权益基金2022年二季报解析：大幅加仓食品饮料风格向大市值切换-20220721-华安证券

究报告评级说明究报告金融工程大幅加仓食品饮料，风格向大市值切换报告日期：2022-07-21分析师：严佳炜执业证书号：S0010520070001箱：yanjw@联系人：钱静闲执业证书号：S0010120080059箱：qianjx@相关报告1.《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》2022-04-233.《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4.《医药基金深度解析：持仓、业绩、5.《持股集中度下降，风格切换正当6.《基金投资如何选准对标的“锚”：华安分类标签框架介绍》2021-09-117.《公募权益基金的舒适管理规模是受益上升，但基金份额略有下降，基金发行市场维持低迷。有上行。格从小市值向大市值切换。公募主动大幅加仓的行业为食品饮料、汽车、电力设备新能源，主动减仓幅度最大的行业为电子、银行、农林牧渔。食品饮料配置比例为连续2022Q2公募配置比例最高的个股有贵州茅台(5.01%)，宁德时代(4.23%)、隆基绿能(2.43%)、五粮液(2.12%)、泸州老窖(0.35%)、爱尔眼科(0.35%)、比亚迪(0.34%)。不构成任何投资建议。报告2报告2/18 金融工程正文目录1权益基金规模有所反弹 42权益仓位整体上升，抱团指标略有上行 53加仓港股，风格向大市值切换 7 5贵州茅台“涨”为第一大重仓股 136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幅度超2% 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132022Q2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 1图表172022Q2行业主动/被动持仓变动 12Q门主题配置情况 13图表192022Q2主动权益基金个股配置比例TOP20 14图表202022Q2主动权益基金加仓幅度TOP20 14图表212022Q2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4/183924%79%20%98% 金融工程3924%79%20%98%1权益基金规模有所反弹权益基金规模也受益上升。图表1权益基金规模图表2权益基金持股市值d场开始反弹，各类指数Q2均取得正收益，2022年截止2022/7/20，主动股基较优。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%-2.48%0.28%4.80%-2.14%7.7.√√2013年13.75%-7.65%21.%16.89%3.82.73% .98%√2014年17.36%51.66%-34.30%39.01%-264%12.83%44.54%√2015年47.07%5.58%41.49%43.12%3.95%84.41%-37.34%√√2016年-17.60%-11.28%-6.32%-17.78%0.-27.71%√√2017年11.57%21.78%-10.21%-0.20%77%-10.67%22.√√2018年-27.15%-25.31%-1.84%-33.32%6.-28.65%1.1.50%√√2019年48.50%36.07%43%26.38%43.79%4.71%4.√√√2020年61.78%27.21%34.57%20.87%40.91%64.96%-3√√2021年7.80%-5.20%00%15.58%7.78%12.02%-4√2022年Q1-17.85%-14.53%-3.32%-14.06%3.-19.96%2√2022年Q29.24%6.21%3.03%2.04%7.5.68%3.3.56%√√√2022年Q3-1.65%-4.49%2.84%-0.67%0.-1.62%-0.03%√2022年-11.73%-13.29%56%-12.89%-16.78%5.05%5.√√√报告5报告5/182015-12-312016-04-302016-08-312016-12-312017-04-302017-08-312017-12-31202015-12-312016-04-302016-08-312016-12-312017-04-302017-08-312017-12-312018-04-302018-08-312018-12-312019-04-302019-08-312019-12-312020-04-302020-08-312020-12-312021-04-302021-08-312021-12-312022-04-30累计净值图表4主动股基(930890.CSI)相对表现2.001.801.601.401.201.000.800.600.400.200.001.501.401.301.201.10相1.00值0.900.800.700.60相对净值主动股基沪深300从权益基金份额来看，2022Q1，虽然市场表现不佳，但整体份额基本维稳，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权益仓位整体上升，抱团指标略有上行统计了三大类基金的规模加权平均仓位变动情况，2022Q2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幅度超2%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基金的规模加权平均，持股集中度于2021Q1达到阶段高点，下降-0.20%。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Q、个股抱团指标均略有上行，权益基金的行业与个股配加集中了。图表9行业抱团指标上行3加仓港股，风格向大市值切换例来看，2022Q2有所增仓，权益基金持有港股图表10主动权益基金港股配置比例2022Q2，创业板配置比例相对于上季度继续下降，从Q1的21.89%下降至报告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Q加图表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报告9报告9/18 金融工程图表132022Q2主动权益基金风格从小市值向大市值切换食品饮料，减仓电子图表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食品饮料，能源连续础化工(6.80%)，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/科技大金融有色石油煤炭钢铁基础建材建筑电力机械轻工国防电力医药食品家电消费汽车交通商贸农林纺织电子计算传媒通信房地银行非银综合金属石化化工设备及新能源制造军工及公用事业饮料者服务运输零售牧渔服装机产行金融金融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%中，红色的“×”代表2022Q2的某行业的持仓占比，灰色箱型代表该行业2010年以来配置比例的敬请参阅末页重要声明及评级说明11/18证券研究报告 金融工程黑色实线代表0~25%分位数和75%~100%分位数。与历史行业配置比例相比，置比例处于历史相对低位。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，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 金融工程图表172022Q2行业主动/被动持仓变动间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182022Q2热门主题配置情况茅指数宁组合5G应用锂电池新能源汽车新基建半导体产业芯片集成电路创新药生物科技疗器械云计算20140331.3%.6%%20140630.3%.6%%20140930%4.0%.8%.8%%%201412319%.4%%.9%.3%.6%20150331%.7%.5%.5%%20150630%.9%.9%.5%%20150930%%.5%%20151231.3%%%4.3%20160331%%.5%%%201606302%%%.1%%201609306%%%%.8%%%201612319%.3%%7%%%.9%20170331.3%%4.2%5%%%%.9%20170630%.5%%%%.7%20170930%5%.3%%%%.5%.7%20171231.0%.3%%%%.6%201803314.8%4.1%2%%%2018063020.0%4.1%.7%%4.6%%2018093021.2%4.7%%.0%%%%2018123120.0%%%%%%%%2019033122.8%%%.8%%%%2019063027.2%%%4.1%.8%%%%2019093028.8%%%%%%2019123126.9%%4.3%4.5%4.3%.1%2020033126.0%.5%4.1%.2%4.9%4.1%4.4%.0%2020063028.1%4.6%4.2%4.4%%.0%4.9%20200930.5%4.9%.7%4.1%4.1%%.0%%20201231.0%9%.3%4.5%%%%.1%%2021033141.4%%2%.6%4.1%%%.1%20210630.4%20.3%.0%%%%20210930.9%20.1%3%%4%%20211231.3%4%7%%%%20220331.2%.9%.1%8%%%4.9%%20220630.6%0%%4.7%4.6%4.1%%5贵州茅台“涨”为第一大重仓股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192022Q2主动权益基金个股配置比例TOP20排名股票代码股票名称2022Q2区间收益率2022Q1配置占比2022Q2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20.2%4.50%5.01%0.08%食品饮料2300750.SZ宁德时代4.2%4.59%4.23%-0.13%电力设备及新能源3601012.SH隆基绿能29.6%1.76%2.43%0.35%电力设备及新能源4000858.SZ五粮液32.2%1.47%2.12%0.35%食品饮料5000568.SZ泸州老窖32.6%1.53%1.97%0.11%食品饮料6603259.SH药明康德-7.0%2.39%1.67%-0.36%医药7600809.SH山西汾酒28.1%1.01%1.45%0.27%食品饮料83690.HK美团-W24.8%0.77%1.38%0.50%港股9002594.SZ比亚迪45.1%0.76%1.35%0.34%汽车603799.SH华友钴业27.5%0.85%1.20%0.21%有色金属300014.SZ亿纬锂能20.9%0.82%1.13%0.22%电力设备及新能源300059.SZ东方财富20.7%0.72%1.06%0.27%计算机300015.SZ爱尔眼科41.9%0.55%1.06%0.35%医药300760.SZ迈瑞医疗3.1%1.44%1.05%-0.30%医药601888.SH中国中免41.7%0.69%1.03%0.15%消费者服务002459.SZ晶澳科技40.6%0.62%1.02%0.21%电力设备及新能源002466.SZ天齐锂业53.3%0.51%0.97%0.26%有色金属0700.HK腾讯控股-4.8%0.96%0.94%0.11%港股600048.SH保利发展1.05%0.86%-0.09%房地产20002475.SZ立讯精密6.6%0.98%0.83%-0.11%电子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202022Q2主动权益基金加仓幅度TOP20排名代码名称2022Q2率2022Q12022Q2仓幅度(剔除涨跌影响)行业1.HK美团-W0.50%股2.SH0.35%358.SZ0.35%饮料4Z尔眼科.9%0.35%594.SZ.1%0.34%车6.SH0.27%饮料7Z财富0.27%机866.SZ锂业0.26%金属931.HK宁0.23%股Z锂能0.22%59.SZ.6%0.21%.SH业0.21%金属.SH0.18%.SH科技0.18%61.SZ0.16%.SH.7%0.15%者服务.SH医疗0.15%Z美客0.13%Z化成0.12%.SH学0.12%化工基金经理主动减仓的个股TOP20如图表21所示，减仓最多的个股分别为海康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212022Q2主动权益基金减仓幅度TOP20排名股票代码股票名称2022Q2区间收益率2022Q1配置占比2022Q2配置占比主动调仓幅度 (剔除涨跌影响)所属行业1002415.SZ海康威视-9.2%%0.37%-0.49%子2603259.SH药明康德-7.0%2.39%%-0.36%3300760.SZ迈瑞医疗1%%%-0.30%4600036.SH招商银行-9.8%%0.70%-0.27%银行5300363.SZ博腾股份0.58%0.21%-0.22%6300122.SZ智飞生物0.69%0.29%-0.21%7000333.SZ美的集团9.3%0.63%0.42%-0.20%家电8002714.SZ牧原股份-2.3%0.57%0.32%-0.19%农林牧渔9002821.SZ凯莱英-21.3%0.75%0.36%-0.18%002049.SZ紫光国微-7.2%%0.72%-0.17%子601899.SH紫金矿业0.57%0.27%-0.16%有色金属600887.SH伊利股份8.3%0.85%0.68%-0.16%食品饮料601985.SH中国核电0.29%0.07%-0.16%电力设备及新能源002709.SZ天赐材料32.9%0.44%0.38%-0.15%基础化工002142.SZ宁波银行-4.2%0.89%0.62%-0.15%银行002371.SZ北方华创0.64%0.45%-0.14%子601166.SH兴业银行0.31%0.14%-0.14%银行30