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: 0001608046
申報總市值
US$1550.8億
US$1550.8億
561 檔
21.3%
根據最新整理的 13F 季度數據集，National Pension Service 於 Q4 2025 結束時的管理資產規模為 US$1550.8億。該機構在本季度申報了 561 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，National Pension Service 採取了強勁的買進策略，建倉與加碼動作（合計 115 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。
整體而言，National Pension Service 的前 5 大持股（包含 NVDA, AAPL, MSFT）貢獻了組合市值的 21.3%，形成該機構在 Q4 2025 季度的基本面基石。
僅顯示前 200 大持股（共 561 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 | NVDA | Nvidia CORP | 股票-科技 | 6.92% | -0.23% | +1.12% | |
| 2 | AAPL | Apple Inc | 股票-科技 | 6.08% | -0.10% | +1.58% | |
| 3 | MSFT | Microsoft CORP | 股票-科技 | 5.20% | -0.52% | +1.54% | |
| 4 | AMZN | Amazon.com Inc | 股票-循環性消費 | 3.39% | -0.01% | +4.77% | |
| 5 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 2.89% | +0.23% | +4.36% | |
| 6 | GOOG | Alphabet Inc-cl C | 股票-通訊服務 | 2.41% | +0.09% | +2.03% | |
| 7 | PBUS | Invesco Msci USA ETF | ETF-其他 | 2.40% | -0.06% | — | |
| 8 | AVGO | Broadcom Inc | 股票-科技 | 2.34% | +0.13% | +2.90% | |
| 9 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 2.25% | -0.28% | +3.08% | |
| 10 | IVV | Ishares Core S&p 500 ETF | ETF-大型股與成長 | 2.09% | -0.05% | — | |
| 11 | TSLA | Tesla Inc | 股票-循環性消費 | 1.89% | -0.03% | -0.15% | |
| 12 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.29% | -0.06% | -0.77% | |
| 13 | LLY | Eli Lilly & Co | 股票-醫療保健 | 1.29% | +0.14% | +1.47% | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 0.99% | -0.08% | +4.26% | |
| 15 | V | Visa Inc-class A Shares | 股票-金融 | 0.86% | -0.02% | +1.95% | |
| 16 | XOM | Exxon Mobil CORP | 股票-能源 | 0.83% | -0.37% | +1.23% | |
| 17 | WMT | Walmart Inc | 股票-非循環性消費 | 0.81% | -0.19% | +7.11% | |
| 18 | JNJ | Johnson & Johnson | 股票-醫療保健 | 0.76% | -0.10% | +1.30% | |
| 19 | MA | Mastercard Inc - A | 股票-金融 | 0.71% | -0.08% | +6.85% | |
| 20 | ABBV | Abbvie Inc | 股票-醫療保健 | 0.65% | — | -1.98% | |
| 21 | NFLX | Netflix Inc | 股票-通訊服務 | 0.65% | -0.24% | +910.61% | |
| 22 | MU | Micron Technology Inc | 股票-科技 | 0.64% | +1.41% | +8.39% | |
| 23 | PLTR | Palantir Technologies Inc-a | 股票-科技 | 0.63% | -0.19% | +6.89% | |
| 24 | BAC | Bank Of America CORP | 股票-金融 | 0.62% | — | +9.26% | |
| 25 | COST | Costco Wholesale CORP | 股票-非循環性消費 | 0.59% | -0.13% | -7.86% | |
| 26 | PG | Procter & Gamble Co/the | 股票-非循環性消費 | 0.57% | -0.07% | +7.44% | |
| 27 | HD | Home Depot Inc | 股票-循環性消費 | 0.54% | -0.04% | +3.45% | |
| 28 | AMD | Advanced Micro Devices | 股票-科技 | 0.54% | +0.80% | +1.61% | |
| 29 | CSCO | Cisco Systems Inc | 股票-科技 | 0.54% | +0.17% | +2.24% | |
| 30 | GE | General Electric | 股票-工業 | 0.54% | +0.07% | -0.71% | |
| 31 | TGRW | T Rowe Price Growth Stock Et | ETF-其他 | 0.54% | — | — | |
| 32 | ORCL | Oracle CORP | 股票-科技 | 0.53% | -0.05% | +6.42% | |
| 33 | WFC | Wells Fargo & Co | 股票-金融 | 0.50% | -0.05% | +9.77% | |
| 34 | IBM | Intl Business Machines CORP | 股票-科技 | 0.50% | +0.01% | +1.18% | |
| 35 | CVX | Chevron CORP | 股票-能源 | 0.49% | -0.22% | +10.65% | |
| 36 | KO | Coca-cola Co/the | 股票-非循環性消費 | 0.47% | -0.05% | +2.45% | |
| 37 | UNH | Unitedhealth Group Inc | 股票-醫療保健 | 0.47% | +0.13% | +2.32% | |
| 38 | MRK | Merck & Co. Inc. | 股票-醫療保健 | 0.45% | -0.05% | +1.44% | |
| 39 | INFO | Harbor Panagora Dyc Lcc ETF | ETF-其他 | 0.45% | -0.01% | — | |
| 40 | GS | Goldman Sachs Group Inc | 股票-金融 | 0.43% | +0.01% | -0.86% | |
| 41 | PM | Philip Morris International | 股票-非循環性消費 | 0.43% | -0.01% | -5.86% | |
| 42 | LRCX | Lam Research CORP | 股票-科技 | 0.42% | +0.39% | -5.85% | |
| 43 | CAT | Caterpillar Inc | 股票-工業 | 0.42% | +0.16% | -4.51% | |
| 44 | CRM | Salesforce Inc | 股票-科技 | 0.41% | -0.10% | -5.12% | |
| 45 | LSVD | Lsv Disciplined Value ETF | ETF-其他 | 0.40% | — | — | |
| 46 | LIN | Linde plc | 股票-原物料 | 0.38% | -0.05% | +23.88% | |
| 47 | RTX | Rtx CORP | 股票-工業 | 0.37% | -0.05% | -1.66% | |
| 48 | ABT | Abbott Laboratories | 股票-醫療保健 | 0.37% | -0.07% | +12.82% | |
| 49 | MS | Morgan Stanley | 股票-金融 | 0.37% | +0.03% | +6.12% | |
| 50 | AMAT | Applied Materials Inc | 股票-科技 | 0.37% | +0.40% | -14.26% |
| # | 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% | +4.36% | 加碼 |
| 2 | GOOG | Alphabet Inc-cl C | +0.5% | +2.03% | 加碼 |
| 3 | LLY | Eli Lilly & Co | +0.4% | +1.47% | 加碼 |
| 4 | MU | Micron Technology Inc | +0.3% | +8.39% | 加碼 |
| 5 | AAPL | Apple Inc | +0.2% | +1.58% | 加碼 |
| 6 | WDC | Western Digital CORP | +0.2% | +267.61% | 加碼 |
| 7 | AMZN | Amazon.com Inc | +0.2% | +4.77% | 加碼 |
| 8 | STX | Seagate Technology Holdings plc | +0.2% | +298.70% | 加碼 |
| 9 | GM | General Motors Co | +0.1% | +78.80% | 加碼 |
| 10 | AMD | Advanced Micro Devices | +0.1% | +1.61% | 加碼 |
| 11 | SRE | Sempra | +0.1% | +246.38% | 加碼 |
| 12 | ROST | Ross Stores Inc | +0.1% | +138.44% | 加碼 |
| 13 | TEL | TE Connectivity plc | +0.1% | +102.14% | 加碼 |
| 14 | REGN | Regeneron Pharmaceuticals | +0.1% | +29.79% | 加碼 |
| 15 | WMT | Walmart Inc | +0.1% | +7.11% | 加碼 |
| 16 | MRK | Merck & Co. Inc. | +0.1% | +1.44% | 加碼 |
| 17 | CMI | Cummins Inc | +0.1% | +71.18% | 加碼 |
| 18 | AVGO | Broadcom Inc | +0.1% | +2.90% | 加碼 |
| 19 | WFC | Wells Fargo & Co | +0.1% | +9.77% | 加碼 |
| 20 | CB | Chubb Limited | +0.1% | +24.43% | 加碼 |
| 21 | ISRG | Intuitive Surgical Inc | +0.1% | +3.39% | 加碼 |
| 22 | BAC | Bank Of America CORP | +0.1% | +9.26% | 加碼 |
| 23 | WBD | Warner Bros Discovery Inc | +0.1% | +56.01% | 加碼 |
| 24 | PH | Parker Hannifin CORP | +0.1% | +19.56% | 加碼 |
| 25 | JNJ | Johnson & Johnson | +0.1% | +1.30% | 加碼 |
| 26 | LRCX | Lam Research CORP | +0.1% | -5.85% | 減碼 |
| 27 | SPGI | S&p Global Inc | +0.1% | +20.32% | 加碼 |
| 28 | MCO | Moody's CORP | +0.1% | +38.70% | 加碼 |
| 29 | GLW | Corning Inc | +0.1% | +50.01% | 加碼 |
| 30 | PCAR | Paccar Inc | +0.1% | +56.81% | 加碼 |
| 31 | TEVA | Teva Pharmaceutical-sp Adr | +0.1% | +68.84% | 加碼 |
| 32 | CSCO | Cisco Systems Inc | 0% | +2.24% | 加碼 |
| 33 | MS | Morgan Stanley | 0% | +6.12% | 加碼 |
| 34 | TMO | Thermo Fisher Scientific Inc | 0% | -0.60% | 減碼 |
| 35 | CAT | Caterpillar Inc | 0% | -4.51% | 減碼 |
| 36 | AMGN | Amgen Inc | 0% | +4.69% | 加碼 |
| 37 | PLD | Prologis Inc | 0% | +12.06% | 加碼 |
| 38 | BMY | Bristol-myers Squibb Co | 0% | +8.36% | 加碼 |
| 39 | FCX | Freeport-mcmoran Inc | 0% | +18.21% | 加碼 |
| 40 | MRVL | Marvell Technology Inc | 0% | +33.20% | 加碼 |
| 41 | NET | Cloudflare Inc - Class A | 0% | +53.23% | 加碼 |
| 42 | MDB | Mongodb Inc | 0% | +4803.51% | 加碼 |
| 43 | NTRA | Natera Inc | 0% | +2249.41% | 加碼 |
| 44 | DG | Dollar General CORP | 0% | +1624.83% | 加碼 |
| 45 | ULTA | Ulta Beauty Inc | 0% | +2703.99% | 加碼 |
| 46 | LMT | Lockheed Martin CORP | 0% | +27.14% | 加碼 |
| 47 | WELL | Welltower Inc | 0% | +13.39% | 加碼 |
| 48 | OMC | Omnicom Group | 0% | +527.24% | 加碼 |
| 49 | FSLR | First Solar Inc | 0% | +408.61% | 加碼 |
| 50 | DHR | Danaher CORP | 0% | +0.47% | 加碼 |
根據 SEC 官方 Form 13F 申報備案，National Pension Service 在 Q4 2025 季度的美股持倉總市值約為 US$1550.8億，共申報了 561 個公開持股部位。
在 Q4 2025 季度，National Pension Service 按市值排列的前三大核心持股分別為：NVDA (6.9%)、AAPL (6.1%)、MSFT (5.2%)。其中最大持股部位 NVDA 佔據整體投資組合約 6.9% 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
SPOT
市值: US$3.2億
本季最大獲利了結 / 清倉標的
KEL
前期市值: US$4164.5萬
在 Q4 2025 季度中，National Pension Service 共進行了 196 項持倉異動，包含新建倉 15 個部位、加碼 100 個部位、減碼 80 個部位以及清倉 1 個部位。 其中最大新建倉標的為 SPOT。 本季清倉部位包含 KEL。
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。