權(quán)益基金2023年四季報(bào)解析

正文目錄TOC\o"1-1"\h\z\uQ4權(quán)益基金規(guī)模份額雙下滑 4持股集中度進(jìn)一步下降 5主板大幅減倉(cāng)，科創(chuàng)板加倉(cāng) 6大幅加倉(cāng)電子、醫(yī)藥，減倉(cāng)計(jì)算機(jī)、食品飲料 9騰訊控股、貴州茅臺(tái)獲主動(dòng)減倉(cāng) 13頭部權(quán)益基金經(jīng)理調(diào)倉(cāng)方向 15風(fēng)險(xiǎn)提示： 17圖表目錄圖表1權(quán)益基金規(guī)模 4圖表2權(quán)益基金持股市值 4圖表3主動(dòng)股基收益與各大寬基對(duì)比 4圖表4主動(dòng)股基（930890.CSI）相對(duì)表現(xiàn) 5圖表5權(quán)益基金分類(lèi)份額 5圖表6權(quán)益基金新發(fā)份額與老份額變動(dòng) 5圖表7主動(dòng)權(quán)益型基金倉(cāng)位上升 6圖表8主動(dòng)權(quán)益基金持股集中度變化 6圖表9主動(dòng)權(quán)益基金港股配置比例 7圖表10主動(dòng)權(quán)益基金在各個(gè)板塊上的配置比例 7圖表主動(dòng)權(quán)益基金板塊配置相對(duì)于市場(chǎng)超配 8圖表122023Q4主動(dòng)權(quán)益基金市值風(fēng)格向小市值切換 8圖表13主動(dòng)權(quán)益基金行業(yè)板塊配置 9圖表14中信30行業(yè)配置占比 10圖表15中信30行業(yè)配置歷史分位數(shù) 11圖表162023Q4行業(yè)主動(dòng)被動(dòng)持倉(cāng)變動(dòng) 12圖表172023Q4熱門(mén)主題配置情況 13圖表182023Q4主動(dòng)權(quán)益基金個(gè)股配置比例TOP20 14圖表192023Q4主動(dòng)權(quán)益基金加倉(cāng)幅度TOP20 14圖表202023Q4主動(dòng)權(quán)益基金減倉(cāng)幅度TOP20 15圖表21頭部基金經(jīng)理代表基金主要調(diào)倉(cāng)方向（按基金經(jīng)理管理規(guī)模排序） 16Q4權(quán)益基金規(guī)模份額雙下滑2023Q4+基金規(guī)模，目前在3.872023Q3環(huán)比下降了7.80%，基金持股市值約3.34萬(wàn)億元，相比于2023Q3環(huán)比下降了6.95%，繼續(xù)顯著下滑。2023年全年，各指數(shù)持續(xù)震蕩調(diào)整，由于業(yè)績(jī)影響，不論是持股市值還是權(quán)益基圖表1權(quán)益基金規(guī)模 圖表2權(quán)益基金持股市值資料來(lái)源：wind資訊， 資料來(lái)源：wind資訊，2023（930890.CSI）14.10%，2024119-7.71%300500.34.57%.√0%.34.57%.√0%1.6-9.30%-0.14%-7.57%-3.00%-4.70%-7.71%2024年至今√0%5.3-19.41%-6.68%-7.42%-2.72%-11.38%-14.10%2023年√6%6.6-29.37%-2.39%-20.31%-1.07%-21.63%-22.71%2022年√2%-4.212.02%-7.78%15.58%00%13-5.20%7.80%2021年√√8%-3.164.96%40.91%20.87%27.21%61.78%2020年√√√1%4.743.79%12%22.26.38%43%1236.07%48.50%2019年√√0%1.5-28.65%6.17%-33.32%-1.84%-25.31%-27.15%2018年√√4%22.2-10.67%1.77%1-0.20%10.21%-21.78%11.57%2017年√√0%10.1-27.71%0.17%-17.78%-6.32%-11.28%-17.60%2016年√√4%-37.384.41%3.95%43.12%41.49%5.58%47.07%2015年√4%4.512.83%-21.64%39.01%34.30%-51.66%17.36%2014年√8%-68.982.73%-3.14%16.89%9%21.3-7.65%13.75%2013年√√2%7.2-2.14%4.80%0.28%-2.48%7.55%5.07%2012年跑贏創(chuàng)業(yè)板跑贏500跑贏300相對(duì)創(chuàng)業(yè)板指超額創(chuàng)業(yè)板指相對(duì)500超額中證500相對(duì)300超額滬深300主動(dòng)股基日期*注：2024年數(shù)據(jù)截止2024/1/19資料來(lái)源：wind資訊，圖表4主動(dòng)股基（930890.CSI）相對(duì)表現(xiàn)資料來(lái)源：wind資訊，從權(quán)益基金份額來(lái)看，2023Q4，整體份額下降，降幅約-3.59%。從新老基金6240.3發(fā)行市場(chǎng)遇冷，。圖表5權(quán)益基金分類(lèi)份額 圖表6權(quán)益基金新發(fā)份額與老份額變動(dòng)資料來(lái)源：wind資訊， 資料來(lái)源：wind資訊，持股集中度進(jìn)一步下降72023Q490.52%88.74%78.92%2023Q30.90%、0.84%、0.62%。圖表7主動(dòng)權(quán)益型基金倉(cāng)位上升資料來(lái)源：wind資訊，將單只基金的前10持股集中度于2021Q12023Q4，權(quán)益基金持股集中度繼續(xù)下降，延續(xù)分散持股趨勢(shì)，目前普通股票型基金持股集中度約為53.36%，較上期下降1.33%，偏股混合型持股集中度約為55.02%，較上期下降1.05%。圖表8主動(dòng)權(quán)益基金持股集中度變化資料來(lái)源：wind資訊，主板大幅減倉(cāng)，科創(chuàng)板加倉(cāng)從主動(dòng)權(quán)益基金持有的港股比例來(lái)看，2023Q4相比于上期下降，8.75%2023Q31.18%2023Q4股接近，因此剔除漲跌幅帶來(lái)的被動(dòng)權(quán)重變化后，本期港股主動(dòng)減倉(cāng)幅度為1.19%，有所減倉(cāng)。圖表9主動(dòng)權(quán)益基金港股配置比例資料來(lái)源：wind資訊，2023Q4，主板配置比例相對(duì)于上季度有所下降，從Q3的72.06%下降至68.87%Q318.37%19.17%Q3的9.45%上升至科創(chuàng)板配置比例繼續(xù)上升主板大幅減倉(cāng)，創(chuàng)業(yè)板、科創(chuàng)板加倉(cāng)。圖表10主動(dòng)權(quán)益基金在各個(gè)板塊上的配置比例資料來(lái)源：wind資訊，從相對(duì)于市場(chǎng)的超配比例來(lái)看（即剔除了板塊本身漲跌幅影響后，實(shí)際主動(dòng)報(bào)告期主板創(chuàng)業(yè)板科創(chuàng)板報(bào)告期主板創(chuàng)業(yè)板科創(chuàng)板報(bào)告期主板創(chuàng)業(yè)板科創(chuàng)板20130331-2.7%2.7%20180930-5.7%5.7%20130630-5.4%5.4%20181231-8.1%8.1%20130930-9.2%9.2%20190331-7.2%7.2%20131231-9.6%9.6%20190630-5.3%5.3%20140331-13.0%13.0%20190930-5.4%5.4%0.0%20140630-15.0%15.0%20191231-6.9%6.5%0.4%20140930-13.7%13.7%20200331-9.5%8.8%0.6%20141231-9.8%9.8%20200630-12.2%10.9%1.2%20150331-17.2%17.2%20200930-9.0%7.9%1.1%20150630-19.6%19.6%20201231-9.5%8.4%1.2%20150930-17.4%17.4%20210331-8.7%7.7%1.0%20151231-16.6%16.6%20210630-13.8%12.1%1.8%20160331-15.5%15.5%20210930-13.1%11.4%1.8%20160630-17.3%17.3%20211231-11.2%9.3%1.9%20160930-15.4%15.4%20220331-12.0%9.4%2.6%20161231-12.8%12.8%20220630-11.4%8.8%2.6%20170331-9.0%9.0%20220930-13.2%9.3%4.0%20170630-7.0%7.0%20221231-13.5%9.7%3.8%20170930-6.0%6.0%20230331-12.6%8.2%4.4%20171231-3.4%3.4%20230630-12.6%7.7%5.0%20180331-6.2%6.2%20230930-10.6%6.5%4.2%20180630-6.4%6.4%20231231-13.0%7.0%6.1%資料來(lái)源：wind資訊，100300100500盤(pán)定義為300,500以外的股票。2023Q4公募超大盤(pán)配置比例從35.15%略升至35.20%，大盤(pán)配置比例從24.86%下降至22.99%，中盤(pán)配置比例從17.53%升至19.23%，小盤(pán)配置比例從22.46%升至22.58%。整體來(lái)看，2023Q4權(quán)益基金風(fēng)格向小市值切換。圖表122023Q4主動(dòng)權(quán)益基金市值風(fēng)格向小市值切換資料來(lái)源：wind資訊，大幅加倉(cāng)電子、醫(yī)藥，減倉(cāng)計(jì)算機(jī)、食品飲料5TMT/2023Q4Q322.25%37.94%38.79%，持倉(cāng)比例減幅最大的為大金融板塊Q35.57%4.25%20.70%20.18%，圖表13主動(dòng)權(quán)益基金行業(yè)板塊配置資料來(lái)源：wind資訊，細(xì)看中信30，2023年Q4配置比例為14.24%，相對(duì)上期增長(zhǎng)了2.98%，上漲，其在2022Q4、2023Q1、Q2、Q3的配置比例分別為9.14%10.20%、10.78%、醫(yī)藥配置比例也有所上升，從Q3的13.31%上升至14.79%，2023Q4配置2.16%、5.36%、1.68%0.72%、0.42%、0.35%。Q3的14.45%下降至13.16%，2023Q44.41%、8.84%-1.03%、-0.97%6、、2023Q1、Q2、Q3的配置占比分別為16.75%16.36%、15.71%、12.96%、12.68%、9.81%。5醫(yī)藥（9、電子（4、食品飲料（6、電力設(shè)備新能源（4、基礎(chǔ)化工（52，共占公募持倉(cāng)的56.44%上游/周期中游/制造下游/消費(fèi)TMT/科技大金融有色上游/周期中游/制造下游/消費(fèi)TMT/科技大金融有色石油煤炭鋼鐵基礎(chǔ)建材建筑電力機(jī)械輕工國(guó)防電力醫(yī)藥食品家電消費(fèi)汽車(chē)交通商貿(mào)農(nóng)林紡織電子計(jì)算傳媒通信房地銀行非銀綜合金屬石化化工設(shè)備制造軍工及公飲料者服運(yùn)輸零售牧漁服裝機(jī)產(chǎn)行金金融及新用事務(wù)融能源業(yè)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%4%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%2%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%202303314%1%1%0%6%1%1%13%4%1%3%1%12%16%2%1%3%3%0%2%0%10%8%1%2%2%2%1%0%202306303%1%1%0%5%1%1%13%5%1%3%1%12%13%3%1%4%2%0%1%0%11%8%2%4%1%2%1%0%202309304%1%1%1%5%1%1%10%5%1%3%1%13%14%3%1%4%2%0%1%0%11%5%1%3%2%2%2%0%202312314%1%1%1%5%0%1%9%5%1%3%2%15%13%3%1%4%2%0%2%0%14%4%1%3%1%2%1%0%資料來(lái)源：wind資訊，接著我們比較行業(yè)配置比例與自身歷史分位數(shù)。圖表15中，紅色的“×”代表2023Q4201025%~50%201050%~75%代表0~25%分位數(shù)和75%~100%2023Q4的醫(yī)藥、電子、電力設(shè)備及新能源、機(jī)械、汽車(chē)、有色金屬處于歷史相對(duì)高位，而家電、圖表15中信30行業(yè)配置歷史分位數(shù)資料來(lái)源：wind資訊，162023Q32023Q4比的變動(dòng)，兩個(gè)報(bào)告期間的配置變動(dòng)比例實(shí)際上包含了兩個(gè)部分：1、行業(yè)自身漲跌相對(duì)幅度帶來(lái)的被動(dòng)權(quán)重變動(dòng)；2、基金主動(dòng)增持或者減持行為。如下所示，將??????????????????,??+1

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???????????,??∑??????????,?????????????????_?????????????????,??+1

=??????????,??+1∑

???????????,??(1+????+1)∑??????????,??(1+????+1)?????????????_?????????????????,??+1=??????????????????,??+1????????????????_?????????????????,??+1其中，??????????????????,??+1為行業(yè)內(nèi)市值占比的總體變動(dòng)，????+1為t至t+1期行業(yè)的漲跌幅，???????????????_?????????????????,??+1為行業(yè)漲跌帶來(lái)的行業(yè)內(nèi)市值占比的被動(dòng)權(quán)重變動(dòng)，?????????????_?????????????????,??+1為估算的主動(dòng)加減倉(cāng)的比例。主動(dòng)加減倉(cāng)比例衡量了行業(yè)剔除漲跌幅影響后，主動(dòng)權(quán)益基金在這個(gè)報(bào)告期對(duì)其偏好度的變化狀況。2023Q4大部分行業(yè)收跌，金融、制造板塊普跌，煤炭、電子表現(xiàn)優(yōu)秀。剔除了行業(yè)自身漲跌幅帶來(lái)的影響后，公募主動(dòng)權(quán)益基金實(shí)際大幅加倉(cāng)的行業(yè)為電子、醫(yī)藥、農(nóng)林牧漁，小幅加倉(cāng)的行業(yè)為機(jī)械、電力及公用事業(yè)。主動(dòng)大幅減倉(cāng)的行業(yè)為計(jì)算機(jī)、食品飲料，小幅減倉(cāng)的行業(yè)為銀行、非銀金融、通信。圖表162023Q4行業(yè)主動(dòng)/被動(dòng)持倉(cāng)變動(dòng)備注：對(duì)于主動(dòng)加減倉(cāng)幅度超過(guò)0.5%的行業(yè)，圖中“行業(yè)”一列使用顏色特別標(biāo)出，紅色代表加倉(cāng)較多且區(qū)間內(nèi)上漲的行業(yè)，黑色代表減倉(cāng)較多且區(qū)間內(nèi)下跌的行業(yè)，黃色代表區(qū)間內(nèi)下跌但主動(dòng)加倉(cāng)的行業(yè)，綠色代表區(qū)間內(nèi)上漲但主動(dòng)減倉(cāng)的行業(yè)。資料來(lái)源：wind資訊，172023Q4，醫(yī)療器械、AIGC、5G。圖表172023Q4熱門(mén)主題配置情況茅指數(shù)白酒新基建寧組合碳中和5G半導(dǎo)體產(chǎn)業(yè)新能源汽車(chē)鋰電池創(chuàng)新藥中字頭央企醫(yī)療器械精選光伏煤炭開(kāi)采精選AIGC稀有金屬精選2014033114.6%1.5%3.5%1.7%3.4%1.1%3.6%0.8%0.0%0.0%2014063013.0%1.7%3.4%1.8%3.9%1.2%3.4%0.9%0.0%0.1%2014093010.8%1.5%2.8%1.7%4.0%1.7%2.2%1.6%0.1%0.1%201412317.9%1.2%1.4%0.9%2.2%0.4%1.2%0.5%0.4%0.2%201503315.8%0.5%2.0%1.0%1.9%0.7%6.2%1.7%1.0%0.3%0.3%201506305.4%1.2%2.3%1.8%0.9%0.9%3.7%1.7%0.8%0.4%0.2%201509306.9%1.7%2.4%1.7%1.6%1.9%4.7%1.5%0.7%0.2%0.1%201512315.0%1.3%9.3%1.5%2.2%1.5%1.4%2.8%1.4%0.8%0.0%0.1%201603316.5%2.3%8.5%1.7%1.7%1.9%1.9%3.0%1.4%0.8%0.3%0.1%201606307.2%3.2%8.1%1.8%2.9%2.3%2.4%2.5%1.4%0.7%0.7%0.3%201609307.6%2.3%8.8%1.4%2.4%2.8%2.3%3.0%1.5%0.8%0.8%0.2%201612318.0%3.1%7.7%1.4%2.4%2.8%1.8%3.9%1.5%0.8%0.4%0.2%2017033110.6%4.2%7.5%1.7%0.5%2.1%3.1%2.7%2.4%5.1%1.1%1.0%0.6%0.2%2017063013.9%5.6%8.5%2.3%0.8%2.0%3.9%3.2%2.2%7.1%1.0%0.9%0.7%0.4%2017093014.6%7.5%8.3%3.5%2.4%2.4%2.9%5.7%2.2%7.2%0.7%1.9%0.7%1.2%2017123117.9%9.0%9.3%3.9%1.1%2.6%2.5%3.1%3.4%2.9%8.4%0.6%2.9%0.5%0.8%2018033118.1%7.2%10.1%4.8%1.1%2.0%3.1%3.3%4.1%3.9%6.8%1.1%2.8%0.4%1.3%2018063020.0%9.7%10.4%4.1%0.8%1.1%2.5%3.9%3.5%4.6%5.5%1.3%1.4%0.5%0.9%2018093021.2%9.0%10.0%4.7%0.8%1.5%2.4%3.0%2.6%3.7%8.6%1.2%1.3%0.5%0.8%2018123120.0%5.9%11.3%6.1%1.1%2.2%1.9%2.7%2.5%2.9%7.6%2.0%2.6%0.4%0.4%0.2%2019033122.8%9.8%11.0%5.8%0.8%2.1%2.3%2.9%2.3%2.8%7.3%1.6%2.6%0.3%0.3%0.1%2019063027.2%13.1%9.8%6.2%0.5%1.6%1.8%4.1%2.0%2.7%7.9%1.5%3.1%0.3%0.2%0.1%2019093028.8%12.8%11.8%6.3%0.6%3.2%2.8%3.6%2.2%5.0%7.0%1.7%2.6%0.2%0.2%0.5%2019123126.9%10.8%11.2%7.0%0.4%2.7%3.6%4.5%4.3%4.3%5.4%1.8%1.8%0.3%0.1%0.9%2020033126.0%9.2%12.8%8.5%0.4%3.3%5.0%4.1%3.5%5.5%3.4%3.5%1.5%0.3%0.2%0.1%2020063028.1%10.2%10.8%11.5%0.2%2.6%5.9%4.6%5.1%6.5%3.1%3.6%2.9%0.2%0.2%0.2%2020093031.5%12.1%9.7%13.5%0.1%1.6%5.2%5.9%4.9%6.6%4.3%3.2%4.8%0.1%0.1%0.5%2020123135.0%14.4%10.0%14.8%0.1%0.9%4.5%9.3%7.9%6.5%5.2%2.8%3.8%0.2%0.0%1.4%2021033141.4%13.8%9.6%13.0%0.5%1.0%4.1%7.2%6.2%6.9%4.5%2.7%2.4%0.3%0.0%1.2%2021063039.4%12.2%8.0%20.3%12.4%1.2%6.1%11.9%11.0%6.9%2.8%3.1%3.9%0.3%0.0%1.7%2021093034.9%10.3%7.3%20.1%19.7%1.1%6.5%13.5%13.7%7.4%3.0%2.3%5.5%0.5%0.0%2.7%2021123134.3%10.8%7.4%18.9%19.0%1.5%7.7%12.4%12.7%5.1%2.3%2.5%5.8%0.2%0.1%2.3%2022033132.2%9.9%9.1%18.7%19.0%7.4%7.8%11.9%12.9%5.8%2.5%2.5%6.6%0.8%0.1%2.3%2022063032.6%12.4%7.0%18.1%21.1%6.3%6.4%13.7%14.2%4.6%2.6%2.3%7.8%0.8%0.0%3.2%2022093029.0%12.5%7.3%15.3%17.7%6.1%6.6%10.9%10.6%3.5%2.8%2.8%8.1%1.3%0.0%2.2%2022123128.2%11.8%6.8%14.8%15.5%5.4%5.8%9.5%9.3%4.3%2.8%2.6%7.3%0.6%0.0%1.2%2023033126.7%12.7%9.5%12.7%13.6%5.8%6.7%8.3%7.7%3.9%4.1%2.5%6.2%0.6%0.4%1.1%2023063025.2%9.9%12.0%12.1%13.4%8.7%7.8%9.2%8.1%3.6%4.7%2.6%5.3%0.5%0.3%1.0%2023093025.6%11.6%10.2%11.2%10.6%8.1%7.1%8.1%6.3%4.8%5.3%2.5%3.6%0.8%0.2%0.8%2023123125.1%10.5%10.3%10.1%9.8%8.7%7.5%7.5%5.5%5.0%4.6%3.5%3.2%1.1%1.0%0.8%資料來(lái)源：wind資訊，騰訊控股、貴州茅臺(tái)獲主動(dòng)減倉(cāng)本節(jié)中，我們將權(quán)益基金的持倉(cāng)下沉至個(gè)股層面，探究2023Q4公募持倉(cāng)的個(gè)股配置比例和加倉(cāng)幅度。個(gè)股配置比例用機(jī)構(gòu)持有的某個(gè)股的市值除以基金權(quán)益市值，代表哪些股票機(jī)構(gòu)買(mǎi)的最多，是機(jī)構(gòu)長(zhǎng)期持有的底倉(cāng)股。2023Q4公募配置比例最高的個(gè)股有貴州茅臺(tái)（415，寧德時(shí)代（235、瀘州老窖（3、五糧液（163、騰訊控股（1.54%）等。個(gè)股配比例= ∑??∑??=1

????????_??????排名股票代碼股票名稱(chēng)2023Q4區(qū)間收益率排名股票代碼股票名稱(chēng)2023Q4區(qū)間收益率2023Q32023Q4主動(dòng)調(diào)倉(cāng)幅度（剔除漲跌影響）所屬行業(yè)1600519.SH貴州茅臺(tái)-2.9%4.37%4.15%-0.39%食品飲料2300750.SZ寧德時(shí)代-19.6%2.97%2.35%-0.21%電力設(shè)備及新能源3000568.SZ瀘州老窖-17.2%2.33%1.93%-0.14%食品飲料4000858.SZ五糧液-10.1%1.75%1.63%-0.05%食品飲料50700.HK騰訊控股-4.1%1.91%1.54%-0.47%港股6002475.SZ立訊精密15.5%0.97%1.49%0.29%電子7600276.SH恒瑞醫(yī)藥0.6%1.21%1.42%0.12%醫(yī)藥8300760.SZ邁瑞醫(yī)療9.3%1.04%1.34%0.12%醫(yī)藥9603259.SH藥明康德-15.6%1.56%1.32%-0.08%醫(yī)藥10600809.SH山西汾酒-3.7%0.93%1.06%0.11%食品飲料11601899.SH紫金礦業(yè)3.1%0.74%1.02%0.20%有色金屬12000333.SZ美的集團(tuán)-1.5%0.60%0.86%0.23%家電13000596.SZ古井貢酒-14.3%0.95%0.79%-0.08%食品飲料140883.HK中國(guó)海洋石油-5.7%0.80%0.76%-0.05%港股15002415.SZ?？低?.7%0.50%0.74%0.19%電子16300274.SZ陽(yáng)光電源-2.1%0.63%0.73%0.07%電力設(shè)備及新能源17300308.SZ中際旭創(chuàng)-2.5%0.64%0.68%0.01%通信18002050.SZ三花智控-0.8%0.59%0.67%0.04%家電19002371.SZ北方華創(chuàng)1.8%0.47%0.62%0.11%電子20688012.SH中