權益基金2022年四季報解析：權益?zhèn)}位提升顯著醫(yī)藥行業(yè)獲大幅加倉

究報告評級說明究報告金融工程大幅加倉23-1-30分析師：嚴佳煒執(zhí)業(yè)證書號：S0010520070001箱：yanjw@執(zhí)業(yè)證書號：S0010522090002箱：qianjx@相關報告趨分散——權益基金2022年三季報解析》2022-10-262.《大幅加倉食品飲料，風格向大市值切換——權益基金2022年二季報解析》2022-07-213.《市場未出現(xiàn)大規(guī)模贖回，電新加倉成首位重倉行業(yè)——權益基金2022年一季報解析》2022-04-235.《多只重倉股獲主動減倉，分散持股趨勢延續(xù)——權益基金2021年四季6.《醫(yī)藥基金深度解析：持倉、業(yè)績、7.《持股集中度下降，風格切換正當源于新發(fā)基金。)延續(xù)下降態(tài)勢。業(yè)公募主動加倉行業(yè)為醫(yī)藥、非銀金融、計算機，主動減倉的行業(yè)為通信、電子、房地產(chǎn)、煤炭。主題投資熱點逐漸分散，創(chuàng)新藥主題配置2022Q4公募配置比例最高的個股有貴州茅臺(4.41%)，寧德時代(3.12%)、瀘州老窖(2.10%)、五糧液(2.03%)、騰訊控股(1.73%)等，且機構重倉個股多出現(xiàn)主動減倉；主動加倉最多的個股多只港股獲加倉。不構成任何投資建議。報告2報告2/18 金融工程正文目錄 2權益?zhèn)}位上升，持股持續(xù)分散 53加倉港股，風格向大市值切換 74加倉醫(yī)藥、非銀、計算機，投資熱點漸趨分散 9 6頭部權益基金經(jīng)理調(diào)倉方向 15 報告3報告3/18 金融工程 圖表3主動股基收益與各大寬基對比 4圖表4主動股基(930890.CSI)相對表現(xiàn) 5 圖表6權益基金新發(fā)份額與老份額變動 5圖表7偏股混合、靈活配置型基金倉位上升 6圖表8主動權益基金持股集中度變化 6 圖表10主動權益基金港股配置比例 7圖表11主動權益基金在各個板塊上的配置比例 8圖表12主動權益基金板塊配置相對于市場超配 8圖表132022Q4主動權益基金風格從小市值向大市值切換 9圖表14主動權益基金行業(yè)板塊配置 9 圖表172022Q4行業(yè)主動/被動持倉變動 1222Q4熱門主題配置情況 13圖表192022Q4主動權益基金個股配置比例TOP20 14圖表202022Q4主動權益基金加倉幅度TOP20 14圖表212022Q4主動權益基金減倉幅度TOP20 15圖表22頭部基金經(jīng)理代表基金主要調(diào)倉方向(按基金經(jīng)理管理規(guī)模排序) 16報告4報告4/1848%39%3.30%1.3.49%24%43%57%.00%. 金融工程48%39%3.30%1.3.49%24%43%57%.00%.Q模略有上升金總規(guī)模都有略微提升。圖表1權益基金規(guī)模圖表2權益基金持股市值d額，全年權益市場走勢呈“W”型震蕩益基金表現(xiàn)弱于寬基指數(shù)。圖表3主動股基收益與各大寬基對比主動股基滬深300相對300超額中證500相對500超額創(chuàng)業(yè)板指相對創(chuàng)業(yè)板指超額跑贏300跑贏500跑贏創(chuàng)業(yè)板2012年5.07%7.55%-2.0.28%.80%-2.14%7.7.√√2013年13.75%-7.65%21.16.89%82.73% -68.98%√2014年17.36%51.66%-34.39.01%-264%12.83%44.54%√2015年47.07%5.58%41.43.12%95%84.41%37.34%√√2016年-17.60%-11.28%-6.-17.78%0.-27.71%10.√√2017年11.57%21.78%-10.-0.20%77%-10.67%√√2018年-27.15%-25.31%-1.-33.32%6.-28.65%1.1.50%√√2019年48.50%36.07%12.26.38%22.%43.79%4.4.71%√√√2020年61.78%27.21%34.20.87%40.91%64.96%-3√√2021年7.80%-5.20%13.15.58%-7.78%12.02%-422%√2022年-22.71%-21.63%-1.-20.31%-2.39%-29.37%6.66%.√2023年6.59%8.00%-1.42%6.60%-0.01%10.19%3.61%報告5報告5/18 金融工程圖表4主動股基(930890.CSI)相對表現(xiàn)圖表5權益基金分類份額圖表6權益基金新發(fā)份額與老份額變動d2權益?zhèn)}位上升，持股延續(xù)分散態(tài)勢統(tǒng)計了三大類基金的規(guī)模加權平均倉位變動情況，2022Q4普通股票型報告6報告6/18 金融工程圖表7偏股混合、靈活配置型基金倉位上升將單只基金的前10大重倉股占持股市值的比例作為基金經(jīng)理的持股集中度指加權平均，持股集中度于2021Q1達到階段高點，下圖表8主動權益基金持股集中度變化為了分析公募整體的抱團現(xiàn)象，我們將市場“抱團”現(xiàn)象拆分為行業(yè)間和行業(yè)報告7報告7/18 金融工程的比例龍頭擴散的趨勢延續(xù)，行業(yè)間抱團指標略有回升，公募對于長期持有的主力行業(yè)略有加倉。圖表9抱團指標3加倉港股，風格向大市值切換比例來看，2022Q4有所上升，基金持有的港股比%，圖表10主動權益基金港股配置比例報告8報告8/18 金融工程圖表11主動權益基金在各個板塊上的配置比例倉的確為主板，加倉為創(chuàng)業(yè)板，科創(chuàng)板有小幅減倉。圖表12主動權益基金板塊配置相對于市場超配報告期主板創(chuàng)業(yè)板科創(chuàng)板報告期主板創(chuàng)業(yè)板科創(chuàng)板20120331-0.1%0.1%20170930-6.0%6.0%20120630-0.4%0.4%20171231-3.4%3.4%2012093020180331-6.2%6.2%2012123120180630-6.4%6.4%20130331-2.7%2.7%20180930-5.7%.7%20130630-5.4%.4%20181231-8.1%8.1%20130930-9.2%9.2%20190331-7.2%7.2%20131231-9.6%9.6%20190630-5.3%.3%2014033113.0%20190930-5.4%.4%0.0%2014063015.1%20191231-6.9%6.5%0.4%2014093013.7%20200331-9.5%8.8%0.6%20141231-9.8%9.8%2020063010.9%2015033117.2%20200930-9.0%7.9%2015063019.6%20201231-9.5%8.4%2015093017.4%20210331-8.7%7.7%2015123116.6%2021063012.1%2016033115.4%2021093011.4%2016063017.3%202112319.3%2.0%2016093015.4%202203319.4%2.7%2016123112.8%202206308.8%2.6%20170331-9.0%9.0%202209309.3%4.0%20170630-7.0%7.0%202212319.7%3.8%報告9報告9/18 金融工程盤定義為300,500以外的股票。2022Q4公募大盤配置比例上升，超大盤配置比例市值切換。圖表132022Q4主動權益基金風格從小市值向大市值切換4加倉醫(yī)藥、非銀、計算機，減倉通信等行業(yè)圖表14主動權益基金行業(yè)板塊配置敬請參閱末頁重要聲明及評級說明10/18證券研究報告 金融工程細看中信30個行業(yè)的持倉占比，配置比例上升幅度最大的行業(yè)為醫(yī)藥，2022礎化工(5.94%)，共占公募持倉圖表15中信30行業(yè)配置占比上游/周期中游/制造下游/消費TMT/科技大金融有色金屬石油石化煤炭鋼鐵基礎化工建材建筑電力設備及新能源機械輕工制造國防軍工電力及公用事業(yè)醫(yī)藥食品飲料家電消費者服務汽車交通運輸商貿(mào)零售農(nóng)林牧漁紡織服裝電子計算機傳媒通信房地產(chǎn)銀行非銀行金融綜合金融201403311%2%0%0%5%1%1%6%4%1%1%3%21%9%5%1%4%1%1%1%1%7%9%5%2%4%2%2%0%201406301%1%0%0%5%1%2%5%5%1%2%3%19%8%5%1%6%1%1%2%1%8%9%6%3%3%2%2%0%201409301%1%0%0%5%1%3%5%4%1%3%4%17%6%3%1%6%1%1%2%1%7%11%5%3%3%2%3%0%201412311%0%1%1%4%1%2%3%3%1%3%3%10%4%3%1%4%1%1%1%1%3%9%3%3%10%9%14%0%201503312%0%0%1%4%1%3%3%3%1%2%3%11%2%3%1%5%2%2%1%1%5%17%6%4%6%5%7%0%201506301%0%0%0%5%1%2%4%5%2%3%3%14%4%2%2%3%4%1%2%2%5%15%6%3%4%4%3%0%201509301%1%0%0%5%1%1%3%4%2%3%5%15%4%2%2%3%3%1%3%1%6%10%5%4%3%7%3%0%201512312%0%0%0%6%1%1%3%5%2%3%3%12%3%3%2%3%2%1%2%2%6%13%6%5%4%5%3%0%201603313%1%0%0%6%1%2%3%4%2%3%4%12%5%3%2%4%2%1%3%2%7%9%6%5%4%4%2%0%201606303%1%1%0%7%1%2%3%4%2%3%3%12%6%4%1%4%2%1%3%2%9%8%5%5%3%4%2%0%201609303%1%1%0%7%2%3%3%4%3%3%3%13%5%5%1%4%1%1%3%1%9%6%4%5%3%4%2%0%201612312%1%0%0%7%2%3%3%5%3%3%3%13%5%5%1%4%1%1%3%1%8%5%3%4%3%5%2%0%201703313%1%0%0%6%2%4%3%6%3%3%4%12%7%5%1%4%2%2%1%1%10%4%3%3%3%6%2%0%201706303%1%0%0%4%2%3%3%5%3%2%4%11%9%7%1%4%2%1%1%1%11%3%3%3%2%6%6%0%201709305%1%0%1%3%2%2%3%5%2%1%3%9%11%6%1%3%1%2%1%0%12%2%3%3%3%7%6%0%201712313%1%0%1%3%2%1%4%4%2%1%2%10%14%7%1%3%2%2%1%0%10%2%3%3%4%7%7%0%201803314%1%0%0%2%2%1%4%4%2%1%2%12%11%7%1%2%2%2%1%0%10%4%4%2%4%6%5%0%201806303%1%0%1%3%1%1%2%4%2%1%1%15%14%8%1%2%2%2%1%1%9%5%4%1%4%4%4%0%201809302%2%0%1%3%2%1%2%4%2%2%1%14%14%6%1%3%2%2%1%1%7%6%3%2%5%6%7%0%201812311%1%0%0%2%1%1%4%4%2%2%2%13%11%5%1%3%2%3%3%1%8%6%3%2%7%5%7%0%201903311%1%0%0%2%1%1%3%4%1%1%1%13%15%5%1%3%2%2%4%1%8%6%3%2%6%5%7%0%201906301%0%0%0%2%1%0%4%3%1%1%1%13%18%7%1%3%2%3%3%0%7%5%2%2%5%6%8%0%201909301%0%0%0%2%1%0%3%3%1%1%2%14%16%6%2%2%2%2%3%0%12%5%2%2%4%5%7%0%201912312%0%0%0%3%2%0%4%3%1%1%1%13%15%6%2%2%2%1%2%0%12%5%4%2%6%5%5%0%202003311%0%0%0%2%2%0%4%4%1%1%1%17%14%4%1%2%2%2%3%0%10%8%4%3%5%4%3%0%202006301%0%0%0%3%1%0%7%3%1%1%1%20%14%4%3%1%2%2%1%0%12%8%4%2%3%2%2%0%202009302%0%0%0%3%1%0%9%4%1%2%1%15%17%4%3%2%2%1%1%0%12%5%3%1%3%3%2%0%202012313%1%0%0%4%1%0%10%4%1%3%0%14%19%4%3%2%2%0%1%0%11%4%2%1%2%3%3%0%202103312%1%0%0%4%2%0%8%4%1%2%1%15%19%4%4%2%2%0%1%0%12%3%2%0%2%5%2%0%202106303%1%0%0%5%1%0%12%4%1%2%0%16%17%2%3%2%1%0%1%0%14%4%2%1%1%4%1%0%202109304%2%1%1%7%1%0%13%3%1%3%1%15%14%1%2%3%1%0%1%0%13%4%1%1%2%3%1%0%202112314%1%0%1%6%1%1%14%4%1%4%1%12%14%2%2%3%2%0%1%0%15%4%1%1%2%3%1%0%202203314%1%1%1%7%1%1%15%3%1%3%1%13%13%1%1%2%2%0%2%0%12%3%1%2%3%4%1%0%202206305%1%1%1%7%1%1%17%3%1%3%1%11%16%1%2%4%2%0%2%0%10%4%1%1%2%3%1%0%202209304%1%1%1%6%1%1%16%4%1%4%1%10%16%1%2%4%3%0%2%0%10%4%1%1%3%3%1%0%202212314%1%1%0%6%1%1%16%4%1%4%1%12%15%1%2%3%3%0%2%0%9%4%1%1%2%3%1%0%中，紅色的“×”代表敬請參閱末頁重要聲明及評級說明11/18證券研究報告 金融工程Q位。圖表16中信30行業(yè)配置歷史分位數(shù)QQ漲比例和主動權益基金持倉重變動拆解為兩部分：?weig?tind,t+1=??passive_?weig?tind,t+1=??passive_weig?tind,t+1=?∑MVind,t+1∑MVind,t MVind,t+1MVind,t(1+Tt+1)∑MVind,t+1∑MVind,t(1+Tt+1)?active_weig?tind,t+1=?weig?tind,t+1??passive_weig?tind,t+1weigtindt動，Tt+1為t至t+1期行業(yè)的漲跌幅，?passive_weig?tind,t+1為行業(yè)漲跌帶來的行業(yè)內(nèi)市值占比的被動權重變動，?active_weig?tind,t+1為估算的主動加減倉的比例。主動加減倉比例衡量了行業(yè)剔。敬請參閱末頁重要聲明及評級說明12/18證券研究報告 金融工程動減倉的行業(yè)為通信、電子、房地產(chǎn)、煤炭。圖表172022Q4行業(yè)主動/被動持倉變動內(nèi)下跌但主動加倉的行業(yè)，綠色代表區(qū)間內(nèi)上漲但主動減倉的行業(yè)。敬請參閱末頁重要聲明及評級說明13/18證券研究報告 金融工程圖表182022Q4熱門主題配置情況茅指數(shù)碳中和寧組合新能源汽車鋰電池光伏新基建半導體產(chǎn)業(yè)5G芯片創(chuàng)新藥醫(yī)療器械稀有金屬煤炭開采2014033114.6%3.5%3.4%0.8%0.3%3.6%0.0%0.0%2014063013.0%3.4%3.9%0.9%0.3%3.4%0.1%0.0%2014093010.8%2.8%4.0%0.8%2.2%0.1%0.1%201412317.9%2.2%0.4%0.5%0.9%0.3%0.2%0.4%20150331.8%2.0%0.5%0.7%0.5%0.3%0.3%20150630.4%2.3%0.9%0.9%0.8%0.5%0.2%0.4%201509306.9%2.4%0.7%0.5%0.1%0.2%20151231.0%0.8%9.3%2.2%0.1%0.0%201603316.5%2.3%0.8%8.5%0.1%0.3%201606307.2%3.2%2.3%2.4%0.7%8.1%2.9%0.3%0.7%201609307.6%2.3%2.8%2.3%0.8%8.8%2.4%0.2%0.8%201612317.9%3.0%2.8%0.8%7.7%2.4%0.2%0.4%2017033110.6%4.2%3.1%2.7%7.5%2.1%0.5%2.4%0.2%0.6%2017063013.9%2.3%.6%3.9%3.2%0.9%8.5%2.0%0.8%2.2%0.4%0.7%2017093014.6%3.5%7.5%2.9%.7%8.3%2.4%2.4%2.2%0.7%0.7%2017123117.9%3.9%9.0%3.1%3.5%2.9%9.3%2.5%2.6%2.8%0.6%0.8%0.5%2018033118.1%4.8%7.2%3.3%4.1%2.8%10.1%3.1%2.0%2.0%3.9%0.4%2018063020.0%0.8%4.1%9.7%3.9%3.5%10.4%2.5%4.6%0.9%0.5%2018093021.2%0.8%4.7%9.0%3.0%2.6%10.0%2.4%3.7%0.8%0.5%2018123120.0%6.1%.9%2.7%2.5%2.6%11.3%2.2%2.9%2.0%0.2%0.4%2019033122.8%0.8%.8%9.8%2.9%2.3%2.6%11.0%2.3%2.1%2.4%2.8%0.1%0.3%2019063027.2%0.5%6.2%13.1%4.1%2.0%3.1%9.8%2.1%2.7%0.1%0.3%2019093028.8%0.6%6.3%12.8%3.6%2.2%2.6%11.8%2.8%3.2%2.9%.0%0.5%0.2%2019123126.9%0.4%6.9%10.8%4.5%4.3%11.2%3.6%2.7%3.7%4.3%0.9%0.3%2020033126.0%0.4%8.5%9.2%4.1%3.5%12.8%.0%3.3%4.9%.5%3.5%0.1%0.3%2020063028.1%0.2%11.5%10.2%4.6%.1%2.9%10.8%.9%2.6%4.2%6.6%3.6%0.2%0.2%2020093031.5%0.1%13.5%12.1%.9%4.9%4.8%9.7%.2%4.1%6.6%3.2%0.5%0.1%2020123135.0%0.1%14.8%14.4%9.3%7.9%3.8%10.1%4.5%0.9%3.9%6.5%2.8%0.2%2021033141.4%0.5%13.0%13.8%7.2%6.2%2.4%9.6%4.1%3.6%6.9%2.7%0.3%2021063039.4%12.4%20.3%12.2%11.9%11.0%3.9%8.0%6.1%.5%6.9%3.1%0.3%2021093034.9%19.7%20.1%10.3%13.5%13.7%.5%7.3%6.5%.5%7.4%2.3%2.7%0.5%2021123134.3%19.0%18.9%10.8%12.4%12.7%.8%7.4%7.7%6.9%.1%2.5%2.3%0.2%2022033132.2%19.0%18.7%9.9%11.9%12.9%6.6%9.1%7.8%7.4%6.9%.8%2.5%2.3%0.8%2022063032.6%21.1%18.1%12.4%13.7%14.2%7.8%7.0%6.4%6.3%.5%4.6%2.3%3.2%0.8%2022093029.0%17.7%15.3%12.5%10.9%10.6%8.1%7.3%6.6%6.1%.3%3.5%2.8%2.2%202212312828.2%15.5%15.5%14.8%14.8%11.8%11.8%9.5%9.5%9.2%9.2%7.3%7.3%6.86.8%.8%.4%44.9%44.3%2.62.6%00.6%5貴州茅臺減倉，騰訊控股加倉個股配置比例用機構持有的某個股的市值除以基金權益市值，代表哪些股票機3.12%)、瀘州老窖(2.10%)、五糧液(2.03%)、騰訊控敬請參閱末頁重要聲明及評級說明14/18證券研究報告 金融工程圖表192022Q4主動權益基金個股配置比例TOP20排名股票代碼股票名稱2022Q4區(qū)間收益率2022Q3配置占比2022Q4配置占比主動調(diào)倉幅度(剔除漲跌影響)所屬行業(yè)1600519.SH貴州茅臺-6.6%5.15%4.41%-0.42%食品飲料2300750.SZ寧德時代3.51%3.12%-0.34%電力設備及新能源3000568.SZ瀘州老窖-2.8%2.18%2.10%-0.03%食品飲料4000858.SZ五糧液6.8%1.84%2.03%0.05%食品飲料50700.HK騰訊控股25.4%0.78%1.73%0.74%港股6603259.SH藥明康德13.0%1.07%1.32%0.10%藥73690.HK美團-W5.5%1.26%1.32%-0.02%港股8300014.SZ億緯鋰能3.9%1.20%1.24%-0.01%電力設備及新能源9600809.SH山西汾酒-5.9%1.44%1.21%-0.15%食品飲料300760.SZ邁瑞醫(yī)療5.7%1.23%1.20%-0.11%藥300274.SZ陽光電源.1%1.06%1.09%0.01%電力設備及新能源300015.SZ愛爾眼科8.4%0.99%1.04%-0.04%藥601888.SH中國中免9.0%0.96%1.02%-0.03%消費者服務002594.SZ比亞迪2.0%1.00%0.98%-0.04%汽車601012.SH隆基綠能1.51%0.97%-0.36%電力設備及新能源600048.SH保利發(fā)展1.10%0.84%-0.09%房地產(chǎn)002049.SZ紫光國微-8.5%1.08%0.83%-0.17%電子002459.SZ晶澳科技-6.2%0.88%0.83%0.00%電力設備及新能源002475.SZ立訊精密8.0%0.74%0.82%0.01%電子0002142.SZ寧波銀行2.9%0.66%0.77%0.09%銀行我們采取類似于第四節(jié)的算法，計算個股剔除漲跌幅后，基金經(jīng)理主動加倉的圖表202022Q4主動權益基金加倉幅度TOP20排名股票代碼股票名稱2022Q4區(qū)間收益率2022Q3配置占比2022Q4配置占比主動調(diào)倉幅度(剔除漲跌影響)所屬行業(yè)10700.HK騰訊控股25.4%0.78%1.73%0.74%港股22269.HK藥明生物26.3%0.27%0.52%0.18%港股3300124.SZ匯川技術20.8%0.12%0.32%0.18%電力設備及新能源4002352.SZ順豐控股22.3%0.29%0.52%0.17%交通運輸5601899.SH紫金礦業(yè)27.6%0.22%0.44%0.16%有色金屬60388.HK香港交易所25.1%0.25%0.48%0.16%港股7603899.SH晨光股份21.9%0.04%0.18%0.13%輕工制造8688008.SH瀾起科技19.6%0.07%0.21%0.13%電子91024.HK快手-W39.5%0.21%0.42%0.12%港股600079.SH人福醫(yī)藥36.3%0.05%0.17%0.11%醫(yī)藥002850.SZ科達利23.5%0.02%0.13%0.11%電力設備及新能源603259.SH藥明康德13.0%1.07%1.32%0.10%醫(yī)藥600426.SH華魯恒升13.6%0.38%0.54%0.10%基礎化工600276.SH恒瑞醫(yī)藥9.8%0.29%0.42%0.10%醫(yī)藥688390.SH固德威14.2%0.11%0.23%0.10%電力設備及新能源300759.SZ康龍化成25.8%0.27%0.44%0.10%醫(yī)藥002142.SZ寧波銀行2.9%0.66%0.77%0.09%銀行600436.SH片仔癀8.1%0.14%0.24%0.09%醫(yī)藥603806.SH福斯特24.9%0.15%0.27%0.09%電力設備及新能源20002271.SZ東方雨虹27.3%0.15%0.28%0.08%建材敬請參閱末頁重要聲明及評級說明15/18證券研究報告 金融工程圖表212022Q4主動權益基金減倉幅度TOP20排名股票代碼股票名稱2022Q4區(qū)間收益率2022Q3配置占比2022Q4配置占比主動調(diào)倉幅度(剔除漲跌影響)所屬行業(yè)1600519.SH貴州茅臺-6.6%5.15%4.41%-0.42%食品飲料2601012.SH隆基綠能1.51%0.97%-0.36%電力設備及新能源3300750.SZ寧德時代3.51%3.12%-0.34%電力設備及新能源4002466.SZ天齊鋰業(yè)-21.3%0.77%0.37%-0.24%有色金屬5002371.SZ北方華創(chuàng)0.73%0.37%-0.23%電子6600522.SH中天科技-28.1%0.47%0.16%-0.18%通信7002049.SZ紫光國微-8.5%1.08%0.83%-0.17%電子8600809.SH山西汾酒-5.9%1.44%1.21%-0.15%食品飲料9603799.SH華友鈷業(yè)0.62%0.39%-0.15%有色金屬600887.SH伊利股份-6.0%0.58%0.42%-0.13%食品飲料688063.SH派能科技-21.1%0.38%0.