暨2018Q4主动型基金季报分析：周期下游关注度提升，深挖子板块的危与机

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1、内容目录关注要素及关注指标一览.-4-2018四季度重点指数表现...................................................................................-5-主动与被动基金的分化................................................................................-5-全部持股：资产配置及风格变化...............................................

2、..........................-5-股票仓位下降至2015年四季度以来最低.....................................................-5-行业关注度的冷热变化........................................................................................-6-重仓股持股集中度下降，抱团或有松动..................................................

3、.....-6-创业板关注度小幅提升................................................................................-6-地产超配明显，休闲服务、汽车、农业、通信连续多季增持......................-7-警惕关注度过热的行业................................................................................-8-6大风格板块的超低配变化...............

4、..................................................................-8-周期下游最受关注.......................................................................................-8-细分行业及子板块的关注度变化.........................................................................-9-热点子板块的超低配变化....

5、........................................................................-9-十大重仓股：个股持仓变化..............................................................................-10-机构当季重仓股：仍以消费为主................................................................-10-新调入重仓股：关注少量机构关注的个股...

6、..............................................-11-新调出个股：关注度降低..........................................................................-12-图表目录图表1：本文关注点及主要结论.-4-图表2：重点指数季度涨跌幅（2018Q4&2018Q3）.......................................-5-图表3：主动型基金规模v.s.股票型ETF规模..................

7、..............................-5-图表4：7类资产分布情况..................................................................................-5-图表5：股票&债券仓位分布................................................................................-5-图表6：前十大重仓股市值/基金股票资产总市值........................

8、.......................-6-图表7：主板&创业板&中小板配置比例（十大重仓股）.....................................-6-图表8：仓