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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 · 2026Q2 vs 2026Q1 · 净市值 $3.7B · 108只标的
▲ Top Net Inflows (净增持)
| 标的名称 | 品类 | 净变动/变动率 |
|---|---|---|
| ▲ HECLA MINING COMPANY | Silver / Gold | +$77M +106.7% |
| ▲ GOLD FIELDS LTD | Gold / Silver | +$37M +238.1% |
| ▲ PAN AMERN SILVER CORP | Silver / Gold | +$30M +42.4% |
| ▲ EQUINOX GOLD CORP | Gold / Silver | +$30M +224.3% |
| ▲ ROYAL GOLD INC | Royalty / Streaming | +$25M +118.9% |
| ▲ RIO TINTO PLC | Diversified Miners | +$25M +28.0% |
| ▲ SOCIEDAD QUIMICA Y MINERA DE | Lithium / Critical Minerals | +$17M +41.9% |
| ▲ AVINO SILVER & GOLD MINES LT | Silver / Gold | +$13M +647.3% |
| ▲ SIBANYE STILLWATER LTD | Platinum Group Metals | +$12M +54.5% |
| ▲ B2GOLD CORP | Gold / Silver | +$12M +95.4% |
| 🆕 USA RARE EARTH INC | Rare Earth | 首次建仓 |
| 🆕 AGNICO EAGLE MINES LTD | Gold / Silver | 首次建仓 |
| 🆕 UNITED STS LIME & MINERALS I | Other Mining | 首次建仓 |
| 🆕 CF INDUSTRIES HOLD | Potash / Fertilizer | 首次建仓 |
| 🆕 SPDR GOLD 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 |
|---|---|---|
| ▼ KINROSS GOLD CORP | Gold / Silver | $-195M -25.0% |
| ▼ VALE S A | Diversified Miners | $-157M -70.1% |
| ▼ FREEPORT MCMORAN INC | Copper / Base Metals | $-131M -73.1% |
| ▼ FRANCO NEV CORP | Royalty / Streaming | $-124M -22.5% |
| ▼ COEUR MNG INC | Silver / Gold | $-121M -93.5% |
| ▼ BARRICK GOLD CORP | Gold / Silver | $-117M -52.2% |
| ▼ ALAMOS GOLD INC | Gold / Silver | $-83M -36.3% |
| ▼ ALBEMARLE CORP | Lithium / Critical Minerals | $-70M -53.1% |
| ▼ ALPHA METALLURGICAL RESOUR I | Coal | $-31M -25.4% |
| ▼ ELDORADO GOLD CORP NEW | Gold / Silver | $-19M -31.9% |
| ✕ TASEKO MINES LTD | Copper / Base Metals | -100.0% |
| ✕ WORLD GOLD TR | Other Mining | -100.0% |
| ✕ ENERGY FUELS INC | Uranium | -100.0% |
| ✕ TECK RESOURCES LTD | Diversified Miners | -100.0% |
| ✕ ETFS GOLD TR | Gold / Silver | -100.0% |
◆ Core Holdings & Allocation (核心持仓)
Top 5 重仓股
KINROSS GOLD CORP$585M (15.88%)
FRANCO NEV CORP$425M (11.53%)
NEWMONT CORP$189M (5.12%)
TENARIS S A$170M (4.61%)
HECLA MINING COMPANY$150M (4.08%)
商品配置矩阵 (QoQ)
Gold / Silver-1.7%42.1% → 40.5%
Royalty / Streaming-0.0%14.4% → 14.4%
Silver / Gold+0.7%9.9% → 10.6%
Diversified Miners-2.6%7.6% → 5.0%
Steel+0.3%5.3% → 5.6%
Coal-0.2%4.6% → 4.4%
Lithium / Critical Min-0.7%4.3% → 3.5%
Copper / Base Metals-3.4%5.5% → 2.0%
📈 增持复盘分析
本季度文艺复兴科技矿业总敞口$3.7B（2026Q2），较上季$-582M(-13.6%)持仓108只矿业标的。主力增仓赛道锁定Gold / Silver，核心敞口集中在Gold / Silver（40.5%权重）。
📉 减持复盘分析
减持端主要动向集中在Gold / Silver板块，其中KINROSS GOLD CORP净流出$-195M，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：Copper / Base Metals -3.4%；Diversified Miners -2.6%；Rare Earth +2.5%。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USA RARE EARTH INC、AGNICO EAGLE MINES LTD、UNITED STS LIME & MINERALS I，关注后续持仓稳定性
MINING DASHBOARD · Renaissance · 2026Q2 · 2026-08-18 16:10