MINING FUND DASHBOARD
景顺 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q2 vs 2026Q1 · 净市值 $8.6B · 98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 | +$119M +16.3% |
| ▲ HECLA MINING COMPANY | Silver / Gold | +$73M +30.8% |
| ▲ NEWMONT CORP | Gold / Silver | +$52M +3.3% |
| ▲ TECK RESOURCES LTD | Diversified Miners | +$40M +16.4% |
| ▲ MOSAIC CO | Potash / Fertilizer | +$29M +10.2% |
| ▲ KAISER ALUMINUM CORP | Aluminum / Base Metals | +$18M +54.8% |
| ▲ MP MATERIALS CORP | Rare Earth | +$15M +8.2% |
| ▲ BHP GROUP LTD | Diversified Miners | +$8M +1026.0% |
| ▲ SOUTHERN COPPER CORP | Copper / Base Metals | +$3M +14.1% |
| ▲ OR ROYALTIES INC. | Royalty / Streaming | +$2M +3.1% |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 首次建仓 |
| 🆕 OCEANAGOLD CORP | Gold / Silver | 首次建仓 |
| 🆕 NUTRIEN LTD | Potash / Fertilizer | 首次建仓 |
| 🆕 MINERALS TECHNOLOGIES INC | Other Mining | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ ROYAL GOLD INC | Royalty / Streaming | $-159M -27.7% |
| ▼ ALCOA CORP | Aluminum / Base Metals | $-129M -53.5% |
| ▼ PAN AMERN SILVER CORP | Silver / Gold | $-123M -50.0% |
| ▼ KINROSS GOLD CORP | Gold / Silver | $-76M -28.8% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-70M -15.3% |
| ▼ WHEATON PRECIOUS METALS CORP | Royalty / Streaming | $-56M -17.8% |
| ▼ FRANCO NEV CORP | Royalty / Streaming | $-53M -21.6% |
| ▼ ORLA MNG LTD NEW | Gold / Silver | $-52M -67.4% |
| ▼ ALBEMARLE CORP | Lithium / Critical Minerals | $-51M -16.6% |
| ▼ COEUR MNG INC | Silver / Gold | $-48M -20.7% |
| ✕ GOLDEN ENTMT INC | Gold / Silver | -100.0% |
| ✕ ADAMS DIVERSIFIED EQUITY FD | Other Mining | -100.0% |
| ✕ AMERICAS GOLD AND SILVER COR | Gold / Silver | -100.0% |
| ✕ PERMA-FIX ENVIRONMENTAL SVCS | Other Mining | -100.0% |
| ✕ DIGI PWR X INC | Other Mining | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
NEWMONT CORP$1.6B (18.95%)
FREEPORT MCMORAN INC$852M (9.91%)
AGNICO EAGLE MINES LTD$498M (5.79%)
ROYAL GOLD INC$413M (4.81%)
BARRICK GOLD CORP$387M (4.50%)
商品配置矩阵 (QoQ)
Gold / Silver+1.7%38.9% → 40.6%
Royalty / Streaming-3.4%14.8% → 11.4%
Copper / Base Metals+1.0%10.5% → 11.4%
Silver / Gold-1.7%10.2% → 8.6%
Potash / Fertilizer+4.8%3.4% → 8.2%
Diversified Miners+0.3%5.5% → 5.8%
Aluminum / Base Metals-1.5%4.7% → 3.2%
Lithium / Critical Min-0.6%4.1% → 3.5%
📈 增持复盘分析
本季度景顺矿业总敞口$8.6B（2026Q2），较上季+$157M(+1.9%)持仓98只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（40.6%权重）。
📉 减持复盘分析
减持端主要动向集中在Royalty / Streaming板块，其中ROYAL GOLD INC净流出$-159M，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：Potash / Fertilizer +4.8%；Royalty / Streaming -3.4%；Gold / Silver +1.7%。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｜大额新建仓AGNICO EAGLE MINES LTD、CF INDUSTRIES HOLD、OCEANAGOLD CORP，关注后续持仓稳定性
MINING DASHBOARD · Invesco · 2026Q2 · 2026-08-18 16:10