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) | ||
| SLB LIMITED | SLB LIMITED | +$82M+228.5% |
| VALARIS LTD | VALARIS LTD | +$76M+141.6% |
| CANADIAN NAT | CANADIAN NAT RES LTD MED TER | +$73M+113.9% |
| RANGE RES CO | RANGE RES CORP | +$52M+74.1% |
| NOBLE CORP P | NOBLE CORP PLC | +$50M+124.3% |
| CORE NATURAL | CORE NATURAL RESOURCES INC | +$47M+176.8% |
| SEADRILL LTD | SEADRILL LTD | +$45M+67.8% |
| ALPHA METALL | ALPHA METALLURGICAL RESOUR I | +$34M+215.1% |
| PERMIAN RESO | PERMIAN RESOURCES CORP | +$32M+439.6% |
| EQT CORP | EQT CORP | +$28M+62.7% |
| ▸ 新建仓位 (Top 5) | ||
| SUNCOR ENERGNEW | SUNCOR ENERGY INC NEW | 首次建仓市值 $122M |
| WARRIOR MET NEW | WARRIOR MET COAL INC | 首次建仓市值 $56M |
| CHORD ENERGYNEW | CHORD ENERGY CORPORATION | 首次建仓市值 $40M |
| SM ENERGY CONEW | SM ENERGY COMPANY | 首次建仓市值 $15M |
| TIDEWATER INNEW | TIDEWATER INC NEW | 首次建仓市值 $327K |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| ORLA MNG LTD | ORLA MNG LTD NEW | $-8M-75.2% |
| CENTRUS ENER | CENTRUS ENERGY CORP | $-6M-15.6% |
| FREEPORT MCM | FREEPORT MCMORAN INC | $-5M-40.0% |
| IVANHOE ELEC | IVANHOE ELECTRIC INC | $-4M-12.5% |
| EQUINOX GOLD | EQUINOX GOLD CORP | $-2M-10.0% |
| NOVAGOLD RES | NOVAGOLD RES INC | $-1M-16.5% |
| CALEDONIA MN | CALEDONIA MNG CORP PLC | $-864K-20.0% |
| ENCORE ENERG | ENCORE ENERGY CORP | $-407K-13.4% |
| TRIPLE FLAG | TRIPLE FLAG PRECIOUS METAL | $-169K-7.5% |
| ▸ 已清仓 (Top 5) | ||
| HUDBAY MINEREXIT | HUDBAY MINERALS INC | -100.0% |
| SKEENA RES LEXIT | SKEENA RES LTD NEW | -100.0% |
| PAN AMERN SIEXIT | PAN AMERN SILVER CORP | -100.0% |
| CIVITAS RESOEXIT | CIVITAS RESOURCES INC | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$520M），5个全新建仓（合计$233M）。增量资金集中涌入Industrials板块（10/15笔），代表标的：SLB LIMITED、CANADIAN NAT RES LTD。
防御性减仓显著：9个仓位减持（-$73M），4个完全清仓（-$46M），防御姿态明确。减仓高度集中于Mining板块（10/13笔），代表标的：ORLA MNG LTD NEW、FREEPORT MCMORAN INC。
板块轮动特征显著：Industrials +8.7%；Mining -7.0%，Chemicals & Ag-1.7%。结构分化清晰。
Industrials+9pp，Mining-7pp。AUM+84%