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: 0000036029
申報總市值
US$53.4億
US$53.4億
212 檔
22.5%
First Financial Bankshares Inc 在 Q4 2025 季度的美股部位總計估值為 US$53.4億，分散於 212 個持倉標的之中，反映其市場參與廣度與投資規模。
在 Q4 2025 期間，First Financial Bankshares Inc 展現了靈活的資產再平衡步調，透過出清 3 檔弱勢或達到目標價部位，將資金轉置於 1 檔新建倉標的之中。
在資產配置集中度方面，First Financial Bankshares Inc 的前 5 大核心持股（包含 MSFT, AVGO, JPM 等）合計佔整體申報市值的 22.5%，反映機構在主要關鍵部位上的權重分佈。
僅顯示前 200 大持股（共 212 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 | MSFT | Microsoft CORP | 股票-科技 | 6.15% | -0.15% | +0.35% | |
| 2 | AVGO | Broadcom Inc | 股票-科技 | 4.83% | +0.51% | -10.80% | |
| 3 | JPM | Jpmorgan Chase & Co | 股票-金融 | 4.78% | +0.13% | +1.53% | |
| 4 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 4.44% | +0.60% | -2.95% | |
| 5 | AAPL | Apple Inc | 股票-科技 | 3.99% | +0.23% | -0.61% | |
| 6 | BND | Vanguard Total Bond Market | ETF-其他 | 3.94% | -0.39% | +1.62% | |
| 7 | IJH | Ishares Core S&p Midcap ETF | ETF-其他 | 3.88% | +0.31% | +4.83% | |
| 8 | JNJ | Johnson & Johnson | 股票-醫療保健 | 2.96% | -0.07% | +2.24% | |
| 9 | VEA | Vanguard Ftse Developed ETF | ETF-其他 | 2.65% | +0.09% | -2.21% | |
| 10 | BX | Blackstone Inc | 股票-金融 | 2.28% | -0.09% | +2.10% | |
| 11 | MCD | Mcdonald's CORP | 股票-循環性消費 | 1.96% | -0.18% | +1.45% | |
| 12 | CVX | Chevron CORP | 股票-能源 | 1.95% | -0.68% | +0.63% | |
| 13 | BAC | Bank Of America CORP | 股票-金融 | 1.90% | +0.15% | +2.18% | |
| 14 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.89% | -0.11% | +66.55% | |
| 15 | NVDA | Nvidia CORP | 股票-科技 | 1.78% | +0.18% | -6.88% | |
| 16 | WMB | Williams Cos Inc | 股票-能源 | 1.74% | -0.11% | -1.36% | |
| 17 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投資等級公司債 | 1.65% | -0.09% | +3.75% | |
| 18 | CSCO | Cisco Systems Inc | 股票-科技 | 1.63% | +0.62% | +1.99% | |
| 19 | ETN | Eaton Corporation plc | 股票-工業 | 1.63% | +0.16% | +2.83% | |
| 20 | MU | Micron Technology Inc | 股票-科技 | 1.62% | +1.45% | -3.10% | |
| 21 | NEE | Nextera Energy Inc | 股票-公用事業 | 1.60% | -0.21% | +3.94% | |
| 22 | AMZN | Amazon.com Inc | 股票-循環性消費 | 1.57% | +0.12% | -2.48% | |
| 23 | PEP | Pepsico Inc | 股票-非循環性消費 | 1.55% | -0.30% | -0.31% | |
| 24 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 1.54% | — | +1.04% | |
| 25 | VGSH | Vanguard Short-term Treasury | ETF-政府公債 | 1.54% | -0.09% | +2.50% | |
| 26 | KO | Coca-cola Co/the | 股票-非循環性消費 | 1.53% | — | +14.41% | |
| 27 | C | Citigroup Inc | 股票-金融 | 1.52% | +0.18% | -1.90% | |
| 28 | AEP | American Electric Power | 股票-公用事業 | 1.50% | -0.05% | +2.05% | |
| 29 | BLK | Blackrock Inc | 股票-金融 | 1.48% | -0.09% | +0.86% | |
| 30 | AMGN | Amgen Inc | 股票-醫療保健 | 1.46% | -0.06% | +0.86% | |
| 31 | HON | Honeywell International Inc | 股票-工業 | 1.43% | -1.66% | EXIT | |
| 32 | MDT | Medtronic plc | 股票-醫療保健 | 1.37% | -0.16% | +2.77% | |
| 33 | COP | Conocophillips | 股票-能源 | 1.11% | -0.35% | -0.17% | |
| 34 | WMT | Walmart Inc | 股票-非循環性消費 | 1.08% | -0.06% | -1.35% | |
| 35 | LMT | Lockheed Martin CORP | 股票-工業 | 1.06% | -0.26% | -1.68% | |
| 36 | VWO | Vanguard Ftse Emerging Marke | ETF-新興市場 | 1.02% | +0.04% | -1.30% | |
| 37 | LHX | L3harris Technologies Inc | 股票-工業 | 1.00% | -0.25% | +1.96% | |
| 38 | VOO | Vanguard S&p 500 ETF | ETF-大型股與成長 | 0.99% | +0.01% | +507.75% | |
| 39 | AMT | American Tower CORP | 股票-房地產 | 0.90% | -0.16% | -7.69% | |
| 40 | VMBS | Vanguard Mortgage-backed Sec | ETF-其他 | 0.90% | -0.28% | +1.44% | |
| 41 | HD | Home Depot Inc | 股票-循環性消費 | 0.89% | +0.01% | -0.52% | |
| 42 | MDLZ | Mondelez International Inc-a | 股票-非循環性消費 | 0.85% | -0.06% | -4.46% | |
| 43 | NI | Nisource Inc | 股票-公用事業 | 0.85% | -0.06% | +1.69% | |
| 44 | MA | Mastercard Inc - A | 股票-金融 | 0.80% | -0.01% | +3.88% | |
| 45 | XLU | St Sr Utl Sl Se Spdr Etf-usd | ETF-其他 | 0.79% | -0.32% | +100.14% | |
| 46 | NOW | Servicenow Inc | 股票-科技 | 0.76% | — | +411.72% | |
| 47 | UNP | Union Pacific CORP | 股票-工業 | 0.67% | +0.04% | +5.17% | |
| 48 | KRE | Ss Spdr S&p Regional Bank | ETF-其他 | 0.64% | +0.05% | +25.24% | |
| 49 | NVS | Novartis Ag-sponsored Adr | 股票-醫療保健 | 0.62% | -0.02% | +1.15% | |
| 50 | IJR | Ishares Core S&p Small-cap E | ETF-中小型股 | 0.55% | +0.39% | +0.33% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | +0.8% | +507.75% | 加碼 |
| 2 | GOOGL | Alphabet Inc-cl A | +0.8% | -2.95% | 減碼 |
| 3 | MU | Micron Technology Inc | +0.6% | -3.10% | 減碼 |
| 4 | META | Meta Platforms Inc-class A | +0.6% | +66.55% | 加碼 |
| 5 | JNJ | Johnson & Johnson | +0.3% | +2.24% | 加碼 |
| 6 | MRK | Merck & Co. Inc. | +0.3% | +1.04% | 加碼 |
| 7 | KO | Coca-cola Co/the | +0.2% | +14.41% | 加碼 |
| 8 | AMGN | Amgen Inc | +0.2% | +0.86% | 加碼 |
| 9 | CSCO | Cisco Systems Inc | +0.2% | +1.99% | 加碼 |
| 10 | AAPL | Apple Inc | +0.2% | -0.61% | 減碼 |
| 11 | IJH | Ishares Core S&p Midcap ETF | +0.1% | +4.83% | 加碼 |
| 12 | C | Citigroup Inc | +0.1% | -1.90% | 減碼 |
| 13 | NEE | Nextera Energy Inc | +0.1% | +3.94% | 加碼 |
| 14 | VNQ | Vanguard Real Estate ETF | +0.1% | +41.03% | 加碼 |
| 15 | KRE | Ss Spdr S&p Regional Bank | +0.1% | +25.24% | 加碼 |
| 16 | BAC | Bank Of America CORP | +0.1% | +2.18% | 加碼 |
| 17 | AVB | Avalonbay Communities Inc | +0.1% | +71.38% | 加碼 |
| 18 | JPM | Jpmorgan Chase & Co | +0.1% | +1.53% | 加碼 |
| 19 | ISRG | Intuitive Surgical Inc | +0.1% | +73.04% | 加碼 |
| 20 | WMT | Walmart Inc | 0% | -1.35% | 減碼 |
| 21 | AEP | American Electric Power | 0% | +2.05% | 加碼 |
| 22 | VCSH | Vanguard S/t CORP Bond ETF | 0% | +3.75% | 加碼 |
| 23 | NVS | Novartis Ag-sponsored Adr | 0% | +1.15% | 加碼 |
| 24 | MDT | Medtronic plc | 0% | +2.77% | 加碼 |
| 25 | VEA | Vanguard Ftse Developed ETF | 0% | -2.21% | 減碼 |
| 26 | DHR | Danaher CORP | 0% | -91.22% | 減碼 |
| 27 | BND | Vanguard Total Bond Market | 0% | +1.62% | 加碼 |
| 28 | TSM | Taiwan Semiconductor-sp Adr | 0% | -87.90% | 減碼 |
| 29 | PANW | Palo Alto Networks Inc | -0.1% | -20.70% | 減碼 |
| 30 | UNH | Unitedhealth Group Inc | -0.1% | -12.12% | 減碼 |
| 31 | LMT | Lockheed Martin CORP | -0.1% | -1.68% | 減碼 |
| 32 | LRCX | Lam Research CORP | -0.1% | -79.93% | 減碼 |
| 33 | HON | Honeywell International Inc | -0.1% | +1.99% | 加碼 |
| 34 | NOW | Servicenow Inc | -0.2% | +411.72% | 加碼 |
| 35 | BLK | Blackrock Inc | -0.2% | +0.86% | 加碼 |
| 36 | WMB | Williams Cos Inc | -0.2% | -1.36% | 減碼 |
| 37 | NVDA | Nvidia CORP | -0.2% | -6.88% | 減碼 |
| 38 | HD | Home Depot Inc | -0.2% | -0.52% | 減碼 |
| 39 | AMT | American Tower CORP | -0.2% | -7.69% | 減碼 |
| 40 | ORCL | Oracle CORP | -0.2% | -0.76% | 減碼 |
| 41 | MDLZ | Mondelez International Inc-a | -0.2% | -4.46% | 減碼 |
| 42 | BX | Blackstone Inc | -0.3% | +2.10% | 加碼 |
| 43 | ETN | Eaton Corporation plc | -0.3% | +2.83% | 加碼 |
| 44 | AVGO | Broadcom Inc | -0.4% | -10.80% | 減碼 |
| 45 | MSFT | Microsoft CORP | -0.6% | +0.35% | 加碼 |
| 46 | ARE | Alexandria Real Estate Equit | -1.1% | -85.63% | 減碼 |
| 47 | RF | Regions Financial CORP | — | NEW | 新建倉 |
| 48 | CMCSA | Comcast Corp-class A | — | EXIT | 清倉 |
| 49 | AES | Aes CORP | — | EXIT | 清倉 |
| 50 | TLN | Talen Energy CORP | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，First Financial Bankshares Inc 在 Q4 2025 季度的美股持倉總市值約為 US$53.4億，共申報了 212 個公開持股部位。
在 Q4 2025 季度，First Financial Bankshares Inc 按市值排列的前三大核心持股分別為：MSFT (6.2%)、AVGO (4.8%)、JPM (4.8%)。其中最大持股部位 MSFT 佔據整體投資組合約 6.2% 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
RF
市值: US$2284.6萬
本季最大獲利了結 / 清倉標的
CMCSA
前期市值: US$1469.8萬
在 Q4 2025 季度中，First Financial Bankshares Inc 共進行了 50 項持倉異動，包含新建倉 1 個部位、加碼 26 個部位、減碼 20 個部位以及清倉 3 個部位。 其中最大新建倉標的為 RF。 本季清倉部位包含 CMCSA。
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。