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) | ||
| STATE STR SP | STATE STR SPDR S&P 500 ETF T | +$590M+296.8% |
| TAIWAN SEMIC | TAIWAN SEMICONDUCTOR MANUFAC | +$197M+185.2% |
| RIVIAN AUTOM | RIVIAN AUTOMOTIVE INC | +$144M+1541.4% |
| SELECT SECTO | SELECT SECTOR SPDR TR | +$140M+86.3% |
| COREWEAVE IN | COREWEAVE INC | +$131M+106.3% |
| ELECTRONIC A | ELECTRONIC ARTS INC | +$109M+124.9% |
| JD.COM INC | JD.COM INC | +$109M+264.9% |
| LUMENTUM HLD | LUMENTUM HLDGS INC | +$100M+706.8% |
| SEALED AIR C | SEALED AIR CORP NEW | +$94M+436.1% |
| BLACKLINE IN | BLACKLINE INC | +$91M+2187.5% |
| ▸ 新建仓位 (Top 5) | ||
| LINDE PLCNEW | LINDE PLC | 首次建仓市值 $129M |
| H2O AMERICANEW | H2O AMERICA | 首次建仓市值 $72M |
| PENUMBRA INCNEW | PENUMBRA INC | 首次建仓市值 $67M |
| BERKSHIRE HANEW | BERKSHIRE HATHAWAY INC DEL | 首次建仓市值 $64M |
| NEXTERA ENERNEW | NEXTERA ENERGY INC | 首次建仓市值 $60M |
| 标的 | 发行人全称 | 减持/清仓额 |
|---|---|---|
| ▸ 大幅减持 (Top 10) | ||
| AMAZON COM I | AMAZON COM INC | $-209M-34.0% |
| SPDR SERIES | SPDR SERIES TRUST | $-198M-47.6% |
| DISNEY WALT | DISNEY WALT CO | $-88M-98.9% |
| VANECK ETF T | VANECK ETF TRUST | $-79M-76.0% |
| BILL HOLDING | BILL HOLDINGS INC | $-79M-95.1% |
| SUNRUN INC | SUNRUN INC | $-78M-99.7% |
| RAPID7 INC | RAPID7 INC | $-73M-99.1% |
| SALESFORCE I | SALESFORCE INC | $-70M-51.0% |
| FIGURE TECHN | FIGURE TECHNOLOGY SOLUTIO | $-52M-60.4% |
| ETSY INC | ETSY INC | $-49M-57.3% |
| ▸ 已清仓 (Top 5) | ||
| SPOTIFY USA EXIT | SPOTIFY USA INC | -100.0% |
| CONFLUENT INEXIT | CONFLUENT INC | -100.0% |
| DAYFORCE INCEXIT | DAYFORCE INC | -100.0% |
| EXACT SCIENCEXIT | EXACT SCIENCES CORP | -100.0% |
| CYBERARK SOFEXIT | CYBERARK SOFTWARE LTD | -100.0% |
本季度增仓积极，共10个仓位显著增持（合计+$1.7B），5个全新建仓（合计$392M）。增量资金集中涌入ETF板块（2/15笔），代表标的：STATE STR SPDR S&P 5。
防御性减仓显著：10个仓位减持（-$1.6B），5个完全清仓（-$660M），防御姿态明确。减仓高度集中于Technology板块（8/15笔），代表标的：AMAZON COM INC。
板块轮动特征显著：ETF +6.6%，Industrials +2.2%；Technology -5.8%，Financials-3.4%。结构分化清晰。
TMT小幅降权(-6pp)，工业微增(+2pp)，被动再平衡为主