权益基金2022年四季报解析：权益仓位提升显著医药行业获大幅加仓

究报告评级说明究报告金融工程大幅加仓23-1-30分析师：严佳炜执业证书号：S0010520070001箱：yanjw@执业证书号：S0010522090002箱：qianjx@相关报告趋分散——权益基金2022年三季报解析》2022-10-262.《大幅加仓食品饮料，风格向大市值切换——权益基金2022年二季报解析》2022-07-213.《市场未出现大规模赎回，电新加仓成首位重仓行业——权益基金2022年一季报解析》2022-04-235.《多只重仓股获主动减仓，分散持股趋势延续——权益基金2021年四季6.《医药基金深度解析：持仓、业绩、7.《持股集中度下降，风格切换正当源于新发基金。)延续下降态势。业公募主动加仓行业为医药、非银金融、计算机，主动减仓的行业为通信、电子、房地产、煤炭。主题投资热点逐渐分散，创新药主题配置2022Q4公募配置比例最高的个股有贵州茅台(4.41%)，宁德时代(3.12%)、泸州老窖(2.10%)、五粮液(2.03%)、腾讯控股(1.73%)等，且机构重仓个股多出现主动减仓；主动加仓最多的个股多只港股获加仓。不构成任何投资建议。报告2报告2/18 金融工程正文目录 2权益仓位上升，持股持续分散 53加仓港股，风格向大市值切换 74加仓医药、非银、计算机，投资热点渐趋分散 9 6头部权益基金经理调仓方向 15 报告3报告3/18 金融工程 图表3主动股基收益与各大宽基对比 4图表4主动股基(930890.CSI)相对表现 5 图表6权益基金新发份额与老份额变动 5图表7偏股混合、灵活配置型基金仓位上升 6图表8主动权益基金持股集中度变化 6 图表10主动权益基金港股配置比例 7图表11主动权益基金在各个板块上的配置比例 8图表12主动权益基金板块配置相对于市场超配 8图表132022Q4主动权益基金风格从小市值向大市值切换 9图表14主动权益基金行业板块配置 9 图表172022Q4行业主动/被动持仓变动 1222Q4热门主题配置情况 13图表192022Q4主动权益基金个股配置比例TOP20 14图表202022Q4主动权益基金加仓幅度TOP20 14图表212022Q4主动权益基金减仓幅度TOP20 15图表22头部基金经理代表基金主要调仓方向(按基金经理管理规模排序) 16报告4报告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模略有上升金总规模都有略微提升。图表1权益基金规模图表2权益基金持股市值d额，全年权益市场走势呈“W”型震荡益基金表现弱于宽基指数。图表3主动股基收益与各大宽基对比主动股基沪深300相对300超额中证500相对500超额创业板指相对创业板指超额跑赢300跑赢500跑赢创业板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%报告5报告5/18 金融工程图表4主动股基(930890.CSI)相对表现图表5权益基金分类份额图表6权益基金新发份额与老份额变动d2权益仓位上升，持股延续分散态势统计了三大类基金的规模加权平均仓位变动情况，2022Q4普通股票型报告6报告6/18 金融工程图表7偏股混合、灵活配置型基金仓位上升将单只基金的前10大重仓股占持股市值的比例作为基金经理的持股集中度指加权平均，持股集中度于2021Q1达到阶段高点，下图表8主动权益基金持股集中度变化为了分析公募整体的抱团现象，我们将市场“抱团”现象拆分为行业间和行业报告7报告7/18 金融工程的比例龙头扩散的趋势延续，行业间抱团指标略有回升，公募对于长期持有的主力行业略有加仓。图表9抱团指标3加仓港股，风格向大市值切换比例来看，2022Q4有所上升，基金持有的港股比%，图表10主动权益基金港股配置比例报告8报告8/18 金融工程图表11主动权益基金在各个板块上的配置比例仓的确为主板，加仓为创业板，科创板有小幅减仓。图表12主动权益基金板块配置相对于市场超配报告期主板创业板科创板报告期主板创业板科创板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%报告9报告9/18 金融工程盘定义为300,500以外的股票。2022Q4公募大盘配置比例上升，超大盘配置比例市值切换。图表132022Q4主动权益基金风格从小市值向大市值切换4加仓医药、非银、计算机，减仓通信等行业图表14主动权益基金行业板块配置敬请参阅末页重要声明及评级说明10/18证券研究报告 金融工程细看中信30个行业的持仓占比，配置比例上升幅度最大的行业为医药，2022础化工(5.94%)，共占公募持仓图表15中信30行业配置占比上游/周期中游/制造下游/消费TMT/科技大金融有色金属石油石化煤炭钢铁基础化工建材建筑电力设备及新能源机械轻工制造国防军工电力及公用事业医药食品饮料家电消费者服务汽车交通运输商贸零售农林牧渔纺织服装电子计算机传媒通信房地产银行非银行金融综合金融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，红色的“×”代表敬请参阅末页重要声明及评级说明11/18证券研究报告 金融工程Q位。图表16中信30行业配置历史分位数QQ涨比例和主动权益基金持仓重变动拆解为两部分：∆weigℎtind,t+1=−∆passive_∆weigℎtind,t+1=−∆passive_weigℎtind,t+1=−∑MVind,t+1∑MVind,t MVind,t+1MVind,t(1+Tt+1)∑MVind,t+1∑MVind,t(1+Tt+1)∆active_weigℎtind,t+1=∆weigℎtind,t+1−∆passive_weigℎtind,t+1weigtindt动，Tt+1为t至t+1期行业的涨跌幅，∆passive_weigℎtind,t+1为行业涨跌带来的行业内市值占比的被动权重变动，∆active_weigℎtind,t+1为估算的主动加减仓的比例。主动加减仓比例衡量了行业剔。敬请参阅末页重要声明及评级说明12/18证券研究报告 金融工程动减仓的行业为通信、电子、房地产、煤炭。图表172022Q4行业主动/被动持仓变动内下跌但主动加仓的行业，绿色代表区间内上涨但主动减仓的行业。敬请参阅末页重要声明及评级说明13/18证券研究报告 金融工程图表182022Q4热门主题配置情况茅指数碳中和宁组合新能源汽车锂电池光伏新基建半导体产业5G芯片创新药医疗器械稀有金属煤炭开采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贵州茅台减仓，腾讯控股加仓个股配置比例用机构持有的某个股的市值除以基金权益市值，代表哪些股票机3.12%)、泸州老窖(2.10%)、五粮液(2.03%)、腾讯控敬请参阅末页重要声明及评级说明14/18证券研究报告 金融工程图表192022Q4主动权益基金个股配置比例TOP20排名股票代码股票名称2022Q4区间收益率2022Q3配置占比2022Q4配置占比主动调仓幅度(剔除涨跌影响)所属行业1600519.SH贵州茅台-6.6%5.15%4.41%-0.42%食品饮料2300750.SZ宁德时代3.51%3.12%-0.34%电力设备及新能源3000568.SZ泸州老窖-2.8%2.18%2.10%-0.03%食品饮料4000858.SZ五粮液6.8%1.84%2.03%0.05%食品饮料50700.HK腾讯控股25.4%0.78%1.73%0.74%港股6603259.SH药明康德13.0%1.07%1.32%0.10%药73690.HK美团-W5.5%1.26%1.32%-0.02%港股8300014.SZ亿纬锂能3.9%1.20%1.24%-0.01%电力设备及新能源9600809.SH山西汾酒-5.9%1.44%1.21%-0.15%食品饮料300760.SZ迈瑞医疗5.7%1.23%1.20%-0.11%药300274.SZ阳光电源.1%1.06%1.09%0.01%电力设备及新能源300015.SZ爱尔眼科8.4%0.99%1.04%-0.04%药601888.SH中国中免9.0%0.96%1.02%-0.03%消费者服务002594.SZ比亚迪2.0%1.00%0.98%-0.04%汽车601012.SH隆基绿能1.51%0.97%-0.36%电力设备及新能源600048.SH保利发展1.10%0.84%-0.09%房地产002049.SZ紫光国微-8.5%1.08%0.83%-0.17%电子002459.SZ晶澳科技-6.2%0.88%0.83%0.00%电力设备及新能源002475.SZ立讯精密8.0%0.74%0.82%0.01%电子0002142.SZ宁波银行2.9%0.66%0.77%0.09%银行我们采取类似于第四节的算法，计算个股剔除涨跌幅后，基金经理主动加仓的图表202022Q4主动权益基金加仓幅度TOP20排名股票代码股票名称2022Q4区间收益率2022Q3配置占比2022Q4配置占比主动调仓幅度(剔除涨跌影响)所属行业10700.HK腾讯控股25.4%0.78%1.73%0.74%港股22269.HK药明生物26.3%0.27%0.52%0.18%港股3300124.SZ汇川技术20.8%0.12%0.32%0.18%电力设备及新能源4002352.SZ顺丰控股22.3%0.29%0.52%0.17%交通运输5601899.SH紫金矿业27.6%0.22%0.44%0.16%有色金属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%轻工制造8688008.SH澜起科技19.6%0.07%0.21%0.13%电子91024.HK快手-W39.5%0.21%0.42%0.12%港股600079.SH人福医药36.3%0.05%0.17%0.11%医药002850.SZ科达利23.5%0.02%0.13%0.11%电力设备及新能源603259.SH药明康德13.0%1.07%1.32%0.10%医药600426.SH华鲁恒升13.6%0.38%0.54%0.10%基础化工600276.SH恒瑞医药9.8%0.29%0.42%0.10%医药688390.SH固德威14.2%0.11%0.23%0.10%电力设备及新能源300759.SZ康龙化成25.8%0.27%0.44%0.10%医药002142.SZ宁波银行2.9%0.66%0.77%0.09%银行600436.SH片仔癀8.1%0.14%0.24%0.09%医药603806.SH福斯特24.9%0.15%0.27%0.09%电力设备及新能源20002271.SZ东方雨虹27.3%0.15%0.28%0.08%建材敬请参阅末页重要声明及评级说明15/18证券研究报告 金融工程图表212022Q4主动权益基金减仓幅度TOP20排名股票代码股票名称2022Q4区间收益率2022Q3配置占比2022Q4配置占比主动调仓幅度(剔除涨跌影响)所属行业1600519.SH贵州茅台-6.6%5.15%4.41%-0.42%食品饮料2601012.SH隆基绿能1.51%0.97%-0.36%电力设备及新能源3300750.SZ宁德时代3.51%3.12%-0.34%电力设备及新能源4002466.SZ天齐锂业-21.3%0.77%0.37%-0.24%有色金属5002371.SZ北方华创0.73%0.37%-0.23%电子6600522.SH中天科技-28.1%0.47%0.16%-0.18%通信7002049.SZ紫光国微-8.5%1.08%0.83%-0.17%电子8600809.SH山西汾酒-5.9%1.44%1.21%-0.15%食品饮料9603799.SH华友钴业0.62%0.39%-0.15%有色金属600887.SH伊利股份-6.0%0.58%0.42%-0.13%食品饮料688063.SH派能科技-21.1%0.38%0.