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: 0000852933
申報總市值
US$50.0億
US$50.0億
374 檔
25.4%
根據最新整理的 13F 季度數據集，Commerzbank Aktiengesellschaft /fi 於 Q4 2025 結束時的管理資產規模為 US$50.0億。該機構在本季度申報了 374 檔美股持倉，呈現出該時期的主要投資地圖。
在 Q4 2025，Commerzbank Aktiengesellschaft /fi 操作展現出積極擴展與加碼意向。本季共新建倉 1 個新部位，並對 28 個既有持股進行加碼（合計增持 29 檔），相較減碼與清倉部位顯著佔優。
檢視投資組合結構，前 5 大主力部位（包含 GOOGL, MSFT, AAPL）占據了總市值的 25.4%，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 374 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 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 6.27% | +0.70% | -33.36% | |
| 2 | MSFT | Microsoft CORP | 股票-科技 | 6.24% | +0.29% | -7.34% | |
| 3 | AAPL | Apple Inc | 股票-科技 | 5.70% | +0.12% | -6.86% | |
| 4 | IBM | Intl Business Machines CORP | 股票-科技 | 3.90% | +0.49% | +18.92% | |
| 5 | JNJ | Johnson & Johnson | 股票-醫療保健 | 3.75% | +0.16% | +3.81% | |
| 6 | CSCO | Cisco Systems Inc | 股票-科技 | 3.69% | +0.86% | +48.38% | |
| 7 | V | Visa Inc-class A Shares | 股票-金融 | 3.58% | +0.30% | +1.09% | |
| 8 | JPM | Jpmorgan Chase & Co | 股票-金融 | 3.19% | +0.22% | -1.34% | |
| 9 | KO | Coca-cola Co/the | 股票-非循環性消費 | 3.16% | -0.55% | +7.09% | |
| 10 | NVDA | Nvidia CORP | 股票-科技 | 3.15% | -0.08% | -7.30% | |
| 11 | AVGO | Broadcom Inc | 股票-科技 | 3.04% | +0.82% | -18.05% | |
| 12 | CVX | Chevron CORP | 股票-能源 | 2.61% | -1.02% | +0.28% | |
| 13 | DB | Deutsche Bank Aktiengesellschaft | 股票-金融 | 2.56% | -2.23% | +4.26% | |
| 14 | MCD | Mcdonald's CORP | 股票-循環性消費 | 2.55% | +0.53% | +9.59% | |
| 15 | T | At&t Inc | 股票-通訊服務 | 2.28% | +0.02% | +21.03% | |
| 16 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.15% | +0.02% | +11.67% | |
| 17 | XOM | Exxon Mobil CORP | 股票-能源 | 1.73% | -1.12% | +1.15% | |
| 18 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.72% | +0.09% | -17.01% | |
| 19 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 1.70% | +0.34% | +1.25% | |
| 20 | HON | Honeywell International Inc | 股票-工業 | 1.68% | -2.08% | EXIT | |
| 21 | CAT | Caterpillar Inc | 股票-工業 | 1.61% | -0.08% | -8.20% | |
| 22 | QCOM | Qualcomm Inc | 股票-科技 | 1.22% | -0.85% | -26.03% | |
| 23 | HD | Home Depot Inc | 股票-循環性消費 | 1.17% | +0.16% | +32.64% | |
| 24 | PANW | Palo Alto Networks Inc | 股票-科技 | 1.13% | +0.48% | -13.30% | |
| 25 | GS | Goldman Sachs Group Inc | 股票-金融 | 1.13% | +0.06% | +3.99% | |
| 26 | VZ | Verizon Communications Inc | 股票-通訊服務 | 1.00% | -0.11% | +256.04% | |
| 27 | PEP | Pepsico Inc | 股票-非循環性消費 | 0.99% | -0.06% | +3.64% | |
| 28 | AMGN | Amgen Inc | 股票-醫療保健 | 0.99% | +0.09% | -8.36% | |
| 29 | LLY | Eli Lilly & Co | 股票-醫療保健 | 0.81% | +0.20% | -6.44% | |
| 30 | TMO | Thermo Fisher Scientific Inc | 股票-醫療保健 | 0.75% | — | -0.40% | |
| 31 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.75% | +0.05% | +1.01% | |
| 32 | MA | Mastercard Inc - A | 股票-金融 | 0.67% | +0.08% | +0.73% | |
| 33 | ORCL | Oracle CORP | 股票-科技 | 0.67% | +0.06% | -9.30% | |
| 34 | WM | Waste Management Inc | 股票-工業 | 0.63% | -0.35% | +7.25% | |
| 35 | MDLZ | Mondelez International Inc-a | 股票-非循環性消費 | 0.58% | -0.53% | +4.04% | |
| 36 | NFLX | Netflix Inc | 股票-通訊服務 | 0.50% | -0.16% | +851.75% | |
| 37 | GE | General Electric | 股票-工業 | 0.47% | -0.01% | -7.50% | |
| 38 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.46% | -0.28% | -6.79% | |
| 39 | PYPL | Paypal Holdings Inc | 股票-金融 | 0.44% | +1.29% | +2.10% | |
| 40 | CMCSA | Comcast Corp-class A | 股票-通訊服務 | 0.39% | +0.42% | +13.70% | |
| 41 | CRM | Salesforce Inc | 股票-科技 | 0.38% | +0.35% | +12.00% | |
| 42 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.37% | -0.13% | -11.86% | |
| 43 | BKNG | Booking Holdings Inc | 股票-循環性消費 | 0.35% | -0.02% | -24.04% | |
| 44 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 0.34% | -0.05% | -11.59% | |
| 45 | CME | Cme Group Inc | 股票-金融 | 0.33% | -0.09% | — | |
| 46 | ACN | Accenture plc | 股票-科技 | 0.32% | -0.04% | -4.71% | |
| 47 | WMT | Walmart Inc | 股票-非循環性消費 | 0.31% | +0.14% | +41.64% | |
| 48 | XYL | Xylem Inc | 股票-工業 | 0.30% | -0.02% | +22.98% | |
| 49 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.30% | -0.01% | +4.21% | |
| 50 | BAC | Bank Of America CORP | 股票-金融 | 0.30% | -0.03% | +49.24% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | CSCO | Cisco Systems Inc | +1.4% | +48.38% | 加碼 |
| 2 | IBM | Intl Business Machines CORP | +0.7% | +18.92% | 加碼 |
| 3 | VZ | Verizon Communications Inc | +0.7% | +256.04% | 加碼 |
| 4 | JNJ | Johnson & Johnson | +0.4% | +3.81% | 加碼 |
| 5 | HON | Honeywell International Inc | +0.4% | +39.19% | 加碼 |
| 6 | KO | Coca-cola Co/the | +0.3% | +7.09% | 加碼 |
| 7 | DB | Deutsche Bank Aktiengesellschaft | +0.3% | +4.26% | 加碼 |
| 8 | MCD | Mcdonald's CORP | +0.2% | +9.59% | 加碼 |
| 9 | LLY | Eli Lilly & Co | +0.2% | -6.44% | 減碼 |
| 10 | MRK | Merck & Co. Inc. | +0.1% | +1.01% | 加碼 |
| 11 | ADBE | Adobe Inc | +0.1% | +109.51% | 加碼 |
| 12 | TROW | T Rowe Price Group Inc | +0.1% | +211.03% | 加碼 |
| 13 | GILD | Gilead Sciences Inc | +0.1% | +429.05% | 加碼 |
| 14 | CAT | Caterpillar Inc | +0.1% | -8.20% | 減碼 |
| 15 | GS | Goldman Sachs Group Inc | +0.1% | +3.99% | 加碼 |
| 16 | HD | Home Depot Inc | +0.1% | +32.64% | 加碼 |
| 17 | TMO | Thermo Fisher Scientific Inc | +0.1% | -0.40% | 減碼 |
| 18 | BAC | Bank Of America CORP | +0.1% | +49.24% | 加碼 |
| 19 | KMI | Kinder Morgan, Inc. | +0.1% | +1054.60% | 加碼 |
| 20 | T | At&t Inc | +0.1% | +21.03% | 加碼 |
| 21 | WMT | Walmart Inc | +0.1% | +41.64% | 加碼 |
| 22 | BSX | Boston Scientific CORP | +0.1% | +332.22% | 加碼 |
| 23 | XOM | Exxon Mobil CORP | +0.1% | +1.15% | 加碼 |
| 24 | MNST | Monster Beverage CORP | +0.1% | +34.11% | 加碼 |
| 25 | OKE | Oneok Inc | +0.1% | +200.16% | 加碼 |
| 26 | SCHW | Schwab (charles) CORP | +0.1% | +218.73% | 加碼 |
| 27 | CRM | Salesforce Inc | +0.1% | +12.00% | 加碼 |
| 28 | V | Visa Inc-class A Shares | +0.1% | +1.09% | 加碼 |
| 29 | AMGN | Amgen Inc | 0% | -8.36% | 減碼 |
| 30 | HPQ | Hp Inc | -0.1% | -37.89% | 減碼 |
| 31 | SNPS | Synopsys Inc | -0.1% | -66.78% | 減碼 |
| 32 | MDLZ | Mondelez International Inc-a | -0.1% | +4.04% | 加碼 |
| 33 | TRV | Travelers Cos Inc/the | -0.1% | -46.61% | 減碼 |
| 34 | ADP | Automatic Data Processing | -0.1% | -36.93% | 減碼 |
| 35 | INTC | Intel CORP | -0.1% | -36.92% | 減碼 |
| 36 | BKNG | Booking Holdings Inc | -0.1% | -24.04% | 減碼 |
| 37 | PG | Procter & Gamble Co/the | -0.1% | +1.25% | 加碼 |
| 38 | NFLX | Netflix Inc | -0.2% | +851.75% | 加碼 |
| 39 | DE | Deere & Co | -0.2% | -80.77% | 減碼 |
| 40 | AMZN | Amazon.com Inc | -0.3% | -17.01% | 減碼 |
| 41 | NVDA | Nvidia CORP | -0.3% | -7.30% | 減碼 |
| 42 | PANW | Palo Alto Networks Inc | -0.4% | -13.30% | 減碼 |
| 43 | ABT | Abbott Laboratories | -0.4% | -53.67% | 減碼 |
| 44 | ORCL | Oracle CORP | -0.4% | -9.30% | 減碼 |
| 45 | QCOM | Qualcomm Inc | -0.4% | -26.03% | 減碼 |
| 46 | TMUS | T-mobile US Inc | -0.6% | -65.41% | 減碼 |
| 47 | AVGO | Broadcom Inc | -0.6% | -18.05% | 減碼 |
| 48 | MSFT | Microsoft CORP | -1.1% | -7.34% | 減碼 |
| 49 | GOOGL | Alphabet Inc-cl A | -1.2% | -33.36% | 減碼 |
| 50 | SOLS | Solstice Adv Materials Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Commerzbank Aktiengesellschaft /fi 在 Q4 2025 季度的美股持倉總市值約為 US$50.0億，共申報了 374 個公開持股部位。
在 Q4 2025 季度，Commerzbank Aktiengesellschaft /fi 按市值排列的前三大核心持股分別為：GOOGL (6.3%)、MSFT (6.2%)、AAPL (5.7%)。其中最大持股部位 GOOGL 佔據整體投資組合約 6.3% 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
SOLS
市值: US$321.1萬
本季最大獲利了結 / 清倉標的
GOOGL
前期市值: US$3.6億
在 Q4 2025 季度中，Commerzbank Aktiengesellschaft /fi 共進行了 50 項持倉異動，包含新建倉 1 個部位、加碼 28 個部位、減碼 21 個部位以及清倉 0 個部位。 其中最大新建倉標的為 SOLS。
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。