商贸零售行业商社Q3持仓分析：社服环比持仓上升、零售下降，继续推荐优质高成长标的

《商贸零售行业商社Q3持仓分析：社服环比持仓上升、零售下降，继续推荐优质高成长标的》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、1.本周观点：社服零售行业基金三季报持仓分析1.1.社服板块19Q3基金持仓有所上升，零售板块19Q3基金持仓有所下降社服板块19Q3基金持仓有所上升，零售板块19Q3基金持仓有所下降。1）从19Q3基金持仓环比变动来看，社服板块19Q3基金持仓比例环比19Q2小幅上升0.23pct至1.69%，29个中信二级行业中排名第14位，零售板块19Q3基金持仓比例环比19Q2下降0.95pct至1.36%，29个中信二级行业中排名第16位（数据样本为普通型基金和偏股型基金）。2）从现有持仓相对历史均值比对来看，社服板块19Q3持仓高于历史均值0.57pct，零售板块19Q3持仓低于历

2、史均值0.32pct。图1：从19Q3基金持仓环比变动来看：19Q3社服板块总基金持仓环比上升0.23个百分点，在中信的29个分类行业中为第14名；19Q3零售板块总基金持仓环比下降0.95个百分点，在中信的29个分类行业中为第16名6.05.04.03.02.01.00.0(1.0)(2.0)5.32.00.40.30.30.20.20.00.0(0.0)(0.1)(0.1)(0.1)(0.2)(0.2)(0.2)(0.2)(0.2)(0.3)(0.3)(0.3)(0.4)(0.4)(0.6)(0.7)(0.8)(1.0)(1.1)电子医药化工综合通信社服传媒建筑钢铁

3、煤炭纺服轻工有色电力军工石化交运电力建材地产汽车计算机农林机械非银行银行商贸家电食品(1.7)资料来源：wind,表1：29个中信分类行业的17Q2-19Q2各季度基金持仓比例明细板块17Q317Q418Q118Q218Q318Q419Q119Q219Q3历史均值历史最大值历史最小值石油石化0.72%0.85%1.60%1.44%1.84%0.80%0.64%0.51%0.30%0.94%2.46%0.24%煤炭0.49%0.42%0.36%0.65%0.56%0.62%0.37%0.28%0.25%0.57%3.43%0.01%有色金属5.19%3.60%4.62%3.25%

4、2.24%1.18%0.44%0.97%0.86%1.84%5.19%0.44%公用事业2.70%2.01%1.39%1.48%1.32%2.51%1.27%1.26%1.02%2.98%5.32%1.26%钢铁0.72%0.57%0.27%0.48%0.47%0.09%0.09%0.08%0.08%0.27%0.72%0.06%基础化工3.61%3.24%2.62%3.40%3.20%2.37%2.10%2.10%2.48%4.24%7.32%2.10%建筑2.50%1.39%1.45%0.89%0.92%1.02%0.56%0.32%0.34%2.28%5.28%0.32%

5、建材2.09%2.22%2.56%1.34%1.96%1.59%1.56%1.74%1.45%1.35%2.56%0.68%轻工制造2.40%1.72%2.06%2.20%1.81%1.65%1.14%0.90%0.82%1.45%3.91%0.07%机械4.92%4.34%4.56%3.83%3.26%4.29%3.71%2.69%2.09%4.05%6.07%1.73%电力设备3.36%4.48%4.19%2.45%2.02%3.41%3.07%3.58%3.43%2.97%4.98%1.71%国防军工1.05%0.96%1.06%1.14%1.91%1.55%1.25%0

6、.88%0.72%1.53%3.00%0.17%汽车2.63%2.20%1.76%1.54%2.07%2.26%2.40%1.94%1.64%3.49%6.17%1.54%商贸零售2.41%1.81%2.03%2.06%1.77%2.90%2.07%2.31%1.36%1.68%3.62%0.46%餐饮旅游0.85%0.67%0.64%1.03%1.56%1.57%1.12%1.46%1.69%1.12%2.44%0.39%家电5.96%7.47%7.21%8.35%5.92%4.99%5.42%7.03%5.93%4.85%8.35%1.25%纺织服装0.15%0.19%0.

7、35%0.50%0.51%0.49%0.45%0.34%0.28%0.75%1.81%0.15%医药9.04%9.55%12.21%16.57%14.48%13.92%14.42%13.92%15.91%13.64%20.07%7.77%食品饮料11.15%13.57%9.98%12.82%13.73%11.33%15.00%19.71%18.06%9.83%19.71%2.80%农林牧渔0.97%1.17%1.12%0.81%1.14%2.57%4.55%3.40%3.04%1.84%3.