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百亿级私募持仓新动向曝光：电子板块不再“一枝独秀” 均衡布局成为共识_我的网站

A |     　　在上市公司半年度业绩密集披露下，百亿级私募下半年“打法”曝光。

B | 数据显示，截至8月21日，共有27家百亿级私募出现在已披露半年报的上市公司前十大流通股股东名单中，相较于一季度末新进和增持超过30只标的。    

    ZQ-3 Y1 rocket took off for maiden flight from the Dongfeng Commercial Aerospace Innovation Test Zone at noon time on December 3, 2025. Photo: courtesy of LandSpaceThe cause of an unsatisfying recovery of the Zhuque-3 Y1 carrier rocket has recently been revealed by Zhuque-3's chief commander, who said an abnormal combustion occurred during a landing ignition as the rocket descended toward the ground, state broadcaster China Central Television (CCTV) News reported on Wednesday.
The recovery of the first stage of Zhuque-3, China's first reusable carrier rocket developed by LandSpace, was failed during a test flight back on December 3, 2025, while the second stage of the rocket managed to successfully enter the designated orbit, according to the Xinhua News Agency.
Dai Zheng, chief commander of Zhuque-3, said that when the rocket was about 3.3 kilometers above the ground, it needs to perform a rapid deceleration maneuver by reigniting its engine, a process known as a "landing ignition."
"The ignition sequence was completed and the engine did ignite, but abnormal combustion occurred afterward. The rocket eventually crashed near the edge of the landing pad," Dai said, according to CCTV.
Although the rocket did not achieve a successful recovery, the mission, China's first orbital-class rocket first-stage recovery test, collected telemetry data during the return phase, provided a clearer picture of the flight environment throughout the recovery process, and yielded a large amount of valuable first-hand test data, per CCTV. 
Drawing on the data collected from the Zhuque-3 Y1 mission, the development team made improvements to the Y2 launch vehicle.
Eight months after the Y1's unsatisfying recovery, the Zhuque-3 Y2 reusable launch vehicle on Wednesday conducted a flight test, carrying not only a satellite payload but also successfully carried out a major test of China's emerging reusable rocket capabilities. After completing its orbital mission, the rocket's first stage attempted a controlled return and recovery.
The Y2 mission was conducted on the basis of experience accumulated from the previous flight test, with improvements focused on recovery reliability, flight control and engine performance.
LandSpace said it optimized the first-stage landing propulsion scheme by reducing the number of engines used during landing ignition, simplifying system design and improving reliability during the recovery phase. The company also added an autonomous safety control function capable of predicting landing points based on flight conditions and making corresponding safety adjustments.  
Global Times 
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　　值得注意的是，百亿级私募持仓呈现两大趋势：一方面，绩优股获得诸多知名基金经理加仓；另一方面，机构持仓不再集中于电子板块，而是分布在有色、生物医药、机械制造等行业。

C | 业内人士表示，市场抱团资金瓦解后，企业盈利将成为后续市场重要的投资线索。　　二季度新进29只个股　　近日，紫金矿业最新披露的半年报显示，截至6月末，高毅资产知名基金经理邓晓峰管理的高毅晓峰2号致信基金新进该公司前十大流通股股东名单，持股数量为9278万股，期末持股市值达23.3亿元。　　中东资本二季度也对紫金矿业兴趣更浓。截至6月末，阿布达比投资局-自有资金持有紫金矿业1.55亿股，期末持股市值高达39亿元，相较于一季度末增持1366万股。　　据紫金矿业半年报，上半年该公司实现营业收入1941.78亿元，同比增长15.78%；实现归母净利润391.7亿元，同比增长68.17%；实现扣非后归母净利润380.35亿元，同比增长75.89%。　　私募排排网统计数据显示，截至8月21日，已有27家百亿级私募出现在50家已披露半年报的上市公司前十大流通股股东名单中，合计持股市值达264.12亿元。从调仓动向来看，百亿级私募二季度新进29只个股，增持5只个股，对10只个股持股数量不变，并减持6只个股。　　其中：鸿仕达吸引到聚鸣投资、上海歌汝私募和南土资产等3家百亿级私募重仓，且均为二季度新进；宏裕包材吸引到千宜投资和佳期私募两家百亿级私募加码，同样均为二季度新进；海康威视则得到高毅资产和重阳战略两家百亿级私募重仓。　　电子板块不再“一枝独秀”　　从行业分布来看，百亿级私募二季度持仓不再扎堆电子板块。　　据私募排排网统计：截至二季度末，百亿级私募重仓机械设备行业的个股数量最多，包括大族激光、鸿仕达、优利德、中泰股份、*ST冀凯、卓兆点胶、达意隆、*ST威领；其次是汽车行业，该行业有宇通客车、云意电气、华密新材、信质集团、华阳集团5只个股获得百亿级私募重仓；电子和交通运输行业则均有4只个股获得百亿级私募重仓。

D | 　　上海证券报记者采访获悉，二季度以来，有越来越多私募调整了以科技为主导的持仓组合，锚定业绩、均衡布局逐步成为共识。　　止于至善投资总经理何理表示，中国创新药产业已经从“工程师红利”向“全球临床价值兑现”过渡，目前中国创新药不仅可以依靠国内产品销售，还可以通过海外授权、共同开发、区域权益合作及销售分成实现价值，部分创新药企也已经度过盈利拐点，形成自我造血能力。

E | 　　清和泉资本有关人士对记者表示，短期来看，市场在经历了资金平衡之后，将会走到相对均衡的状态。一是AI基础设施的核心环节，尤其是那些通过历史业绩证明过其核心竞争力的龙头公司，包括光模块，存储等领域的公司；二是大型互联网公司，在大模型性能不断提升、单位token的价格呈现下降趋势的背景下，大型云计算公司有望成为获益的核心环节；三是具备出口竞争优势的传统制造业公司，这些公司上半年受人民币升值影响，导致表观净利润增长较低，股价也跌至历史估值底部区域，下半年随着部分拖累项的消失，这些公司的经营拐点有望随之出现，存在较大的估值修复空间。

F | （文章来源：上海证券报）。

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