少绩优QDII基金大幅减持了美股,转而增持A股或港股。

  例如,南方香港成长灵活配置混合一季度末的美股持仓占比降低了10.34个百分点,而A股和港股的持仓占比大幅提升。富国全球消费精选混合人民币的美股仓位由去年末的31.52%降至11.03%,港股持仓占比则提升了20.64个百分点。

  据梳理,包括易方达全球医药行业混合、万家全球成长一年持有期混合、富国蓝筹精选股票等在内的多数QDII基金在一季度均加仓了A股及港股,并相应调降了美股市场的占比。

  从行业来看,生物医药、互联网、新消费等板块是QDII基金重仓的方向。汇添富香港优势精选混合一季度末的前十大重仓股均属生物医药行业,南方香港优选股票在一季度加仓了腾讯控股、泡泡玛特、阿里巴巴-W等个股。

  依然看好港股投资机遇

  “香港市场是‘投资中国’组合中的重要组成部分,是配置中国新经济公司的重要选项。”南方香港成长灵活配置混合基金经理熊潇雅认为,伴随中国品牌、中国技术、中国创新药品将走向世界,具备全球竞争力的中国消费品牌、创新药、硬科技行业将迎来重大发展机遇。

  “进入2025年,全球宏观环境的复杂化增加了单一市场的波动,我们通过全球化配置,比如增持中国资产来抵抗单一市场风险。”广发全球精选股票基金经理李耀柱说,随着中国在科技方面的突破,中国互联网、智能硬件等行业依旧充满机会。

MACD金叉信号形成,这些股涨势不错!

今年以来,散户投资者一直积极买入美股,即使在专业基金经理纷纷寻求避险之际,他们仍保持着对美股的信心。根据摩根大通全球量化及衍生品策略师EmmaWu的数据显示,仅自4月2日以来,散户投资者就向美国股票和ETF投入了超过300亿美元。

“逢低买入”是散户投资者中颇受欢迎的策略。EmmaWu指出,仅在本周一标普500下跌2.4%时,散户投资者就买入了超过30亿美元的股票,这是今年第14次出现类似操作,也是自4月2日以来的第五次。

然而,这是否是成功的交易还有待商榷。尽管标普500指数在周二和周三出现反弹,但该指数自美国总统特朗普于4月2日宣布所谓“对等关税”以来仍下跌了约4%。在这段时间内,美股出现大幅波动,标普500指数在短短14个交易日中有5个交易日的跌幅超过2%,有2个交易日的涨幅超过2%。这种程度的波动使得很难准确判断散户投资者目前的投资表现如何——一切都取决于他们进出市场的时机。

诚然,美国主要股指在长期来看确实呈上涨趋势。然而,同样真实的是,在这个上升轨迹中,也存在一些时期——哪怕是持续数年——投资者持有股票也难以收回本金。一个典型例子就是互联网泡沫时期,如果有人在2000年初标普500的高点买入,直到2007年中才勉强回本。

NationwideFinancial投资管理部高级副总裁KevinJestice表示:“那些对投资组合有长期规划的投资者,在当前下跌时更能保持冷静并入场。”“如果你不是试图精确抄底,那么在任何时候都更容易下决心投放资金。”

从更广泛的角度来看,摩根大通的数据显示,散户资金中有60%流入了个股,其中特斯拉(TSLA.US)和芯片巨头英伟达(NVDA.US)占了近一半;另外40%流入了ETF。大型科技公司始终是散户投资者的最爱,其中特斯拉尤为受益。

在Reddit等社交平台上,这种对大型科技股的“信仰式”投资非常常见。所谓的“美股七巨头”(MagnificentSeven)——包括特斯拉、英伟达、苹果、微软、亚马逊、Alphabet和Meta——拥有一大批忠实的散户投资者,随时准备在股价下跌时大举买入。

不过,市场专业人士也指出,现在的散户买盘并非完全是类似疫情期间那种狂热情绪的重演。KevinJestice指出,美国员工的退休账户定期工资扣缴机制,确保了无论市场涨跌,股票仍会持续被买入。这是一个巨大的潜在资金池。来自投资公司协会(InvestmentCompanyInstitute)的数据显示,截至2023年12月31日,美国人为退休准备的资产总额达44万亿美元,其中1700亿美元在个人退休账户(IRA),8900亿美元在401(k)退休计划中。

热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  上海石油化工股份(00338)发布公告,于2025年第一季度,柴油产量60.73万吨,柴油销量58.25万吨,柴油销售收入38.31亿元;汽油产量83.9万吨,汽油销量84.4万吨,汽油销售收入70.13亿元。

  日本丰田汽车计划向其西弗吉尼亚州工厂额外投资8800万美元,用于组装混合动力汽车的一个关键部件,使该工厂的总投资额超过28亿美元。这家日本汽车制造商周三表示,混合动力驱动桥的生产定于2026年底开始,计划将其用于未来的丰田和雷克萨斯(Lexus)车型。该公司表示,该混合动力驱动桥是电动化汽车中的一个重要部件,可在发动机、电动机和车轮之间无缝传递动力。

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