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专题:2025基金一季报:最新持仓曝光!

  2025年第一季度收官之际,A股市场结构性行情愈发显著,百亿规模以上的权益类基金业绩分化明显。碳中和主题强势领涨,而消费、能源板块则持续承压,基金经理的调仓能力与行业配置策略面临严峻考验。

  据Wind数据统计,截至2025年4月21日,在权益类基金(包括普通股票型基金、偏股混合型基金、平衡混合型基金、灵活配置型基金)中,共有28只基金规模达到百亿以上。

  数据来源:Wind截止至20250421

  从一季度业绩表现来看,鹏华碳中和主题A以60.26%的回报率领先,永赢先进制造智选A(52.32%)紧随其后,两者均聚焦新能源、高端制造等政策利好赛道。相比之下,消费、医疗及部分传统能源主题基金表现低迷,如兴全趋势投资(-6.31%)、华夏能源革新A(-0.89%)等,凸显市场对成长性与估值修复逻辑的分歧。

  具体来看,永赢先进制造智选A一季度回报率为52.32%,年内回报为40.54%,规模达到115.18亿元。基金经理张璐旗下共有5只基金,分别为永赢国证通用航空产业ETF、永赢上证科创板100指数增强发起A、永赢卓越臻选股票发起A、永赢先进制造智选混合发起A、永赢高端装备智选混合发起A。其中,永赢先进制造智选A作为张璐的代表作基金,一季度重仓人形机器人板块,基金份额由2024年末的14.01亿份增至2025年一季度末的60.11亿份,规模达115.18亿元。

  一季报显示,该基金前十大重仓股依次为北特科技、浙江荣泰、震裕科技、斯菱股份、凌云股份、兆威机电、中大力德、伟创电气、肇民科技、蓝黛科技。

  凌云股份首次进入前十大重仓股,浙江荣泰、晨裕科技、斯菱股份、蓝黛科技新进前十大重仓,上述五只股票合计占净值比例约21.06%。与此同时,鸣志电器、贝斯特、步科股份、绿的谐波、安培龙退出前十大持仓,原合计占净值比例约23.55%。

  数据来源:Wind 截止至20250331

  此外,北特科技、兆威机电、中大力德、伟创电气、肇民科技仍保留在前十,但北特科技占净值比例从7.37%降至5.45%,兆威机电占净值比例从7.33%降至3.81%。中大力德、伟创电气、肇民科技持股数均大幅增加,但占净值比例分别下降1.24%、1.31%、1.52%,这反映出基金对原有持仓的集中度有所分散。

  从调仓逻辑来看,前十大重仓股集中度下降,2024年四季度前五占比29.63%,2025年一季度前五占比24.73%,显示出持仓结构更趋均衡。从方向调整来看,张璐减少了对工业自动化(如鸣志电器、绿的谐波)和传统制造(贝斯特)的配置,转向新能源汽车(浙江荣泰)、汽车零部件(凌云股份)、半导体(晨裕科技)等赛道。

  “机器人板块是未来10年大级别beta机会。它的闪耀登场远不止解放双手那么简单,无论从情感陪伴还是物理支持都将全方位赋能人类的生活。”张璐强调。

  他指出,人形机器人相较于其他行业壁垒较高,涉及到多学科的融合、软硬件的协同,所以对入局的资金、技术、资源整合都有相对较高的要求。而且产业链从上游到核心零部件和系统零部件,到中游的机器人本体和系统集成,到下游的终端应用,产业链长且复杂。机器人,可能是未来不可多得的,如同当年消费电子中苹果产业链、特斯拉电动车产业链——现象级的长坡厚雪大赛道。

  在一季报中,张璐也对盲目跟风的投资者作出提示。他指出,面对人形机器人这一具有长期向好逻辑的板块,单纯追高或在市场波动时恐慌离场都不是最优策略。投资者在初次接触相关行业时,不妨将其纳入关注列表,深入了解和研究该行业及工具型产品的风险收益特征,基于真正看好时再做出投资决策,而不要仅仅因为热度高就跟风购买。

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