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专题:2025基金一季报:最新持仓曝光!

  2025年一季度收官,百亿规模以上的权益类基金业绩呈现显著分化,基金经理的调仓能力与行业配置策略经受考验。

  昔日公募“顶流”葛兰,正经历规模与业绩的双重考验。截至一季度,其管理总规模已从2021年四季度1103.39亿元的巅峰跌至404.47亿元,累计蒸发近700亿元,缩水幅度高达63.3%。

  目前管理规模前20大权益基金经理 数据来源:wind截止至20250422

  除此之外,自2023年以来,葛兰的管理总规模在2024年三季度短暂企稳,但这一回暖仅维持单季。wind数据显示,2024年四季度其规模再度下跌至404.51亿元。目前其名下仅存3只基金——中欧医疗健康A、中欧医疗创新A及中欧明睿新起点。

  数据来源:wind截止至20250422

  作为葛兰代表作基金,中欧医疗健康A一季度微涨2.37%,但拉长周期看颓势难掩,近6个月跌5.47%,近3年累计亏损34.51%,规模较2021年峰值775.05亿元暴跌58.4%,仅剩320.87亿元。

  数据来源:wind截止至20250422

  除此之外,葛兰在管的三只基金业绩业绩悬殊,可投资港股的中欧医疗创新A凭借20.33%的一季度涨幅强势反弹,同类排名冲入第23名;规模超300亿的旗舰基金中欧医疗健康A一季度仅微涨2%,近3月收益落后医疗创新超13个百分点;中欧明睿新起点混合一季度逆势跌3.85%,近3月与中欧医疗创新股票A的收益差拉大至30.23个百分点,同类排名垫底。

  数据来源:天天基金截止至20250422

  在中欧明睿新起点混合的基金吧中,“信任危机”也正在发酵,不少基民反馈持仓体验较差。有基民将该基金运作比作“似无人驾驶”,也有基民灵魂拷问“基金经理是否用心”。

  数据来源:天天基金

  三只基金中,中欧明睿新起点的调仓动作相对较显著。

  截止一季度,中欧明睿新起点混合前十大重仓股为立讯精密、兆易创新、宁德时代、中芯国际、北方华创、赛力斯、阳光电源、比亚迪、芯原股份、韦尔股份。与去年底相比,中芯国际、比亚迪、芯原股份、韦尔股份新进前十大重仓,长电科技、新易盛、中际旭创、寒武纪退出前十大重仓。

  葛兰在一季报中表示,A股市场在一季度呈现明显的结构性分化特征,科技成长板块表现显著领先。人工智能、高端制造等产业趋势明确的领域成为资金主要配置方向。相比之下,传统周期板块受全球能源需求走弱等影响,整体表现相对低迷。

  展望二季度,A股市场或延续结构性行情,驱动逻辑可能从主题预期转向基本面验证与政策催化并重。科技成长领域仍为核心主线,人工智能产业链的景气度或向应用端延伸,商业化落地加速的细分环节有望持续受益;机器人产业进入关键政策窗口期,技术突破与供应链本土化或催生新的投资机会。仍旧看好供给创新、渠道下沉、消费升级等方面的投资机会。

  再看今年一季度业绩表现最为亮眼的中欧医疗创新股票A,前十大重仓股为药明合联、科伦博泰生物-B、药明生物、药明康德、康方生物、康龙化成、恒瑞医药、凯莱英、百利天恒、泰格医药。与去年底相比,该基金的前十大重仓股仅有1只改变,百利天恒新进前十大重仓,海思科退出。除了新进的重仓股,科伦博泰生物-B、药明生物,以及康方生物3只H股的持股数量有所增加,其余的均被减持。

  此外,中欧医疗健康A前十大重仓股为恒瑞医药、药明康德、康龙化成、迈瑞医疗、泰格医药、爱尔眼科、凯莱英、东阿阿胶、科伦药业、华润三九。与去年底相比,科伦药业在今年一季度新进中欧医疗健康的前十大重仓股,同仁堂则退出前十大重仓股。

  她在一季报中分析,创新药领域,全球合作持续推进及关键临床数据披露值得期待。中国企业在ADC、多抗、多肽等领域的竞争力已逐步获得全球认可,与国内企业的项目合作已成为海外公司管线布局的重要组成部分。

  同时,海外企业在收购国内品种后正持续推进多种适应症的全球临床试验。AI制药技术在靶点发现中的应用及其对研发效率的提升也值得持续关注。

  消费医疗板块则是结构性机会有望延续。其中,提到医美、眼科等可选消费领域终端需求有进一步回暖。同时,家用医疗设备在老龄化趋势下需求将稳步增长。医疗设备板块有望持续复苏。

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