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文艺复兴科技 — 矿业板块最新季度持仓分析
主权/被动指数 · 2026Q1 vs 2025Q4 · 净市值 $4.3B · 105只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ BARRICK GOLD CORP | Gold / Silver | +$169M +308.1% |
| ▲ COEUR MNG INC | Silver / Gold | +$117M +941.8% |
| ▲ FREEPORT MCMORAN INC | Copper / Base Metals | +$115M +179.9% |
| ▲ VALE S A | Diversified Miners | +$80M +55.4% |
| ▲ KINROSS GOLD CORP | Gold / Silver | +$76M +10.9% |
| ▲ RIO TINTO PLC | Diversified Miners | +$75M +503.3% |
| ▲ ALBEMARLE CORP | Lithium / Critical Minerals | +$73M +126.6% |
| ▲ CAMECO CORP | Uranium | +$54M +269.9% |
| ▲ SOCIEDAD QUIMICA Y MINERA DE | Lithium / Critical Minerals | +$36M +725.8% |
| ▲ FRANCO NEV CORP | Royalty / Streaming | +$35M +6.7% |
| 🆕 TENARIS S A | Steel | 首次建仓 |
| 🆕 NEWMONT CORP | Gold / Silver | 首次建仓 |
| 🆕 HECLA MINING COMPANY | Silver / Gold | 首次建仓 |
| 🆕 PAN AMERN SILVER CORP | Silver / Gold | 首次建仓 |
| 🆕 FIRST MAJESTIC SILVER CORP | Silver / Gold | 首次建仓 |
▼ Top Net Outflows (净减持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▼ ELDORADO GOLD CORP NEW | Gold / Silver | $-16M -20.5% |
| ▼ SSR MINING IN | Silver / Gold | $-11M -36.7% |
| ▼ GOLD FIELDS LTD | Gold / Silver | $-8M -35.6% |
| ▼ HUDBAY MINERALS INC | Zinc / Lead | $-7M -15.7% |
| ▼ FORTUNA MNG CORP | Silver / Gold | $-6M -39.6% |
| ▼ GRANITESHARES GOLD TR | Gold / Silver | $-3M -71.5% |
| ▼ FERROGLOBE PLC | Steel | $-2M -14.4% |
| ▼ CALEDONIA MNG CORP PLC | Gold / Silver | $-2M -80.6% |
| ▼ GOLD RESOURCE CORP | Gold / Silver | $-1M -87.0% |
| ▼ AURA MINERALS INC | Gold / Silver | $-932K -64.9% |
| ✕ NEW GOLD INC CDA | Gold / Silver | -100.0% |
| ✕ DIAMOND HILL INVT GROUP INC | Diamonds | -100.0% |
| ✕ USA RARE EARTH INC | Rare Earth | -100.0% |
| ✕ ARCELORMITTAL SA LUXEMBOURG | Steel | -100.0% |
| ✕ LITHIUM AMERS CORP NEW | Lithium / Critical Minerals | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
KINROSS GOLD CORP$780M (18.29%)
FRANCO NEV CORP$548M (12.86%)
ALAMOS GOLD INC$227M (5.33%)
VALE S A$224M (5.24%)
BARRICK GOLD CORP$223M (5.24%)
商品配置矩阵 (QoQ)
Gold / Silver-9.3%51.5% → 42.1%
Royalty / Streaming-6.1%20.5% → 14.4%
Silver / Gold+6.8%3.1% → 9.9%
Diversified Miners+1.3%6.3% → 7.6%
Coal-2.3%6.9% → 4.6%
Copper / Base Metals+1.8%3.7% → 5.5%
Steel+4.4%0.9% → 5.3%
Lithium / Critical Min+1.7%2.6% → 4.3%
📈 增持复盘分析
本季度文艺复兴科技矿业总敞口$4.3B（2026Q1），较上季+$1.6B(+62.9%)持仓105只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（42.1%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中ELDORADO GOLD CORP NEW净流出$-16M，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 -9.3%；Silver / Gold +6.8%；Royalty / Streaming -6.1%。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TENARIS S A、NEWMONT CORP、HECLA MINING COMPANY，关注后续持仓稳定性
MINING DASHBOARD · Renaissance · 2026Q1 · 2026-05-28 11:07