13F 申報指南13F 觀念全攻略
什麼是 SEC Form 13F 申報？美股機構大戶持股全攻略
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
AlphaSMO 權威研究指南閱讀專題
CIK: 0000872786
申報總市值
US$36.9億
US$36.9億
351 檔
31.5%
根據最新整理的 13F 季度數據集，BNP Paribas 於 Q4 2025 結束時的管理資產規模為 US$36.9億。該機構在本季度申報了 351 檔美股持倉，呈現出該時期的主要投資地圖。
觀察 Q4 2025 的申報異動，BNP Paribas 採取了強勁的買進策略，建倉與加碼動作（合計 134 筆）涵蓋多個核心板塊，展現機構對特定產業前景之樂觀態度。
檢視投資組合結構，前 5 大主力部位（包含 HYG, LQD, MSFT）占據了總市值的 31.5%，展現出該機構在 Q4 2025 的重點資金聚焦與風險分佈特徵。
僅顯示前 200 大持股（共 351 檔）
| # | 代號 | 標的名稱 | 資產子類別 | 佔比 | 佔比變動 | 持倉量變化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-非投資等級債 | 10.68% | -0.29% | -1.94% | |
| 2 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-投資等級公司債 | 7.45% | +1.12% | +14.44% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 6.14% | -0.78% | +6.01% | |
| 4 | NVDA | Nvidia CORP | 股票-科技 | 5.01% | -0.10% | +8.73% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 3.91% | -0.85% | +6.62% | |
| 6 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 3.49% | — | -5.33% | |
| 7 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.29% | -1.31% | -8.69% | |
| 8 | AVGO | Broadcom Inc | 股票-科技 | 3.26% | +0.20% | +12.75% | |
| 9 | JPM | Jpmorgan Chase & Co | 股票-金融 | 2.79% | +0.03% | +2.67% | |
| 10 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.67% | -0.12% | +4.16% | |
| 11 | V | Visa Inc-class A Shares | 股票-金融 | 1.80% | -0.09% | +8.00% | |
| 12 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 1.79% | +0.38% | +12.29% | |
| 13 | PANW | Palo Alto Networks Inc | 股票-科技 | 1.58% | +1.00% | -0.43% | |
| 14 | KO | Coca-cola Co/the | 股票-非循環性消費 | 1.39% | -0.19% | +6.40% | |
| 15 | AMAT | Applied Materials Inc | 股票-科技 | 1.38% | -0.59% | -5.15% | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.37% | -1.53% | -1.98% | |
| 17 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.34% | — | +1.94% | |
| 18 | PH | Parker Hannifin CORP | 股票-工業 | 1.30% | -0.04% | -6.69% | |
| 19 | MCK | Mckesson CORP | 股票-醫療保健 | 1.29% | -0.56% | +6.31% | |
| 20 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 1.16% | -0.23% | +9.07% | |
| 21 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.15% | +0.17% | +1.97% | |
| 22 | CRM | Salesforce Inc | 股票-科技 | 1.14% | -0.06% | +0.62% | |
| 23 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 1.12% | -0.05% | +22.34% | |
| 24 | CSCO | Cisco Systems Inc | 股票-科技 | 1.06% | -0.20% | +9.05% | |
| 25 | SPGI | S&p Global Inc | 股票-金融 | 0.94% | -0.16% | +21.51% | |
| 26 | NOW | Servicenow Inc | 股票-科技 | 0.86% | -0.04% | +429.68% | |
| 27 | SNPS | Synopsys Inc | 股票-科技 | 0.84% | -0.04% | -16.10% | |
| 28 | WMT | Walmart Inc | 股票-非循環性消費 | 0.71% | -0.22% | -42.35% | |
| 29 | ZTS | Zoetis Inc | 股票-醫療保健 | 0.69% | -0.38% | +13.25% | |
| 30 | AJG | Arthur J Gallagher & Co | 股票-金融 | 0.69% | -0.05% | +1.79% | |
| 31 | TTE | TotalEnergies SE | 股票-其他 | 0.68% | -0.09% | — | |
| 32 | AMD | Advanced Micro Devices | 股票-科技 | 0.67% | +0.20% | -23.28% | |
| 33 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.62% | -0.26% | +12.88% | |
| 34 | MA | Mastercard Inc - A | 股票-金融 | 0.58% | -0.11% | -26.06% | |
| 35 | ISRG | Intuitive Surgical Inc | 股票-醫療保健 | 0.54% | -0.12% | +8.78% | |
| 36 | PGR | Progressive CORP | 股票-金融 | 0.54% | +0.03% | -1.44% | |
| 37 | AMGN | Amgen Inc | 股票-醫療保健 | 0.53% | -0.16% | +218.19% | |
| 38 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.51% | +0.07% | +62.62% | |
| 39 | HD | Home Depot Inc | 股票-循環性消費 | 0.49% | -0.09% | +55.34% | |
| 40 | XOM | Exxon Mobil CORP | 股票-能源 | 0.48% | -0.29% | +27.59% | |
| 41 | DIS | Walt Disney Co/the | 股票-通訊服務 | 0.48% | -0.06% | -49.59% | |
| 42 | BKLN | Invesco Senior Loan ETF | ETF-其他 | 0.46% | +5.17% | -68.80% | |
| 43 | PFE | Pfizer Inc | 股票-醫療保健 | 0.45% | -0.12% | +85.83% | |
| 44 | UBER | Uber Technologies Inc | 股票-工業 | 0.45% | -0.17% | -11.90% | |
| 45 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.44% | -0.09% | +135.25% | |
| 46 | PWR | Quanta Services Inc | 股票-工業 | 0.43% | -0.41% | +47.38% | |
| 47 | T | At&t Inc | 股票-通訊服務 | 0.41% | -0.22% | +19.18% | |
| 48 | NFLX | Netflix Inc | 股票-通訊服務 | 0.41% | -0.19% | +630.35% | |
| 49 | CRH | CRH plc | 股票-原物料 | 0.40% | — | — | |
| 50 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.39% | -0.12% | +22.00% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | +0.6% | +4.16% | 加碼 |
| 2 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | +0.5% | +14.44% | 加碼 |
| 3 | GOOG | Alphabet Inc-cl C | +0.5% | -5.33% | 減碼 |
| 4 | AVGO | Broadcom Inc | +0.4% | +12.75% | 加碼 |
| 5 | AMGN | Amgen Inc | +0.4% | +218.19% | 加碼 |
| 6 | LLY | Eli Lilly & Co | +0.3% | +1.97% | 加碼 |
| 7 | AAPL | Apple Inc | +0.3% | +6.62% | 加碼 |
| 8 | MU | Micron Technology Inc | +0.3% | +1032.44% | 加碼 |
| 9 | TMO | Thermo Fisher Scientific Inc | +0.3% | +9.07% | 加碼 |
| 10 | GS | Goldman Sachs Group Inc | +0.3% | +135.25% | 加碼 |
| 11 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | +12.29% | 加碼 |
| 12 | VRT | Vertiv Holdings Co-a | +0.2% | +138.20% | 加碼 |
| 13 | NVDA | Nvidia CORP | +0.2% | +8.73% | 加碼 |
| 14 | PFE | Pfizer Inc | +0.2% | +85.83% | 加碼 |
| 15 | SPGI | S&p Global Inc | +0.2% | +21.51% | 加碼 |
| 16 | MS | Morgan Stanley | +0.2% | +817.58% | 加碼 |
| 17 | AMAT | Applied Materials Inc | +0.2% | -5.15% | 減碼 |
| 18 | ABBV | Abbvie Inc | +0.2% | +62.62% | 加碼 |
| 19 | JNJ | Johnson & Johnson | +0.2% | +165.63% | 加碼 |
| 20 | CEG | Constellation Energy | +0.2% | +100.00% | 加碼 |
| 21 | TKO | Tko Group Holdings Inc | +0.2% | +1189.03% | 加碼 |
| 22 | BKNG | Booking Holdings Inc | +0.2% | +22.34% | 加碼 |
| 23 | CSCO | Cisco Systems Inc | +0.2% | +9.05% | 加碼 |
| 24 | C | Citigroup Inc | +0.2% | +203.96% | 加碼 |
| 25 | PWR | Quanta Services Inc | +0.1% | +47.38% | 加碼 |
| 26 | ISRG | Intuitive Surgical Inc | +0.1% | +8.78% | 加碼 |
| 27 | SLB | Slb LTD | +0.1% | +296.63% | 加碼 |
| 28 | HPE | Hewlett Packard Enterprise | +0.1% | +20371.23% | 加碼 |
| 29 | COST | Costco Wholesale CORP | +0.1% | +1081.39% | 加碼 |
| 30 | XOM | Exxon Mobil CORP | +0.1% | +27.59% | 加碼 |
| 31 | HD | Home Depot Inc | +0.1% | +55.34% | 加碼 |
| 32 | UNH | Unitedhealth Group Inc | +0.1% | +65.12% | 加碼 |
| 33 | GILD | Gilead Sciences Inc | +0.1% | +33.22% | 加碼 |
| 34 | LIN | Linde plc | +0.1% | +210.31% | 加碼 |
| 35 | V | Visa Inc-class A Shares | +0.1% | +8.00% | 加碼 |
| 36 | MCK | Mckesson CORP | +0.1% | +6.31% | 加碼 |
| 37 | HSY | Hershey Co/the | +0.1% | +41714.29% | 加碼 |
| 38 | GIS | General Mills Inc | +0.1% | +7219.58% | 加碼 |
| 39 | GLW | Corning Inc | +0.1% | +1124.05% | 加碼 |
| 40 | DHR | Danaher CORP | +0.1% | +1828.28% | 加碼 |
| 41 | CME | Cme Group Inc | +0.1% | +2154.34% | 加碼 |
| 42 | PRU | Prudential Financial Inc | +0.1% | +15878.44% | 加碼 |
| 43 | ADBE | Adobe Inc | +0.1% | +273.37% | 加碼 |
| 44 | KO | Coca-cola Co/the | +0.1% | +6.40% | 加碼 |
| 45 | ANET | Arista Networks Inc | +0.1% | +72.96% | 加碼 |
| 46 | PEP | Pepsico Inc | +0.1% | +50.59% | 加碼 |
| 47 | CAT | Caterpillar Inc | +0.1% | +72.34% | 加碼 |
| 48 | MMM | 3m Co | +0.1% | +219.52% | 加碼 |
| 49 | HPQ | Hp Inc | +0.1% | +8978.03% | 加碼 |
| 50 | BMY | Bristol-myers Squibb Co | +0.1% | +119.05% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，BNP Paribas 在 Q4 2025 季度的美股持倉總市值約為 US$36.9億，共申報了 351 個公開持股部位。
在 Q4 2025 季度，BNP Paribas 按市值排列的前三大核心持股分別為：HYG (10.7%)、LQD (7.5%)、MSFT (6.1%)。其中最大持股部位 HYG 佔據整體投資組合約 10.7% 的權重。
精選 AlphaSMO 大戶持股與內部人交易深度分析，提升投資決策勝率
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
本季最大新建倉標的
TTE
市值: US$2387.2萬
本季最大獲利了結 / 清倉標的
VMC
前期市值: US$942.5萬
在 Q4 2025 季度中，BNP Paribas 共進行了 197 項持倉異動，包含新建倉 21 個部位、加碼 113 個部位、減碼 53 個部位以及清倉 10 個部位。 其中最大新建倉標的為 TTE。 本季清倉部位包含 VMC。
本頁面所有持股數據均直接同步自美國證券交易委員會（SEC）EDGAR 官方系統之 13F-HR / 13F-HR/A 季度申報文件。AlphaSMO 透過機器解析 CUSIP 與個股對照，提供 100% 精準對齊的歷史時序數據集，並支援 Schema.org 結構化資料格式。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
深入剖析 5% 股益申報門檻、13D 與 13G 之差異，以及最新 SEC 申報時程規範，洞察機構法人的激進投資動向。