外资公募绩优产品持仓曝光!制造业为底盘,科技与资源品双线布局
券商中国·2026-01-29 06:16

Core Viewpoint - In 2025, several actively managed equity products under foreign public funds achieved significant excess returns, with clear positioning in technology growth and resource sectors, reflecting strong stock selection and allocation capabilities [1][2]. Group 1: Performance Overview - Many foreign public fund products recorded impressive gains throughout 2025, with standout performances in their categories. For instance, BlackRock Advanced Manufacturing A rose by 63.34%, Fidelity Low Carbon Growth A increased by 44.27%, Schroders China Power A gained 47.94%, Allianz China Select A surged by 65.83%, and Robeco Resource Select A achieved a remarkable 97.28% increase, showcasing the strong grasp of foreign institutions in structural market conditions [3]. Group 2: Portfolio Structure - The portfolio structure of these foreign public funds remains centered on manufacturing, while maintaining a high focus on technology growth and resource opportunities. Specifically, BlackRock's holdings are heavily concentrated in manufacturing, with significant investments in technology stocks such as Zhongji Xuchuang, Cambrian, and Luxshare Precision in the fourth quarter [3][4]. - Fidelity Low Carbon Growth also prioritizes manufacturing, with key holdings including Xinyi Semiconductor, Information Development, and Shanghai Fudan, balancing low-carbon transformation and technology growth [3]. - Robeco Resource Select has a more diversified portfolio, including significant allocations to materials and mining sectors, with major investments in Zijin Mining, Chipbond Technology, and China Aluminum, indicating a clear focus on commodities and related industry chains [3]. Group 3: Investment Strategy - The latest quarterly reports from various foreign public funds indicate a dual approach in investment strategy: a sustained optimism towards cyclical resource sectors and a selective approach within the technology sector. The ongoing economic transformation, technological advancements, and supportive policies in China continue to underpin the value reassessment of Chinese stocks [5][6]. - Robeco Resource Select has optimized its portfolio structure by shifting towards cyclical sectors while reducing exposure to black metals and early-cycle segments, and increasing chemical sector allocations, while also maintaining and slightly increasing investments in upstream industries related to the current technology innovation cycle [6]. - Schroders China Power maintains a high equity position while rebalancing its structure, transitioning from previously favored technology sectors to undervalued non-bank financials and chemicals [6]. Group 4: Future Outlook - Looking ahead to 2026, there is a strong belief in the continued value reassessment of Chinese stocks, with high-quality technology assets expected to remain core to this process, potentially yielding significant excess returns [7].

外资公募绩优产品持仓曝光!制造业为底盘,科技与资源品双线布局 - Reportify