三季度基金季报深度分析：增配主板、减配双创、聚焦食饮和医药

请务必阅读正文之后的免责声明及其项下所有内容2023年10月29日三季度基金季报深度分析增配主板、减配双创、聚焦食饮和医药策略研究 · 策略深度 证券分析师：王开证券分析师：陈凯畅联系人：李晨光021-60933132021-60375429010-88005492wangkai8@guosen.com.cnchenkaichang@guosen.com.cnlichenguang@guosen.com.cnS0980521030001S0980523090002证券研究报告 | 请务必阅读正文之后的免责声明及其项下所有内容个股视角：加仓医药、食饮龙头企业05目录整体概况：增配港股、仓位小幅回升01一级行业：增配消费及金融、减配电力设备及TMT02二级行业：食品饮料、医药生物配置热度上升03产业赛道：新基建、新能源、新信息仓位普遍下降04 请务必阅读正文之后的免责声明及其项下所有内容公募整体配置情况以四类代表性主动权益产品为统计口径，2023Q3公募整体仓位小幅上升，增配主板，减配双创。风格上看，公募基金持续增配中小盘成长，超大盘龙头连续4个季度减配后，大幅回升。 请务必阅读正文之后的免责声明及其项下所有内容公募整体配置情况：增配港股，整体仓位小幅回升2023Q3,A股持续震荡摩底，四类主动权益(普通股票型、偏股混合型、平衡混合型、灵活配置型)基金产品仓位出现小幅回升，其中股票仓位为84.00%，较2023Q2的83.68%回升0.32pct，A股仓位占比76.66%，环比下降0.46pct，港股及其他市场仓位占比7.33%，环比提升0.77pct。普通股票型基金产品股票仓位占比同样有所提升，由2023Q2的88.50%提升至2023Q3的88.84%，其中A股仓位占比连续两个季度下滑，港股仓位环比提升0.74pct。图1：四类主动权益基金产品仓位小幅回升图2：普通股票型基金加仓港股及其他市场资料来源：万得，国信证券经济研究所整理资料来源：万得，国信证券经济研究所整理0%3%6%9%12%50%60%70%80%90%100%股票仓位(%)A股仓位(%)港股及其他(右轴,%) 请务必阅读正文之后的免责声明及其项下所有内容公募整体配置情况：增配主板、减配双创分上市板看，剔除港股持仓后，四类主动权益基金主板、创业板、科创板、北交所仓位占比分别为78.87%、13.39%、7.43%和0.31%,相较2023Q2上升2.21pct、下降1.59pct、下降0.63pct、上升0.01pct。综合流通市值和总市值占比作为参考，四类主动权益基金减配双创，增配主板和北交所。图5：各上市板仓位对比图4：创业板仓位环比下降图3：主板仓位环比提升资料来源：万得，国信证券经济研究所整理资料来源：万得，国信证券经济研究所整理资料来源：万得，国信证券经济研究所整理60%65%70%75%80%85%90%95%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,00016Q116Q317Q117Q318Q118Q319Q119Q320Q120Q321Q121Q322Q122Q323Q123Q3主板成交额(亿元)主板仓位占比(%,右轴)0%5%10%15%20%25%30%05001,0001,5002,0002,5003,00016Q116Q317Q117Q318Q118Q319Q119Q320Q120Q321Q121Q322Q122Q323Q123Q3创业板成交额(亿元)创业板仓位占比(%,右轴)板块仓位变化仓位环比Q2总市值流通市值总市值流通市值超配情况23Q323Q223Q122Q422Q322Q222Q121Q4主板2.21%78.87%82.69%-6.68%-10.50%标配72.19%69.98%73.25%70.32%71.14%73.10%72.68%72.61%创业板-1.59%13.39%11.84%4.92%6.47%超配18.31%19.90%18.45%21.65%21.13%21.17%21.85%22.46%科创板-0.63%7.43%5.27%1.94%4.11%超配9.37%10.01%8.19%7.93%7.62%5.58%5.41%4.90%北证0.01%0.31%0.20%-0.18%-0.07%低配0.13%0.12%0.10%0.11%0.11%0.15%0.06%0.03%标配比例超配比例 请务必阅读正文之后的免责声明及其项下所有内容公募整体配置情况：增配中小成长及超大盘龙头2023Q3，100亿以下、100-200亿个股分别增配0.48pct、0.36pct；200-500亿、1000-2000亿区间个股配置比例分别下降2.99pct、1.63pct；2000亿以上个股配置比例大幅上升，增配3.63pct。从趋势上看，超大盘龙头连续4个季度减配后，大幅回升；与此同时，市场对中小市值公司的投资热度不减，市值在200亿及以下的个股的仓位占比逐季上升。图6：市值分布看，中小成长更受青睐，超大盘龙头小幅减持资料来源：万得，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容一级行业配置情况2023Q3，公募基金增配消费及金融，其中，医药生物、食品饮料、非银金融仓位环比提升1.42pct、1.11pct、0.79pct，大幅减仓电新，电新仓位回调3.74pct。 请务必阅读正文之后的免责声明及其项下所有内容一级行业配置情况：增配消费及金融、减配电力设备及TMT实配仓位占比较大的行业有：食品饮料(13.32%)、医药生物(12.89%)、电力设备(9.95%)。从行业配置上看，2023Q3消费和金融仓位增加，电力设备和TMT仓位明显回落。相较于上一季度，仓位环比上升较大的行业有:医药生物(+1.42pct)、食品饮料(+1.11pct)、非银金融(+0.79pct)、石油石化(+0.51pct)、汽车(+0.49pct);仓位环比下降较大的行业有:电力设备(-3.74pct)、计算机(-1.74pct)、通信(-0.61pct)、传媒(-0.55pct)、公用事业(-0.19pct）。图7：一级行业整体配置情况资料来源：万得，国信证券经济研究所整理大类行业一级行业仓位变化仓位环比Q2总市值流通市值总市值流通市值超配情况23Q323Q223Q122Q422Q322Q222Q121Q4石油石化0.51%4.03%3.81%-2.07%-1.86%低配1.96%1.44%1.46%1.11%1.02%0.97%0.93%0.90%煤炭0.34%1.86%2.00%-0.89%-1.04%低配0.96%0.62%0.86%0.78%1.39%0.87%0.91%0.21%有色金属0.37%2.90%3.11%0.82%0.60%超配3.72%3.35%3.84%3.72%4.83%5.60%4.93%4.03%钢铁0.09%0.98%1.12%-0.59%-0.73%低配0.39%0.31%0.22%0.30%0.31%0.38%0.35%0.55%基础化工0.40%3.82%4.01%-0.84%-1.03%低配2.98%2.58%3.11%3.24%3.31%3.37%3.24%3.07%建筑材料0.13%1.00%1.01%-0.23%-0.24%低配0.77%0.64%0.77%0.79%0.59%1.15%1.21%1.16%机械设备0.22%4.41%4.22%-0.98%-0.78%低配3.43%3.21%2.55%2.36%2.07%1.78%1.80%2.22%建筑装饰-0.05%2.13%2.21%-1.38%-1.46%低配0.75%0.80%0.79%0.51%0.58%0.57%0.74%0.57%电力设备-3.74%6.80%6.73%3.15%3.22%超配9.95%13.69%13.68%16.62%19.74%20.85%18.75%18.02%国防军工-0.32%2.52%2.69%0.64%0.46%超配3.16%3.47%3.01%3.92%4.55%3.47%3.51%3.77%汽车0.49%4.04%3.81%0.85%1.09%超配4.90%4.40%3.51%3.72%3.83%3.75%2.55%3.22%家用电器0.34%1.82%2.01%1.01%0.82%超配2.83%2.49%1.75%1.30%1.58%1.66%1.75%1.90%轻工制造0.07%1.10%1.09%-0.32%-0.32%低配0.78%0.71%0.72%0.95%0.71%0.89%0.81%0.76%商贸零售0.08%1.17%1.27%-0.53%-0.62%低配0.65%0.56%0.99%1.49%1.63%1.54%1.07%1.18%社会服务0.07%0.55%0.57%1.11%1.09%超配1.66%1.59%1.92%2.58%0.91%0.99%0.87%0.92%美容护理-0.08%0.45%0.35%-0.12%-0.01%低配0.34%0.42%0.65%0.78%0.83%0.73%0.44%0.32%食品饮料1.11%6.52%7.80%6.80%5.53%超配13.32%12.21%15.22%14.46%15.62%15.57%12.55%13.78%纺织服饰0.03%0.73%0.68%-0.02%0.04%标配0.71%0.68%0.81%0.88%0.26%0.29%0.34%0.33%医药生物1.42%7.79%7.89%5.10%5.00%超配12.89%11.47%11.37%11.55%9.81%10.78%12.39%11.64%农林牧渔-0.02%1.51%1.36%-0.24%-0.09%低配1.27%1.30%1.46%1.47%1.87%1.61%2.31%1.40%电子0.23%7.67%7.29%2.03%2.41%超配9.70%9.47%7.94%7.39%8.56%8.85%10.98%13.16%计算机-1.74%4.51%4.71%1.23%1.03%超配5.74%7.48%7.96%4.66%3.57%3.13%4.09%4.90%通信-0.61%3.82%1.97%-0.17%1.68%标配3.65%4.26%2.23%1.25%1.44%1.15%1.25%0.85%传媒-0.55%1.67%1.85%1.86%1.68%超配3.53%4.08%3.87%2.81%0.54%0.83%1.19%1.52%银行0.40%10.46%9.80%-8.10%-7.44%低配2.36%1.96%1.85%2.81%2.83%2.66%3.99%2.93%非银金融0.79%6.59%6.69%-4.68%-4.78%低配1.91%1.12%1.29%1.79%0.99%1.78%1.51%2.26%房地产0.03%1.59%1.87%0.10%-0.18%标配1.69%1.66%1.86%2.46%2.71%1.98%2.57%1.81%公用事业-0.19%3.37%3.47%-1.89%-2.00%低配1.48%1.67%1.26%1.24%0.75%0.47%1.03%0.89%交通运输0.17%3.24%3.60%-1.11%-1.46%低配2.13%1.97%2.69%2.70%2.83%2.06%1.66%1.46%环保0.00%0.82%0.83%-0.49%-0.50%低配0.32%0.33%0.29%0.29%0.25%0.22%0.27%0.24%综合综合0.01%0.13%0.15%-0.07%-0.09%低配0.06%0.05%0.09%0.09%0.09%0.04%0.02%0.02%大金融环保公用标配比例超配比例上游资源中游制造下游可选消费下游必选消费TMT 请务必阅读正文之后的免责声明及其项下所有内容一级行业配置