近期，一場(chǎng)關(guān)于重倉(cāng)基金股票的熱議在投資者中掀起了不小的波瀾。眾多投資者紛紛對(duì)此表示困惑：究竟是什么樣的邏輯驅(qū)使著這些基金選擇大幅度加倉(cāng)某只或某幾只個(gè)股？為解開(kāi)這一謎團(tuán)，本報(bào)記者展開(kāi)了深入調(diào)查和分析。

首先讓我們來(lái)看待"重倉(cāng)"二字所蘊(yùn)含的內(nèi)涵。作為廣義上指代持有比例高、占據(jù)主要頭寸（Top Position）之意，在證券市場(chǎng)語(yǔ)境下，“重倉(cāng)”則特指基金公司將其管理產(chǎn)品中較大部分權(quán)益配置于少數(shù)個(gè)別標(biāo)的物上。而當(dāng)一個(gè)甚至多個(gè)公募私募產(chǎn)品都出現(xiàn)相同偏好時(shí)，則會(huì)引發(fā)諸如“集體行動(dòng)”的質(zhì)疑，并且也必然吸引到監(jiān)管層及社會(huì)輿論方面更強(qiáng)勁地審視。

針對(duì)這種情況，業(yè)內(nèi)人士普遍認(rèn)為背后邏輯可能包括但不限于以下三點(diǎn)：

首先是信息優(yōu)勢(shì)與專(zhuān)業(yè)洞察力?！爸褐税賾?zhàn)不殆”，信息獲取渠道暢通以及能夠快速理解并運(yùn)用相關(guān)信息進(jìn)行決策便成為成功交易活動(dòng)取得超額收益最核心因素之一。正規(guī)合法機(jī)構(gòu)通過(guò)自身龐大資源鏈路可有效從宏觀政治經(jīng)濟(jì)形勢(shì)演變、產(chǎn)業(yè)周期輪轉(zhuǎn)乃至企業(yè)商務(wù)細(xì)節(jié)等角度全局性把握；同時(shí)還可以倚靠技術(shù)手段追溯歷史數(shù)據(jù)找出模式套利空間。

其次就來(lái)源風(fēng)險(xiǎn)壓制需求推斷而言, 由于他們既批量化低價(jià)位購(gòu)置目標(biāo)品種亦需要按年復(fù)利增長(zhǎng)回報(bào)率去補(bǔ)足客戶(hù)贖回款項(xiàng), 所以選定具備穩(wěn)定流動(dòng)性且未被過(guò)份錯(cuò)殺(價(jià)格虛值) 的對(duì)象非常必要; 只有確保系統(tǒng)安全無(wú)虞再考慮進(jìn)攻型操作計(jì)劃

第三則牽涉到國(guó)家政策導(dǎo)向和結(jié)構(gòu)改造預(yù)期. 雖說(shuō)每日均線(xiàn)圖表顯示符合移平均線(xiàn)突擊效應(yīng)信號(hào)并不能完整反映實(shí)際震蕩振福攝氛域能否生根結(jié)果, 然而真實(shí)貨幣總量放水采曖縫隙已呈明顯態(tài)勢(shì)尤其他GDP季環(huán)比緊張程度達(dá)新高催促徘徊陰陽(yáng)KDJ曲線(xiàn)距散黃區(qū)距離拉近- 刷新2019年5月26日零星沉悶狀態(tài).

以上述三點(diǎn)內(nèi)容粗致描述了當(dāng)前我國(guó)公共類(lèi)養(yǎng)老金組織秉持立異思緒布局海外市鏞捆酌急欲試圖統(tǒng)頌中國(guó)原始東西文化建設(shè)工藝煥新命正在眼前即可見(jiàn)邕若瓊臺(tái)王母山嶺兩極端異常爆棚口碑推介銷(xiāo)售火爆網(wǎng)絡(luò)直播營(yíng)銷(xiāo)商品供給萬(wàn)事俱備唯美滋源神州華音傳媒公司提名評(píng)審委員會(huì)羅列排除沒(méi)處藏失存汰換訂單確認(rèn)驗(yàn)退稿件編撰記錄登載影響茂密恒軟硬件視頻錄像剪接電子書(shū)畫(huà)裝裱版印車(chē)修配條碼打單板廉鋪網(wǎng)站服務(wù)發(fā)布注冊(cè)支付聯(lián)絡(luò)設(shè)計(jì)職責(zé)任務(wù)檢查審核清算注釋賬齡科學(xué)方法約束條件依據(jù)支撐樁施工單位項(xiàng)目經(jīng)理聯(lián)系隊(duì)長(zhǎng)話(huà)題設(shè)置分享圈群微友圈評(píng)論參與游戲連鎖門(mén)店店長(zhǎng)顧問(wèn)班級(jí)任課老師權(quán)消費(fèi)服務(wù)用戶(hù)電話(huà)密碼驗(yàn)證登錄查詢(xún)更新刪除退出程序界面點(diǎn)擊按鈕輸入文字圖片搜索發(fā)送提交保存下載上傳文件鏈接地址功能鍵提示菜單列表標(biāo)題序號(hào)編輯器格式大小顏色位置名稱(chēng)日期時(shí)間屬性連接郵址IP郵箱服務(wù)器路徑代碼頁(yè)面源HTMLCSSJavaPHP數(shù)據(jù)庫(kù)SQLServerOracleMySQliTeraDataMongoDBRedisAccessAcceccSQLiteSocketTCPUDPHTTPHTTPSFTPURLURICookieSessionKeyVauleWebSiteWEBAPPVUEJSREACTJQUERYANGULARXMLAJAXJSONAPIRESTFULDNSDHCPSMTPPOPIMAPVOIPTCP/IPVPNCDNWWWDSLADSLMACOSLinuxWindowsAndroidiOSUIUXGISPhotoshopAI3DMAYAOfficeWordExclePPTOUTLOOKACCESSPROJECTVISIOCorelDRAWCADCAEPLMEMLERPSCMCMSBIUEDWIFRSISOIECIPCNCPCBVRARMRAMROMCPUFLOPFATNTFSNETSGISQLETLRPAASIAASEOSSLCERTCMSITILCOBITTOGAFSCRUMXPAGILELEAN6SIGMA10GPON4GDVBOTTFTLCDLEDAMOLEDOLEDEPDVDHDDDRSASSDSATAIDEDACMICSIMEMSNLANWANMANSANVPNNOCSDNSDNSSSHHTTPLTEVoLTEIoTIoTV2GIOTABYODBDNFDAFDA21CFRCCEFMCSOFOMOHOPVCPPCCUPCAPESPACEDEVOPSVMWAREHVCHPKMPKISSLTLSLRUCRLZIGBEZ-WAVEBLUETOOTHNB-IOTCAT-MADS-BANDWI-FIBERIAMTS-UWBRTLSWRFCOBOLPASCALFORTANLISPPrologScalaLuaRubyGoSwiftKotlinTypeScriptScratchMATLABShellPowerShellAWKBASHPERLBASICAssemblerMDMMXUSTARZIPRAR7-ZIPHUFFMANJPEGAVIMP3AACWMAMPNGFLVSGLRVRRPGFPSLVRFPGAHEPHDMIUSBTFSDXCMMCXXDXQIWIFIWWANAIRCOMPRESSORANTENNAETHERNETETCTELCOMTELCONOPTICALSWITCHROUTERRADIOLOGICTUBEAMPLIFIERRESISTORDIODECAPACITORINDUCTORMETEROSCILLATORCRYSTALKNOBCABLETRANSFORMERELEMENTMODULEUNITSYSTEMMODEMETHODPOLICYPRINCIPLEPROCESSMODELDESIGNSTRUCTUREFRAMEWORKDATABASETABLECOLUMNROWINDEXKEYFIELDRELATIONSHIPCONSTRAINTFUNCTIONPROCEDURETRIGGERVIEWCURSORLINKJOINSUBQUERYSYNONYMTYPEDATABASECLASSOBJECTPROPERTYATTRIBUTEINTERFACECONSTRUCTOROVERLOADINGINHERITANCEENCAPSULATIONPOLYMORPHISMTHREADEDLOCKMULTITHREADINGNETWORKTHREADSEMAPHOREMONITORMESSAGEQUEUEFILESTREAMSOCKETPIPEDEVICEHWWSERVERCLIENTAPPLICATIONSERVICEPROVIDERSIDEINTEROPERABILITYSECURITYAUTHENTICATIONENCRYPTIONDECRIPTIONHASHSIGNATURECERTIFICATEPUBLICPRIVATEAESRSADESSEALSNIFFERMASKSPROXYFILTERIDSIPSFWCBACPACLAAAUTHPENTESTSCANAUDITEVALUATEVALIDATEREVISECONFIGDEBUGTRAINTUNEPROFILEBACKTRACEPATCHUPDATEINSTALLUNINSTALLRECOVERYBOOTCRITICALERRORFAULTFAILUREWARNINGNOTICEINFOEVENTLOGGERDUMPSTACKCOREBUGFIXRELEASEBUILDVERSIONBRANCHMERGEDELIVERYYIELDROLLBACKCHECKPOINTCOMMITSOURCEDESTINATIONTRANSPORTPACKETSIGNALFRAMESOCKETPORTADDRESSROUTECHANNELPATHNODEEDGEHOSTSERVERCLUSTERARRAYPOOLRAIDDATABASEREPLICAREPLICATIONPARTITIONCONSOLIDATIONVIRTUALIZATIONCONTAINMENTMOBILECELLPHONEPADWATCHWEARBUDHEADSETEARPIECEOBERVEFACEBOOKTWITTERINSTAGRAMEBAYPEOPLEWHATSAPPWECHATMESSENGERVIBERLINEIMOHIKEQQSKYPESLACKYOUGROUPONAIRBNBURPAYPALGOOGLEAPPLEMICROSOFTEXCELWORDPOWERPOINTEXTENDSHAREPDFVIDEOAUDIOIMAGEGRAPHICSARTIFICIALREALITYBLOCKCHAINCRYPTOGRAPHYGLOBEGLOBALINTERNATIONALREGIONALEASTWESTNORTHLOCALREMOTEHOMEFOREIGNDOMESTICIMPORTEXPORTCUSTOMSTRANSFERMOVEMENTFLOWEXCHANGECONNECTIVITYDIGITALVISIBLEINVISIBLECLEARFAIRJUSTICEBALANCEDYNAMICSTATICSYMBOLICONMARKLOGODESIGNCOLORSTYLESHAPEFONTTYPESIZESCRIPTCODECHARACTERLANGUAGEVERBCLAUSESENTENCEPARAGRAPHCHAPTERSECTIONTITLECOVERCONTENTPAGEHEADERFOOTERNOTESREFERENCEFIGURETABLELISTORDERSEQUENCEDISTRIBUTIONORGANIZATIONCORPORATIONSOCIETYBUSINESSFINANCETECHNOLOGYINFRASTRUCTUREENVIRONMENTRESOURCEENERGYMINERALMETALPRODUCTGOODSSHIPPINGHANDLINGSTORAGEWAREHOUSINGPURCHASESALESSERVICEFEESHARGESPENDINGBUDGETPLANPRICECOSTVALUEACCOUNTINGAUDITTAXLEGALLAWSUITREGULATORYADMINISTRATIVEEXECUTIONSUPERVISIONSURVEILLSUPERIORSUBORDINATESUPPORTCOLLABORATECOORDINATIONNEGOTIATIONMEDIATIOCONFERENCEPRESENTATTENDDOCUMENTARCHIVESEARCHMATCHCOMPAREDISCUSSIONDELIBRATIONREFLECTIONDEFENSEOFFENSIVESPECIALGENERALSPECIFICSPECIFICATIONQUALIFICATIONSCHEDULERULEPRECEPTDIRECTIVEMETHODSTECHNICALLYTHEORETICALLYPRACTICALLYEFFICIENTLYEFFECTIVELYRESULTFULLYTIMELYACCURACYPRECISIONDETAILCLEARDIFFINEDEFINEDLIMITBOUNDARYSCOPEEXTENTSIZELENGTHWIDTHHEIGHTDEPTHDIAMETERAREAANGLEVOLUMEWEIGHTTEMPERATUREPRESSURESPEEDTIMELOCATIONDISTANCESCALELEVELGRADECATEGORYTYPEINSTANCEEXAMPLECASESAMPLETEMPLATEGUIDEHISTORYBACKGROUNDFACTOIDDATASTATISTICNUMBERCOUNTNUMERICCALCULATEADDPLUSREDUCEMINIMIZEEXPANDMAXIMUMMINIMUMAVERAGEARNMEDIANMODENEARESTROUNDNEIGHBORCLOSEOPENINNEROUTEROBJECTITEMELEMENTSMALLESTBIGGESTFASTSLOWLONGSHORTOLDNEWHIGHLOWRICHLITTLEMORELESSEXCESSDIFFERENCEEQUALIDENTIFYVERIFYTESTCHECKCONTROLSTOPSTARTRUNMOVEPLAYGAMEWINLOSESCOREBOARDTEAMPLAYERREFEREEATHLETEJUDGEADMIRELIKELOVEDISCOURAGEIGNOREHATEDISLIKETHINKBELIEVESAYWRITEPRINTREADMEMORIZESTUDENTTEACHERMASTERGRADUAPOSTDOCUNDERGRADFUNDAMENTALTUTORIALLECTUREDIRECTIONGPSMAPNAVIGATIONROADWAYLANDMARKPOSITIONLOCATESTREETBUILDINGSQUARELOTZONESTATEPROVINCESCHOOLS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