基金仓位分析：小幅增仓
持仓结构调整明显
（1）节后第一周股市表现趋好，个股普涨，交易量放大，市场信心明显回暖。本周基金仓位测算显示，基金在本周采取了小幅增仓的操作，多数基金仓位有所增加，同时基金调仓的迹象明显。
（2）1月4日测算数据显示，股票型基金平均仓位为81.54％，相比前周微升0.18％；偏股混合型基金平均仓位78.89％，相比前周增加1.12％；配置混合型基金平均仓位71.82％，相比前周增加0.62％。从平均仓位来看，仍然延续近几周的温和回升趋势。
（3）从具体基金来看，小幅增仓的基金占到多数，但也有部分基金仓位略为下降。显示增仓迹象（仓位增幅2%以上）的基金有78只，这一数量比前周大幅增加，其中明显增仓（仓位增幅5%以上）的有17只基金。而显示减仓迹象（仓位降幅2%以上）的基金只有57只，其中减仓明显（仓位降幅5%以上）的基金有14只。
（4）从基金仓位的分布来看，本周重仓基金（仓位
85%）占比小幅回升至30％左右；仓位较重的基金（仓位75%~85%）数量占比保持不变，仍在34%左右；仓位中等的基金（仓位60%~75%）占比略减26%。轻仓基金数量略有下降。
（5）相对于股市的温和上涨，个股的全面活跃，本周基金仓位水平变化并不显著，但是基金在持仓结构上出现了明显的变化迹象。年末市场的全面回暖以板块多元化、个股分散化为主要特征，基金集体重仓的大盘权重股并非带动市场的主要力量，而二线蓝筹股、中小盘成长股再度活跃。市场的风格特征转换比较明显。而基金的持仓调整也显现出这种迹象，中等市值的蓝筹股、中小盘成长股成为增仓的主要对象；而在行业配置上，主流行业之外的医药、食品、通讯、交运都是可能的重点。
（6）从单个基金仓位变动情况来看，本周基金仓位异动较少。仓位显著增仓10％以上的只有长城消费、巨田基础两只基金。本周没有仓位下降10%以上的基金，天治增长、鹏华治理、德盛精选、招商核心有较明显的减仓。从基金公司角度看，本周景顺、嘉实旗下基金增仓较明显。
表1：股票型基金仓位测算数据基金代码基金名称1月4日12月28日仓位增减仓位水平可靠性519035富国天博97.59%91.70%5.89%重仓高510180180ETF97.32%95.24%2.08%重仓较高530003建信优选
95.22%94.24%0.98%重仓高519300大成30094.89%96.34%-1.46%重仓较高161607融通巨潮
94.73%95.42%-0.69%重仓中等161604融通深100
94.55%95.42%-0.88%重仓较高519100长盛10094.23%95.22%-0.99%重仓较高450003国海潜力93.99%87.54%6.45%重仓高320005诺安价值93.34%96.95%-3.61%重仓高180003银华8893.14%96.23%-3.09%重仓中等310328申万新动力93.05%95.66%-2.62%重仓高519996长信精选92.93%95.17%-2.24%重仓高213003宝盈策略92.34%92.63%-0.29%重仓较高161903万家公用92.32%86.45%5.88%重仓高040002华安MSCI92.25%97.22%-4.97%重仓较高040007华安成长92.01%86.81%5.20%重仓高360001保德信量化91.50%96.75%-5.25%重仓高161609融通先锋91.37%90.35%1.02%重仓高233001巨田基础
90.90%79.97%10.93%重仓较高378010上投成长
90.88%94.03%-3.15%重仓高200002长城久泰90.45%95.32%-4.87%重仓高240004华宝动力
89.46%87.19%2.27%重仓高166001中欧趋势89.42%82.59%6.83%重仓高590001中邮优选88.74%92.76%-4.02%重仓高110003易方达50
88.37%92.13%-3.76%重仓较低161706招商成长
88.03%94.13%-6.10%重仓高180012银华主题87.97%88.90%-0.93%重仓高162607景顺资源87.96%82.79%5.17%重仓较高161606融通景气87.55%91.04%-3.49%重仓高100026富国天合87.52%86.71%0.81%重仓高162703广发小盘87.48%89.26%-1.78%重仓高510081长盛精选
87.47%88.19%-0.72%重仓较高240005华宝增长87.43%85.32%2.11%重仓较高112002易方达策略2
87.43%90.62%-3.19%重仓高519994长信金利
87.30%91.01%-3.71%重仓高257030德盛优势87.29%85.82%1.47%重仓较高360005光大红利87.27%84.95%2.32%重仓较高519018添富增长
87.25%84.56%2.69%重仓较高481004工银成长87.22%91.46%-4.25%重仓较高290004泰信优质87.08%90.48%-3.40%重仓较高162204荷银精选86.85%86.86%-0.01%重仓较高240010华宝精选86.80%86.06%0.74%重仓高160607鹏华价值86.74%85.54%1.20%重仓高580002东吴双动力86.44%82.31%4.13%重仓中等519013海富通优势86.32%87.91%-1.60%重仓中等162208荷银首选86.05%87.99%-1.94%重仓高110002易方达策略
85.79%87.00%-1.21%重仓高121003国投核心85.78%87.97%-2.19%重仓高450002国海弹性
85.76%82.87%2.89%重仓中等206001鹏华成长85.35%81.70%3.65%重仓高519068汇添富成长85.34%84.23%1.11%重仓较高161605融通成长
85.23%85.22%0.01%重仓高110009易方达精选
85.16%86.89%-1.73%重仓较高360006光大增长
85.02%86.95%-1.93%重仓较高180010银华优质
84.79%85.98%-1.19%较重高320003诺安股票84.73%86.68%-1.95%较重高519005海通股票84.69%81.28%3.41%较重中等519017大成成长84.64%87.77%-3.13%较重较高163503天治核心84.42%82.42%2.00%较重较高519181万家和谐84.38%82.93%1.45%较重高377010上投阿尔法83.77%81.44%2.33%较重高257020德盛精选83.58%89.98%-6.40%较重较高270005广发聚丰83.24%80.23%3.01%较重较高519001银华优选83.09%85.51%-2.42%较重高161610融通领先83.02%82.06%0.96%较重较高040005华安宏利
82.70%80.03%2.67%较重中等550002信诚成长82.23%79.23%3.00%较重较高610001信达增长81.38%87.17%-5.79%较重较高260109景顺增长281.37%72.84%8.53%较重较高260108景顺成长81.26%80.28%0.98%较重中等540002汇丰龙腾80.77%76.22%4.55%较重较高162201荷银成长80.24%77.24%3.00%较重较高213002宝盈沿海
80.24%75.53%4.71%较重中等160105南方积配80.02%77.97%2.05%较重高260104景顺增长79.83%76.28%3.55%较重较高000001华夏成长
79.69%76.36%3.33%较重高121005国投创新79.42%81.22%-1.80%较重高410003华富成长79.39%78.83%0.55%较重高000021华夏优增79.36%77.90%1.46%较重较高519993长信增利78.97%81.31%-2.34%较重高160603普天收益78.53%80.12%-1.59%较重高110005易方达成长
78.39%81.40%-3.01%较重高040001华安创新78.24%76.23%2.01%较重中等519688交银精选
77.16%77.85%-0.69%较重高481006工银红利77.11%75.60%1.51%较重较低050004博时精选
76.97%82.86%-5.89%较重高050009新兴成长76.97%75.82%1.15%中等高340006兴业全球
76.65%75.41%1.24%较重中等570001诺德价值76.56%75.53%1.03%较重较高202005南方精选76.36%72.83%3.53%较重较高160611鹏华治理76.23%83.71%-7.48%较重高530001建信恒久76.22%82.22%-6.00%较重较高050001博时价值76.09%70.86%5.23%较重较高020010国泰金牛76.01%74.12%1.89%较重较高200006长城消费
75.95%61.62%14.33%较重高162006长城久富75.94%79.81%-3.87%较重高160505博时主题75.87%74.55%1.32%较重高050008博时成长75.85%74.91%0.94%较重高377020上投内需75.52%77.60%-2.08%较重高162202荷银周期75.29%75.56%-0.27%较重中等288002中信红利
75.29%70.57%4.72%较重较高519692交银成长75.08%77.73%-2.65%较重高040008华安优选74.71%74.96%-0.25%中等较高090006大成2020
74.62%77.01%-2.39%中等较高202003南方绩优74.40%76.80%-2.40%中等高162605景顺鼎益72.68%70.75%1.93%中等高460001华泰中国72.66%78.33%-5.67%中等高020001金鹰增长72.63%68.74%3.89%中等较高260101景顺股票
72.63%68.67%3.96%中等较高050201博时价值272.54%69.76%2.78%中等较高260110景顺蓝筹72.27%71.81%0.46%中等高240001宝康消费品71.98%67.41%4.58%中等中等160106南方高增70.06%73.86%-3.80%中等高160605鹏华50
70.06%78.50%-8.44%中等高481001工银价值69.47%71.08%-1.61%中等高217001招商股票69.10%67.18%1.92%中等较高090001大成价值68.57%69.62%-1.05%中等较高213001宝盈鸿利
68.29%67.72%0.57%中等较高100020富国天益
68.22%72.95%-4.73%中等高240009华宝成长68.04%69.25%-1.21%中等高020003国泰精选65.59%66.76%-1.17%中等高202002南稳贰号64.63%60.27%4.36%中等中等210001金鹰优选64.53%62.28%2.25%中等较高202001南方稳健
64.23%62.59%1.64%中等中等163803中银增长64.21%67.41%-3.20%中等较低162203荷银稳定64.17%67.05%-2.88%中等高162102金鹰精选64.04%60.32%3.72%中等较低310358申万新经济59.59%57.31%2.28%较轻中等表2：偏股混合型基金仓位测算数据基金代码基金名称1月4日12月28日仓位增减仓位水平可靠性270006广发优选94.89%93.28%1.61%重仓较高161005富国天惠
93.24%92.22%1.02%重仓高070010嘉实主题92.36%84.99%7.37%重仓中等398001中海成长88.39%91.75%-3.36%重仓高090004大成精选
88.39%86.73%1.66%重仓较高519008添富优势88.23%86.23%2.00%重仓较高163302巨田资源
87.98%87.84%0.14%重仓高070011嘉实策略87.86%82.49%5.37%重仓较高163804中银收益
87.57%83.47%4.10%重仓较高110010方达价值87.46%88.05%-0.59%重仓高160610鹏华动力87.36%91.33%-3.97%重仓高100022富国天瑞87.30%91.60%-4.30%重仓较低630001华商领先87.23%86.34%0.89%重仓较高290002泰信策略86.50%84.39%2.11%重仓较高217009招商核心86.40%92.52%-6.12%重仓高240008华宝收益85.77%88.82%-3.05%重仓高350002天治优选
85.77%83.24%2.53%重仓较高560002益民红利85.72%80.99%4.73%重仓较低217005招商先锋
85.71%81.90%3.81%重仓高398021中海能源85.60%85.18%0.42%重仓高270007广发大盘85.24%83.23%2.01%重仓较高400003东方精选
85.23%81.14%4.09%重仓较高160910大成创新85.17%86.00%-0.83%重仓较高375010上投优势83.61%80.79%2.82%较重高160311华夏蓝筹83.54%83.05%0.49%较重高550001信诚四季红82.24%79.24%3.00%较重较高255010德盛稳健79.67%81.91%-2.24%较重中等160805长盛同智79.57%80.35%-0.79%较重高151001银河稳健78.67%79.37%-0.70%较重较高270002广发稳健
76.87%74.55%2.32%较重中等519021国泰金鼎76.79%73.58%3.21%较重高161601新蓝筹76.61%76.98%-0.37%较重高020009国泰金鹏76.52%73.84%2.68%较重高090003大成稳健
76.38%76.80%-0.42%较重高070003嘉实稳健76.20%74.13%2.07%较重较高270001广发聚富
76.10%75.63%0.47%较重较高560003益民创新75.80%77.02%-1.22%较重中等163402兴业趋势75.37%70.66%4.71%较重高410001华富优选
74.61%71.11%3.50%中等较低519011海富通精选74.60%71.68%2.91%中等较高080001长盛成长
72.62%74.08%-1.46%中等高519690交银稳健
72.13%70.60%1.53%中等高070002嘉实增长
70.69%70.37%0.32%中等较高000011华夏精选70.66%74.12%-3.46%中等较低519015海富精选270.55%66.74%3.81%中等较高070001嘉实成长69.58%,
67.29%2.29%中等中等180001银华优势
68.92%63.17%5.75%中等较高100016富国天源68.36%69.30%-0.94%中等高162207荷银效率67.01%69.96%-2.95%中等高580001嘉禾精选65.88%64.91%0.97%中等高310308盛利精选65.70%67.67%-1.97%中等中等110001易方达增长65.63%62.25%3.38%中等较高460002友邦成长64.48%60.98%3.50%中等较高320001诺安平衡64.46%65.43%-0.97%中等较高020005国泰回报62.51%60.60%1.91%中等较高200001长城平衡59.95%52.66%7.29%较轻较高表3：配置混合型基金仓位测算数据基金代码基金名称1月4日12月28日仓位增减仓位水平可靠性519087世纪分红88.23%85.23%3.00%重仓较高400001东方龙88.00%87.07%0.93%重仓较高420001天弘精选
87.57%92.86%-5.29%重仓中等163801中国精选
87.44%84.16%3.28%重仓高530005建信优化87.06%84.39%2.67%重仓高540003汇丰动态86.79%83.02%3.77%重仓高519007海富通回报85.14%83.04%2.10%重仓中等398011中海红利84.72%82.80%1.92%较重高200007长城回报
83.64%79.15%4.49%较重高150103银河银泰
83.61%84.26%-0.65%较重较高070006嘉实服务
80.78%82.29%-1.51%较重较高483003工银平衡78.70%79.76%-1.06%较重高002011华夏红利76.88%76.28%0.60%较重较高257010德盛小盘76.74%77.31%-0.57%较重高519003海富通收益75.72%76.32%-0.61%较重中等002021华夏回报275.33%70.23%5.10%较重中等519029华夏增长75.30%76.01%-0.71%较重中等260103景顺平衡
73.91%66.26%7.65%中等高121002国投景气69.89%69.74%0.15%中等高373010上投双息
68.51%71.18%-2.67%中等较高240002宝康配置68.12%66.59%1.53%中等高002001华夏回报66.10%63.82%2.28%中等高450001国海收益65.74%65.44%0.30%中等高540001汇丰2016
65.42%60.23%5.19%中等中等288001中信配置
65.27%69.11%-3.84%中等较高162205荷银预算60.57%55.69%4.88%中等高253010德盛安心54.06%53.13%0.93%较轻较高050007博时配置
52.98%53.00%-0.02%较轻较低217002招商平衡48.40%50.58%-2.18%较轻较高350001天治增长
40.19%48.65%-8.46%较轻较高310318盛利配置
25.94%29.66%-3.72%轻仓中等表4：偏债混合型基金仓位测算数据基金代码基金名称1月4日12月28日仓位增减仓位水平可靠性121001融华债券39.65%41.47%-1.82%轻仓高151002银河收益
28.49%29.50%-1.01%轻仓中等202101南方宝元18.23%20.14%-1.91%轻仓较高217008招商增利17.73%19.83%-2.10%轻仓高510080长盛债券12.97%17.34%-4.37%轻仓较低表5：转债混合型基金仓位测算数据基金代码基金名称1月4日12月28日仓位增减仓位水平可靠性040004华安配置58.56%56.24%2.31%较轻中等340001兴业可转债50.28%53.40%-3.12%较轻中等表6：保本型基金仓位测算数据基金代码基金名称1月4日12月28日仓位增减仓位水平可靠性202202南方避险
50.31%60.01%-9.70%较轻高020008金鹿保本
16.73%22.32%-5.59%轻仓中等180002银华保本13.75%12.78%0.97%轻仓较低161902万家保本0.26%1.15%-0.89%轻仓较低