13F 披露季度：2026Q1 | 对比基准：2025Q4 | 数据分流：纯做多(SH-only, 已剔除PUT/CALL虚增)
| 标的 | 发行人全称 | 增持/建仓额 |
|---|---|---|
| ▸ 大幅增持 (Top 10) | ||
| ABBVIE INC | ABBVIE INC | +$1.8B+1277.3% |
| EXXON MOBIL | EXXON MOBIL CORP | +$1.7B+44.5% |
| PFIZER INC | PFIZER INC | +$1.7B+127.8% |
| CATERPILLAR | CATERPILLAR INC | +$1.5B+27.4% |
| ASML HLDG NV | ASML HLDG NV NYS | +$1.3B+26.6% |
| CHEVRON CORP | CHEVRON CORPORATION | +$1.3B+38.4% |
| CISCO SYS IN | CISCO SYS INC | +$1.1B+446.7% |
| NOVARTIS A G | NOVARTIS A G SPONSORED ADR ADR | +$1.1B+106.1% |
| BP PLC SPONS | BP PLC SPONSORED ADR ADR | +$824M+35.7% |
| TAIWAN SEMIC | TAIWAN SEMICONDUCTOR MANUF ADR | +$777M+14.1% |
| ▸ 新建仓位 (Top 5) | ||
| ASTRAZENECA NEW | ASTRAZENECA PLC | 首次建仓市值 $2.1B |
| PBB EUROPE BNEW | PBB EUROPE BANKS ETF | 首次建仓市值 $436M |
| CG ONCOLOGY NEW | CG ONCOLOGY INC | 首次建仓市值 $31M |
| PINNACLE FINNEW | PINNACLE FINL PARTNERS INC COM | 首次建仓市值 $15M |
| RAYONIER INCNEW | RAYONIER INC | 首次建仓市值 $9M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| MICROSOFT CO | MICROSOFT CORP | $-2.6B-21.5% |
| ADOBE INC | ADOBE INC | $-1.4B-97.8% |
| ABBOTT LABS | ABBOTT LABS | $-1.4B-94.6% |
| SAP SE ADR | SAP SE ADR | $-1.1B-30.4% |
| STRYKER CORP | STRYKER CORPORATION | $-945M-86.2% |
| BOSTON SCIEN | BOSTON SCIENTIFIC CORP | $-843M-96.8% |
| BANCO SANTAN | BANCO SANTANDER SA ADR | $-690M-60.8% |
| APPLE INC | APPLE INC | $-671M-4.5% |
| AMAZON COM I | AMAZON COM INC COM | $-634M-8.2% |
| INTUIT | INTUIT | $-633M-41.8% |
| ▸ 已清仓 (Top 5) | ||
| ASTRAZENECA EXIT | ASTRAZENECA PLC ADR | -100.0% |
| TRIP COM GROEXIT | TRIP COM GROUP LTD ADR | -100.0% |
| WEBSTER FINLEXIT | WEBSTER FINL CORP | -100.0% |
| CADENCE BANKEXIT | CADENCE BANK | -100.0% |
| HUB GROUP INEXIT | HUB GROUP INC | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$13.0B），5个全新建仓（合计$2.6B）。增量资金集中涌入Healthcare板块（5/15笔），代表标的：ABBVIE INC、PFIZER INC。
防御性减仓显著：10个仓位减持（-$13.1B），5个完全清仓（-$2.3B），防御姿态明确。减仓高度集中于Technology板块（6/15笔），代表标的：MICROSOFT CORP、ADOBE INC。
板块轮动特征显著：Industrials +3.4%，Healthcare+0.5%；Technology -3.2%，Financials-2.0%。结构分化清晰。
TMT小幅降权(-3pp)，工业微增(+3pp)，被动再平衡为主