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: 0002080247
申報總市值
US$4.9億
US$4.9億
141 檔
52.3%
在 Q4 2025 申報期間，Pinpoint Asset Management（CIK: 0002080247）向美國 SEC 提交的 Form 13F 報告顯示，其追蹤之股票投資組合總市值達 US$4.9億，共持有 141 個公開申報部位。
數據顯示 Pinpoint Asset Management 於 Q4 2025 季度持續回收資金，對 9 個既有部位進行裁減並清倉 19 個標的，組合整體流動性比重有所上升。
從部位權重觀察，前 5 大標的（包含 IBIT, PDD, GOOGL）累計市值佔比達 52.3%，是驅動 Pinpoint Asset Management 該季度整體投資組合績效表現的核心支柱。
本季最大新建倉標的
IQ
市值: US$2271.3萬
本季最大獲利了結 / 清倉標的
PDD 0 12-01-25
前期市值: US$2114.9萬
| # | 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 | IBIT | Ishares Bitcoin Trust ETF | ETF-加密貨幣 | 18.49% | -3.80% | — | |
| 2 | PDD | Pdd Holdings Inc | 股票-循環性消費 | 14.79% | -0.70% | +1.08% | |
| 3 | GOOGL | Alphabet Inc-cl A | 股票-通訊服務 | 10.69% | -6.74% | +64.21% | |
| 4 | TCOM 0.75 06-15-29債券 | Trip.com Group LTD | 債券 | 5.01% | -0.86% | +5.41% | |
| 5 | YMM | Full Truck Alliance -spn Adr | 股票-其他 | 4.76% | -2.08% | -47.62% | |
| 6 | IQ | iQIYI, Inc. | 股票-其他 | 4.73% | — | — | |
| 7 | GLD | Spdr Gold Shares | ETF-避險與商品 | 4.26% | -1.27% | — | |
| 8 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 3.61% | +1.21% | +5.53% | |
| 9 | TCOM | Trip.com Group Ltd-adr | 股票-循環性消費 | 3.09% | +0.12% | NEW | |
| 10 | LITE 0.5 06-15-28債券 | Lumentum Holdings Inc | 債券 | 2.96% | — | — | |
| 11 | JD 0.25 06-01-29債券 | Jd.com Inc | 債券 | 2.09% | -0.16% | — | |
| 12 | STX | Seagate Technology Holdings plc | 股票-科技 | 1.87% | +5.45% | -8.45% | |
| 13 | META | Meta Platforms Inc-class A | 股票-通訊服務 | 1.59% | -0.77% | +471.87% | |
| 14 | VNET | Vnet Group Inc-adr | 股票-其他 | 1.35% | +5.40% | +1849.57% | |
| 15 | HTHT 3 05-01-26債券 | H World Group LTD | 債券 | 1.33% | — | — | |
| 16 | LITE | Lumentum Holdings Inc | 股票-科技 | 1.31% | -0.39% | EXIT | |
| 17 | FRO | Frontline plc | 股票-其他 | 1.24% | -0.38% | -12.71% | |
| 18 | AVGO | Broadcom Inc | 股票-科技 | 1.17% | -1.08% | EXIT | |
| 19 | TER | Teradyne Inc | 股票-科技 | 1.14% | +0.38% | +8.93% | |
| 20 | COIN 0.25 04-01-30債券 | Coinbase Global Inc | 債券 | 1.07% | -0.17% | — | |
| 21 | COIN 0.5 06-01-26債券 | Coinbase Global Inc | 債券 | 0.94% | -1.03% | EXIT | |
| 22 | GDS | Gds Holdings LTD - Adr | 股票-其他 | 0.79% | -1.13% | +4.94% | |
| 23 | ESLT | Elbit Systems Ltd. | 股票-工業 | 0.77% | +0.19% | -7.82% | |
| 24 | LI 0.25 05-01-28債券 | Li Auto Inc | 債券 | 0.53% | -0.58% | EXIT | |
| 25 | RDDT | Reddit Inc-cl A | 股票-通訊服務 | 0.49% | -0.23% | -42.58% | |
| 26 | CYD | China Yuchai International Limited | 股票-其他 | 0.34% | -0.02% | +351.79% | |
| 27 | FUTU | Futu Holdings Ltd-adr | 股票-金融 | 0.33% | -0.11% | +1.06% | |
| 28 | MARA 0 03-01-30債券 | Mara Holdings Inc | 債券 | 0.33% | — | — | |
| 29 | MU | Micron Technology Inc | 股票-科技 | 0.31% | — | — | |
| 30 | HTHT | H World Group Ltd-adr | 股票-其他 | 0.29% | -0.15% | — | |
| 31 | ONC | Beone Medicines Ltd-adr | 股票-其他 | 0.28% | -0.02% | — | |
| 32 | CSIQ | Canadian Solar Inc | 股票-其他 | 0.27% | +0.04% | +619.78% | |
| 33 | BIDU | Baidu Inc - Spon Adr | 股票-通訊服務 | 0.24% | -0.02% | EXIT | |
| 34 | NVDA | Nvidia CORP | 股票-科技 | 0.24% | -0.29% | -13.78% | |
| 35 | TGB | Taseko Mines LTD | 股票-其他 | 0.21% | — | +213.99% | |
| 36 | SN | SharkNinja, Inc. | 股票-循環性消費 | 0.21% | -0.10% | +108.69% | |
| 37 | SDRL | Seadrill Limited | 股票-其他 | 0.21% | -0.62% | — | |
| 38 | EL | Estee Lauder Companies-cl A | 股票-非循環性消費 | 0.20% | -0.06% | EXIT | |
| 39 | DKNG | Draftkings Inc-cl A | 股票-循環性消費 | 0.20% | -0.06% | EXIT | |
| 40 | BROS | Dutch Bros Inc-class A | 股票-循環性消費 | 0.20% | — | +76.39% | |
| 41 | MARA 1 12-01-26債券 | Mara Holdings Inc | 債券 | 0.19% | -0.07% | — | |
| 42 | BABA | Alibaba Group Holding-sp Adr | 股票-循環性消費 | 0.19% | -0.02% | EXIT | |
| 43 | ASML | ASML Holding N.V. | 股票-科技 | 0.18% | +0.15% | — | |
| 44 | RIOT | Riot Platforms Inc | 股票-金融 | 0.18% | — | — | |
| 45 | TAL | Tal Education Group- Adr | 股票-非循環性消費 | 0.17% | -0.94% | EXIT | |
| 46 | MP | Mp Materials CORP | 股票-原物料 | 0.16% | -0.15% | EXIT | |
| 47 | DLTR | Dollar Tree Inc | 股票-非循環性消費 | 0.16% | — | — | |
| 48 | SCCO | Southern Copper CORP | 股票-原物料 | 0.16% | — | -40.11% | |
| 49 | AS | Amer Sports, Inc. | 股票-循環性消費 | 0.16% | -0.12% | EXIT | |
| 50 | NIO | Nio Inc - Adr | 股票-循環性消費 | 0.15% | — | — |
| # | 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 | +6.4% | +64.21% | 加碼 |
| 2 | LITE 0.5 06-15-28債券 | Lumentum Holdings Inc | +1.7% | — | 不變 |
| 3 | META | Meta Platforms Inc-class A | +1.3% | +471.87% | 加碼 |
| 4 | TSM | Taiwan Semiconductor-sp Adr | +0.9% | +5.53% | 加碼 |
| 5 | LITE | Lumentum Holdings Inc | +0.6% | -31.44% | 減碼 |
| 6 | TER | Teradyne Inc | +0.5% | +8.93% | 加碼 |
| 7 | AVGO | Broadcom Inc | +0.4% | +29.71% | 加碼 |
| 8 | CYD | China Yuchai International Limited | +0.3% | +351.79% | 加碼 |
| 9 | CSIQ | Canadian Solar Inc | +0.3% | +619.78% | 加碼 |
| 10 | PDD | Pdd Holdings Inc | +0.2% | +1.08% | 加碼 |
| 11 | FRO | Frontline plc | 0% | -12.71% | 減碼 |
| 12 | COIN 0.25 04-01-30債券 | Coinbase Global Inc | -0.1% | — | 不變 |
| 13 | ATAT | Atour Lifestyle Holdings-adr | -0.2% | -83.55% | 減碼 |
| 14 | MSFT | Microsoft CORP | -0.2% | -99.31% | 減碼 |
| 15 | NEM | Newmont CORP | -0.2% | -82.16% | 減碼 |
| 16 | RDDT | Reddit Inc-cl A | -0.2% | -42.58% | 減碼 |
| 17 | BABA | Alibaba Group Holding-sp Adr | -0.3% | -54.14% | 減碼 |
| 18 | WDC | Western Digital CORP | -0.3% | -99.99% | 減碼 |
| 19 | VNET | Vnet Group Inc-adr | -1.4% | +1849.57% | 加碼 |
| 20 | IBIT | Ishares Bitcoin Trust ETF | -2.2% | — | 不變 |
| 21 | YMM | Full Truck Alliance -spn Adr | -4.6% | -47.62% | 減碼 |
| 22 | IQ | iQIYI, Inc. | — | NEW | 新建倉 |
| 23 | PDD 0 12-01-25債券 | Pdd Holdings Inc | — | EXIT | 清倉 |
| 24 | GLD | Spdr Gold Shares | — | NEW | 新建倉 |
| 25 | CSIQ 2.5 10-01-25債券 | Canadian Solar Inc | — | EXIT | 清倉 |
| 26 | HDB | Hdfc Bank Ltd-adr | — | EXIT | 清倉 |
| 27 | INFY | Infosys Ltd-sp Adr | — | EXIT | 清倉 |
| 28 | TCOM | Trip.com Group Ltd-adr | — | NEW | 新建倉 |
| 29 | IBN | Icici Bank Ltd-spon Adr | — | EXIT | 清倉 |
| 30 | BEKE | Ke Holdings Inc-adr | — | EXIT | 清倉 |
| 31 | VIPS | Vipshop Holdings LTD - Adr | — | EXIT | 清倉 |
| 32 | RDY | Dr. Reddy's Laboratories-adr | — | EXIT | 清倉 |
| 33 | WB 1.375 12-01-30債券 | Weibo CORP | — | EXIT | 清倉 |
| 34 | XYZ | Block Inc | — | EXIT | 清倉 |
| 35 | LNWO | Light & Wonder Inc | — | EXIT | 清倉 |
| 36 | ONTO | Onto Innovation Inc | — | EXIT | 清倉 |
| 37 | NVS | Novartis Ag-sponsored Adr | — | EXIT | 清倉 |
| 38 | LI 0.25 05-01-28債券 | Li Auto Inc | — | NEW | 新建倉 |
| 39 | TTEN | Totalenergies Se -spon Adr | — | EXIT | 清倉 |
| 40 | SMFG | Sumitomo Mitsui-spons Adr | — | EXIT | 清倉 |
| 41 | MARA 0 03-01-30債券 | Mara Holdings Inc | — | NEW | 新建倉 |
| 42 | MU | Micron Technology Inc | — | NEW | 新建倉 |
| 43 | FCX | Freeport-mcmoran Inc | — | EXIT | 清倉 |
| 44 | ASX | Ase Technology Holding -adr | — | EXIT | 清倉 |
| 45 | HTHT | H World Group Ltd-adr | — | NEW | 新建倉 |
| 46 | BIDU | Baidu Inc - Spon Adr | — | NEW | 新建倉 |
| 47 | PAAS | Pan American Silver CORP | — | EXIT | 清倉 |
| 48 | KT | Kt Corp-sp Adr | — | EXIT | 清倉 |
| 49 | SDRL | Seadrill Limited | — | NEW | 新建倉 |
| 50 | ASML | ASML Holding N.V. | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，Pinpoint Asset Management 在 Q4 2025 季度的美股持倉總市值約為 US$4.9億，共申報了 141 個公開持股部位。
在 Q4 2025 季度，Pinpoint Asset Management 按市值排列的前三大核心持股分別為：IBIT (18.5%)、PDD (14.8%)、GOOGL (10.7%)。其中最大持股部位 IBIT 佔據整體投資組合約 18.5% 的權重。
在 Q4 2025 季度中，Pinpoint Asset Management 共進行了 47 項持倉異動，包含新建倉 10 個部位、加碼 9 個部位、減碼 9 個部位以及清倉 19 個部位。 其中最大新建倉標的為 IQ。 本季清倉部位包含 PDD 0 12-01-25。
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。
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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。
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。