百亿主题基金接连入市 三大行业投资引强援

    每经记者宋双发自成都

    从无到有，从总到分，公募基金产品的发展也延续着这一规律。主题基金则是细分产品中的重要组成部分，其风格鲜明，投资有的放矢，具有极强的运行特征。

    《每日经济新闻》记者注意到，随着主题基金在医药、军工、高端装备制造等行业的精细化耕耘，也反过来助推了个股行情，影响了行业持股构成。近期各大主题基金热销，带动百亿规模资金入市，自然对相关主题投资带来了想象空间。

    高端制造业基金密集发行/

    在军工股的强势带动下，2014年最火的主题基金非高端装备制造业基金莫属，基金公司发行热情高，投资者购买意愿强。

    目前市场上13只高端装备制造业基金中，有9只属于今年最新发行，包括长盛航天海工混合、长盛高端装备混合、富国中证军工指数、富国高端制造、申万中证军工指数、工银高端制造、鹏华先进制造，以及还未正式成立的华宝兴业高端制造和银华高端制造业混合。其中，10月底成立的工银高端制造认购规模达到21.37亿元。

    《每日经济新闻》记者了解到，首只高端装备制造主题基金——交银先进制造成立于2011年，同年广发制造业精选成立，2012年，南方高端装备灵活配置和景顺长城支柱产业相继成立。

    上述基金的业绩比较基准主要围绕的是申万装备制造指数、中证中游制造产业指数、中证装备产业指数、中证军工指数、上证高端装备60指数、巨潮航天军工指数等。而随着该类型基金今年集中成立和建仓，或将助推相关股票行情。

    从已经建仓的主动型基金来看，三季度末平均仓位为77.84%。老基金广发制造业精选和景顺长城支柱产业仓位均超过90%，而目前还在建仓期的富国高端制造业仓位也已达到89.15%。混合型基金仓位相对较低，长盛航天海工混合和长盛高端装备混合三季度末仓位分别为70.08%和64.8%，但季度内净值涨幅分别高达28.44%和25.07%。

    长盛航天海工混合主要持有信息技术、批发零售两大行业，分别占66.11%和7.65%的比例。其前十大重仓股依次为：长城信息(27.87,0.00,0.00%)、四创电子(48.00,0.00,0.00%)、太原重工(5.09,0.00,0.00%)、光电股份(28.99,0.00,0.00%)、新大陆(28.57,0.00,0.00%)、中航光电(25.63,0.00,0.00%)、中航飞机(15.65,0.00,0.00%)、奥普光电(55.52,0.00,0.00%)、钢研高纳(19.620,0.00,0.00%)和久联发展(15.19,0.00,0.00%)。

    长盛高端装备混合与长盛航天海工混合由同一基金经理共同管理，因此投资配置较为相近。长盛高端装备混合三季度末前十大重仓股为：长城信息、新研股份(12.970,0.00,0.00%)、久联发展、汉威电子(28.920,0.00,0.00%)、吉峰农机(7.640,0.00,0.00%)、新大陆、光电股份、四创电子、太原重工和奥普光电。除持有制造业53.98%之外，该基金同时持有信息技术业10.33%、批发零售业4.66%。

    不过记者注意到，今年成立的富国高端制造虽然主打投资高端制造业相关股票，但其有相当比例资产投资于信息制造业及其他行业，前十大重仓股中包括石基信息(70.30,0.00,0.00%)、华策影视(30.530,0.00,0.00%)、歌华有线(14.04,0.00,0.00%)等。其基金经理认为，下一阶段“以互联网、节能减排为代表的新业态、新技术和新应用层出不穷，会产生不少投资机会”。

    值得注意的是，有两只股票仓位超过90%的老基金——广发制造业和景顺支柱产业对于制造业的重仓比例分别高达72.83%和65.43%。前者前十大重仓股为海得控制(18.68,0.00,0.00%)、冠昊生物(52.450,0.00,0.00%)、津膜科技(22.800,0.00,0.00%)、四川九洲(17.86,0.00,0.00%)、巴安水务(16.030,0.00,0.00%)、许继电气(20.64,0.00,0.00%)、新筑股份(10.42,0.00,0.00%)、漳州发展(6.96,0.00,0.00%)、华灿光电(11.410,0.00,0.00%)和大华股份(23.93,0.00,0.00%)；后者前十大重仓股为广晟有色(46.99,0.00,0.00%)、新大陆、美盈森(13.19,0.00,0.00%)、包钢稀土(21.39,0.00,0.00%)、厦门钨业(30.11,0.00,0.00%)、金螳螂(16.90,0.00,0.00%)、隆鑫通用(16.05,0.00,0.00%)、盛和资源(19.45,0.00,0.00%)、海格通信(16.74,0.00,0.00%)、长安汽车(14.20,0.00,0.00%)。

    当然，三季度投资军工、高端装备制造业的并不仅限于上述主题基金。记者统计发现，三季度基金重点加仓的军工和高端装备制造业个股分别为中国重工(6.06,0.00,0.00%)、中航飞机、中航重机(23.24,0.00,0.00%)、广船国际(27.90,0.00,0.00%)、安徽合力(11.71,0.00,0.00%)、中航电子(25.80,0.00,0.00%)、航天电子(15.06,0.00,0.00%)、洪都航空(25.17,0.00,0.00%)、银河电子(24.50,0.00,0.00%)、长城信息、中信海直(13.70,0.00,0.00%)、日发精机(24.41,0.00,0.00%)、航天科技(28.60,0.00,0.00%)、中航机电(22.15,0.00,0.00%)、恒立油缸(11.91,0.00,0.00%)、振华科技(15.54,0.00,0.00%)、欧比特(22.290,0.00,0.00%)。其中中国重工增持达2.31亿股，中航飞机、中航重机、广船国际、安徽合力、中航电子增持数量均超过千万股。

    三季度基金重点减仓的军工和高端装备制造行业重仓股为许继电气、海油工程(7.98,0.00,0.00%)、中国南车(5.80,0.00,0.00%)、航天动力(15.73,0.00,0.00%)、航天机电(9.91,0.00,0.00%)、机器人(34.950,0.00,0.00%)、中国船舶(34.86,0.00,0.00%)、中国北车(6.45,0.00,0.00%)、隧道股份(6.39,0.00,0.00%)、中国卫星(22.74,0.00,0.00%)、航天长峰(20.92,0.00,0.00%)、柳工(8.10,0.00,0.00%)、富瑞特装(49.370,0.00,0.00%)、航空动力(27.17,0.00,0.00%)、北方创业(14.08,0.00,0.00%)、振芯科技、陕鼓动力(7.13,0.00,0.00%)、华力创通(20.890,0.00,0.00%)、中联重科(4.99,0.00,0.00%)。

    26只基金主投医药行业/

    医药主题基金则是主题基金的“鼻祖”，多年以来热度不减。回顾其发展历程，股票型基金作为公募基金中最传统的投资品种，从大盘精选到行业精选，分类越来越细。以往行业精选基金往往都是跨行业择股，直到2010年才出现投资单一行业的股票型基金，而其首选的细分行业正是医药，这也从侧面反映了基金公司对于医药行业投资价值的认可程度。

    值得注意的是，医药基金的兴起与医改进程也有着千丝万缕的联系。2009年我国启动医改之后，医药行业投资概念逐渐明朗，基金公司迅速反应，首只医药基金汇添富医药保健于2010年9月21日成立。2014年由于政策支持力度空前，被誉为新医改“元年”，基金公司也普遍看好医药行业潜力，在此催化下，2014年以来已成立医药主题基金9只，还有4只等待成立。

    截至目前，医药基金在数量上已经是各细分行业中基金数量最多：一共有26只基金主投医药行业。其中10只为股票型基金，除汇添富医药保健之外还有易方达医疗行业、华宝兴业医药、融通医疗保健行业、博时医疗保健行业、富国医疗保健行业、长城医疗保健、嘉实医疗保健、华润元大医疗保健、鹏华医疗保健；另外2只为偏股混合型基金，即南方医药保健灵活配置、国投瑞银医疗保健。此外医药主题基金还包括指数基金、ETF和分级基金，广发还在去年年底开发了全球医疗保健QDII基金。

    不难看出，医药基金多出身于市场上颇具份量的大中型基金公司，市场对医药行业的重视程度也可见一斑。医药基金对于医药类资产的配置普遍不会低于80%。不同种类的基金业绩比较基准区别较大，但对于主投医药行业的基金来说则相对统一得多，中证医药卫生指数是最常见的标的，多数医药基金围绕该标的进行不同百分比的配置。

    今年成立的一批医药基金，三季度末股票仓位最高的是南方医药保健灵活配置，为85.58%，其次是长城医疗保健，股票仓位达84.02%，国投瑞银医疗保健混合为77.69%。

    南方医药保健灵活配置成立于今年1月。其基金经理在三季报中表示，在建仓期完成后采取了较高仓位的策略，利用医药保健类股票出现阶段性调整的时机逢低建仓兼具成长和价值的股票，买入并长期持有，下一阶段看好兼具成长性与估值安全边际的医药股，同时加强对医疗服务、医疗器械和新产品的研究与跟踪；仓位上会保持中性偏高的股票仓位。该基金前十大重仓股为天士力(41.30,0.00,0.00%)、华润三九(20.65,0.00,0.00%)、东阿阿胶(35.05,0.00,0.00%)、上海医药(14.43,0.00,0.00%)、众生药业(20.90,0.00,0.00%)、人福医药(26.04,0.00,0.00%)、京新药业(18.95,0.00,0.00%)、华兰生物(34.31,0.00,0.00%)、同仁堂(18.80,0.00,0.00%)、红日药业(26.220,0.00,0.00%)。

    长城医疗保健三季度末前十大重仓股为华东医药(56.00,0.00,0.00%)、天士力、益佰制药(34.06,0.00,0.00%)、康缘药业(25.30,0.00,0.00%)、丽珠集团(52.08,0.00,0.00%)、红日药业、恒瑞医药(38.34,0.00,0.00%)、东阿阿胶、国药股份(27.66,0.00,0.00%)、翰宇药业(31.460,0.00,0.00%)。其基金经理表示，仓位较高具有赎回因素，其对于“估值过高的小市值公司持谨慎态度”，并称“将在适当的时间逐步调整和优化组合”。

    当然，不只是医药主题基金，医药股早已是所有基金重点持有的对象。《每日经济新闻》记者统计发现，整体来看，基金三季度加仓最多的医药股为香雪制药(20.130,0.00,0.00%)，较二季度加仓2863.25万股，33只基金持股市值达到29.02亿元；华北制药(6.33,0.00,0.00%)加仓数量也超过2000万股。此外海南海药(15.40,0.00,0.00%)、康恩贝(15.88,0.00,0.00%)、汉森制药(16.72,0.00,0.00%)、华润三九、鑫富药业(29.03,0.00,0.00%)、科伦药业(30.10,0.00,0.00%)、誉衡药业(24.34,0.00,0.00%)、吉林敖东(21.94,0.00,0.00%)、千红制药(24.56,0.00,0.00%)加仓数量均超千万股。

    而减持超千万股的医药重仓股分别是康美药业(15.23,0.00,0.00%)、人福医药、复星医药(18.81,0.00,0.00%)、红日药业、云南白药(54.24,0.00,0.00%)、双鹭药业(41.81,0.00,0.00%)、康缘药业、白云山(26.12,0.00,0.00%)、昆明制药(25.61,0.00,0.00%)、益佰制药、天士力、恒康医疗(21.03,0.00,0.00%)、东阿阿胶、信邦制药(20.42,0.00,0.00%)、山大华特(27.99,0.00,0.00%)、金陵药业(14.47,0.00,0.00%)、众生药业、华润双鹤(20.60,0.00,0.00%)、科华生物(23.48,0.00,0.00%)、达安基因(23.21,0.00,0.00%)。

    养老基金投资范围宽泛/

    养老主题基金兴起于2012年。而当养老现状日益严峻，引发全民关注之时，该类主题基金也成为基金公司主要发力的产品。

    今年以来，已累计成立3只养老基金，分别是国泰安康养老定期支付、宝盈祥瑞养老混合和泰达宏利养老混合。另外还有浦银安盛月月盈安心养老定期支付、长盛养老健康产业和鹏华养老产业3只基金尚未成立。

    首只养老基金——天弘安康养老混合成立于2012年11月28日；2013年华夏永福养老理财、海富通养老收益先后成立。尽管已有2年历史，但投资者对于养老基金的概念或许仍比较陌生。《每日经济新闻》记者注意到，养老主题型基金以养老作为投资概念，风格上也延续了养老所传递的稳定印象，基本上均是偏股或偏债型产品，仅有尚未成立的鹏华养老产业为股票型。

    这从业绩比较基准也可以看出，养老基金的业绩比较基准主要是银行一年期、三年期、五年期定期存款利率(税后)，或者再加上2%。对于该类型基金来说，求稳之余，如何平衡股债投资比例，通过权益类投资获得超额收益便成为影响业绩的关键。而与其他主题基金不同的是，“养老”并非一个具体的行业，因此基金投资范围较广。

    从三季度末股票仓位来看，海富通养老收益仓位最高，达到70%；国泰安康养老定期支付和华夏永福养老理财股票仓位刚过10%，而天弘安康养老仅为3.73%，泰达宏利养老混合仅为3.07%，宝盈祥瑞养老混合只有0.25%。

    记者注意到，海富通养老收益在三季度中后期股市好转之后，便将持有的债券全部卖出，同时加仓股票仓位至70.4%。股票投资上，其加大了对军工、农业的配置，维持了计算机软件和电子板块的仓位，减持了电力设备、化工个股，逐渐增持了医药、环保、家电股。

    该基金三季度净值增长6.63%，远远跑赢业绩比较基准。前十大重仓股分别是青岛海尔(16.76,0.00,0.00%)、恒生电子(41.75,0.00,0.00%)、航空动力、歌华有线、香雪制药、信维通、中航飞机、华宇软件(44.140,0.00,0.00%)、万达信息(30.120,0.00,0.00%)、恒瑞医药。

    不过，海富通养老收益基金经理团队表示，四季度将适当降低股票仓位，尤其是涨幅较大的主题股仓位，适当增加中盘蓝筹股，尤其是三季度业绩预期较好的个票。而对于债券资产，其表示“配置将以流动性管理为主，配合股票仓位调整和应对申赎情况”。

    作为市场上首只养老基金，天弘安康养老自成立以来一直保持着较低的股票仓位，基本均在10%以下。其主要参与一级市场，而对二级市场保持相对谨慎的策略。截至三季度末，该基金持股主要以医药生物为主，前十大重仓股为誉衡药业、红日药业、人福医药、易华录(29.490,0.00,0.00%)、勤上光电(15.75,0.00,0.00%)、龙力生物(13.76,0.00,0.00%)、天和防务(92.910,0.00,0.00%)、九洲药业(38.21,0.00,0.00%)、重庆燃气(13.18,0.00,0.00%)、京天利(59.890,0.00,0.00%)。

    华夏永福养老理财三季度末股票仓位为11.98%，而债券持仓比例为67.2%。其基金经理表示，四季度将保持现有股票和债券的配置比例，积极把握股市的主题转换机会。三季度末，华夏永福养老理财主要持有制造业和供水供气行业，前十大重仓股为川投能源(16.23,0.00,0.00%)、中鼎股份(15.40,0.00,0.00%)、天奇股份(16.30,0.00,0.00%)、长安汽车、丹甫股份(35.90,0.00,0.00%)、辉隆股份(14.39,0.00,0.00%)、安徽水利(9.29,0.00,0.00%)、中航重机、天喻信息(16.800,0.00,0.00%)、歌华有线。

    而今年成立的3只养老主题基金，国泰安康养老定期支付和泰达宏利养老混合三季度末股票仓位分别为12.57%和3.07%，宝盈祥瑞养老混合仅为0.25%，其债券仓位为95.99%。

    宝盈祥瑞养老混合和泰达宏利养老混合各自仅持有7只股票，前者持有重庆燃气、节能风电(13.31,0.00,0.00%)、东方电缆(31.33,0.00,0.00%)、宝色股份(24.960,0.00,0.00%)、劲拓股份(39.930,0.00,0.00%)、京天利、兰石重装(19.70,0.00,0.00%)；后者持有金风科技(13.19,0.00,0.00%)、上海梅林(8.60,0.00,0.00%)、三川股份(15.710,0.00,0.00%)、用友软件(20.59,0.00,0.00%)、华懋科技(31.66,0.00,0.00%)、万盛股份(33.42,0.00,0.00%)、节能风电。

    在三季报中，宝盈祥瑞养老混合和泰达宏利养老混合基金经理团队均表示，四季度要择机提高股票仓位。

    此外，国泰安康养老定期支付前十大重仓股为鸿博股份(17.97,0.00,0.00%)、锦江股份(25.11,0.00,0.00%)、正海磁材(27.990,0.00,0.00%)、中来股份(50.600,0.00,0.00%)、雅化集团(13.15,0.00,0.00%)、凯利泰(31.220,0.00,0.00%)、中航光电、中航重机、东方财富(17.640,0.00,0.00%)、新宙邦(42.930,0.00,0.00%)。基金经理表示，四季度主要投资方向为医药、食品饮料、电子及新能源、环保等领域。

信息监督：马力 010-63967913 13811615299