Title: 消费基金，增持科技制造类股票！什么情况？ | BestBlogs.dev

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Published Time: 2026-07-28 18:08:00

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消费基金，增持科技制造类股票！什么情况？

The article analyzes how consumer funds, facing redemption pressure and contract continuity risks, have broadened their investment scope to increase holdings in tech manufacturing stocks during the bottoming-out phase of the consumer sector, while disclosing the risk of liquidation for several consumer funds due to their shrinking size. Follow·

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AI Summary & Key Points

Summary

The article points out that current consumer industry funds are facing product continuity pressure. Due to the sluggish traditional consumer sector and capital flowing into tech tracks, funds heavily invested in narrowly defined consumer stocks have encountered significant redemption pressure. To avoid liquidation, many consumer funds have significantly increased their holdings in new-style consumer stocks with tech manufacturing attributes under the broad investment scope defined in their contracts, while reducing positions in traditional consumer holdings such as baijiu. The article cites specific cases of holdings adjustments by funds such as Southern Consumption Upgrade and China Merchants Consumption Enjoyment, and quotes fund managers stating that the consumer sector is still in the left-bottoming phase, with valuations at low levels but weak momentum. Additionally, the article mentions that several consumer funds have announced liquidation or warned of liquidation risks due to their net asset value falling below 50 million yuan for 60 consecutive working days, highlighting that the key to consumer funds' survival lies in optimizing their portfolio structure to improve net asset performance.

Main Points

* 1. Consumer funds are forced to transform towards tech manufacturing to ensure continuity.

Facing redemption pressure and liquidation risk, consumer funds utilize the broad contractual scope to increase holdings in tech manufacturing stocks, reducing positions in traditional consumer holdings like baijiu to improve net asset performance.

* 2. Several consumer funds trigger liquidation clauses due to insufficient size.

A medium-sized public fund in South China and a large public fund in Shenzhen both have consumer funds that, due to net asset value falling below 50 million yuan for 60 consecutive working days, have entered liquidation procedures or reported solutions.

* 3. Fund managers generally believe the consumer sector is in the left-bottoming phase.

Fund managers of Ping An Consumer Selection and Southern Consumption Upgrade both state that consumer stock valuations are at low levels but momentum is weak, requiring waiting for right-side opportunities, with product continuity prioritized during this period.

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原创 许诺 2026-07-28 18:08 广东

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券商中国微信公众号：quanshangcn

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基于消费定义较为宽松的口径，消费基金经理普遍强化科技持仓，以缓解产品合同存续压力。

传统消费板块景气低迷、资金持续涌向科技赛道，重仓窄义消费的消费行业基金面临的产品存续、合同终止压力更大，在此背景下，不少消费基金依托合同宽泛的投资界定，大幅增持科技制造属性的新式消费标的，压缩白酒等传统消费持仓，以此改善净值表现、缓解赎回压力；不少消费基金经理坦言消费板块尚处于磨底的左侧，优化消费基金持仓结构、保住产品存续或是首要考量。

消费基金加仓科技

消费基金经理正在尽可能挖掘科技特色。南方消费升级基金披露的信息显示，截至6月末，该基金的前三大重仓股已全部指向科技制造类股票，包括TCL电子、春风动力、宁德时代等，尽管这些公司并非热门的AI科技产业链，但消费基金产品尽可能按照合同口径增强科技制造，也凸显出消费类基金生存求胜的关键路径，优化持仓结构成为拉动净值走强的必由之路。基于该持仓安排，南方消费升级基金近一周净值出现4.28%正收益，涨幅排名前列。

此外，招商消费悦享、鹏华消费升级、易方达消费行业、汇添富消费行业等产品，也均强化科技制造类消费的持仓比重，同时降低白酒等传统消费的配置。以鹏华消费升级基金为例，该基金重仓的贵州茅台已降至第七大重仓股，持仓比例也仅为3.65%，而更多的仓位配置到科技制造业，包括电子材料、光电隔膜等领域。

显而易见的是，消费基金经理希望扩大消费持仓的“科技特色”，降低传统窄义消费股票的配置。这在招商消费悦享的最新持仓中更为明显，该基金在今年3月末时的重仓股尚包括泡泡玛特、安踏体育、李宁、兔宝宝等窄义消费股，但在6月末的最新披露中，上述窄义消费股全部淡出重仓股，取而代之的则是宽松口径的“科技消费”，包括科达制造、赛轮轮胎、信义玻璃、春风动力等，这只消费基金的十大重仓股已全部更换为科技特色，这一安排依然符合消费口径的定义。

窄义持仓易致产品合同终止

若无口径宽松的安排，或单纯重仓窄义理解上的消费股，许多消费基金产品或难以等到赛道回暖的右侧。

在基金持有人对科技股望眼欲穿的环境下，重仓窄义消费的消费基金面临的赎回压力更大，这也是不少消费基金通过宽松口径，布局科技制造的产品生存逻辑。

券商中国记者注意到，因科技股带来的虹吸效应，基民对科技基金的关注度持续走高，对消费基金表现不佳怨言颇多，已有多只消费基金产品在近期宣布清盘或提示清盘风险。

例如，华南某中型公募日前发布公告，旗下一只消费混合基金出现连续60个工作日低于5000万元的情形，基金管理人按照合同约定对这只消费基金进行清算，并终止基金合同。值得一提的是，在这只消费基金宣布清盘前，一位投资者赎回约5700万份的基金份额。

此外，深圳某大型公募日前也披露，旗下一只消费主题基金同样出现连续60个工作日资产净值低于5000万元的情形，所在基金公司已向监管部门报告解决方案。根据该基金的定期报告，截至今年6月末，其资产规模已缩水到约2600万元。而该消费基金规模缩水的一个背景是，其持仓主要是窄义层面的消费股。

“尽管基金经理相信消费股的机会一定会到来，但若投资者对基金持仓结构不太满意，大量赎回导致合同终止，那么基金的长期投资逻辑也没有意义。”华南一位基金公司人士如此解释。

消费基金坦承目前左侧磨底

显而易见的是，消费基金经理在右侧出现之前，必须保证产品合同的存续性，他们普遍认为消费整体估值便宜，但处于景气较弱的左侧。

平安消费精选基金经理区少萍指出，消费板块仍处于弱景气磨底左侧，交易结构尚待消化，市场对高切低关注度提升，但消费股整体上仍居后排，切换更多是局部资金行为，未形成持续性。

她判断，白酒是否利空出尽仍需观察，更好的拐点预计在三季度。中长期维度，从产业趋势层面看好创新零售渠道、品牌出海以及情绪消费与服务消费等方向；估值端看，部分龙头估值已降至13倍以下，无论是横向全球消费龙头比较，抑或纵向历史估值比较，均处于低位。

南方消费升级基金经理郑诗韵认为，AI相关的科技方向引领市场表现，并创出历史级别的超额涨幅。而消费股表现承压，基本面也呈现出K形分化，尽管受益于科技股的财富效应，高端消费品复苏较好，但大众消费品仍呈现L形触底态势，景气度偏弱，相比之下，若AI科技短期出现调整，资金切换赛道的指标选择，依然是另一个高景气行业。

## ## ## 责编：杨喻程

排版：刘珺宇

校对：姚远

## ## 百万用户都在看

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Key Quotes

> Without broadened scope arrangements, or if heavily invested in narrowly defined consumer stocks, many consumer fund products might not survive until the right-side recovery of the sector.

> Although fund managers believe opportunities in consumer stocks will surely arrive, if investors are dissatisfied with the fund's portfolio structure, mass redemptions leading to contract termination would render the fund's long-term investment logic meaningless.

> The consumer sector is still in the weak-momentum left-bottoming phase, the trading structure needs to be digested, market attention to high-to-low switching is increasing, but consumer stocks overall remain in the rear, with switching being more a localized capital behavior without forming sustainability.

Tags

Public Mutual Funds

Consumer Investment

Asset Allocation

Fund Liquidation

Tech Manufacturing

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