Capital Research Global Investors2026-Q1
Capital Research Global Investors 在2026年第一季度进行了大幅调仓，增持AVGO、META等科技巨头并新建仓CSCO与CIEN，组合持股数量从434只增至459只，周转率由0.18翻倍至0.32，为近几个季度以来最活跃的调仓节奏。
| Ticker | 操作 | 市值 ($) | 组合占比 |
|---|---|---|---|
| CSCO | 新进 | $4.96B | 0.77%% |
| CIEN | 新进 | $1.07B | 0.17%% |
| COF | 完全退出 | $1.43B | 0.26%% |
| LVS | 完全退出 | $1.06B | 0.20%% |
新进仓位集中于通信领域，完全退出COF与LVS，风格切换信号明显。同时，多项大额操作出现了市值变动与操盘方向背离的现象：LLY与ORCL虽获增持，但股价下跌致持仓市值缩水；AMAT虽遭减持，但股价上涨使市值反而上升。
| Ticker | 操作 | 市值变动 | 权重变动 (百分点) |
|---|---|---|---|
| AVGO | 增持 | +$6.02B | +0.05pts |
| META | 增持 | +$5.88B | +0.56pts |
| PM | 增持 | +$4.45B | +0.43pts |
| AMZN | 增持 | +$3.88B | -0.01pts |
| LLY | 增持 | -$3.75B（增持，但股价下跌致市值减少） | -1.36pts |
| LIN | 增持 | +$3.64B | +0.43pts |
| CNQ | 增持 | +$3.06B | +0.33pts |
| GOOG | 增持 | +$2.74B | +0.16pts |
| CARR | 增持 | +$2.60B | +0.29pts |
| NFLX | 增持 | +$2.57B | +0.28pts |
| UNH | 增持 | +$2.56B | +0.34pts |
| INTC | 增持 | +$2.43B | +0.35pts |
| TSM | 增持 | +$2.40B | +0.34pts |
| MDLZ | 增持 | +$2.35B | +0.32pts |
| CNP | 增持 | +$2.32B | +0.33pts |
| WFC | 增持 | +$2.32B | +0.26pts |
| SBUX | 增持 | +$2.25B | +0.14pts |
| GE | 增持 | +$2.23B | +0.12pts |
| RCL | 增持 | +$2.15B | +0.17pts |
| PGR | 增持 | +$1.94B | +0.22pts |
| XEL | 增持 | +$1.90B | +0.29pts |
| XOM | 增持 | +$1.69B | +0.15pts |
| NVDA | 增持 | +$1.67B | -0.69pts |
| VRTX | 增持 | +$1.58B | +0.01pts |
| UNP | 增持 | +$1.56B | +0.17pts |
| DHR | 增持 | +$1.55B | +0.24pts |
| JNJ | 增持 | +$1.54B | +0.22pts |
| WM | 增持 | +$1.51B | +0.22pts |
| GLW | 增持 | +$1.49B | +0.19pts |
| HD | 增持 | +$1.43B | +0.11pts |
| APO | 增持 | +$1.32B | +0.16pts |
| PNC | 增持 | +$1.27B | +0.18pts |
| WELL | 增持 | +$1.23B | +0.19pts |
| EOG | 增持 | +$1.20B | +0.11pts |
| KLAC | 增持 | +$1.20B | +0.18pts |
| AAPL | 增持 | +$1.17B | -0.26pts |
| ORCL | 增持 | -$1.15B（增持，但股价下跌致市值减少） | -0.35pts |
| APH | 增持 | +$1.14B | +0.11pts |
| KO | 增持 | +$1.13B | +0.14pts |
| SHOP | 增持 | +$1.07B | +0.15pts |
| TRP | 增持 | +$1.04B | +0.11pts |
| RTX | 减持 | -$3.87B | -1.01pts |
| AIG | 减持 | -$1.69B | -0.32pts |
| AMAT | 减持 | +$1.66B（减持，但股价上涨致市值增加） | +0.01pts |
| EXE | 减持 | -$1.60B | -0.31pts |
| PYPL | 减持 | -$1.58B | -0.29pts |
增持是本期主基调，信息技术板块权重小幅回落至29.12%仍居首位，医疗保健与非必需消费权重压缩，公用事业与能源权重提升。
| 指标 | 本季 (2026-Q1) | 上季 (2025-Q4) |
|---|---|---|
| 持仓数量 | 459 | 434 |
| 周转率 | 0.320861 | 0.180095 |
| HHI（集中度） | 0.018433 | 0.021458 |
| 变异系数 (CV) | 2.734415 | 2.886529 |
| 动量倾斜 (百分点) | 0.33421 | 0.217712 |
| 映射价值比例 | 0.988007 | 0.986015 |
| 能源权重 | 4.91% | 4.74% |
| 材料权重 | 3.11% | 2.52% |
| 公用事业权重 | 3.36% | 2.56% |
| 金融权重 | 9.42% | 9.97% |
| 医疗保健权重 | 12.35% | 13.49% |
| 工业权重 | 11.06% | 11.28% |
| 房地产权重 | 1.25% | 0.96% |
| 必需消费权重 | 4.40% | 3.54% |
| 通信服务权重 | 9.37% | 8.81% |
| 非必需消费权重 | 11.66% | 12.17% |
| 信息技术权重 | 29.12% | 29.96% |
Bottom Line
本季度最突出的特征是主动调仓频率显著上升，周转率从0.18翻倍至0.32。加仓方向明确向科技（AVGO、META、NVDA）和通信基建（CSCO、CIEN）高度集中，同时对金融（AIG、COF）和部分消费类品种进行了减持或清仓。组合集中度降低（HHI由0.021降至0.018）、覆盖个股增加，反映基金在分散化框架下积极调整板块风险敞口，向科技与通信侧倾斜。