MINING FUND DASHBOARD
贝莱德 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q1 vs 2025Q4 · 净市值 $50.9B · 131只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$1.9B +33.7% |
| ▲ ANGLOGOLD ASHANTI PLC | Gold / Silver | +$686M +30.3% |
| ▲ NEWMONT CORP | Gold / Silver | +$671M +5.2% |
| ▲ COEUR MNG INC | Silver / Gold | +$657M +52.4% |
| ▲ ALCOA CORP | Aluminum / Base Metals | +$586M +45.1% |
| ▲ ROYAL GOLD INC | Royalty / Streaming | +$583M +28.0% |
| ▲ ALBEMARLE CORP | Lithium / Critical Minerals | +$431M +31.1% |
| ▲ SOUTHERN COPPER CORP | Copper / Base Metals | +$352M +27.8% |
| ▲ VALE S A | Diversified Miners | +$260M +28.4% |
| ▲ GOLD FIELDS LTD | Gold / Silver | +$197M +33.2% |
| 🆕 CONTANGO SILVER & GOLD INC | Gold / Silver | 首次建仓 |
| 🆕 MERIDIAN HOLDINGS INC | Other Mining | 首次建仓 |
| 🆕 DIGI PWR X INC | Other Mining | 首次建仓 |
| 🆕 VISTA GOLD CORP | Gold / Silver | 首次建仓 |
| 🆕 SPROTT FDS TR | Gold / Silver ETF | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ TECK RESOURCES LTD | Diversified Miners | $-475M -78.4% |
| ▼ CLEVELAND-CLIFFS INC NEW | Iron Ore | $-212M -30.0% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-196M -7.9% |
| ▼ PAN AMERN SILVER CORP | Silver / Gold | $-121M -20.1% |
| ▼ ELDORADO GOLD CORP NEW | Gold / Silver | $-77M -9.9% |
| ▼ KINROSS GOLD CORP | Gold / Silver | $-61M -36.2% |
| ▼ IVANHOE ELECTRIC INC | Copper / Base Metals | $-60M -26.9% |
| ▼ HARMONY GOLD MINING CO LTD | Gold / Silver | $-36M -28.5% |
| ▼ SIBANYE STILLWATER LTD | Platinum Group Metals | $-31M -71.1% |
| ▼ METALLUS INC | Steel | $-23M -20.1% |
| ✕ OLYMPIC STEEL INC | Steel | -100.0% |
| ✕ CONTANGO ORE INC | Gold / Silver | -100.0% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ GOLDEN MATRIX GROUP INC | Gold / Silver | -100.0% |
| ✕ DOLLY VARDEN SILVER CORP | Silver / Gold | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
NEWMONT CORP$13.6B (26.83%)
FREEPORT MCMORAN INC$7.4B (14.54%)
ANGLOGOLD ASHANTI PLC$3.0B (5.80%)
ROYAL GOLD INC$2.7B (5.24%)
BARRICK GOLD CORP$2.3B (4.48%)
商品配置矩阵 (QoQ)
Gold / Silver-2.8%45.9% → 43.1%
Copper / Base Metals+2.4%15.7% → 18.1%
Silver / Gold+0.2%8.6% → 8.8%
Royalty / Streaming+0.6%5.4% → 6.0%
Aluminum / Base Metals+0.9%4.5% → 5.4%
Lithium / Critical Min+0.6%3.4% → 4.0%
Diversified Miners-0.7%4.1% → 3.4%
Coal-0.1%3.7% → 3.6%
📈 增持复盘分析
本季度贝莱德矿业总敞口$50.9B（2026Q1），较上季+$6.0B(+13.4%)持仓131只矿业标的。主力增仓赛道锁定Copper / Base Metals，核心敞口集中在Gold / Silver（43.1%权重）。
📉 减持复盘分析
减持端主要动向集中在Diversified Miners板块，其中TECK RESOURCES LTD净流出$-475M，反映出对前期拥挤品种的战术性获利了结。整体减仓有序，未见恐慌性清仓信号。
🔄 行业轮动特征
商品配置结构演变：Gold / Silver -2.8%；Copper / Base Metals +2.4%。该基金在矿业配置上展现出主权/被动指数的典型特征，以ETF化/指数化被动配置为主逻辑。
⚠ 投研核心关注
出现5只标的清仓，需核实是否为策略性清理
MINING DASHBOARD · BlackRock · 2026Q1 · 2026-05-28 11:07