从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，富国基金旗下1只基金重仓科锐国际。富国创业板两年定期开放混合（161040）二季度增持 46.05万股，持有股数116.67万股，占基金净值比例为4.09%，位居第八大重仓股。根据测算，今日浮亏 损失约31.5万元。连续4天下跌期间浮亏损失353.51万元。 责任编辑：小浪快报 富国创业板两年定期开放混合（161040）成立日期2020年7月14日，最新规模8.47亿。今年以来收益 54.05%，同类排名506/8180；近一年收益88.09%，同类排名549/7967；成立以来收益77.14%。 9月3日，科锐国际跌0.88%，截至发稿，报30.33元/股，成交1.03亿元，换手率1.72%，总市值59.69亿 元。科锐国际股价已经连续4天下跌，区间累计跌幅9.08%。 富国创业板两年定期开放混合（161040）基金经理为曹晋。 资料显示，北京科锐国际人力资源股份有限公司位于北京市朝阳区朝阳 ...

从基金十大重仓股角度 9月3日，用友网络跌3.37%，截至发稿，报14.92元/股，成交9.48亿元，换手率1.82%，总市值509.82亿 元。用友网络股价已经连续4天下跌，区间累计跌幅10.72%。 资料显示，用友网络科技股份有限公司位于北京市海淀区北清路68号,香港铜锣湾勿地臣街1号时代广场 2座31楼，成立日期1995年1月18日，上市日期2001年5月18日，公司主营业务涉及以用友企业云服务为 核心为客户提供企业云服务与解决方案。主营业务收入构成为：技术服务及培训61.11%，产品许可 31.41%，其他4.50%，其他(补充)2.98%。 截至发稿，苗梦羽累计任职时间3年342天，现任基金资产总规模47.04亿元，任职期间最佳基金回报 57.27%， 任职期间最差基金回报-30.99%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国泰基金旗下1只基金重仓用友网络。国泰中证全指软件ETF（515230）二季度增持1.23万 股，持有股数326.9 ...

Core Viewpoint - The A-share market is experiencing a rare "overall volume contraction, local volume explosion" pattern, with major indices rising but overall trading volume failing to reach 3 trillion, indicating a cautious investor sentiment [1] Group 1: Fund Heavyweight Volume Dynamics - The surge in volume for fund-heavy sectors is primarily driven by passive allocation rather than active bullish sentiment, reflecting a forced build-up of positions due to bank savings diversion [3][4] - Recent declines in one-year bank deposit rates below 1.5% have led to a significant shift of funds into equity funds, with new equity fund issuance reaching 52 billion, a 58% increase week-on-week [3] - The regulatory requirement for equity funds to maintain at least 80% stock positions forces fund managers to buy into high liquidity stocks, even if valuations are historically high, resulting in concentrated buying and increased trading volume [4] Group 2: Historical Context of Volume Surges - Comparing the current volume surge to that of October 8 last year reveals differences in fund characteristics, suggesting potential variations in future market behavior [5] - The previous surge was driven by active funds chasing gains, leading to a significant pullback of over 12% in the following 30 trading days, while the current surge is mainly from passive funds, which may provide short-term support [5] - However, the lack of a "low-cost safety net" in current holdings raises concerns about potential sell-offs if negative macro data or liquidity tightening occurs [5] Group 3: Options Market Signals - The implied volatility of options for the ChiNext ETF and STAR 50 ETF has decreased by 5%-8% despite the indices reaching new highs, indicating a divergence and suggesting limited short-term upside [6][7] - This decline in implied volatility reflects institutional hedging behavior, with over 20% of active equity funds utilizing options to mitigate risks, thereby suppressing expectations for further significant gains [7] Group 4: Investment Implications - The current market fragmentation highlights its fragility, necessitating attention to two key signals: the progress of new fund allocations and the trend in implied volatility [7] - If new funds approach an average position of 75%, it may indicate reduced passive support, leading to potential market consolidation and profit-taking by institutions [7] - Continuous low implied volatility below the historical 25th percentile suggests a contraction in market volatility expectations, likely indicating a phase of high-level consolidation [7]

Group 1 - As of August 22, a total of 1,254 stocks in the A-share and Hong Kong markets reached new highs, with 234 stocks hitting historical peaks [1] - Among the 1,254 stocks, 828 are among the top ten holdings of public funds at the end of Q2, accounting for 66.03% [1] - Since Q2, 110 stocks have seen a cumulative increase of over 100%, with 67 of these being heavily held by funds, also exceeding 60% [1] Group 2 - Public funds have successfully identified popular stocks in emerging sectors such as New Yisheng and Cambrian, as well as strong performers like Shutai Shen, Honghe Technology, and Hengbao Co., Ltd [1]

www.hczq.com 证 券 研 究 报 告 掘金组合：7月基金重仓股明显跑赢 证券分析师：姚佩 执业证书编号：S0360522120004 邮箱：yaopei@hcyjs.com 2025年8月8日 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 联系人：蔡雨阳 邮箱：caiyuyang@hcyjs.com @2021 华创 版权所有 市场整体呈现震荡上行，基金重仓股、不变脸的次新组合跑赢 证 券 研 究 报 告 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 复盘：市场整体呈现震荡上行，基金重仓股、不变脸的次新组合跑赢。上证指数7月上涨3.7%，主动偏股型基 金收益率均值4.6%，机构整体小幅跑赢市场。7月市场整体稳健上行，货币政策持续宽松之下，金融市场的剩 余流动性持续上行。成交明显放量，7月全A日均成交1.6万亿（对比今年1-6月日均成交1.4万亿），量价新高 之下赚钱效应的放大带动以两融、主动权益基金为代表的增量资金加速流入。板块层面，当前周期+ ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 查看完整报告 点击注册小程序 个股：重仓股市值前十集中在铜、金和铝，紫金矿业仍为第一大重仓股 截至2025Q2，主动型权益基金在有色金属行业重仓股的市值前十分别为紫金矿业（228亿元）、山东黄金 （44亿元）、中金黄金（30亿元）、紫金矿业（H）（27亿元）、湖南黄金（25亿元）、云铝股份（22亿 元）、山金国际（21亿元）、洛阳钼业（21亿元）、赤峰黄金（20亿元）、华友钴业（19.5亿元）。 增仓：主要集中在稀土、小金属板块 在具体个股持仓中，主动型权益基金2025Q2较2025Q1增持股数占该股票流通股比例排名前十的个股分别 为广晟有色（稀土、增仓最大）、浩通科技（铂钯铑回收）、兴业银锡（银、锡）、宏创控股（铝）、株 冶集团（铅锌金）、龙磁科技（磁材 ...

Group 1 - In the second quarter, a total of 2950 stocks appeared on the fund's heavy holdings list, with 126 stocks having a fund holding ratio exceeding 10% [1] - Among the stocks with a fund holding ratio over 10%, 17 stocks had a holding ratio exceeding 20%, while 109 stocks had a holding ratio between 10% and 20% [1] - The stock with the highest fund holding ratio is Ninebot Company, with 216 funds collectively holding 195 million shares, accounting for 35.24% of the circulating shares [1] Group 2 - A total of 44 stocks are held by more than 100 funds, while 32 stocks are held by 50 to 99 funds [2] - The stock with the most fund holders is CATL, with 1775 funds holding a total of 14.49% of the shares [2] - In terms of valuation, 41 stocks with high fund holdings have a price-to-earnings ratio below 30, with the lowest being Gujing Distillery at 7.90 times [2] Group 3 - 24 stocks have announced performance forecasts for the first half of the year, with 23 expecting profit increases, the highest being Huaxia Airlines with an expected increase of 875.10% [3] - The stocks with the largest increase in fund holdings include Puyuan Precision Electronics, Huahong Semiconductor, and Yuanjie Technology, with increases of 409.08%, 354.96%, and 317.64% respectively [1][3] - The industry distribution of high fund holdings is mainly concentrated in electronics, biomedicine, and the automotive sector, with 32, 21, and 12 stocks respectively [2]

每经记者 肖芮冬 每经编辑 叶峰 ｜2025年4月24日星期四｜ NO.1 海富通基金"换帅" 4月23日，海富通基金发布公告称，路颖因工作调整，于4月21日离任董事长，谢乐斌新任董事长。 履历显示，谢乐斌2021年6月28日起担任国泰君安证券副总裁，现任国泰海通证券副总裁。曾先后担任 君安证券有限责任公司投资银行部常务董事；国泰君安证券稽核审计部（沪）副总经理、稽核审计总部 副总经理、稽核审计总部副总经理（主持工作）、稽核审计总部总经理，计划财务部总经理，副财务总 监，财务总监兼营运总监、首席风险官，投行事业部总裁、执行委员会主任。在此之前，曾在万国证券 任职。 基金公司方面，大型公募依旧是基金盈利的主力。纳入统计的162家基金管理人（含有公募资格的券商 资管）中，有139家公司旗下基金整体实现盈利。其中，有6家公司旗下基金整体盈利超100亿元。易方 达基金、华夏基金、富国基金位居前三。 NO.5 张坤最新发声 公开信息显示，路颖于2024年9月~2025年4月担任海富通基金董事长。截至4月21日，海富通基金管理 规模达到1819.62亿元，较其上任时的1584.04亿元增长超14%。 NO.2 公募基金公 ...

Core Viewpoint - The report highlights the significant changes in fund holdings during the first quarter, with notable increases in positions for certain stocks and reductions in others, indicating shifting investment strategies among public funds. Group 1: Top Holdings - The top three heavy-weight stocks held by public funds at the end of Q1 are Ningde Times, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [2][4]. - A total of 1861 funds hold Ningde Times, 1192 funds hold Kweichow Moutai, and 1361 funds hold Tencent Holdings [2][4]. Group 2: Changes in Holdings - Funds significantly reduced their holdings in Ningde Times while increasing their positions in Tencent Holdings during Q1 [2][4]. - Major stocks that saw increased positions include Chipone Technology, Lanke Technology, Alibaba-W, and SMIC [5][6]. Group 3: Notable Increases - The top stocks with increased holdings in A-shares include BYD (17.36 billion), Zijin Mining (13.37 billion), Chipone Technology (6.93 billion), and Lanke Technology (3.01 billion) [6]. - In overseas stocks, the most notable increases were in Alibaba-W (3.41 billion), SMIC (1.59 billion), and XPeng Motors (1.42 billion) [8]. Group 4: Notable Decreases - Major stocks that experienced reductions in holdings include CITIC Securities, Wuliangye, NVIDIA, and Tesla [9][10]. - The largest reductions in overseas stocks were in NVIDIA (-1.57 billion), Broadcom (-1.36 billion), and Tesla (-1.24 billion) [10]. Group 5: Fund Types and Trends - As of the end of Q1, several gold ETFs were heavily held by funds, with significant holdings in the Huaan Gold ETF and Bosera Gold ETF [11][13]. - Despite a decrease in shares held in gold ETFs, the overall market value of these holdings increased due to rising gold prices [11].