MINING FUND DASHBOARD
景顺 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q1 vs 2025Q4 · 净市值 $8.4B · 82只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ ROYAL GOLD INC | Royalty / Streaming | +$250M +77.8% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$241M +48.9% |
| ▲ NEWMONT CORP | Gold / Silver | +$193M +13.9% |
| ▲ HECLA MINING COMPANY | Silver / Gold | +$155M +187.1% |
| ▲ COEUR MNG INC | Silver / Gold | +$145M +168.3% |
| ▲ ALCOA CORP | Aluminum / Base Metals | +$112M +87.5% |
| ▲ CENTURY ALUM CO | Aluminum / Base Metals | +$97M +394.2% |
| ▲ TENARIS S A | Steel | +$68M +31579.8% |
| ▲ BARRICK GOLD CORP | Gold / Silver | +$55M +13.7% |
| ▲ ERO COPPER CORP | Copper / Base Metals | +$50M +62.9% |
| 🆕 CLEVELAND-CLIFFS INC NEW | Iron Ore | 首次建仓 |
| 🆕 METALLUS INC | Steel | 首次建仓 |
| 🆕 INSTEEL INDS INC | Steel | 首次建仓 |
| 🆕 AMERICAS GOLD AND SILVER COR | Gold / Silver | 首次建仓 |
| 🆕 CONTANGO SILVER & GOLD INC | Gold / Silver | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ PAN AMERN SILVER CORP | Silver / Gold | $-64M -20.7% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-53M -28.7% |
| ▼ B2GOLD CORP | Gold / Silver | $-28M -80.9% |
| ▼ HARMONY GOLD MINING CO LTD | Gold / Silver | $-28M -42.9% |
| ▼ TECK RESOURCES LTD | Diversified Miners | $-23M -8.5% |
| ▼ ALAMOS GOLD INC NEW | Gold / Silver | $-20M -23.5% |
| ▼ SOUTHERN COPPER CORP | Copper / Base Metals | $-18M -47.9% |
| ▼ GOLD FIELDS LTD | Gold / Silver | $-14M -8.2% |
| ▼ VALE S A | Diversified Miners | $-10M -4.5% |
| ▼ ELDORADO GOLD CORP NEW | Gold / Silver | $-6M -17.0% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ DIAMONDROCK HOSPITALITY CO | Diamonds | -100.0% |
| ✕ CONTANGO ORE INC | Gold / Silver | -100.0% |
| ✕ CIPHER MINING INC | Diversified Miners | -100.0% |
| ✕ GOLD COM INC | Gold / Silver | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
NEWMONT CORP$1.6B (18.68%)
FREEPORT MCMORAN INC$732M (8.67%)
ROYAL GOLD INC$572M (6.77%)
BARRICK GOLD CORP$457M (5.41%)
WHEATON PRECIOUS METALS CORP$312M (3.69%)
商品配置矩阵 (QoQ)
Gold / Silver-4.4%43.3% → 38.9%
Royalty / Streaming+1.8%12.9% → 14.8%
Copper / Base Metals+1.5%8.9% → 10.5%
Silver / Gold+1.7%8.5% → 10.2%
Diversified Miners-1.7%7.2% → 5.5%
Lithium / Critical Min-0.5%4.6% → 4.1%
Potash / Fertilizer-0.7%4.2% → 3.4%
Aluminum / Base Metals+2.2%2.5% → 4.7%
📈 增持复盘分析
本季度景顺矿业总敞口$8.4B（2026Q1），较上季+$1.5B(+22.3%)持仓82只矿业标的。主力增仓赛道锁定Silver / Gold，核心敞口集中在Gold / Silver（38.9%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中PAN AMERN SILVER CORP净流出$-64M，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 -4.4%；Aluminum / Base Metals +2.2%；Royalty / Streaming +1.8%。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 · Invesco · 2026Q1 · 2026-05-28 11:07