13F 申报指南13F 概念全攻略
什么是 SEC Form 13F 申报？美股机构大户持股全攻略
完整解读 Form 13F 申报规范、1 亿美元门槛与 45 天延迟申报机制，学会如何追踪顶级对冲基金与机构法人持仓动向。
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CIK: 0001011443
申报总市值
US$102.9亿
US$102.9亿
222 檔
43.4%
在 Q4 2025 的 13F 官方备案中，Hbk Investments L P 管理的美股投资组合规模来到 US$102.9亿，整体持股档数为 222 档。
Hbk Investments L P 在 Q4 2025 进行了结构性的板块轮动与仓位换股。在开立 66 个全新仓位及加仓 29 档持股的同时，亦同步清仓 58 档并减仓 33 档标的。
在资产配置集中度方面，Hbk Investments L P 的前 5 大核心持股（包含 NVDA, CYBERARK SOFTWARE LTD. CMN, SPY 等）合计占整体申报市值的 43.4%，反映机构在主要关键仓位上的权重分布。
本季最大新建仓标的
EXK
市值: US$7.8亿
本季最大获利了结 / 清仓标的
VRNA
前期市值: US$4.5亿
仅显示前 200 大持股（共 222 只）
| # | 代码 | 标的名称 | 资产子类别 | 占比 | 占比变动 | 持仓量变化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | 股票-科技 | 8.70% | -4.07% | +288.35% | |
| 2 | ✓ | Cyberark Software LTD. Cmn | 股票-其他 | 8.59% | — | +4.26% | |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-大型股与成长 | 6.77% | +3.65% | +27.29% | |
| 4 | EXK | Exact Sciences CORP | 股票-原材料 | 6.10% | — | — | |
| 5 | HO1 | Hologic Inc | 股票-其他 | 4.92% | -7.52% | EXIT | |
| 6 | NSC | Norfolk Southern CORP | 股票-工业 | 4.83% | +0.29% | +67.72% | |
| 7 | DAY | Dayforce Inc | 股票-其他 | 4.27% | — | +82.56% | |
| 8 | 8QR | Confluent Inc-class A | 股票-其他 | 3.56% | — | — | |
| 9 | GTLS | Chart Industries Inc | 股票-工业 | 3.19% | +2.18% | -7.46% | |
| 10 | EA | Electronic Arts Inc | 股票-通信服务 | 3.07% | -0.42% | — | |
| 11 | QQQ | Invesco Qqq Trust Series 1 | ETF-科技型 | 2.80% | +0.63% | +140.46% | |
| 12 | CMA | Comerica Inc | 股票-其他 | 2.71% | — | — | |
| 13 | RNAGBP | Avidity Biosciences Inc | 股票-其他 | 2.47% | — | — | |
| 14 | WBD | Warner Bros Discovery Inc | 股票-通信服务 | 2.46% | +0.35% | +401.75% | |
| 15 | FYBR | Frontier Communications Pare | 股票-其他 | 2.33% | — | +121.28% | |
| 16 | AL | Air Lease CORP | 股票-其他 | 2.32% | -3.64% | EXIT | |
| 17 | LBRDK | Liberty Broadband-c | 股票-通信服务 | 2.26% | -0.74% | +4.12% | |
| 18 | CDTX | Cidara Therapeutics Inc | 股票-其他 | 2.19% | — | — | |
| 19 | AM6 | Amicus Therapeutics Inc | 股票-其他 | 1.71% | -1.29% | EXIT | |
| 20 | GLD | Spdr Gold Shares | ETF-避险与商品 | 1.52% | — | — | |
| 21 | SYU1 | Synovus Financial CORP | 股票-其他 | 1.49% | — | — | |
| 22 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密货币 | 1.36% | -0.57% | +565.25% | |
| 23 | AHL-PD | Aspen Insurance Holdings Limited | 股票-其他 | 1.31% | — | +24.53% | |
| 24 | BHF | Brighthouse Financial Inc | 股票-金融 | 1.07% | -0.12% | EXIT | |
| 25 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.81% | -0.10% | EXIT | |
| 26 | TXNM | Txnm Energy Inc | 股票-公用事业 | 0.79% | -1.53% | — | |
| 27 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 0.58% | -0.15% | -29.49% | |
| 28 | TWO 6.25 01-15-26债券 | Two Harbors Inv CORP | 债券 | 0.49% | — | — | |
| 29 | CSGS 3.875 09-15-28债券 | Csg Systems Internationa | 债券 | 0.47% | -0.79% | EXIT | |
| 30 | ARKB | Ark 21shares Bitcoin ETF | ETF-加密货币 | 0.45% | -0.08% | -39.52% | |
| 31 | W 3.5 11-15-28债券 | Wayfair Inc | 债券 | 0.45% | -0.44% | EXIT | |
| 32 | SNDK | Sandisk CORP | 股票-科技 | 0.44% | — | -20.68% | |
| 33 | TSLA | Tesla Inc | 股票-周期性消费 | 0.40% | -0.27% | +182.87% | |
| 34 | NBIS | Nebius Group N.V. | 股票-其他 | 0.37% | +0.59% | -19.63% | |
| 35 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.35% | — | +440.43% | |
| 36 | KVUE | Kenvue Inc | 股票-非周期性消费 | 0.34% | +1.53% | — | |
| 37 | GME | Gamestop Corp-class A | 股票-周期性消费 | 0.32% | +0.02% | +17.86% | |
| 38 | SIRI | Sirius Xm Holdings Inc | 股票-通信服务 | 0.31% | +0.03% | +90.31% | |
| 39 | MSTR 0 12-01-29债券 | Strategy Inc | 债券 | 0.31% | -0.21% | EXIT | |
| 40 | RIVN 3.625 10-15-30债券 | Rivian Auto Inc | 债券 | 0.30% | +0.06% | +23.64% | |
| 41 | COIN 0.25 04-01-30债券 | Coinbase Global Inc | 债券 | 0.30% | — | — | |
| 42 | PTON 5.5 12-01-29债券 | Peloton Interactive Inc | 债券 | 0.29% | +0.02% | — | |
| 43 | ALHC 4.25 11-15-29债券 | Alignment Healthcare | 债券 | 0.29% | +0.09% | — | |
| 44 | LTM | Latam Airlines Group Sa-adr | 股票-其他 | 0.27% | — | -25.00% | |
| 45 | FETH | Fidelity Ethereum Fund | ETF-其他 | 0.26% | -0.09% | — | |
| 46 | UBER | Uber Technologies Inc | 股票-工业 | 0.26% | -0.07% | -31.73% | |
| 47 | FRPT 3 04-01-28债券 | Freshpet Inc | 债券 | 0.25% | +0.03% | +8.80% | |
| 48 | NWSA | News CORP - Class A | 股票-通信服务 | 0.24% | -0.01% | -1.65% | |
| 49 | SOLV | Solventum CORP | 股票-医疗保健 | 0.24% | +0.03% | +0.62% | |
| 50 | OMF | Onemain Holdings Inc | 股票-金融 | 0.24% | — | — |
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +5.6% | +288.35% | 加仓 |
| 2 | WBD | Warner Bros Discovery Inc | +2% | +401.75% | 加仓 |
| 3 | QQQ | Invesco Qqq Trust Series 1 | +1.2% | +140.46% | 加仓 |
| 4 | DAY | Dayforce Inc | +1% | +82.56% | 加仓 |
| 5 | IBIT | Ishares Bitcoin Trust ETF | +1% | +565.25% | 加仓 |
| 6 | FYBR | Frontier Communications Pare | +0.9% | +121.28% | 加仓 |
| 7 | NSC | Norfolk Southern CORP | +0.6% | +67.72% | 加仓 |
| 8 | AL | Air Lease CORP | +0.4% | +67.35% | 加仓 |
| 9 | GS | Goldman Sachs Group Inc | +0.3% | +440.43% | 加仓 |
| 10 | TSLA | Tesla Inc | +0.2% | +182.87% | 加仓 |
| 11 | SNDK | Sandisk CORP | +0.1% | -20.68% | 减仓 |
| 12 | ARCC | Ares Capital CORP | +0.1% | +366.67% | 加仓 |
| 13 | LGN | Legence Corp-cl A | +0.1% | +73.08% | 加仓 |
| 14 | SIRI | Sirius Xm Holdings Inc | +0.1% | +90.31% | 加仓 |
| 15 | HPE 7.625 09-01-27债券 | Hp Enterprise Co | 0% | +100.00% | 加仓 |
| 16 | RIVN 3.625 10-15-30债券 | Rivian Auto Inc | 0% | +23.64% | 加仓 |
| 17 | SPYM | Ste Str Spdr Pt S&p 500 ETF | 0% | +91.89% | 加仓 |
| 18 | BXSL | Blackstone Secured Lending F | 0% | +133.80% | 加仓 |
| 19 | BTSG | Brightspring Health Services | 0% | +20.00% | 加仓 |
| 20 | NEE 7.299 06-01-27债券 | Nextera Energy Inc | 0% | +50.00% | 加仓 |
| 21 | VERX 0.75 05-01-29债券 | Vertex Inc | — | +50.00% | 加仓 |
| 22 | SLV | Ishares Silver Trust | — | — | 不变 |
| 23 | WDC | Western Digital CORP | — | -0.01% | 减仓 |
| 24 | NWL | Newell Brands Inc | 0% | -55.43% | 减仓 |
| 25 | SCCO | Southern Copper CORP | 0% | -50.25% | 减仓 |
| 26 | WOLF | Wolfspeed Inc | 0% | -83.24% | 减仓 |
| 27 | JETS | US Global Jets ETF | 0% | — | 不变 |
| 28 | ✓ | American Exceptionalism Acqu | 0% | -30.00% | 减仓 |
| 29 | ETHV | Vaneck Ethereum ETF | 0% | — | 不变 |
| 30 | PTON | Peloton Interactive Inc-a | 0% | — | 不变 |
| 31 | NIO | Nio Inc - Adr | 0% | +1.70% | 加仓 |
| 32 | KWEB | Kranesh Csi China Internet | 0% | — | 不变 |
| 33 | PMT | Pennymac Mortgage Investment | 0% | -17.86% | 减仓 |
| 34 | NIO 4.625 10-15-30债券 | Nio Inc | 0% | — | 不变 |
| 35 | SOLZ | Solana ETF | -0.1% | -52.17% | 减仓 |
| 36 | FRPT 3 04-01-28债券 | Freshpet Inc | -0.1% | +8.80% | 加仓 |
| 37 | ETH | Grayscale Ethereum Staking M | -0.1% | — | 不变 |
| 38 | SOLV | Solventum CORP | -0.1% | +0.62% | 加仓 |
| 39 | TRIP | Tripadvisor Inc | -0.1% | — | 不变 |
| 40 | BATRK | Atlanta Braves Holdings In-c | -0.1% | -2.09% | 减仓 |
| 41 | CVLT | Commvault Systems Inc | -0.1% | -2.12% | 减仓 |
| 42 | FVICN 3.75 06-30-29债券 | Fortuna Mining CORP | -0.1% | -23.08% | 减仓 |
| 43 | DLR | Digital Realty Trust Inc | -0.1% | -40.61% | 减仓 |
| 44 | W 3.5 11-15-28债券 | Wayfair Inc | -0.1% | — | 不变 |
| 45 | DJT | Trump Media & Technology Gro | -0.1% | -91.40% | 减仓 |
| 46 | PAR 1.5 10-15-27债券 | Par Technology CORP | -0.1% | -63.28% | 减仓 |
| 47 | CNP 4.25 08-15-26债券 | Centerpoint Energy Inc | -0.1% | -37.84% | 减仓 |
| 48 | ETHW | Bitwise Ethereum ETF | -0.1% | — | 不变 |
| 49 | LTM | Latam Airlines Group Sa-adr | -0.1% | -25.00% | 减仓 |
| 50 | AHL-PD | Aspen Insurance Holdings Limited | -0.2% | +24.53% | 加仓 |
根据 SEC 官方 Form 13F 申报备案，Hbk Investments L P 在 Q4 2025 季度的美股持仓总市值约为 US$102.9亿，共申报了 222 个公开持股仓位。
在 Q4 2025 季度，Hbk Investments L P 按市值排列的前三大核心持股分别为：NVDA (8.7%)、CYBERARK SOFTWARE LTD. CMN (8.6%)、SPY (6.8%)。其中最大持股仓位 NVDA 占据整体投资组合约 8.7% 的权重。
在 Q4 2025 季度中，Hbk Investments L P 共进行了 186 项持仓异动，包含新建仓 66 个仓位、加仓 29 个仓位、减仓 33 个仓位以及清仓 58 个仓位。 其中最大新建仓标的为 EXK。 本季清仓仓位包含 VRNA。
本页面所有持股数据均直接同步自美国证券交易委员会（SEC）EDGAR 官方系统之 13F-HR / 13F-HR/A 季度申报文件。AlphaSMO 通过机器解析 CUSIP 与个股对照，提供 100% 精准对齐的历史时序数据集，并支持 Schema.org 结构化数据格式。
精选 AlphaSMO 大户持股与内部人交易深度分析，提升投资决策胜率
完整解读 Form 13F 申报规范、1 亿美元门槛与 45 天延迟申报机制，学会如何追踪顶级对冲基金与机构法人持仓动向。
深入剖析 5% 股权申报门槛、13D 与 13G 之差异，以及最新 SEC 申报时程规范，洞察机构法人的激进投资动向。